After working together for nearly three decades, Vanguard and Oaktree Capital Management have parted ways.
Oaktree managed Convertible Securities from 1996 until the fund was shuttered in 2019. That wasn’t the end of the relationship, though, as Oaktree was one of four original sub-advisors on Emerging Markets Select Stock (VMMSX), which launched in 2011.
Today, Vanguard handed Oaktree its final pink slip—firing the sub-advisor from the emerging market stock fund.
A relatively small and unknown entity, Emerging Markets Select Stock has quietly put together a decent performance record—at least given the markets it invests in.