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September 28, 2005 at 08:00 PM
Vanguard said it intends to introduce a new equity index fund, the Vanguard Dividend Achievers Index Fund, which will offer both traditional Investor Shares and exchange-traded VIPER Shares.
The fund, which will be managed by the Vanguard Quantitative Equity Group, will seek to provide long-term growth of capital and increasing income. The fund’s target benchmark will be based on the Mergent Dividend Achievers Select Index, a subset of the Mergent Dividend Achievers Index. The benchmark is a market-cap weighted index of about 300 stocks with a consistent history of increasing dividends.
The Investor Shares of the fund will require an initial minimum investment of $3,000. The fund is expected to be available to investors in December, pending a review period with the SEC.
