Well, you and I beat Vanguard, and the press, again. As I told you to expect in the October issue of the newsletter posted to AdviserOnline last week, Vanguard has closed its Capital Value fund to new investors for a 'cooling-off period.' More...
As the bond market bumps along near its all-time highs, and investors have become newly enamored of bond ETFs, Vanguard announced it will make an enormous new foray into bond indexing with what appears to be the goal of wresting control of the exchange-traded bond fund market from Barclays' iShares group and going head-to-head with planned offerings from PIMCO as well as new entries that might come from the iShares acquirer BlackRock Inc. More...
Once again Vanguard has shut the door on Convertible Securities to try and staunch cash flows. The move was made, in part, to protect manager Larry Keele, who operates in a small market and may be finding it difficult to handle the flow of new cash. More...
I'd like to invite you to join me for a week-long Caribbean cruise aboard the award-winning Crystal Serenity. Space is limited, so please sign up now if you'd like to come. More...
Vanguard announced today that it is planning to merge its Treasury Money Market fund into its Admiral Treasury Money Market fund in August (around the 11th according to SEC filings). Here's what it didn't say. More...
Sell. This fund of funds tracks the Morgan Stanley EAFE index by investing in European Index (currently about 70% of assets) and Pacific Index (the remaining 30%). It's similar to Tax-Managed International, which tracks the same index, though that fund buys stocks directly and comes with a higher minimum and more onerous back-end loads. Performance for the two has been virtually identical. Yet both ignore the emerging markets component that one finds in Total International or World ex-U.S. Index. And there's the rub. If you buy into the indexers' credo that one should index "all" markets rather than a slice of the pie, then this fund is a non-starter.
| Models | October | Year to Date |
| Growth | -2.4% | 23.0% |
| Conservative Growth | -2.1% | 19.1% |
| Income | -0.4% | 16.5% |
| Growth Index | -2.7% | 22.5% |
| The average Vanguard investor |
-1.3% | 13.8% |
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