Vanguard Changes Leadership on 44 Funds, Including World’s Largest

Now you see them, now you don’t.

Vanguard removed numerous co-portfolio managers last week from more than 40 mutual funds and ETFs, following additions it made to many of the same fund teams earlier this year. It’s business as usual for the company to change management on its extensive roster of products, but the scope in this case turned some heads. “It is unusual for them to make so many changes, in such quick succession,” said Jeff DeMaso, editor of The Independent Vanguard Advisor. The changes, which shifted leadership roles, also affected the world’s biggest mutual fund, the $1.8 trillion Vanguard Total Stock Market Index Fund. Some of the other notable funds seeing changes are the $1.4 trillion 500 Index Fund, the $105 billion Dividend Appreciation Index Fund, and the $63 billion Real Estate Index Fund.

It Takes a Village

Vanguard uses teams for portfolio management rather than emphasizing individuals, though some of the funds that lost staff now have one portfolio manager. “Vanguard follows a team-based approach to portfolio management, and together, the team brings decades of experience to the management of our clients’ assets,” a Vanguard spokesperson said. “The portfolio managers who were added to funds in February 2025 bring extensive investment management experience to their roles, ensuring continuity and excellence in portfolio management.”

There are seven products that went from having two portfolio managers to one, DeMaso noted:

• The $2 billion Vanguard Global Minimum Volatility and $178 million US Multifactor funds lost John Ameriks, with Scott Rodemer remaining as portfolio manager.
• The $1 billion US Momentum Factor, $598 million US Value Factor, $386 million US Quality Factor, $349 million US Multifactor, and $278 million US Minimum Volatility ETFs similarly lost Ameriks and are now overseen by Rodemer.

Taste Test: It’s worth pointing out that portfolio managers on index funds aren’t picking stocks and instead are focused on tracking indexes and minimizing taxes, DeMaso said. Still, something he noted about the 81 co-manager positions assigned in February is that a mere four of them ate their own cooking, or were personally invested in the funds they were appointed to, at least as of the end of 2024. “It makes you wonder where they invest their money,” he said at the time.