What To Do When Your Fund Stumbles

When a mutual fund with a stellar record, clear plan, and experienced manager has a few deeply disappointing years, investors and fund trustees alike must ask themselves some hard questions. Do you dump the fund or, if you're a trustee, fire the manager? Do you keep reciting the mantra, "invest for the long term"? Or do you move part of your money to another fund? "It's no different for a trustee...than it is for an individual," says Vanguard CEO John Brennan. "They have to make the same kind of judgments."

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