A careful review from Morningstar: Vanguard Sm Cap Growth Fund (VISGX) is a 4 star rated fund, and the biggest seller of ARNA since 12/31/12 as the largest fund selling off ARNA shares in total 598,569. Bad news, I think not! It's a rebalance to other Vanguard funds. Vanguard funds BUY side into 5 funds are 1,717,483 for a net transaction gain of 1,118,914 ARNA shares in their portfolio holdings. Vanguard is Buying not Selling.........ouch feel the pain shortie.
Fund Re-balance is not actual selling.......of the five Vanguard Funds buying ARNA, two were new positions, and 3 added. The biggest new buyer was VISVX = Vanguard Sm Cap Value Fund for a total of 713,081 shares bought....while the biggest seller was VISGX=Vanguard Sm Cap Growth Fund sold 598,569, It looks like one Vanguard value fund bought the Vanguard growth fund shares......both are similar small cap funds. I say ARNA has both to offer, growth and value, don't let anyone tell you that the funds are not buying.
Go to Morningstar web site.....the free side info......type in ARNA in the quote box.....review shareholders-buyer & sellers, they have a complete list by date of both funds and institutions who sold and who bought. Now get off your #$%$ and do your own homework, all it's needs is a little reading, and a calculator.