Just look at what happened last month to some investors in Vanguard’s Target Retirement funds. Fury broke on Bogleheads.org, a popular website among Vanguard investors. An investor posted there: “Think I’m screwed by Vanguard resulting in a huge tax bill…. At the end of 2020, Vanguard reduced the minimum investment in its institutional Target Retirement funds to $5 million from $100 million. This sparked a rush of elephants, as multimillion-dollar corporate pension plans moved out of standard target funds and into institutional equivalents.

Source: Wall Street Journal January 22, 2022 09:19 UTC