Vanguard has filed papers with the SEC to launch the Vanguard Explorer Value Fund, which would be its first actively managed fund investing in small- to mid-cap U.S. value stocks. This would be the first new fundamentally managed equity fund from Vanguard since the launch of Vanguard PRIMECAP Core Fund.

Vanguard tapped three sub-advisors for Explorer Value Fund: Frontier Capital Management Co., LLC, Cardinal Capital Management, LLC and Sterling Capital Management LLC. The latter two are new sub-advisors to Vanguard. 

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