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WELCOME

Transcript

At Vanguard, we think people should be given good choices.

And that is what we set out to be, an excellent choice for investors.

Let me give you an example. We don't have shareholders. We're not owned by a family or by any individual. Ultimately, we're owned in the US by our fundholders.

You might see that as a curious arrangement, but it's what makes us who we are. As we see it, it means our ownership is totally aligned with the long-term interests of our clients. We like that.

Another example is our belief in low cost. Many people don't fully understand how important it is to keep investment costs low. But if you think about it, every pound saved in fees is another pound invested, and that compounds year by year.

We don't keep our costs low to undercut competitors or to take market share. We do it because we believe – because the arithmetic tells us – that it matters to investment success.

At Vanguard, success is doing the right thing for investors.

I hope that you will appreciate us for what we believe in and what that means we can do for you.

Thanks for watching.

Investment risk information:

The value of investments, and the income from them, may fall or rise and investors may get back less than they invested. Past performance is not a reliable indicator of future results.

Other important information:

This video is designed for use by, and is directed only at persons resident in the UK.

It is for information purposes only and is not a recommendation or solicitation to buy or sell investments nor does it constitute legal, tax, or investment advice.

The opinions expressed in this video are those of the participants and may not be representative of Vanguard Asset Management, Limited.

Issued by Vanguard Asset Management, Limited which is authorised and regulated in the UK by the Financial Conduct Authority.

© 2019 Vanguard Asset Management, Limited. All rights reserved

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