Malvern’s Vanguard Group has decided on a management shakeup to improve the performance of its Explorer fund, writes Joseph DiStefano for the Philadelphia Inquirer.

The $4 trillion investment firm has hired ClearBridge Investments to replace two significantly smaller firms, Kalmar Investment Advisers and Granahan Investment Management.

According to Morningstar’s analysis, Vanguard Explorer’s record has so far failed to distinguish itself from the standard Russell 2500 Growth Index.

The analysis showed that $10,000 invested in Explorer 10 years ago would be worth about $20,600 today, compared to $21,000 for an S&P 500 fund, after fees. The fund also trailed over the last five and three-year periods, but still managed to beat key indices last year.

ClearBridge targets stocks that are potential leaders in their category that invest for “long-term, sustainable growth.” According to SEC data, as of the end of last year, ClearBridge had invested $97 billion in close to 1,200 companies, most notably technology, healthcare, and consumer stocks.

The Explorer Fund advisers will now include Wellington Management, Vanguard Quantitative Energy Group, ClearBridge, Arrowpoint Asset Management, and Stephens Investment Group. But despite the shake-up, Vanguard does not expect expense ratios for Explorer to change.

Read more about the changes in the Philadelphia Inquirer here, and check out previous VISTA Today coverage of Vanguard here.