Six months ago, when Vanguard announced it was handing MidCap Growth (VMGRX) over to Tremblant Capital, I welcomed the shift—from a sleepy, index-hugging portfolio to what I hoped would become a truly active, aggressive mid-cap growth fund. That said, I also cautioned against rushing in.
Taxes were one reason to be patient. The other was simpler: Tremblant is a new name for most Vanguard investors. And before partnering with any active manager, I want to do the homework and build conviction.
In February, I started that process by popping the hood on the fund’s new portfolio. And, as I told you the other week, I have small “trial” (or “research”) positions in MidCap Growth and Tremblant Global ETF. Today, I’m taking the next step—sharing my conversation with Tremblant’s co-CIOs, Brett Barakett and Michael Cling.
We spoke on March 4. I’ve kept the editing light and the transcript long so you can hear directly from the managers and draw your own conclusions. But before we get there, here are my key takeaways: