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Vanguard to offer emerging markets fund

Vanguard Group, Malvern, said today it is creating a new stock mutual fund that will invest in emerging-market companies. Vanguard cautioned that this market had strong gains last year and already had attracted a "torrent of cash."

Vanguard Group, Malvern, said today it is creating a new stock mutual fund that will invest in emerging-market companies. Vanguard cautioned that this market had strong gains last year and already had attracted a "torrent of cash."

Its new Emerging Markets Select Stock Fund will be actively managed by four advisers and will require a minimum $3,000 initial investment. The expense ratio is expected to be 0.95 percent ($9.50 per $1,000 invested) compared with an average of 1.68 percent for the average actively managed emerging market fund, Vanguard said.    - Paul Schweizer