The Vanguard Group Portfolio Manager Oversight Process by cmz65105


									 The Vanguard Group

 Portfolio Manager Oversight Process

 Vanguard Board of Directors

 Portfolio Review Group                              Manager Screening Criteria                        People

• Defines mandates to meet clients’ objectives      • Stable firm with top-quality employees       •   Tenure
• Selects managers through rigorous,                  and research                                 •   Experience
  multifactor analysis                              • Clearly articulated philosophy and process   •   Expertise
                                                                                                   •   Depth
• Continuously monitors style consistency,          • Long-term style consistency with a
                                                                                                   •   Organization stability
  holdings, and performance                           disciplined approach
• Provides strong fiduciary oversight for clients   • Portfolio holdings and risks appropriate
                                                      for mandate                                      Philosophy
                                                    • Long-term outperformance relative to peers
                                                                                                   • Enduring
                                                                                                   • Long-term orientation


                                                                                                   • Clearly defined
                                                                                                   • Proven strategy
                                                                                                   • Discipline

                                                                                                       Performance History

                                                                                                   • Consistency
                                                                                                   • Competitive performance
                                                                                                   • Long-term track record

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