Vanguard Announces Advisory Changes for Vanguard Mid-Cap Growth Fund

VALLEY FORGE, Pa., Sept. 10, 2025 /PRNewswire/ -- Vanguard today announced changes to the investment advisory arrangements of Vanguard Mid-Cap Growth Fund (VMGRX). Tremblant Capital will be added as the sole advisor to the fund, and existing managers, Frontier Capital Management Co., LLC and Wellington Management Company LLP, will be removed.

Vanguard expects the expense ratio to increase from 0.33% to 0.39% as a result of the change in advisory arrangements. However, Tremblant Capital will provide a one-year fee waiver of five basis points for the fund, which is expected to result in an expense ratio increase of only one basis point in the first year (0.34%). The fund will continue to be in the lowest-cost quartile of its peer group.

Tremblant Capital is a global equity investment firm founded in 2001 by Brett Barakett. Mr. Barakett leads an experienced investment team that employs a long-term, research-driven, growth-oriented approach. The team seeks to identify attractively valued businesses undergoing "consequential change." These are industry- or company-specific shifts that serve as catalysts for a company's growth and can lead to better long-term free cash flow generation than the market anticipates.

The portfolio management team will be led by:

Brett Barakett, Founder, Chairman, and Co-CIO of Tremblant Capital. He has worked in investment management since 1996 and founded Tremblant Capital in 2001. He holds an HBA from Western University (Ivey) and an MBA from Harvard University.

Michael Cling, Co-CIO of Tremblant Capital. He has worked in investment management since 1998 and has been with Tremblant Capital since 2005. He holds a BS from Georgetown University.

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. The fund's investment committee, which is comprised of a majority of independent trustees of the fund's board of trustees, believes that the addition of Tremblant will serve the best interests of current and future shareholders of the fund. Tremblant is a new advisor to Vanguard.

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.

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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