Don't Worry About Vanguard's Manager Turnover

A seasoned pro is stepping down, but some well-qualified replacements are lined up to take over his three funds.

No one likes to see a skilled manager step down from a time-tested fund. But we think investors in Vanguard funds steered by Earl McEvoy shouldn't be overly concerned by his imminent departure.

McEvoy, who will retire in June, contributed to solid records at all three funds in his charge. He's managed the bond portion of Wellesley Income (symbol VWINX), a $13 billion fund that typically keeps 60% of its assets in bonds and the rest in stocks, since 1982. From his start through February 22, the fund returned 11.1% annualized. That compares with the annualized 12.4% return of Standard & Poor's 500-stock index over the same period, although Wellesley was less than half as volatile.

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Elizabeth Leary
Contributing Editor, Kiplinger's Personal Finance
Elizabeth Leary (née Ody) first joined Kiplinger in 2006 as a reporter, and has held various positions on staff and as a contributor in the years since. Her writing has also appeared in Barron's, BloombergBusinessweek, The Washington Post and other outlets.