The Ledger
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Fired active managers usually outperform the managers hired to replace them
“When you look at higher fire decisions, there's a number of higher fire decisions out there for active managers, where you fire the incumbent because he has a, you know, significantly bad three, five year return. You hire the new manager based on good past per…”
Vanguard's active franchise outperformed nearly 90% of peers over 35 years
“And we've been really doing a good job over the last 35 plus years of evaluating and doing due diligence on these managers, which has resulted in Vanguard, its active franchise has outperformed close to 90% of our peers on the active side.”
Vanguard estimates total value of financial advice at 300 basis points
“And we've quantified that value at somewhere around 300 basis points.”
Private equity and hedge funds underperform for non-top-decile endowments
“We all know the Nkubo databases and looking at the largest endowments and foundations versus the mids and the smalls, private equity and hedge funds in general have not worked out really well For those below the top 10% AUM mandates.”
Most of Vanguard's fixed income assets are actively managed
“Most of our assets on fixed income are actively managed.”
Vanguard active equity funds have generated 50 to 100 basis points alpha
“If you look at the alpha that's created on our equity side, It's ranged between 50 and a hundred basis points. We put all of our active funds together.”
Vanguard grew from $300 billion in 1997 to nearly $6 trillion
“So in the last 23 years since I arrived, we had 300 plus billion when I got there. Today, we're close to six trillion dollars.”