Executive Summary: Jean Hynes’ 12-year tenure managing Health Care fell short of expectations, underperforming both Health Care Index and 500 Index. While Hynes’s role as Wellington CEO may have showcased her leadership potential, the fund’s lackluster performance highlights the challenges ahead for new manager Rebecca Sykes in reviving its index-beating legacy.
As I mentioned last week, after 12 years, Jean Hynes has stepped away from her Health Care (VGHCX) portfolio management duties. While Hynes continues as Wellington Management’s CEO, Rebecca Sykes is now the sector fund’s sole portfolio manager. The change was long in coming.
I shared my analysis of this transition when it was first announced in August. But with her tenure complete, let’s take a moment to review Hynes’ tenure calling the shots at Health Care.
The bottom line: Hynes didn’t live up to (admittedly great) expectations. But let’s start at the beginning.