Vanguard Announces Advisory Changes for Vanguard International Value Fund

VALLEY FORGE, Pa., June 16, 2025 /PRNewswire/ -- Vanguard today announced changes to the investment advisory arrangements of Vanguard International Value Fund. Lazard Asset Management LLC has been removed as an advisor on the fund. Lazard has been replaced by a new advisor for Vanguard and the fund, Altrinsic Global Advisors, LLC. Existing advisors ARGA Investment Management, LP and Sprucegrove Investment Management Ltd will remain.  The three advisors will each have a target allocation of 33% of the $11.9 billion International Value Fund. As a result of these changes, the fund's expense ratio will increase from 0.35% to 0.37%. The investment objective, principal investment strategies and policies of the fund will remain the same.

Vanguard's manager research team conducts ongoing reviews of current and prospective investment advisors, looking beyond short-term performance to focus on the drivers of long-term success for investors. Vanguard believes that the addition of Altrinsic will serve the best interests of current and future shareholders of the fund.

ARGA and Sprucegrove have advised the fund since 2012 and 2020, respectively.  While Altrinsic is a new advisor for Vanguard, they have been managing international equities for 25 years. Vanguard has strong conviction that all three managers' different approaches to value investing within the international equity markets will complement each other and improve the Fund's construction and performance.  

Altrinsic, founded in 2000, is a global equity asset manager headquartered out of Stamford, CT with a sole focus on managing global, international, and emerging market equity strategies. By applying time-tested principles of fundamental, intrinsic value investing, the firm capitalizes on its investment professionals' deep industry expertise, cross-border perspectives, extensive networks, and disciplined bottom-up analysis. Altrinsic seeks to deliver long-term capital appreciation through portfolios that prudently express its conviction.

The portion of the fund advised by Altrinsic will be managed by portfolio managers John Hock, Rich McCormick and John DeVita. Mr. Hock is the founder and Chief Investment Officer of Altrinsic and has over 30 years of experience in the industry. Mr. McCormick is Co-Chief Investment Officer and has been at the firm since 2009. Mr. DeVita, who joined the firm in 2000, is the Director of Research.

About Vanguard
Founded in 1975, Vanguard is one of the world's leading investment management companies. The firm offers investments, advice, and retirement services to tens of millions of individual investors around the globe—directly, through workplace plans, and through financial intermediaries. Vanguard operates under a unique, investor-owned structure where Vanguard fund shareholders own the funds, which in turn own Vanguard. As such, Vanguard adheres to a simple purpose: To take a stand for all investors, to treat them fairly, and to give them the best chance for investment success. For more information, visit vanguard.com.

All figures as of April 30, 2025, unless stated otherwise.

For more information about Vanguard funds, visit vanguard.com to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information are contained in the prospectus; read and consider it carefully before investing.

All investing is subject to risk, including the possible loss of the money you invest. 

Vanguard Marketing Corporation, Distributor.

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SOURCE Vanguard