Why Windsor Fund Went South

With its 40th anniversary this month, Vanguard Group's Windsor Fund is one of the longest-running acts on the mutual-fund stage. Successful, too: Since its inception, Windsor has returned an annual average of 12.95%, vs. 11.72% for the Standard & Poor's 500-stock index. But lately, the $17 billion fund is hurting, down 20% in the past year, vs. the S&P 500's 3% gain. With the fund closed to new investors, more money has been flowing out than in.

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