Q3 2019

www.wealthandfinance-news.com 22 Wealth & Finance International - Q3 2019 Vanguard filed a preliminary registration with the U.S. Securities and Exchange Commission for Vanguard International Core Stock Fund. The new actively managed fund will be managed by Wellington Management Company LLP (Wellington Management) and is expected to be available to investors in the fourth quarter of 2019. Vanguard, one of the largest providers of actively managed funds in the asset management industry, has been expanding its actively managed roster over the past two years, introducing a suite of factor ETFs, an ESG fund, a commodities fund, two global balanced funds, and two fixed income funds —Vanguard Global Credit Bond Fund and Vanguard Emerging Markets Bond Fund. A low-cost, diversified entrant to the market Vanguard International Core Stock Fund will offer broad equity exposure to both developed and emerging non-U.S. markets, blending growth and value styles and diversifying across a range of sectors. The fund will seek to provide long-term capital appreciation and hold approximately 60-100 stocks, with no individual positions representing greater than 5% of the portfolio. It is expected to have moderate overweight or underweight allocations to sectors and regions relative to the MSCI ACWI ex USA Index. Wellington Management will employ a multi- disciplinary approach that identifies potential attractive, high-return opportunities by leveraging the full breadth and depth of Wellington Management's global resources, including: Global Industry Analyst research; positions held by Wellington Management's investment boutique teams; investment ideas from Wellington Management's quantitative research teams; macro-economic research; and ESG research that emphasizes positive governance practices. Avianca Holdings S.A. (NYSE: AVH, BVC: PFAVH) today announced that, in connection with its previously announced re-profiling plan for its capital structure, the company has temporarily deferred payments on certain long-term leases and on payment of principal on certain loan obligations. Wellington's approach can be characterized as opportunistic and does not emphasize any particular investment style or factor. The team seeks to build an "all weather" portfolio that prioritizes stock specific alpha potential, limiting the portfolio's other risk exposures through a sophisticated and centralized risk management approach. The estimated expense ratios for Vanguard International Core Stock Fund will be 0.35% for Admiral Shares and 0.45% for Investor Shares, both considerably lower than the asset-weighted The team seeks to build an “all weather” portfolio that prioritizes stock specific alpha potential, limiting the portfolio’s other risk exposures through a sophisticated and centralized risk management approach. Avianca Advances Plan to Manage Outstanding Liabilities