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Vanguard Reopens Energy Fund With Added Managers

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June 7, 2005 — Vanguard Group has begun managing part of Vanguard Energy/Investor (VGENX) in-house, and reopened the $6.1-billion fund to new investors today.

Vanguard said on Monday that its quantitative equity group, which uses computer programs to pick stocks, has joined lead manager Wellington Management Co. on the fund. Wellington piloted the fund since its inception in 1984.

Vanguard said it will initially manage “a modest amount of the fund’s current position in short-term reserves,” but over time the company expects to oversee a larger portion of the fund’s assets.

The fund company said it will provide management services for Vanguard Energy at cost, and does not expect expense ratios for the fund’s two share classes to “change materially” because of the addition of the new management team.

Vanguard Energy was closed to new investors last December to stem the amount of money flooding into the fund, whose assets had more than doubled during 2004. The fund requires a $25,000 minimum initial investment for regular and individual retirement

Contact Bob Keane with questions or comments at: .