* Institutional-quality refers to the investment process utilized by Wellington Solutions that would meet the high standards and investment criteria of large financial institutions.
¹As of 31 December 2025. Source: Wellington Management.
²As of 31 December 2025. Source: Vanguard. For the 10-year period ended 12/31/2025, 84% (275 of 326) of Vanguard funds outperformed their peer group averages, and 88% (42 of 48) of Vanguard active fixed income funds outperformed their peer group averages; results will vary for other time periods. Only funds with a minimum 10-year history were included in the comparisons. (Source: LSEG Lipper) Note that the competitive performance data shown represent past performance, which is not a guarantee of future results, and that all investments are subject to risks. For the most recent performance, visit our website at www.vanguard.com/performance.
³As of 30 June 2025. Sources: Vanguard and Morningstar, Inc. U.S. only. Reflects asset-weighted average U.S. combined mutual fund and ETF expenses, as a share of 2024 average net U.S. assets.
⁴As of 30 June 2025. Source: Blackstone. World’s largest alternative asset manager reflects Preqin data as of June 30, 2025. Blackstone is the leader in delivering private market solutions for eligible individual investors based on the net asset value (NAV) of Blackstone’s non-traded REIT and BDC products when compared to the total NAV among competing products offered by alternative investment firms. The criteria for this peer set includes firms that offer equivalent non-traded REIT and BDC products for which NAV is publicly available. Net asset value data among peers is sourced from public filings and fund websites as of March 31, 2025.
⁵Private markets have inherent risks and there can be no assurance any private markets allocations will achieve their objectives or avoid significant losses. | PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. All investments carry a certain degree of risk, including the loss of principal. Certain products and services may not be available to all entities or persons. Investors should be aware that alternative investments are speculative, subject to substantial risks including the risks associated with limited liquidity, the potential use of leverage, potential short sales and concentrated investments and may involve complex tax structures and investment strategies.
**Diversification does not ensure profit or protection from losses.

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Wellington Management, Blackstone, and Vanguard are not affiliated. The firms maintain an alliance to deliver public-private investment solutions to investors.

For institutional or professional investors only. This material is not intended to constitute investment advice or an offer to sell, or the solicitation of an offer to purchase shares or other securities. Any views expressed herein are those of the author(s), are based on available information, and are subject to change without notice. While any third-party data used is considered reliable, its accuracy is not guaranteed. All Wellington Management trademarks mentioned are owned by Wellington. All other company names mentioned are the property of their respective companies.