Vanguard 50-year anniversary CEO letter

1 Vanguard is owned by its funds, which are owned by Vanguard’s fund shareholder clients. 2 Comparison uses AUM as of 11/2024. There is no guarantee that any individual investor will save money due to the reductions in expense ratios. Figures are estimates and should not be relied on. For illustrative purposes only. See corporate.vanguard.com/feecuts for details. 3 Data assume that a pair of constant $10,000 portfolios are invested in Vanguard funds and non-Vanguard funds and divided to reflect the relative market share of each fund, based on its actual assets under management over time. Data reflect actual fund expense ratios of all U.S.-domiciled mutual funds and exchange-traded funds, as of December 31, 2024. 4 See, for example, Considerations for index fund investing, Vanguard, August 2024. 5 For the ten-year period ended December 31, 2024, 6 of 6 Vanguard money market funds, 70 of 97 bond funds, 21 of 23 balanced funds, and 168 of 191 stock funds, or 265 of 317 Vanguard funds ... Read full article.