Vanguard Health Care Fund Gets a New Boss

Don't expect major changes at the nation's largest health care fund.

When Ed Owens launched Vanguard Health Care Fund (symbol VGHCX), Ronald Reagan was president, the Soviet Union had just announced plans to boycott the summer Olympic Games in Los Angeles, and you had to go to a ticker tape to get real-time stock quotes. The world has changed considerably since 1984, but through it all Owens has steered his fund to a fabulous long-term record. In fact, Health Care’s 16% annualized return from its May 1984 inception through October 4 bests every other mutual fund and crushes Standard & Poor’s 500-stock index by an average of 5.7 percentage points per year.

Now, more change is afoot: At the end of 2012, Owens, 66, will retire from Wellington Management, the Boston-based company that runs Vanguard Health. Jean Hynes, 43, who has been a member of the $23.5 billion fund’s team for almost 20 years and associate manager since 2008, will take over as sole manager.

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Nellie S. Huang
Senior Associate Editor, Kiplinger's Personal Finance

Nellie joined Kiplinger in August 2011 after a seven-year stint in Hong Kong. There, she worked for the Wall Street Journal Asia, where as lifestyle editor, she launched and edited Scene Asia, an online guide to food, wine, entertainment and the arts in Asia. Prior to that, she was an editor at Weekend Journal, the Friday lifestyle section of the Wall Street Journal Asia. Kiplinger isn't Nellie's first foray into personal finance: She has also worked at SmartMoney (rising from fact-checker to senior writer), and she was a senior editor at Money.