Vanguard Fund to Change Management Team

News August 01, 2024 at 04:40 PM

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Jean Hynes will step down as co-portfolio manager of the Vanguard Health Care Fund in January while staying in her Wellington Management CEO post, Vanguard announced Thursday.

Rebecca Sykes, who has co-managed the portfolio since May 2023, will become sole portfolio manager.

The change is part of a long-term succession plan that ensures continuity for investors in the industry's largest health care fund, Vanguard said.

The five-star fund, as tracked by Morningstar, has year-to-date returns of 11.38% and an expense ratio of 0.35%.

Hynes, who has served as portfolio manager on the fund since 2008, will also continue in her role as a Wellington managing partner.

She has focused on the health care sector in her 33-year career with the investment management firm.

Sykes has worked closely with Hynes since joining Wellington's health care team in 2007.

During Hynes' 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 to $48 billion from $23 billion, according to Vanguard.

She will continue to serve as a resource to Sykes and the broader Wellington health care team, the fund giant said.

"I am confident that the fund's shareholders are in good hands with Rebecca Sykes at the helm," Hynes said in a statement.

Skyes "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," Hynes added.

(Shown in photo: Jean Hynes and Rebecca Sykes)

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