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Open boxFrom United StatesBuy It NowVALLEY FORGE, Pa. (CBS.MW) -- As manager of the largest U.S. stock mutual fund, George 'Gus' Sauter established himself as the crown prince of passive investing while serving under the king of indexing, Vanguard founder John Bogle.Sauter took over the $67 billion Vanguard 500 fund VFINX, -0.15% in October 1987, just before the stock market crashed. Since then, he's largely given investors what they've paid for -- low-cost diversification in a fund that tracks the S&P 500 index.Sauter also runs an actively managed fund that has outperformed the S&P 500 in each of the past three years. And as of Tuesday, he's added yet another title: chief investment officer for the Vanguard Group, the second-largest U.S. mutual-fund company.The newly created post gives Sauter responsibility for all in-house stock and bond asset management. He will oversee almost $400 billion in assets, roughly 70 percent of Vanguard's $550 billion in U.S. fund assets.Sauter, 48, will continue to run the firm's $170 billion Quantitative Equity Group, which manages all of Vanguard's index funds, including the 500 Index. He also will direct Vanguard's Fixed Income Group, with $225 billion in assets, following the retirement of fixed-income chief Ian MacKinnon.Referring to Vanguard's chairman, Sauter quipped, 'Jack Brennan saw me leave at 7 p.m. one night and thought I had some free time.'What Brennan no doubt recognizes is the ability of Vanguard's stock-index funds to hold their own against active portfolio managers in both up and down markets. Many fund managers boast that the downturn in U.S. equities created a 'stock picker's market' in which their skills shine against indexing, but for most that bright day hasn't come.In fact, fund managers who buy large-company stocks have done progressively worse against the S&P 500 average since the bear market began in 2000. That year, 61 percent of large-stock fund managers outperformed the S&P 500 benchmark, according to fund-rating service Morningstar. In 2001, just 43 percent scaled this hurdle, and only 42 percent last year could make that claim.'Indexing will provide a higher rate of return than will most money managers,' Sauter said. 'Indexing gives you a great deal of relative predictability. With an active manager, you're going to get the rate of return plus or minus the manager's skill or luck.'Index funds by nature deliver market performance minus expenses -- and the market of course has disappointed investors over the past three years. That limits index funds' flexibility in down markets. But in up markets, an index fund's zero cash position and low cost can provide a huge boost to return.Like other index funds, the Vanguard 500 weights holdings by the market capitalization of its benchmark index. That means the fund's return is closely tied to the fortunes of the S&P 500's largest stocks.Consequently, in the 1990s market bubble it resembled a richly valued growth fund; 35 percent of its assets were invested in technology in 2000. When tech, media and telecom stocks keeled over, Sauter wasn't allowed to jump ship.Sauter acknowledged that index funds can get caught on the wrong side of the market - but he pointed out that they are not alone.'It wasn't just the index funds that owned Cisco Systems,' he said. Active fund managers, of course, were caught up in the tech bubble. A value-stock manager might have sidestepped the wreck, he admitted, but a value index fund also would have done reasonably well for index-fund shareholders.'There are two forces that work for indexing in an up market,' Sauter said. 'One, it's a low-cost way to gain market exposure. Two is being fully invested.'In a bear market,' he added, 'low cost is still an advantage. Being fully invested is obviously a disadvantage. But indexing does well on a relative basis in a bear market. That's because of the low cost.'Sauter noted that Vanguard has considered launching an index fund that could combine short selling with long investments, but has ruled it out for now. 'It's still something we're not ready to pull the trigger on,' he said. Nor is Vanguard interested in providing a fund that tracks the S&P 500 on an equal-weighted basis - giving each stock the same stake in the portfolio, Sauter added.Low-cost advantage
Low-cost and deft stock picking has been a boost for Vanguard Strategic Equity VSEQX, -0.70% which since its 1995 inception has been Sauter's actively managed attempt to beat an index of roughly 2,800 mid-cap stocks. The fund's 1.5 percent average annualized five-year gain trounces the S&P 500 by 4.5 percentage points and lands it in the top 20 percent of its peers, Morningstar reports. Strategic Equity is down 1.6 percent year-to-date, slightly ahead of the S&P.Strategic Equity holds more than 200 stocks in its $900 million portfolio, giving it the kind of broad diversification that investors would expect from one of Sauter's index funds. Its largest position - at about 1.5 percent -- is energy services provider Entergy ETR, +1.01% followed by slightly smaller weightings in industrial gases leader Praxair PX, +2.94% and troubled retailer J.C. Penney JCP, -0.88%Sauter asserted that index and active management are not at odds in a diversified portfolio.'We don't think that active and passive are mutually exclusive,' he explained. 'Indexing works because outperformance is a zero-sum game before costs. Some managers might outperform, but it means that others have to underperform.'That argument doesn't rule out active management,' Sauter added. 'We think active and passive can complement each other very well. Some managers may be able to outperform an index by keeping their costs low and systematically taking advantage of other investors in the marketplace.'Easy for him to say.More from MarketWatchWe Want to Hear from You
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