Job Description

Vanguard is seeking a Senior Emerging Markets (EM) Corporate Credit Analystto join its market‑leading active fixedincome platform. This is a senior opportunity to help expand one of the fastest‑growing areas of Vanguard’s active business, contributing to dedicated EM strategies as well as EM allocations within broader multisector portfolios. The role will also support future product development as Vanguard continues to broaden its active EM fixed income capabilities.

Based at Vanguard’s global headquarters in Malvern, PA, the role partners closely with EM portfolio managers, traders, and global research peers to deliver actionable investment insights across EM corporate credit. Coverage is sector‑drivenand global, with primary responsibility for energy, metals & mining, and petrochemicals, rather than regional country assignments. The position reports to the Head of Emerging Markets Fixed Income Research.

You will take senior responsibility for sector‑led EM corporate credit research, directly influencing relative value views, issuer selection, capital structure positioning, and portfolio construction across both dedicated EM and multisector strategies.

The role

This position requires deep EMcorporate credit expertise and a proven ability to translate fundamental research into investment decisions. You will analyze issuer balance sheets, business models, and capital structures, with a strong grasp of how commodity cycles, cost curves, regulation, and geopolitics affect credit outcomes. Success in this role depends on generating differentiated insights,identifyingmispriced risk, and communicating conviction clearly in fast‑moving markets.

In this role, you will:

• Develop and implement investment recommendations for EM corporate issuers globally within energy, metals & mining, and petrochemicals.

• Conduct fundamental credit research, including financial modeling, scenario and stress analysis, and written investment opinions.

• Assess relative value across issuers, subsectors, and capital structures, incorporating EM sovereign risk, developed‑market comparables, and global IG/HY markets.

• Monitor commodity price dynamics, regulatory and fiscal frameworks, and geopolitical risks, translating these into issuer‑level credit implications.

• Contribute to the evolution of Vanguard’s EM corporate credit investment process, supporting both tactical positioning and longer‑term strategy

• Build andmaintainrelationships with company management teams, industry experts, and sell‑side analysts.

• Partner with sovereign analysts and global credit teams, providing EM corporate sectorexpertiseacross the platform.

• Support client, marketing, and product initiatives, including investment commentary and thoughtleadership.

What it takes:

• 8+ years of experience in EM corporate credit research, with sectorexpertisein energy, metals & mining, and/or petrochemicals.

• Strongtrack recordof generating and implementing relative‑value investment ideas in EM corporate debt.

• Deep understanding of capital structures, covenants, liquidity risk, and downside protection.

• Ability to communicate investment theses and risks clearly and succinctly to portfolio managers across regions.

• Solid understanding of portfolio construction within active fixed income.

• Undergraduate degree in finance, economics, accounting, or a related fieldrequired; graduate degree and/or CFAstronglypreferred.

• Relevant language skillsa plus

Special Factors

Sponsorship

Vanguard is not offering visa sponsorship for this position.

About Vanguard

At Vanguard, we don't just have a mission—we're on a mission.

To work for the long-term financial wellbeing of our clients. To lead through product and services that transform our clients' lives. To learn and develop our skills as individuals and as a team. From Malvern to Melbourne, our mission drives us forward and inspires us to be our best.

How We Work

Vanguard has implemented a hybrid working model for the majority of our crew members, designed to capture the benefits of enhanced flexibility while enabling in-person learning, collaboration, and connection. We believe our mission-driven and highly collaborative culture is a critical enabler to support long-term client outcomes and enrich the employee experience.