Well, MidCap Growth (VMGRX) just got a whole lot more interesting (to use a technical term).
After two decades of playing manager musical chairs, Vanguard has finally stopped the music. Frontier Capital and Wellington Management are out. A single sub-adviser, Tremblant Capital, is in—or will be when the handover is made in mid-November.
Having so many cooks in the kitchen all but guaranteed index-like returns while paying active-fund fees for MidCap Growth shareholders. And that’s exactly what they got.