Manager Ownership
Updated on November 2, 2026
Being the managers rather of other people’s money than of their own, it cannot well be expected that they should watch over it with the same anxious vigilance with which (they) watch over their own.
– Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations, 1776
Are the managers of your Vanguard funds investing alongside you?
That’s the question this page answers. The table below shows how much each portfolio manager has invested in the Vanguard funds they run. It covers both Vanguard’s own managers and the outside firms Vanguard hires. I update it once a year.
For my take on what the latest numbers show, read Nibbling Around the Edges: 2026. For the board overseeing our funds, see Lunch Time in the Board Room.
How to Read the Table
Vanguard is required to disclose manager ownership only once a year, and only in broad bands:
- $0
- $1–$10,000
- $10,001–$50,000
- $50,001–$100,000
- $100,001–$500,000
- $500,001–$1,000,000
- over $1 million
There are no share counts and no trade dates. Each entry is a range, not a figure.
The disclosures also arrive piecemeal, as each fund’s paperwork is renewed throughout the year. Check the “As of” column for the date behind each figure.
A few notes:
- The table lists every actively managed Vanguard fund, plus any index fund where at least one manager reports owning shares.
- Index funds and ETFs with no manager ownership are listed at the bottom of the page.
- The LifeStrategy and Target Retirement series are each treated as a single fund.
- “n/a” means no ownership figure has been disclosed yet, typically because the manager or the fund is new.