A Mutual Fund Star Throws In The Towel

From Bloomberg: Vanguard announced the retirement this morning of Edward P. Owens, who has managed its $22.4 billion Vanguard Health Care Fund since its launch 28 years ago. Owens, 65, had become something of a legend in the world of mutual funds, delivering steady returns on investments in hospitals, HMOs, and drug makers—over a period stretching from mutual funds’ heyday in the 1980s and ’90s to the less glamorous era of today.

Vanguard boasted that Owens’s fund had an average annual total return of more than 16 percent since its birth on May 23, 1984, while the S&P 500 index offered less than 11 percent. Notably, Owens notched annual successes while avoiding the kind of wipeouts that have befallen other boldface fund names, such as Kenneth Heebner, Bruce Berkowitz, and other stars…..

Want to know more?  Check out http://www.businessweek.com/articles/2012-09-05/a-mutual-fund-star-remember-those-calls-it-quits#r=hpt-fs