About Vanguard
About Vanguard
Why do we exist?
To take a stand for all investors, to treat them fairly and to give them the best chance for investment success.
Vanguard at a glance
Vanguard was founded in Valley Forge, Pennsylvania, in 1975 on a simple but revolutionary idea--that an investment company should manage the funds it offers in the sole interest of its clients. Today, the Vanguard organization worldwide manages more than $7 trillion in assets through our 21 office locations. We offer 191 funds in the United States, and 224 funds outside the United States, including 39 ETFs and four mutual funds through our Canadian subsidiary, Vanguard Investments Canada Inc. Vanguard serves more than 20 million investors worldwide.
17,600
Number of crew
members worldwide
Calgary Vancouver
Toronto
Washington, D.C.
Scottsdale
Charlotte
Montreal Valley Forge
Mexico City
London Paris
Amsterdam Frankfurt Zurich
415
Number of
Vanguard funds,
globally
Beijing Shanghai
Tokyo
Hong Kong
$7.0 trillion
Global assets under management
20 million+
Number of
Vanguard investors
Source: Vanguard. Data as of March 31. 2019, except assets as of February 29, 2019. All monetary figures in this brochure are expressed in Canadian dollars unless otherwise noted.
Melbourne
Brisbane Sydney
3
5M $3,857M
Who we serve
Vanguard serves investors around the world through a variety of channels, including directly, through advisors and through company retirements plans.
16%
21%
19%
$7 trillion
Assets under management
7%
38%
Financial advisors (U.S.)
Vanguard offers products, programs and services that help advisors serve their clients and grow their businesses.
Institutions (U.S.)
Thousands of corporations, institutions, retirement plans and consultants rely on Vanguard to manage their assets and help keep their investment programs on track.
ETFs (U.S. and non-U.S.)
Vanguard brings its disciplined, low-cost approach to exchange-traded funds (ETFs), offering millions of investors the opportunity for flexibility and broad diversification.
Global investors (non-U.S.)
Investors and financial advisors in Canada and around the world benefit from Vanguard's low costs, client focus and time-tested investment philosophy.
Individuals (U.S.)
Millions of individuals come to Vanguard on their own for help reaching investment goals and building long-term wealth.
Source: Vanguard. Data as of December 31, 2018. Percentages may not add to 100% due to rounding.
4
Why costs matter
Investors can't control the markets, but they can control the costs of investing. Providing low-cost investments isn't a pricing strategy for us. It's how we do business. Vanguard's scale also helps to keep costs low. As our assets under management increase globally, we can reduce expense ratios for the investors in our funds.
Average Canada MERs, 2015-2017
2.25%
2.12%
2.11%
2.10%
1.50
0.75
0.35% 0.15%
0.37% 0.15%
0.36% 0.16%
0
Dec 2015 Dec 2016 Dec 2017
Vanguard Canada-domiciled ETFs
Canada ETF industry Canada mutual fund industry*
Sources: The management expense ratios (MERs) are asset-weightedaverage MERs as of December 31 of the calendar year shown using data compiled from management reports of fund performance. The Canada ETF and mutual fund industry MERs were calculated by Strategic Insight and Morningstar. The mutual fund industry average MER calculations include load and no load series A, T and advisor series mutual funds and exclude ETFs, funds with performance fees, money market funds, funds with management fees charged at account level, hedge funds, index funds and LSVCC funds. Without waivers and absorptions, the Vanguard Canada-domiciled ETF average MERs would have been higher. Vanguard Investments Canada Inc. expects to continue absorbing or waiving certain fees indefinitely but may, in its discretion, discontinue this practice at any time.
* Vanguard Investments Canada Inc. introduced four new mutual fund products in early 2018.
Average U.S. expense ratios, 1988?2018
1.00%
0.75
U.S. mutual
fund industry:
0.58% 0.50
0.25
0 1988
1997
2007
0.10% Vanguard U.S.-domiciled mutual funds and ETFs
2018
Vanguard U.S.-domiciled mutual funds and ETFs U.S. mutual fund and ETF industry
Sources: Vanguard, Morningstar, Inc. and Lipper, a Thomson Reuters Company. Asset-weighted averages for U.S. only, as of December 31, 2018.
5
Vanguard is different from the rest-- and here's how our investors benefit.
Clients
Investment company
Private owner/ Stockholders
Clients Clients
U.S.-domiciled
The Vanguard Group, Inc.
Economies of scale
Global reach
Canada-domiciled
Vanguard Investments Canada Inc.*
* Vanguard Investments Canada Inc. is a wholly owned indirect subsidiary of The Vanguard Group, Inc.
Why does ownership matter?
All mutual funds are owned by their unitholders--but the unitholders typically don't own the companies that manage the funds. Instead, nearly all investment management companies are owned by third parties--either stockholders, in the case of publicly traded firms, or private interests. Of course, these owners expect to make a profit from their enterprise. Predictably, this arrangement can lead to conflicts of interest. What's best for fund unitholders isn't necessarily what's best for the management companies' owners.
Vanguard is a very different kind of investment firm--founded on the simple but revolutionary idea that a mutual fund management company should be managed in the sole interest of its funds' investors. Rather than being publicly traded or owned by a small group of individuals, The Vanguard Group, Inc., is owned by its U.S.-domiciled funds and ETFs. Those funds, in turn, are owned by their investors.
This unique mutual structure aligns our interests with those of our investors and drives the culture, philosophy and policies throughout the Vanguard organization worldwide. As a result, Canadian investors benefit from Vanguard's low costs, client focus, stability and experience.
6
Recent efforts to reach investors
In the years since the global financial crisis, Vanguard has set upon a strategy to broaden and deepen relationships with investors across a wide range of funds and services.
3,000B 2,500
V3a,00n0Bguard asset growth...
$2,529B
$2,529B
2,500
among U.S. advisor-served clients
23,000B 12,500
32,000B 21,,550000
$2,529B $1,169B
$2,529B $1,169B
12,000
21,,000000
1,550000
$382B 1,550000 $96B
$382B $96B
$1,169B
$1,169B
1,000
1,0000
500 200$9 382B 500 200$9382B
2018
2018
$96VaBnguard U.S. Finan$c9ia6lVAaBdnvgiusaorrdSUe.rSvi.cFeisnancial Advisor Services
0
Vanguard U.S0.-domicileVdaEnTgFusard U.S.-domiciled ETFs
2009
2009
2018
2018
Vanguard U.S. FinancialVAandgvuisaorrdSUe.rSv.icFeinsancial Advisor Services Vanguard U.S.-domicileVdaEnTgFusard U.S.-domiciled ETFs
2,000B
2,000B
among
1,500
U.S.
retirem1,5e0n0 t
investors
2,000B
2,000B
1,000 1,500
1,000 1,500
500 1,000
$327B $43B
0
500 200$9 327B
500 $327B
1,000
$43B
0
500 200$9327B
$1,635B
$1,635B $649B
$649B
2018
$1,635B
$1,635B $649B
$649B
2018
$43VaBnguard U.S. de n$e4d 3cVoBanntgriubaurtdioUn.pSl.adnes ned contribution plans
0
Vanguard U.S0.-domicileVdaTnagrgueartdRUet.Sire.-mdoemnticFiluenddTsarget Retirement Funds
2009
2009
2018
2018
Vanguard U.S. de ned cVoantgruibaurtdioUn.Sp.ladnes ned contribution plans Vanguard U.S.-domicileVdaTnagrugaertdRUe.tSir.e-dmoemnticFiluenddTsarget Retirement Funds
600B 500
among non-U.S. clients
600B 500
$504B
640000B 5300
640000B 530000
$504B
2400 $112B
3100
420000 $112B
310000
200 200$9112B
100
2000 200$9112B
2018
Sour1c0e:0Vanguard. Data as of December 31, 2018.
0 2009
0 2009
2018
$504B $504B
2018 2018
among U.S. retail clients
2,500B
2,500B
2,000
2,000
2,500B 1,500
2,500B 1,500
2,000
2,000
1,000 $712B 1,000 $712B
1,500 500
1,500 500
1,000 $712B
0 2009
500
1,000 $712B
0
2009 500
0 2009
0 2009
$2,052B $2,052B
2018
7
2018
$2,052B $2,052B
2018 2018
Vanguard investor trends...
Vanguard global AUM, index and active
Vanguard Canada-domiciled ETFs
25% 75%
25%
Index Active
$3,675M 75%
$3,857M
$3,675M
$3,857M
Equity Fixed income
Source: Vanguard. Data as of February 29, 2019.
Source: Vanguard. Data as of February 29, 2019.
8
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