Vanguard may be looking to come out with a hedge fund for its retirement income funds to use, Morningstar's 's Dan Colloton wrote. Colloton found evidence for this hedge fund in Vanguard's SEC filing for its planned retirement income offerings called Managed Payout funds. In the filing, there's a section focusing on "investments in a prospective absolute return fund." In the filing, Vanguard stated that it has not created such a fund and may never do so. Nevertheless, Colloton wrote that "if it walks like a hedge fund," educated readers will no doubt guess the rest.  

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