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Rating:Vanguard Wellington Becomes an Octogenarian Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, July 09, 2009

Vanguard Wellington Becomes an Octogenarian

by: John Alzate

Vanguard Wellington Fund commemorates its 80-year anniversary this month as it continues to retain the steady success that has been a hallmark of its eight-decade run as the first balanced mutual-fund, wrote Sam Mamudi in Thursday's Fund Track column in the Wall Street Journal. The WSJ column briefly touched upon the fund's history from its Depression-era beginnings through its "lost decade" years and today. However, Mamudi's piece overlooked an important piece of history: Wellington Fund's former chairman Jack Bogle's push for Wellington Management to merge with Boston-based Thorndike, Doran, Paine & Lewis, which managed Ivest Fund, a go-go fund. After the merger, there was a dispute between Bogle and the Boston parters, which ultimately led to Bogle forming the Vanguard Group. Vanguard then employed Wellington as a sub-adviser.

Wellington Fund is in the top five percentile of its category for five- and ten- year returns and was up 5.1% in the first six months of the year, according to Morningstar. The fund currently maintains $40 billion in assets, with approximately 35 percent of its portfolio in fixed-income securities.

Thursday's column quoted Edward Bousa, co-manager of Wellington Fund, and referenced quotations from Bogle and Wellington founder Walter Morgan. 

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