Vanguard Health Care Fund Admiral Shares
VGHAX
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- Vanguard Health Care Fund Admiral Shares (VGHAX) is an actively managed mutual fund that seeks long-term capital appreciation by investing at least 80% of its assets in stocks of companies principally engaged in the development, production, or distribution of products and services related to the health care industry; these include pharmaceutical firms, biotechnology companies, medical supply and equipment providers, businesses operating hospitals and other health care facilities, and entities involved in medical, diagnostic, biochemical, and other research and development activities. The fund maintains a balanced representation across health care subsectors such as pharmaceuticals (42.7%), biotechnology (23.8%), health care equipment (11.9%), life sciences tools and services (7.7%), managed health care (6.7%), health care distributors (3.0%), health care facilities (1.9%), health care services (1.6%), and health care supplies (0.7%), with top holdings including Eli Lilly & Co. (9.31%), AstraZeneca PLC (6.10%), UnitedHealth Group Inc. (4.58%), Merck & Co. Inc. (4.26%), and Vertex Pharmaceuticals Inc. (3.23%). It may allocate up to 50% of assets to foreign stocks, typically holding 20%-30% internationally with 26.1% non-U.S. equity exposure as of mid-2025, and features a low expense ratio of 0.32%, a minimum initial investment of $50,000, and a portfolio turnover rate of 29%. The Admiral Shares class, launched on November 12, 2001, is domiciled in the United States and managed by Wellington Management Company LLP as subadvisor, with Rebecca Sykes, CFA, serving as the sole portfolio manager since January 2025 following a gradual transition from co-manager Jean Hynes, who stepped down to focus on her role as CEO and Managing Partner at Wellington; Sykes, with 19 years of experience including prior roles on this fund since May 2023 and Hartford Healthcare, leads a sizable team of 12 healthcare stock analysts averaging 13 years of experience. The fund, with total net assets of approximately $40.6 billion and share class assets of $30.73 billion, targets institutional and high-net-worth investors principally in the health care sector, benchmarking against the Spliced Health Care Index (MSCI ACWI Health Care thereafter). Recent strategic changes include portfolio adjustments in the second quarter of 2025, where the fund exited 12 holdings and initiated eight new positions—most notably Johnson & Johnson (2.05% of portfolio, valued at $711.85 million), Roche Holding (1.57%), and Gilead Sciences (1.54%, $534.74 million)—while significantly increasing stakes in Elevance Health (42.49% rise to 1.6% of portfolio) and Cencora (28.24% increase). In August 2024, Vanguard announced the upcoming portfolio manager transition for the fund, solidifying Sykes' leadership effective January 2025 after her progressive assumption of responsibilities. These moves reflect ongoing active management to identify innovative companies with differentiated products, attractive valuations, and growth prospects amid sector volatility.