Vanguard Group announced that it has added a pair of managers to help run the $2.9 billion Vanguard Selected Value (VASVX).
Donald Smith & Co., a New York-based, deep-value oriented firm that oversees more than $2.5 billion in assets, will join Barrow, Hanley, Mewhinney & Strauss Inc. on the fund.
Donald Smith, chief investment officer of the firm that bears his name, and Richard Greenberg, a senior portfolio manager, will join the fund.
Donald Smith & Co. invests in stocks that are out of favor and selling at a discount to the company’s book value, Vanguard said. The firm “develops fairly concentrated portfolios that historically exhibit low turnover,” Vanguard added.