A fund that has had amazing risk/reward over the years (minus recent years). Linked here is a MFO/Fund Alarm discussion regarding VGHCX. A fund that is hopefully on the "mend":
https://mutualfundobserver.com/discuss/search?Search=vghcx

This ad-hoc feature returns this week. LINK BarronsLINK
FUNDS. Use active funds to exploit the fire sale in HEALTHCARE stocks. MANY biotech stocks were selling below their cash on the balance sheets in 10/2023 and there has been a good rebound since with XBI +40% (still well below 2/2021 peak). Mentioned are BHCFX (37% SC/MC), JAGLX, PHSTX (value), PRHSX (all-caps with some risky bets), VGHCX (giant/biggest, so LC orientation). (By @LewisBraham at MFO)
ECONOMY. EVERYONE knows that BOGLE/ Vanguard started the first SP500 mutual fund. But who started the first US total market index? That was Wilshire 5000 (W5000) in 1974 by Dennis TITO/ Wilshire Associates (names after a CA blvd) and now several firms/indexers offer total stock market indexes. While a catchy “5000” has always been in the name, W5000 had 7,378 stocks in 1998, and only 3,392 in 01/2024. The number of US stocks has shrunk from M&A, LBOs, bankruptcies, and the new listings haven’t been enough. W5000 has gone through several hands and prefixes – FT-, DJ-, back to None-, and now again FT- (so, FT W5000). Vanguard was probably the 1st to offer a total stock market FUND in 1992 under a license from Wilshire Associates, but Vanguard has changed the underlying index several times – to MSCI, and now CRSP. Wilshire Associates also started the mutual fund WFIVX / WINDX in 02/1999 (current AUM $253.4 million only). Dennis Tito, 84, sold Wilshire Associates in 2021 to two private-equity firms (CEO a former FTSE executive Mark MAKEPEACE) and they spun off Wilshire Indexes to a group that includes themselves, Mark Makepeace, FT, Singapore Exchange. And obviously, Wilshire indexes have gone global. (By Allan SLOAN, an award-winning independent journalist)
Q&A/Interview. Suni HARFORD, President of Asset Management, UBS. She thrives on business challenges and financial crises. She thinks that the US stocks below the highflying mega-caps are fine. Russia-Ukraine war has been a huge setback for Europe. Asia has been dragged down by China that can turn on a dime, but Japan has been rallying. Many countries will have elections in 2024, so that should be a support for economies. Allocation 60-40 is making sense again, but she recommends carving out 20% for alternatives – real estate, private-equity, private-credit, etc. Interest rates are normalizing and aren’t high by historical standards. Customized direct indexing for separately managed accounts (SMAs) is in favor and is a big and growing business for UBS. The ESG is less popular in the US as there is lot of anti-ESG misinformation; even Texas has 30% from renewable energy now. But ESG is growing in Europe and Asia with new twists – nature-based solutions, blended investment-finance combo projects, etc. Women have come a long way in business and finance, but more are needed. This industry offers more flexible schedules but requires hard work and has good rewards. Her husband retired 12 years ago, and her UBS stint in 2017 was to be a short post-retirement job, but she may finally leave after the Credit Suisse integration.
RETIREMENT. Target-Date Funds (TDFs) were thought to be set-and-forget funds, but their short history has revealed some problems. The TDFs have adjusted by offering variations within each TDF 20XX as some wanted slightly more or less equity. So, instead of glide-path, we have glide-band. Many TDFs are passive, but several are active or with active-passive mix; some include both mutual funds and ETFs. Their bond sleeves have been stodgy, often with too much of TIPS, but some are now including HY, EMs, FR/BL, etc. (TDFs benefitted hugely from the laws that allow them to be the default options for 401k/403b/457 plan auto-signups and auto-escalations)

VGHCX
15.28% vs SP500 11.7%
(05/23/1984)

Two more to compare
Fidelity® Select Software and IT Services Portfolio
FSCSX
7/29/85
Average annual total return
16.3% vs SP500 11.21%
Vanguard Health Care
VGHCX
Average annual total return
15.28% vs SP500 xxx?
(05/23/1984)
FSELX
Average annual total return
07/29/1985
14.4% vs SP500 11.21%

Healthcare VGHCX / VGHAX is an active mutual fund and doesn't have a related ETF.
However, healthcare VHCIX is indexed and has VHT as the ETF class.

Thanks for the clarification. It appears VHT is exclusively allocated to US stocks while VGHCX IS 30% international.

...
Let’s great this party started:
VGHCX = VHT
I have often wondered why EFTs don’t hyperlink like mutual funds do on this site.

Healthcare VGHCX / VGHAX is an active mutual fund and doesn't have a related ETF.
However, healthcare VHCIX is indexed and has VHT as the ETF class.

@BenWP
Are you introducing a new website for investors? I like the idea.
Maybe we name it “EFT Alarm” later to be named “ETF Observer”.
;)
Let’s great this party started:
VGHCX = VHT
I have often wondered why EFTs don’t hyperlink like mutual funds do on this site.

The accounting on PRWCX has to be clean. It is not a fund-of-fund as it spells out in the prospectus.
VGHCX is an active managed fund runs by Wellington and VHT is passively managed ETF runs by Vanguard Quantitative Group. They may share some stocks but their weightings and mandates are different. Their performance and risk profile are not identical.
Another case, FPA Crescent is an allocation fund with a great record. The same team also runs a new global equity ETF, FPAG. They share some stocks in the top 10 holdings, but FPAG is more volatile along with oversea stocks and small % of emerging market. I much prefer the Crescent fund.
@Mike W, going to ETFs has their trade off. Running active managed mutual funds is a highly competitive business on the stock picking and tactical moves in fast changing environment. That is their edge against their competitors. Smaller cap funds working with thinly traded stocks are particularly susceptible to being front-run by someone else to bid up the stock price while they are building up the position, or vice versa.
By the time the managers talk openly about their portfolio, they have already bought enough for the new positions and made sizable changes/exiting certain stocks probably months afterward.
We will see how Giruox runs this ETF, but I think it will be mostly stocks and little exposure to bond allocation. Thus it will not be a clone fund.

Wonder if PRWCX will hold some or all of its equity positions in TCAF. This would allow PRWCX to merely tweak the income side of it's fund. Also, if PRWCX reopens, PRWCX could simply buy TCAF for the equity allocation.
I assume some fund manager own ETF Fund(s) within their mutual fund.
Separately, VGHCX and VHT (Vanguard's Health Care ETF) do appear to have composition difference worth noting. Maybe this will be the case with TCAL and PRWCX.

So it seems to me will Jean Hynes as CEO , turn the VG fund ( VGHCX ) around !?
https://www.marketwatch.com/articles/healthcare-revolution-how-to-invest-51652337901?mod=mw_quote_news
If first link doesn't work , try this one.

The interview is another example of the declining usefulness of Barron's interviews. She doesn't say anything new, really. AI, Big Data, genomic revolution have been predicted to revolutionize health care for at least the last 20 years. No one talks about how the EHR has enabled Docs to just "Copy and paste" most data making it GIGO.
UNH has yet to demonstrate that owning physicians ( whose interests are directly opposed to the bottom line of a health insurance company) is a better business model that will be competitive. For years UNH has been the nastiest, most restrictive and most anti-patient health insurer around.
Every health care fund has MDs and PhDs, I assume who think they can predict which new drug or monoclonal antibody is going to be successful. It is hard to predict biological success in clinical problems before the results of the clinical trials are available.
Biogen is a classic example of pouring piles of money into a new drug that doesn't work, but then being stuck when you have to face the music. Having invested so much they can't let it go and fund "work arounds" and political pressure to get it approved.
I will pass on VGHCX and look for other options.

Announcement of Jean Hynes as CEO was made in September 2020 and was to be effective in July 2021. VG Independent Advisor pulled the plug on VGHCX in December 2020. So, it was soon after the announcement but well before her start as CEO.

It is worth knowing that Dan Weiner who has published the Independent Advisor for Vanguard Investors (for decades), long ago felt Hynes was doing such a poor job running VGHCX that he advised his readers to sell it and just use the Vanguard Health Care ETF VHT. He has between 8 and 14% of his portfolios in VHT
He has a "hold" ie Sell on VGHCX but rates VHT a buy still.

Mr. Wiener recommended the Vanguard Health Care Fund for many years.
The fund was subsequently sold in all three active Independent Advisor model portfolios -
Growth, Conservative Growth, and Income.
IIRC, Mr. Wiener pulled the plug on the Health Care Fund after Jean Hynes
became the Wellington Management CEO on June 30, 2021.

Thanks for pointing out VG Independent Advisor's past unfavorable view on VGHCX.
M* also notes underperformance since 2016 and that its foreign exposure is high at 25%+. Hynes has been comanager since 2008 and manager since 2013. M* still has (backward-looking) 4* and (forward-looking) Silver ratings for it.
That didn’t hurt Hynes’ career at Wellington Management as she rose from administrative assistant through the ranks to CEO in 2021. I was hoping to see some insights into where Wellington Management is going but there wasn’t any.

It is worth knowing that Dan Weiner who has published the Independent Advisor for Vanguard Investors (for decades), long ago felt Hynes was doing such a poor job running VGHCX that he advised his readers to sell it and just use the Vanguard Health Care ETF VHT. He has between 8 and 14% of his portfolios in VHT
He has a "hold" ie Sell on VGHCX but rates VHT a buy still.

Healthcare VGHCX and value TBGVX are featured in Barron's this week. Summaries are from LINK.
Barron's Issue (may need subscription) https://www.barrons.com/magazine?mod=BOL_TOPNAV
Jean HYNES, CEO (07/2021- ) of Wellington Management and Manager of VG Healthcare VGHCX (active). VGHCX has exposure in biopharma (overweight), healthcare services (overweight), medical technology (underweight as many stocks have runup). Biotech (IBB) have been hurt by speculation, IPOs, difficult clinical testing and FDA approval process, and higher interest rates; many biotech are trading below their cash levels and their further downside may be limited. Megatrends include revolution in biology (ILMN, MRNA, PFE, AZN, TMO, DHR, etc) and healthcare digitization (UNH, ANTM, etc). We may be better prepared for the next pandemic. AI will have a huge impact in future. Unfortunately, many diseases have not received much attention or investments. (Nothing about Wellington Management)
FUNDS. Comanagers Thomas SHRAGER and Robert WYCKOFF of international value TBGVX (ER 1.37%) don’t rely on old value metrics such as book value, but on the newer EV/EBIT (more relevant for buying whole companies), etc. The current tectonic shift to value started in 2020/Q4. Higher rates also favor value vs growth. Fund holds a mix of high-quality steady companies, cyclicals and deep-value; Europe accounts for 42%.
Also
REVIEW. BIOTECH stocks are in a bear market (XBI -39% YTD, -61% since 02/2021). 120+ biotech have market value less than their net cash on hand. Only a handful of biotech are doing well or OK – AMGN, VRTX, IONS, ALKS, EXEL, MIRM, ALBO, VIVO, IRWD, etc.

(To see what I did, "quote" this post; that will show you the HTML.)
https://ibb.co/DVX5yDM

Name				 Ticker	  %TR YTD   %TR 5 Year   %TR 10 Year
William Blair Large Cap Growth I LCGFX 	  -21.08       19.62	    16.55
Akre Focus Retail 		 AKREX 	  -18.4        16.49	    15.23
Jensen Quality Growth J 	 JENSX 	  -12.88       15.57	    14.59
Parnassus Core Equity Investor 	 PRBLX 	  -11.95       14.79	    14.42
Vanguard 500 Index Investor 	 VFINX 	  -11.65       14.05	    14.08
Vanguard Health Care Inv 	 VGHCX 	   -9.13        9.59	    13.84
Conestoga Small Cap Investors 	 CCASX 	  -18.81       14.2	    13.59
Grandeur Peak Global Opp Inv 	 GPGOX 	  -22.38       13.17	    12.94
Mairs & Power Small Cap 	 MSCFX 	  -10.37        7.86	    12.41
T. Rowe Price Capital App	 PRWCX 	   -7.79       12.25	    12.16
T. Rowe Price Mid-Cap Value 	 TRMCX 	   -1.1         9.49	    12.06
Wedgewood Retail 	  	 RWGFX 	  -19.05       14.82	    12.04
Artisan Small Cap Investor 	 ARTSX 	  -26.13       12.73	    11.89
AMG Yacktman Focused N 	  	 YAFFX 	   -5.99       12.17	    11.59
AMG Yacktman I 	  	  	 YACKX 	   -5.55       12	    11.54
Manning & Napier Disc Value I 	 MNDFX 	   -5.1        10.6	    11.42
Meridian Growth Legacy 	  	 MERDX 	  -15.53       11.6	    11.3
T. Rowe Price Small-Cap Value 	 PRSVX 	  -11.01        9.61	    11.11
Amana Income Investor 	  	 AMANX 	  -11.49       10.97	    11.03
Walthausen Small Cap Value 	 WSCVX 	   -7.27        7.06	    10.32
Osterweis 	  	  	 OSTFX 	  -13.03       11.42	    10.31
Fidelity Advisor® Small Cap I	 FSCIX 	  -16.18        9.97	    10.07
FPA Queens Road Small Cap Value  QRSVX 	   -6.81        9.64	    9.68
Fairholme 	  	  	 FAIRX 	    4.21       10.44	    9.44
Vanguard Balanced Index Inv 	 VBINX 	   -9.02        9.39	    9.24
Auxier Focus Inv	 	 AUXFX 	   -5.04        9.24	    9.23
Janus Henderson Small Cap Val T	 JSCVX 	   -7.67        5.1	    8.66
Oakmark Equity And Income Inv	 OAKBX 	   -6.33        8.2	    8.46
Artisan International Value Inv	 ARTKX 	  -10.86        6.98	    8.35
DCM/INNOVA High Eq Inc Innovt	 TILDX 	  -12.74        7.52	    7.98
FPA Crescent	 	 	 FPACX 	   -8.32        6.96	    7.96

Need to fix formatting.
Standouts are
Name Ticker "%TR YTD" "% TR 5 Year" "%TR 10 Year"
T. Rowe Price Capital Appreciation PRWCX -7.79 12.25 12.16
T. Rowe Price Mid-Cap Value TRMCX -1.1 9.49 12.06
Vanguard Health Care Inv VGHCX -9.13 9.59 13.84
AMG Yacktman Focused N YAFFX -5.99 12.17 11.59
AMG Yacktman I YACKX -5.55 12 11.54
Manning & Napier Disciplined Value I MNDFX -5.1 10.6 11.42

Name Ticker "%TR YTD" "% TR 5 Year" "%TR 10 Year"
William Blair Large Cap Growth I LCGFX -21.08 19.62 16.55
Akre Focus Retail AKREX -18.4 16.49 15.23
Jensen Quality Growth J JENSX -12.88 15.57 14.59
Parnassus Core Equity Investor PRBLX -11.95 14.79 14.42
Vanguard 500 Index Investor VFINX -11.65 14.05 14.08
Vanguard Health Care Inv VGHCX -9.13 9.59 13.84
Conestoga Small Cap Investors CCASX -18.81 14.2 13.59
Grandeur Peak Global Opportunities InvGPGOX -22.38 13.17 12.94
Mairs & Power Small Cap MSCFX -10.37 7.86 12.41
T. Rowe Price Capital Appreciation PRWCX -7.79 12.25 12.16
T. Rowe Price Mid-Cap Value TRMCX -1.1 9.49 12.06
Wedgewood Retail RWGFX -19.05 14.82 12.04
Artisan Small Cap Investor ARTSX -26.13 12.73 11.89
AMG Yacktman Focused N YAFFX -5.99 12.17 11.59
AMG Yacktman I YACKX -5.55 12 11.54
Manning & Napier Disciplined Value I MNDFX -5.1 10.6 11.42
Meridian Growth Legacy MERDX -15.53 11.6 11.3
T. Rowe Price Small-Cap Value PRSVX -11.01 9.61 11.11
Amana Income Investor AMANX -11.49 10.97 11.03
Walthausen Small Cap Value WSCVX -7.27 7.06 10.32
Osterweis OSTFX -13.03 11.42 10.31
Fidelity Advisor® Small Cap I FSCIX -16.18 9.97 10.07
FPA Queens Road Small Cap Value QRSVX -6.81 9.64 9.68
Fairholme FAIRX 4.21 10.44 9.44
Vanguard Balanced Index Inv VBINX -9.02 9.39 9.24
Auxier Focus Inv AUXFX -5.04 9.24 9.23
Janus Henderson Small Cap Value T JSCVX -7.67 5.1 8.66
Oakmark Equity And Income Investor OAKBX -6.33 8.2 8.46
Artisan International Value Investor ARTKX -10.86 6.98 8.35
DCM/INNOVA High Eq Inc Innovt TILDX -12.74 7.52 7.98
FPA Crescent FPACX -8.32 6.96 7.96

The biotech space is very volatile though one which I have involvement. As noted above, IBB and FBIOX are good choices which contain several well known and familiar names and with good overall portfolios. There are funds with a more clinical stage focus, such as ETNHX. I've owned that for about 6 years with good results, though it's not for the squeamish. As Mark noted, FSMEX is an excellent choice in the healthcare space. I swapped VGHCX for FSMEX last year, and frankly, should have done it years ago. That one's a Great Owl, and deservedly so.