Vanguard’s investment strategy team recently updated its valuation-aware portfolio views, trimming U.S. growth stocks while adding to U.S. small-cap and emerging markets. Vanguard also continues to favor bonds over stocks relative to a traditional 60/40 mix. These views are consistent with the long-term approach we take with client portfolios, which emphasizes broad diversification, attention to valuations, and a meaningful role for high-quality bonds.

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