Vanguard Introduces New Investment Advisors for International Value Fund

On June 16, 2025, Vanguard announced an important shift in the investment advisory team for its Vanguard International Value Fund. The firm has decided to part ways with Lazard Asset Management LLC, replacing them with the renowned Altrinsic Global Advisors, LLC. This change signifies a new chapter in the fund's management while existing advisors ARGA Investment Management, LP, and Sprucegrove Investment Management Ltd will continue to provide their expertise.

This fund, which boasts a substantial asset size of $11.9 billion, will now have its advisory responsibilities equally divided among the three managers, each targeting a 33% allocation. While this adjustment does entail a slight increase in the expense ratio—from 0.35% to 0.37%—Vanguard assures shareholders that the investment objective and key strategies of the fund will remain unchanged.

Vanguard's commitment to maintaining long-term investment success is reflected in their rigorous approach to advisor selection. Their manager research team thoroughly evaluates both current and potential advisors, focusing on long-standing performance indicators rather than just short-term results. Vanguard is optimistic that integrating Altrinsic into the advisory mix will enhance the interests of both current and future shareholders.

The Advisory Trio:
ARGA Investment Management and Sprucegrove Investment Management have been guiding the fund since 2012 and 2020 respectively. Despite Altrinsic being a newcomer to Vanguard’s advisory roster, the firm has a solid reputation with 25 years of experience in managing international equities. Vanguard believes that the diverse strategies employed by these three advisors will foster a comprehensive approach to value investing, ultimately elevating the fund's performance.

Altrinsic, founded in 2000 and headquartered in Stamford, Connecticut, dedicates its focus entirely to equity strategies across global, international, and emerging markets. The firm adheres to fundamental, intrinsic value investing principles, capitalizing on its team’s extensive industry know-how and disciplined analysis methods. Their goal is to achieve long-term capital growth through meticulously constructed portfolios.

The segment of the Vanguard International Value Fund managed by Altrinsic will be directed by an experienced team of portfolio managers: John Hock, Rich McCormick, and John DeVita. John Hock, the founder and Chief Investment Officer of Altrinsic, comes with over three decades of investment experience. Co-Chief Investment Officer Rich McCormick has been with Altrinsic since 2009, while John DeVita, who joined the firm in 2000, serves as the Director of Research, thus bringing a wealth of knowledge and expertise to the fund's management.

About Vanguard

Founded in 1975, Vanguard stands as one of the foremost investment management firms globally. With a mission to provide accessible investment options, advice, and retirement services, Vanguard caters to millions of investors through various channels including direct investments, workplace plans, and financial intermediaries. Their investor-owned structure empowers fund shareholders, ensuring that the entity operates in the best interests of its clients. This commitment to fairness and transparency underlines Vanguard's ultimate purpose—to champion for all investors and to offer them the optimal conditions for investment success.

For additional insights and details, Vanguard encourages investors to explore further at vanguard.com. It is crucial that potential investors consult prospectuses, which outline investment objectives, associated risks, charges, and other vital information before making any commitments.

As with any investment, risks are involved, and there exists the possibility of losing the invested capital. Vanguard Marketing Corporation is responsible for distributing this information.