Cap,

Great points, also been in this fund for quite some time (1999) and agree it's been a great ride.

However, I've lightened up of late due in part to the "simply shift into areas that can still profit" theme. It seems VGHCX has been a little "late to the party" on its investments in the areas you mention. The fund seems to be steadfastly clinging to big pharma, which may be under further pressure given some of the "noise" being made in DC.

I wholeheartedly agree with the shift in stategy and have been investing for a couple years in the areas you've mentioned, along with healthcare IT and biopharma. In particular I like FSMEX, CELG, and CERN. Any thoughts??

Still own the fund, just feel like its been left up to me to diversify a bit.

Happy investing!!