Vanguard Life Strategy

[tug7]

I am investing a large lump sum slowly & as part of that I am now looking at drip feeding a Vanguard LifeStrategy fund - 80 or 100 - for the long term.

How much discretion do Vanguard have to change the constituent funds that make up the overall product? I am not talking about the balance between equity & bonds but rather changes to the geographical split of the equity part or the funds that they use. I have searched for the answer but the prospectus etc is extremely vague - or at least it is as I read it.

Is there any guidance as to how they choose the geographical/fund equity split if they have discretion to change it?

If they can change it I am thinking that I might be better off making up the fund myself out of the individual elements but then the automatic rebalancing is rather appealing.

[JNC3]

The Capitalisation of the equities would also be of interest.
Does the equity side contain 14% small cap, 15% mid cap leaving 70% large cap inline with MSCI or are small caps not in it ?
JNC

[tug7]

The LifeStrategy 80 & 100 consist of capital weighted funds which contain relatively little that is not large company - & remember that UK large company is more mid sized if you look at the US market comparisons. The all market funds are theoretically inclusive of mid & small caps but as they are capital weighted they seem to me to be large company funds with very little value in the smaller sections of their remit.

I am looking at boosting the mid & small company, the emerging markets components & the Asia exc Japan components which I find smaller than I would wish. As I said this is part of a bigger strategy so I can make allowances.

These are my opinions based on my needs alone & must not be relied upon for anything by anybody else!