Hello, and welcome to the IVA Weekly Brief for Wednesday, July 1.
There are no changes recommended for any of our Portfolios.
Our daughter arrived last month, and I'm now a few weeks into life with two kids instead of one. The full Brief returns soon. For now, here's, well, a brief version.
Premium Members received the July Monthly Recap article this morning. In it, I covered a range of Vanguard-related topics:
- Vanguard hiring T. Rowe Price as a sub-adviser on Explorer (VEXPX), Small Company Growth Annuity and Growth & Income (VQNPX). Yes, you read that right. The two long-time rivals have partnered up.
- André Perold’s—Vanguard's longest-serving trustee—retirement.
- Vanguard filing the initial paperwork to launch Emerging Markets Bond Active ETF (VEMB).
- Vanguard tightened the legalese in its prospectuses.
I also answered your questions about Odyssey Discovery ETF (POMG) and SpaceX’s initial public offering and $2 trillion valuation.
And, as always, I provided a deeper dive into the IVA Portfolios. Speaking of which, our Portfolios have delivered solid absolute and market-beating relative returns in the first half of the year. The Aggressive Portfolio is up 16.4%, the Aggressive ETF Portfolio is up 11.6%, the Growth Portfolio is up 14.8%, the Moderate Portfolio is up 14.6% and the Conservative Portfolio is up 8.6%.
This compares to an 11.1% return for Total Stock Market Index (VTSAX), a 14.0% gain for Total International Stock Index (VTIAX), and a 0.8% return for Total Bond Market Index (VBTLX). Vanguard’s most aggressive multi-index fund, Target Retirement 2070 (VSNVX), is up 11.2% for the year, and its most conservative, LifeStrategy 20/80 (VASIX), is up 3.2%.
IVA Research
Since my last Brief, Premium Members have received several pieces from me, including:
- Two articles on PRIMECAP Management’s upcoming ETF, including the tax case for owning it and an update on its prospectus.
- Where I stand on the growth-versus-value debate.
- My take on Vanguard’s large-growth stock fund lineup—Buy, Hold and Sell ratings explained.
- The first in a planned three-part series on 529 plans.
Until my next IVA Weekly Brief, have a safe, sound and prosperous investment future.
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While the information provided is sourced from sources believed to be reliable, its accuracy and completeness cannot be guaranteed. Additionally, the publication is not responsible for the future investment performance of any securities or strategies discussed. This newsletter is intended for general informational purposes only and does not constitute personalized investment advice for any subscriber or specific portfolio. Subscribers are encouraged to review the full disclaimer here.