Daniel Sotiroff

⚠️ Watch For Falling Fund Fees ⚠️ @DanielSotiroff gives a rundown of Vanguard's latest round of fee cuts here. morningstar.com/funds/vanguard…

@syouth1 Looks like it was all 3 Primecap funds. Similar filings and language for Primecap Core and Capital Opp (different trusts) ER on Core is going down 6 bps and Capital Opp going down 3 bps Primecap Core: sec.gov/Archives/edgar… Capital Opp: sec.gov/Archives/edgar…

Appears Vanguard Primecap is switching from standard mgmt fee structure w/Primecap (which paid them 0.18%) to a base+perf adjustment structure. Coincident w/that change, they're lowering expense ratio by 2bps. Implies 'base' fee is 0.16%, swings from there spr.ly/60187WcIq

@DanielSotiroff Article: spr.ly/6011AFx8J Report: spr.ly/6019AFx8H

Dimensional filed for its first 13 ETF share classes today Looks like mostly core, large-cap, and some small-cap portfolios. Interesting that the micro-cap portfolio is getting ETF'd sec.gov/Archives/edgar…

Morningstar's @DanielSotiroff and @MstarArmour dig into everything investors need to know about ETF share classes here.morningstar.com/funds/etf-shar…

Vanguard will offer three new, active fundamental stock ETFs overseen by managers who run some of the family’s most storied stock mutual funds. @DanielSotiroff shares what investors need to know about the new offerings. morningstar.com/funds/vanguard…

@ChuckJaffe @Convertbond @Morningstar @vanguardgroup Thanks, Chuck!

@ConvertBond says the market is showing signs that a 10-20% selloff will hit in the next 4-6 weeks, part of a rotation that he says will favor hard assets. @DanielSotiroff of @Morningstar on @VanguardGroup plans to offer #ETF versions of 3 popular active funds & more. Tune in!

@DanielSotiroff on Vanguard's just-announced plan to launch three new 'Vanguard Wellington' branded active ETF, one with links to Vanguard Dividend Growth Fund, another to Vanguard Global Equity Fund, and a third to Vanguard Windsor Fund. morningstar.com/funds/vanguard…

Here's the breakdown based on the SEC filings The parent mutual funds are highly rated by Morningstar. Global Equity and Windsor have Silver Medalist Ratings, while Dividend Growth is at Gold

Vanguard and Wellington are teaming up for new actively managed stock ETFs Not quant ETFs this time. Wellington stock pickers from existing Vanguard mutual funds will run the portfolios More to come... $VUSV $VUSG $VDIG sec.gov/Archives/edgar…

@lhamtil Great book!

I've heard a lot of great things about this book so I'm excited to read it.

@syouth1 @verdadcap Not sure if you found it, but Alex Bryan wrote a paper on the topic in 2019 titled "Portfolio Concentration Doesn't Have Much Sway on Returns" Here's the summary article with some of the key findings morningstar.com/funds/portfoli…

@verdadcap I can dig up what we've done looking at concentrated MF mgrs but if I had to paraphrase our findings: Highly uneven results, w/relatively low correlation between concentration and risk-adjusted results. There are some notable successes (Nygren, etc.) but pocked w/many failures.

Any good quantitative studies on concentrated equity managers? Been thinking about this category of funds and interested to understand better

Vanguard just filed for an ETF share class of its actively managed mutual funds... sec.gov/Archives/edgar…

@MstarArmour @EricBalchunas Second that

Potential for some of the best/worst comments ever H/t @EricBalchunas

Truth Social just filed for a bitcoin ETF with NYSE Arca. It sounds like it will offer the same exposure as existing spot bitcoin ETFs, but no fee details yet. Sponsor: Yorkville American Digital Custodian: Foris DAX Trust Company (aka crypto .com custody)

@ETFhearsay No problem. Vanguard has mutual funds that follow the similar processes as its bond ETFs. Using those funds as proxies, you can see the difference in yield, which should be indicative of their risk and return

@DanielSotiroff Thanks, Daniel! Yes, it was originally filed March 24 but I didn't get around to trying to figure out what multi sector bond strategy was until now.

** does anyone know what a multi-sector income bond is? ** Multi-sector income bond ETF filed by Vanguard, actively managed. Vanguard Multi-Sector Income Bond ETF ticker: $VGMS feess: 0.30% effective date: June 9, 2025 Invests in global bonds across several fixed income sectors. Vanguard ETFs: investor.vanguard.com/investment-pro… Preliminary prospectus: sec.gov/Archives/edgar… @Vanguard_Group

Here's what WVB All Markets looks like compared to Cap Group+KKR collab. Gives you a taste of where fees are at right now on these public+private funds 👍👍 to both for choosing the interval fund structure

The Vanguard/Wellington/Blackstone interval fund filing is here. (h/t @DanielSotiroff) Will feature a mix of public and private assets, largely via investments in a mix of Vanguard and Blackstone funds. $2,500 minimum initial investment. sec.gov/Archives/edgar…

Vanguard's newest models are a little different from its existing models: 1) Fixed income only, and 2) Dynamic. The allocations may shift over time to reflect Vanguard's outlook, which adds a layer of active management to the mix corporate.vanguard.com/content/corpor…