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Vanguard Windsor II manager James Barrow has assumed the role of portfolio manager of the

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Vanguard Selected Value fund, succeeding James McClure.

McClure has managed the $130 million fund since its 1996 inception.

The Selected Value fund is down 28.2% in the last 12 months, placing it near the bottom of all mid-cap funds, according to


. "The appointment of Mr. Barrow reflects the Board's desire to improve the predictability of the Fund's performance relative to its mid-cap value fund peers," says a Thursday Vanguard release announcing the change.

"It's a mid-cap value fund, and that's not been the place to be," says Vanguard spokesman, Brian Mattes. "Still, we've not seen the performance capability we expect from our funds," Mattes adds.

Barrow and McClure are with

Barrow, Hanley, Mewhinney & Strauss

of Dallas, the lead adviser to $31.4 billion Windsor II fund. Barrow will continue to run the Windsor II portfolio, which is up 4.2% in the last 12 months and ranks 290 of 592 growth-and-income funds.