|Expense Ratio (net)||0.20%|
|Last Cap Gain||0.00|
|Morningstar Risk Rating||Below Average|
|Beta (3Y Monthly)||1.00|
|5y Average Return||N/A|
|Average for Category||N/A|
|Inception Date||Nov 1, 1993|
Vanguard remains a class act on top of the retail mutual fund world, and it is poised to stay that way under new CEO Tim Buckley, a firm veteran who took over in January of this year. The firm Buckley inherited has come a long way since its days as a disruptive upstart in the 1970s, but it hasn't lost its drive to bring more investors into the fold and further transform the industry it now dominates. In highlighting these themes, this Fund Spy reflects Morningstar's ongoing stewardship evaluation of Vanguard, which includes a recent visit with Buckley and other firm leadership.
In April, Morningstar Manager Research analysts affirmed the Morningstar Analyst Ratings of 143 funds and three target-date series, upgraded the ratings of eight funds, downgraded the ratings of 10 funds, placed three funds' ratings under review, and assigned new ratings to three funds. The fund's leaders--Scott Mather, Mihir Worah, and Mark Kiesel (Morningstar Fixed-Income Fund Manager of 2012)--have found their groove as a team, and PIMCO's world-class research staff has been augmented, in some cases by senior-level alumni returning to the firm. While the fund had some hiccups under its current team in 2015, it has done well since, benefiting from well-timed interest-rate calls and a continued bet on nonagency mortgages.