(Bloomberg) -- Edward P. Owens, whose $22.4 billion Vanguard Health Care Fund has outperformed every U.S. equity mutual fund since it was created in 1984, will retire at the end of the year.

The fund returned 16 percent a year since May 1984, better than any other stock fund, according to data from Chicago-based Morningstar Inc. The Standard & Poor's 500 Index gained 11 percent annually over the same stretch.

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