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Last July, when Federal Reserve Chair Janet Yellen spurred a sell-off in healthcare stocks by saying that valuations in shares of biotech companies looked "stretched," portfolio manager Graham Tanaka saw an opportunity. After a year-long buying spree, he now has more than a quarter of his $17 million Tanaka Growth fund portfolio in healthcare companies such as Gilead Sciences Inc, up from just 5 percent at the start of last year. (Randall, 6/2)

An activist investor has won a $2 million arbitration award from UBS AG, which he said derailed his proxy fight against a health-care information systems company by calling a margin loan and selling almost 2.3 million shares he had in the business. (Rieker, 6/2)

The way the federal government calculates benefits for the Medicare Advantage program has been under scrutiny for years—with reformists and health policy experts claiming that the formula used to calculate benefits can be easily inflated and potentially wastes billions of tax dollars a year. (Ehley, 6/2)

Health insurer Anthem Inc. is the latest big employer to offer its workers a free college education. Anthem employees can sign up for online degrees in business and health care at the College for America at Southern New Hampshire University. About 34,000 of the company’s 55,000 workers haven’t graduated from college. (Tracer, 6/2)