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Edward P. Owens is fund manager at the open-ended Vanguard Health Care Fund [VGHCX]. At least 80% of this fund's assets are invested in companies that are primarily engaged in the health care industry. The fund invests with a long-term focus, taking both diversification and valuation info account. Since its 1984 launch, Owens' fund has produced average annual returns of almost 20%; the fund is currently closed to new investors.

The latest SEC 13f Filing shows that Mr. Owens increased his position in UnitedHealth (NYSE:UNH) by 33% and initiated a new position of 6 million shares in Merck (NYSE:MRK). In addition, he reduced his position in Bausch & Lomb (BOL) by 33% and liquidated his position in Serono (SRA).

Data from quarter ending 12/31/2006; filed 2/14/2007.

Top 10 portfolio holdings in Vanguard Health Care Fund:

  • Schering-Plough (SGP) 57 million shares; 5.5 % of overall stock holdings
  • Eli Lilly (NYSE:LLY) 22 million shares; 4.8% of overall stock holdings
  • Sanofi-Aventis (NYSE:SNY) 12 million shares; 4.5% of overall stock holdings
  • Roche Hldg (OTCPK:RHHVF) 6 million shares; 4.4% of overall stock holdings
  • Forest Laboratories (NYSE:FRX) 20 million shares; 4.1% of overall stock holdings
  • AstraZeneca (NYSE:AZN) 14 million shares; 3.2% of overall stock holdings
  • Novartis (NYSE:NVS) 13 million shares; 3% of overall stock holdings
  • McKesson (NYSE:MCK) 14.8 million shares; 3% of overall stock holdings
  • Takeda Pharmaceutica (OTCPK:TKPHF) 10.4 million shares; 2.9% of overall stock holdings
  • Cardinal Health (NYSE:CAH) 11 million shares; 2.9% of overall stock holdings

Total holdings: $27.2 billion

Source: Vanguard Health Care Fund's Edward Owens: Buys, Sells, Portfolio