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The Journal of Portfolio Management

The Journal of Portfolio Management

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Primary Article

Are Vanguard's Managers Good Stock-Pickers or Style-Pickers?

Kenneth S. Reinker and Edward Tower
The Journal of Portfolio Management Spring 2005, 31 (3) 109-111; DOI: https://doi.org/10.3905/jpm.2005.500367
Kenneth S. Reinker
A student at Harvard Law School in Cambridge, MA. kreinker@law.harvard.edu
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Edward Tower
A professor of economics at Duke University in Durham, NC. tower@econ.duke.edu
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Abstract

Jared Kizer's article in the Winter 2005 issue indicates for Vanguard's managed funds that the return to stock–picking skill is not enough to offset the additional transactions costs of a managed portfolio. Thus, the superior performance of Vanguard's managed portfolio was due entirely to its tendency to overweight small stocks and value stocks relative to the index portfolio during a period when stocks with these two characteristics outperformed the market. So, it is style–picking skill rather than stock–picking skill that leads to the superiority of the managed portfolio in this particular instance. Similarly, style–picking skill explains the lower risk for the managed portfolio.

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The Journal of Portfolio Management
Vol. 31, Issue 3
Spring 2005
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Are Vanguard's Managers Good Stock-Pickers or Style-Pickers?
Kenneth S. Reinker, Edward Tower
The Journal of Portfolio Management Apr 2005, 31 (3) 109-111; DOI: 10.3905/jpm.2005.500367

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Are Vanguard's Managers Good Stock-Pickers or Style-Pickers?
Kenneth S. Reinker, Edward Tower
The Journal of Portfolio Management Apr 2005, 31 (3) 109-111; DOI: 10.3905/jpm.2005.500367
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