Time to Dump Volatile Funds?

Dear Beverly:

My concern is that my wife has about $100,000 in (VWUSX Quote)Vanguard's U.S. Growth fund. It's one of the limited choices through her 401(k) plan, and neither one of us has been watching it very closely. I would expect volatility from this fund, but at what point do I start being concerned with management improprieties? It's beyond me how the fund cannot even match the S&P.

The fund managers seem to be dancing as fast as they can. I was not aware until this morning that Alliance Capital was the adviser for the fund. It's my ignorance, but I'd assumed Vanguard would be the manager of its own fund. ...