Vanguard Shakes Up International Explorer Fund

As part of the team's ongoing, multifaceted review process that emphasizes qualitative and quantitative attributes leading to long-term results, Vanguard said, it determined that changes to the fund's advisory structure would best serve shareholders.

Vanguard has long employed multiple managers on certain investment strategies, as the combination of high-caliber investment management teams with differentiated but complementary strategies can reduce portfolio volatility and provide the potential for long-term outperformance, the company added.

The fund also has replaced the benchmark S&P EPAC SmallCap Index with the MSCI EAFE Small Cap Index. The new benchmark should improve investors' ability to assess performance relative to peer funds, according to Vanguard, which said it adheres to a thorough process to evaluate and select fund benchmarks.

The suitability of each fund's benchmark is based on index construction methodology, market coverage, classification criteria, rebalancing schedule, cost and other standards, Vanguard said. The funds' investment objective, philosophy, principal investment strategy and overall portfolio management process will remain the same, and the expense ratio is not expected to change.

The non-U.S., small-cap-stock fund aims to provide long-term capital appreciation, according to a Vanguard fact sheet.