You read from Your Survival Guy back in June of 2017 that Michael F. Garrett might be one of the most important names in the fixed-income world today. He’s the portfolio manager of the Vanguard GNMA Fund, which is managed by Wellington.
Unfortunately, as I have followed Garrett for some time, he is retiring. Garrett will be tough to replace, but there is a deep bench at Wellington. Even so, this is another reason for my concern about Vanguard being too big.
Here’s some more about Garrett’s departure from CityWire.com back in May 2019:
Veteran Wellington portfolio manager Michael F. Garrett is to retire next year, according to a filing with the Securities and Exchange Commission.
Citywire + rated Garrett is listed on five funds subadvised by Wellington. These are the:
- Vanguard GNMA ($21.8 billion)
- SEI Short-Duration Government ($696.2 million)
- SEI GNMA ($64.8 million)
- Hartford Quality Bond ($128.2 million)
- Hartford US Government Securities HLS ($335.4 million)
Garrett has been with Wellington for 20 years, according to his LinkedIn profile. He will retire on June 30, 2020.
On the Vanguard GNMA fund, Garrett is the sole manager and Wellington is the sole subadvisor. The fund is ranked second out of 13 GNMA funds tracked by Citywire for three-year total returns to the end of April. During that time it was up 4.5% compared with the category average, which was up 3.5%, and the Bloomberg Barclays GNMA TR index, which was up 4.6%.
According to a spokeswoman for Vanguard, Wellington portfolio managers Brian Conroy and Citywire AA-rated Joseph F. Marvan have been added to the Vanguard GNMA fund. They will replace Garrett after his retirement next year.
A spokeswoman for Wellington did not return a request for comment before publication.
E.J. Smith - Your Survival Guy
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