Vanguard's [see profile] latest offering, an actively managed emerging markets equity fund that will be managed by four advisors, is being scrutinzed by Morningstar for its fees and choice of subadvisors.

According to Morningstar, the Vanguard Emerging Markets Select Stock Fund will be run by four subadvisors: M&G Investment Management Limited; Oaktree Capital Management, L.P.; Pzena Investment Management, LLC and Wellington Management Company, LLP, "with little or no track record investing in developing markets". The fund will also charge nearly 100 basis points in expenses, which is "low for the category, but high for Vanguard." 

Edited by: Hung Tran


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