Vanguard announced today that Larry W. Keele, CFA, manager of the $1.9 billion Vanguard Convertible Securities Fund, will retire on June 30, 2015. Mr. Keele is a principal and co-founder of Oaktree Capital Management, L.P., which has provided investment advisory services to the fund since 1996. He will remain a member of Oaktree’s board of directors.
“Larry and his colleagues at Oaktree have delivered strong long-term results for Vanguard shareholders. We wish to thank Larry for his service to our clients and his able stewardship of the fund for a period of nearly two decades,” said Vanguard CEO Bill McNabb.
As part of the transition, Stu Spangler, CFA, will join the management team of the fund and will co-manage the U.S. portion of the portfolio along with Mr. Keele until his retirement at midyear.
Mr. Spangler joined Oaktree’s convertible securities team as an analyst in 1997 after serving as a convertible securities portfolio manager for Aon Corp., a global provider of insurance and consulting services. Mr. Spangler holds a B.S. degree in Business Management from the U.S. Air Force Academy and is a CFA charterholder. Two other senior Oaktree portfolio managers—Jean-Paul Nedelec and Abe Ofer—will continue to serve on the management team of the fund with specific responsibility for overseeing the non-U.S. portion of the portfolio.
Vanguard Convertible Securities Fund seeks to provide current income and long-term capital appreciation by investing in a diversified portfolio of U.S. and foreign convertible preferred stocks and convertible bonds. Oaktree uses a bottom-up investment approach to select convertibles with the best balance of upside potential and downside protection.
About Vanguard
Vanguard, headquartered in Valley Forge, Pennsylvania, is one of the world’s largest investment management companies. Vanguard manages more than $2.96 trillion in U.S. assets, including more than $427 billion in ETF assets. The firm offers more than 160 funds to U.S. investors and more than 120 additional funds in non-U.S. markets. For more information, visit vanguard.com.
All asset figures are as of December 31, 2014, unless otherwise noted.
For more information about Vanguard funds, visit vanguard.com or call 800-662-7447 to obtain a prospectus. Investment objectives, risks, charges, expenses, and other important information about a fund are contained in the prospectus; read and consider it carefully before investing.
All investments are subject to risk, including the possible loss of the money you invest. Diversification does not ensure a profit or protect against a loss. Investments in bonds are subject to interest rate, credit, and inflation risk.
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