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New Actively Managed Fund at Vanguard

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Active management of the fund will be evenly divided among three sub-advisors that all use fundamental, bottom-up analysis to select investments: Connecticut-based Cardinal Capital Management, L.L.C.; Boston-based Frontier Capital Management Co., LLC; and North Carolina-based Sterling Capital Management LLC.

The minimum initial investment in the fund is $10,000 and the expense ratio is expected to be 59 bps, “far below the 1.56% average expense ratio of small-capitalization funds,” Vanguard said in its March 16 announcement. Vanguard has $1.35 trillion plus in U.S. mutual fund assets under management.