The evolution of Vanguard Advisor’s Alpha From portfolios to people
1 While we’ve chosen to illustrate the cash-flow trends only for U.S. equity funds and ETFs, previous research by Vanguard has shown that similar trends are evident in other asset classes, too, both in the United States and abroad. See Costs Matter, a Vanguard research paper published with versions for U.S., Canadian, and U.K. clients. ................
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