With one manager out and another in, not much changes at International Value (VTRIX). After nearly two decades, Vanguard has let go of Lazard Asset Management and brought in Altrinsic Global Advisors—a newcomer to the Vanguard lineup.
The fund’s two other sub-advisers, ARGA Investment Management and Sprucegrove Investment Management, remain in place. The three firms will now manage equal portions of the portfolio.
International Value has delivered decent, but not compelling, returns. Over the past 5, 7, 10, 15 and 20 years, the fund has roughly kept pace with Total International Stock Index (VTIAX).
The logical question: Will replacing Lazard with Altrinsic help International Value finally pull ahead of the index fund?