Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Vanguard Drops the Roof on its Convertible Fund Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, May 27, 2010

Vanguard Drops the Roof on its Convertible Fund

Reported by Daniel Tovrov

Almost a year after closing, Vanguard's Convertible Securities Fund is reopening to new retail investors.

The fund closed and adopted a $25,000 annual investment limit in June 2009 because of concerns that constant cash flow "could impede the advisor's ability to effectively manage the fund," according to a release. Oaktree Capital Management has advised the fund since 1996. The fund currently has $1.8 billion in AUM.

Vanguard, which manages about $1.4 trillion in mutual fund assets, still has six closed-end funds: the Vanguard PRIMECAP Fund, PRIMECAP Core Fund, Capital Opportunity Fund, Capital Value Fund, Admiral Treasury Money Market Fund, and Federal Money Market Fund.
Company Press Release

Vanguard Convertible Securities Fund Reopens to New Individual Investors

VALLEY FORGE, Pa.--(BUSINESS WIRE)--Vanguard is reopening the $1.8 billion Vanguard Convertible Securities Fund (VCVSX) to new individual investors, effective immediately. In addition, the $25,000 annual investment limit that applied to existing accounts has been removed.

The fund was closed and the investment limit was adopted in June 2009. At that time, Vanguard and the fundís advisor, Oaktree Capital Management, L.P. of Los Angeles, cited concerns that continued strong cash inflows could impede the advisorís ability to effectively manage the fund. Cash inflows have since subsided, and Vanguard is now accepting additional purchases from new individual investors.

The Convertible Securities Fund seeks to provide income and long-term capital appreciation by investing in a broadly diversified group of these hybrid securities, which combine the investment characteristics of bonds and common stocks. Oaktree Capital Management, L.P., the fundís investment advisor since 1996, uses a bottom-up approach to select convertible issues for the portfolio.

Six Vanguard funds remain closed to new accounts: Vanguard PRIMECAP Fund, PRIMECAP Core Fund, Capital Opportunity Fund, Capital Value Fund, Admiralô Treasury Money Market Fund, and Federal Money Market Fund. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2019
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use