Vanguard Health Care Fund Comments on Bristol-Myers Squibb Company

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Mar 27, 2015

We increased our position in this biopharmaceutical company. We see its immuno-oncology franchise as a transformative driver in the years ahead and believe the market does not fully recognize the magnitude of the company’s potential in this area. Bristol-Myers Squibb (BMY) was the fund’s largest holding at the end of the period.

From Vanguard Health Care Fund (Trades, Portfolio) 2014 Annual Report