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Vanguard has announced it is cutting more than $1 billion in funds that are unclaimed and may be held for years.
The cuts come after Vanguard has been hit with more than a dozen lawsuits from investors and a series of regulatory investigations into the fund’s investment strategy.
Vanguard is slashing the funds’ assets by about $4 billion.
Vanguard said in a statement that it will cut about $1.1 billion from its funds over the next three years and that it expects the investment portfolio will have an “unprecedented” impact on the health of the U.S. economy.
Vanguard has a fund that is now worth about $15 billion, with about $3 billion in unclaimed assets.
Vanguard shares rose about 2.7% to $66.40.
Vanguard, which is backed by the biggest mutual fund company in the world, is known for its value-added index fund that tracks stocks and indexes.
Vanguard also has a wealth management fund that invests in private companies and other investments.
The fund’s chief investment officer, David P. Blanchard, said the funds will have a “significant impact” on the U,S.
He added that the funds were used by more than 500,000 people in the United States and around the world.
Vanguard declined to comment on the cuts to its portfolio.
Shares of Vanguard are down about 12% over the past year.
Vanguard’s portfolio is also expected to grow as more of its investments are exposed to more volatility.
Vanguard announced plans to reduce its investment in two other funds: one that tracks corporate bonds, and another that tracks foreign currency bonds.
Vanguard will also eliminate the assets in Vanguard’s investment portfolio of private companies.
Vanguard did not immediately respond to a request for comment.
Vanguard invested in more than 800 companies, including the $1 trillion bond fund that pays investors dividends in return for interest-bearing assets.
The firm said it had invested in companies that had earnings below their projected expectations for the coming year.
It also said it was reducing its exposure to some of the largest U.K. banks, which it had already invested in, including HSBC Holdings Plc and Barclays Plc.
Vanguard stock fell by about 4% in premarket trading Thursday, before recovering some ground.
Vanguard says it invests in more capital-intensive companies and has invested in firms that are under pressure to pay more for goods and services, such as companies that produce and sell medical devices, pharmaceuticals and equipment.
The company says it is investing in about 4.3 million companies and expects the U to grow by about 1.2% this year.