Vanguard Adds T. Rowe Price as Advisor to Multiple Active Equity Funds

VALLEY FORGE, Pa., June 29, 2026 /PRNewswire/ -- Vanguard today announced changes to the investment advisory arrangements for three active equity funds, Vanguard Explorer Fund, Vanguard Variable Insurance Fund - Small Company Growth Portfolio, and Vanguard Growth and Income Fund. As part of these changes, Vanguard has added T. Rowe Price Associates, Inc. (T. Rowe Price) as an advisor to each fund, further strengthening its lineup of external active managers.

T. Rowe Price brings decades of experience and a well-established reputation for disciplined, research‑driven active equity investing. The firm's addition reflects Vanguard's continued focus on working with high-quality, differentiated active managers with its rigorous oversight framework to support long-term investor outcomes.

"T. Rowe Price is a trusted name in active management, and we're excited to welcome them as an advisor to Vanguard funds for the first time," said Dan Reyes, Global Head of Investment Product. "Their long-standing commitment to fundamental research and consistent performance makes them a strong complement to our advisor lineup and supports our goal of delivering durable outcomes for investors."

Vanguard has long employed a multi-manager structure for many of its active strategies, allocating assets based on strategic targets rather than short-term market views. In evaluating current and prospective advisors, Vanguard considers a wide range of qualitative and quantitative factors, including investment philosophy, team stability, performance track record, risk characteristics, and capacity.

As part of the changes, ArrowMark Colorado Holdings, LLC will no longer serve as an advisor to Explorer Fund and VVIF Small Company Growth Portfolio, and Los Angeles Capital Management LLC will no longer advise Growth and Income Fund. For Explorer Fund, Vanguard is also making changes to the other advisors' allocations to boost exposure towards the growth investment style while preserving the fund's overall risk-aware design. The funds' investment objectives and principal investment strategies will remain unchanged.

Vanguard is adding two distinct investment teams from T. Rowe Price. For Explorer Fund and VVIF Small Company Growth, T. Rowe Price will use a small- and mid-cap growth strategy that combines insights from T. Rowe Price's research platform with quantitative inputs in a risk-aware portfolio construction process. This blended approach draws on the firm's strong research platform and a disciplined construction process across a broad small- and mid-cap universe. The portfolio tends to include stocks with solid growth profiles trading at reasonable valuations, with a quantitative model scoring securities on characteristics such as growth, momentum, quality, and value.

For Growth and Income Fund, T. Rowe Price will leverage insights from a broad analyst platform with a disciplined risk framework designed to generate consistent, selection-driven returns. The strategy allocates assets to industries in line with their market weights, and analysts covering the respective industries build industry-specific portfolios of their favored stocks. Fundamental stock selection is expected to be the primary driver of benchmark-relative returns.

"For nearly 90 years, T. Rowe Price's active investment approach has been grounded in deep fundamental research, collaboration across asset classes, styles, and sectors, and the discipline to stay focused on long-term outcomes for investors," said Eric Veiel, President, Co-Head of Global Investments and Chief Investment Officer at T. Rowe Price. "We will apply our proven strengths and expertise across these mandates, and look forward to extending our capabilities to serve Vanguard's investors."

Vanguard expects the expense ratios for Growth and Income Fund will increase from 0.39% to 0.40% for Investor Shares and 0.28% to 0.29% for Admiral Shares. The expense ratio for VVIF Small Company Growth is expected to increase from 0.29% to 0.32%. No changes are expected for the expense ratio of Explorer Fund.

These changes reflect Vanguard's ongoing commitment to providing investors access to high-quality active management at a reasonable cost. The funds' Boards of Trustees approved the changes following a comprehensive review process, concluding that the updated advisory structures are designed to best serve shareholders over the long term.

About Vanguard
Founded in 1975, Vanguard is one of the world's leading investment management companies. The firm offers investments, advice, and retirement services to tens of millions of individual investors around the globe—directly, through workplace plans, and through financial intermediaries. Vanguard operates under a unique, investor-owned structure where Vanguard fund shareholders own the funds, which in turn own Vanguard. As such, Vanguard adheres to a simple purpose: To take a stand for all investors, to treat them fairly, and to give them the best chance for investment success. For more information, visit vanguard.com.

About T. Rowe Price
T. Rowe Price (NASDAQ-GS: TROW) is a leading global asset management firm, entrusted with managing $1.89 trillion in client assets as of May 31, 2026, about two-thirds of which are retirement-related. Renowned for nearly 90 years of investment excellence, retirement leadership, and independent proprietary research, the firm leverages its longstanding expertise to ask better questions that can drive better investment decisions. Built on a culture of integrity and prioritizing client interests, T. Rowe Price empowers millions of investors worldwide to thrive amid evolving markets. Visit troweprice.com/newsroom for news and public policy commentary.

For more information about Vanguard funds, visit vanguard.com to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information are contained in the prospectus; read and consider it carefully before investing.

All investing is subject to risk, including the possible loss of the money you invest.

Vanguard Marketing Corporation, Distributor.

SOURCE Vanguard