Dedicated oversight from Vanguard’s senior leaders
1 minute 56 seconds
Global Head of Portfolio Construction and Chief Economist for the Americas; Co-Portfolio Manager of Vanguard Target Retirement Funds
Meet the Strategic Asset Allocation Committee (SAAC)
14 executive leaders
4 Ph.D.s
7 CFA® professionals
Our governance framework
Deeper dive into SAAC
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Investments in Target Retirement Trusts and Funds are subject to the risks of their underlying funds. The year in the trust or fund name refers to the approximate year (the target date) when an investor in the trust or fund would retire and leave the workforce. The trust or fund will gradually shift its emphasis from more aggressive investments to more conservative ones based on its target date. The Income Trust/Fund and the Income and Growth Trust have fixed investment allocations and are designed for investors who are already retired. An investment in a Target Retirement Trust or Fund is not guaranteed at any time, including on or after the target date.
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Vanguard Target Retirement Trusts are not mutual funds. They are collective trusts available only to tax-qualified plans and their eligible participants. Investment objectives, risks, charges, expenses, and other important information should be considered carefully before investing. The collective trust mandates are managed by Vanguard Fiduciary Trust Company, a wholly owned subsidiary of The Vanguard Group, Inc.
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Roger Aliaga-Díaz, Ph.D., is global head of portfolio construction and chief economist for the Americas. His areas of expertise are economics, macroeconomic forecasting, and portfolio construction.
Roger and his global research team develop multi-asset-class strategies and conduct quantitative research on asset allocation and investment solutions. With his team, he has built two proprietary portfolio construction models that underpin the firm’s global investment advice methodology: the Vanguard Life-Cycle Investing Model and the Vanguard Asset Allocation Model.
Roger is also vice-chair of Vanguard's Strategic Asset Allocation Committee and chair of its Time-Varying Asset Allocation Subcommittee, which oversee and determine the asset allocation of multi-asset-class funds such as the Vanguard Target Retirement Funds. He has served as a co-portfolio manager of several multi-asset-class funds since February 2023.
Before joining Vanguard in 2007, Roger served as a visiting professor of macroeconomics at Drexel University’s LeBow College of Business.
Roger has published on investment and macroeconomic issues and has presented at industry and academic conferences, including the Board of Governors of the Federal Reserve System, the American Enterprise Institute, and the American Economic Association. He is frequently interviewed by financial media around the world.
Roger earned a B.A. in economics from Universidad Nacional de Córdoba, Argentina, and a Ph.D. in economics from North Carolina State University.
