Please stay tuned for important disclosure information at the conclusion of this episode.

Welcome to the Longview. I'm Ben Johnson, head of client solutions for Morningstar.

And I'm Christine Ben's Director of Personal Finance and Retirement Planning for Morning Star.

Today's guest on The Longview is Sarah Devereaux.

Sarah is the chief investment officer of Vanguard capital

management and global head of fixed income. She oversees the investment professionals responsible

for portfolio management, trading, and research for Vanguard's internally managed fixed income

funds and ETFs, including actively managed bond and money market portfolios and bond

index portfolios. Before joining Vanguard in 2019, Sarah was a partner at Goldman Sachs, where she spent

over 20 years in mortgage-backed securities and structured products trading and sales. Earlier in her career, she worked at HSBC and risk management advisory

in interest rate derivative structuring.

She started her careers in actuary at AXA Equitable Life Insurance.

Barrens is named Sarah to its annual list of the 100 most influential women in U.S. finance every year since 2022.

Sarah, welcome to the Longview. Thank you for joining us today.

That's great to be here. Thank you for having me.

Sarah, I want to begin by asking you now that you've been at the helm of Vanguard's fixed income group for nearly five

years. Let's start there. Can you talk a little bit about over the course the past five years,

the evolution of the team under your leadership, how you've navigated the various market environments

we've experienced over that span,

maybe a bit about what's changed and where you see things headed?

Sure. Maybe I'll start with just what brought me to Vanguard. I'm often asked that question.

And what I usually say is, you know, I took the call because of the firm's reputation.

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