Business
Vanguard Announces Advisory Changes for Vanguard Windsor II Fund and Vanguard Variable Insurance Fund - Diversified Value Portfolio
Vanguard today announced changes to the investment advisory arrangements of Vanguard Windsor II Fund and Vanguard Variable Insurance Fund – Diversified Value Portfolio (the VVIF).
About this update from Lazard, Inc.
[{"type":"text","content":"VALLEY FORGE, Pa., Dec. 15, 2025 /PRNewswire/ -- Vanguard today announced changes to the investment advisory arrangements of Vanguard Windsor II Fund and Vanguard Variable Insurance Fund – Diversified Value Portfolio (the VVIF).","length":228,"tagName":"p"},{"type":"image","alt":"(PRNewsfoto/Vanguard)","displaySize":"","headline":null,"caption":"(PRNewsfoto/Vanguard)","className":"","disableSlideshowImg":false,"size":{"original":{"width":400,"height":88,"url":"https://media.zenfs.com/en/prnewswire.com/902c20f7f6a31f40fb1d26c739238005"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/jmpnZQm2bGlI3ug987LGNA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTE1NTtjZj13ZWJw/https://media.zenfs.com/en/prnewswire.com/902c20f7f6a31f40fb1d26c739238005","width":400,"height":88}},"href":"https://mma.prnewswire.com/media/1221288/Vanguard_Logo.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":"Existing manager Lazard Asset Management LLC will be removed from both funds, reallocating Windsor II's assets to Harris Associates, d/b/a Harris | Oakmark and the VVIF's assets to both Harris | Oakmark and Aristotle Capital Management, LLC. Vanguard expects this change to result in a 0.02% increase to Windsor II's expense ratio and a 0.02% increase to the VVIF's expense ratio.","length":396,"tagName":"p"},{"type":"text","content":"For Windsor II, Lazard's 25% target allocation will be reallocated to Harris | Oakmark. The remaining advisor target allocations will remain the same – Hotchkis and Wiley Capital Management, LLC, Sanders Capital, LLC and Aristotle Capital – each at 25%.","length":257,"tagName":"p"},{"type":"text","content":"For the VVIF, Lazard's 60% target allocation will be reallocated to Harris | Oakmark and Aristotle Capital at 30% each, with Hotchkis and Wiley maintaining its current 40% allocation. The target allocation will be 33% for each of the three managers, and the VVIF will use organic cashflow to reach this allocation over time.","length":328,"tagName":"p"},{"type":"text","content":"Harris | Oakmark is a new advisor to Vanguard. They are a Chicago-based investment company founded in 1976 that manages $97 billion in assets as of September 30, 2025. Harris | Oakmark seeks to invest in companies that are trading at a discount to their intrinsic value. They employ an independent, fundamental, bottom...