Another baton is being passed.
Today, Vanguard announced that, after more than 15 years as a named manager on the fund, Jean Hynes will step away from her duties on Health Care (VGHCX) at year-end. While Hynes will continue as Wellington’s CEO, her co-manager Rebecca Sykes will be the sector fund’s sole portfolio manager as of January 1, 2025.
This move was a long time coming. I’ve never fully believed that one person should be the chief executive of a trillion-dollar asset manager (Wellington) and simultaneously manage nearly $50 billion in a fund like Health Care (or any fund, for that matter).