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Key Manager Retiring from Vanguard GNMA Fund

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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:

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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:

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.

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E.J. Smith - Your Survival Guy

E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West (RIP JB) and Paris. Please get in touch with E.J. at ejsmith@yoursurvivalguy.com To sign up for my free monthly Survive & Thrive letter, click here.

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