Vanguard Announces Portfolio Manager Change to Health Care Fund

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Aug 01, 2024, 09:06 ET

VALLEY FORGE, Pa., Aug. 1, 2024 /PRNewswire/ -- Vanguard today announced an upcoming change to the portfolio managers of Vanguard Health Care Fund. Jean Hynes will step down as co-portfolio manager of the fund in January 2025. Ms. Hynes will continue to serve as the CEO and a Managing Partner of Wellington Management. Rebecca Sykes, CFA, who has worked closely with Ms. Hynes since joining Wellington Management's Health Care Team in 2007 and has advised the fund as co-portfolio manager since May 2023, will become the sole portfolio manager. The change is part of a thoughtful, long-term succession plan that ensures continuity for investors in the industry's largest health care fund.

Ms. Hynes has focused on the health care sector throughout her 33-year career at Wellington Management, and she has served as a portfolio manager on the Health Care Fund since 2008. During her distinguished tenure as a portfolio manager, the Health Care Fund has outperformed its benchmark by more than 1.6% per year, and fund assets have doubled from $23 billion to $48 billion as of June 30, 2024. Ms. Hynes will continue to serve as a resource to Ms. Sykes and the broader Wellington Health Care Team.

"Jean is a widely respected and incredibly talented leader and investor with deep knowledge of the health care sector built over decades," said Karin Risi, managing director of Strategy, Product, Marketing and Communications at Vanguard. "Vanguard is indebted to Jean for all she's done—and continues to do—for our clients, including the fund's impressive performance under her leadership and her strong commitment to developing a highly skilled and experienced team of health care investors. We have full confidence in Rebecca as she steps up to be the sole portfolio manager of Vanguard Health Care Fund."

Ms. Sykes joined Wellington Management as a member of the Health Care Team in 2007. She is a Global Industry Analyst and health care portfolio manager, and team leader for Wellington's 15-person Health Care sector research team. Ms. Sykes earned an M.B.A. from the Wharton School and a B.S. in economics, finance, and healthcare management from the University of Pennsylvania, where she graduated magna cum laude. She holds the Chartered Financial Analyst designation and is a member of the CFA Institute.

"The Vanguard Health Care Fund has such an amazing legacy, going back to 1984 with original portfolio manager Edward Owens, who was a legendary investor, a mentor to me, and a visionary leader of our Health Care Team," said Ms. Hynes. "I am confident that the fund's shareholders are in good hands with Rebecca Sykes at the helm. She is an experienced and extremely skilled investor and a great example of the depth of Wellington Management's investment talent. I'm excited to see her take over as the fund's lead portfolio manager."

Throughout her tenure at Wellington, Ms. Hynes was a Global Industry Analyst covering the pharmaceutical and biotechnology sectors through 2013, became sole portfolio manager and leader of the Health Care Team in 2013, was elected one of three Managing Partners in 2014, and was appointed CEO in 2021. She is the fifth CEO in the firm's history and the first female to hold the position. Ms. Hynes is a recipient of several industry awards including Barron's 100 Most Influential Women in U.S. Finance for the last five years and Morningstar's Top Female Fund Managers of 2024.

About Vanguard
Founded in 1975, Vanguard is one of the world's leading investment management companies. The firm offers investments, advice, and retirement services to tens of millions of individual investors around the globe—directly, through workplace plans, and through financial intermediaries. Vanguard operates under a unique, investor-owned structure where Vanguard fund shareholders own the funds, which in turn own Vanguard. As such, Vanguard adheres to a simple purpose: To take a stand for all investors, to treat them fairly, and to give them the best chance for investment success. For more information, visit vanguard.com.

For more information about Vanguard funds, visit vanguard.com or call 800-523-1036 to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information about a fund are contained in the prospectus; read and consider it carefully before investing.

The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so that investors' shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited. You can view Vanguard Health Care Fund current month-end-performance data and standardized performance (1-, 5-, and 10-year returns) and expense ratio information here.

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SOURCE Vanguard