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anguard redefined investor-first for the better, and it’s aiming to maintain that reputation.
Why it matters: Vanguard revolutionized passive investing when it created the first retail index fund. The behemoth asset manager continues to attract swells of everyday investors and money with headline-making fee cuts that put pressure on rivals to follow suit. But Vanguard is also seeking to develop an edge in new areas. It’s going full force on active bond ETFs, for example, and creating a target-date trust series to provide retirees with the security of a predictable income.
This week’s episode is the second of a two-part series examining what’s going on with Vanguard in 2026.
Dan Sotiroff, associate director of US passive strategies research for Morningstar, covers Vanguard.
10 Questions on Vanguard in 2026
Vanguard has grown significantly over the past decade, more than doubling its clients between 2015 and 2025. What have been the ups and downs of this expansion, and how is the firm handling them?
Vanguard CEO Salim Ramji came from BlackRock. He’s bringing in high-profile talent from his former firm. Who are these folks, and what roles have they stepped into at Vanguard?
Vanguard made it a two-peat: They cut fund fees for a second year in a row. How does this year’s trim compare with last year’s, and how much are investors expected to save?
Where is the company making up the revenue loss, estimated at around $600 million for both years?
Vanguard has recently partnered with TIAA to launch a target-date fund series with guaranteed income. Can you explain?
The fund giant is also collaborating with Wellington and Blackstone to combine public and private assets in multi-asset investments. What do you make of this, and does this fit with Vanguard’s mission?
You believe that Vanguard is going full force in active fixed income. Why is the firm betting big on this area?
It recently launched a high-yield index-tracking bond ETF and an actively managed ETF. What are the details, and which kinds of investors are suited for these?
Any word on when these will come under Morningstar coverage?
What do you think should be the top priorities for Vanguard in 2026?