Actavis (ACT) is a specialty pharmaceutical company that develops generic and branded products. We owned Actavis prior to its Forest Labs acquisition but increased our position. We are attracted to the uniqueness of the combined company’s business model, which provides exposure to both generic and branded pharmaceuticals globally. The company’s Irish tax rate could also be strategically important in future mergers and acquisitions. Actavis was the fund’s second-largest holding as of the end of the period.
From Vanguard Health Care Fund (Trades, Portfolio) 2014 Annual Report.
