The Vanguard Group is shaking up its largest and oldest international mutual fund, bringing in a new manager to oversee as much as one-quarter of the portfolio to improve performance.

Edinburgh, Scotland-based Baillie Gifford Overseas takes on the new role immediately to oversee the $5.4 billion Vanguard International Growth Fund. The majority of the fund's assets will continue to be managed by Richard Foulkes of London-based Schroder Investment Management.

The International Growth Fund was launched in 1981. Vanguard said that over the past ten years, the fund has outperformed 73 percent of international funds, according to data from Lipper. 

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