Looking at VHCAX holdings as of 6/30/20, it has reduced positions in 9 of Top-10 holdings and 23 of Top-25 holdings. So, either it has turned cautious or it is selling top holdings due to redemption [new Quote page shows modest but persistent redemption]. Its style is growth but not hyper growth. http://portfolios.morningstar.com/portfo/details?t=XNAS:VHCAX&culture=en-US®ion=usa
M* puts VHCAX in the LCG category. Looking at the Stock Style map for VHCAX, it has ample exposure to value as well as mid-caps. That probably hurts its relative performance to the LCG category (where super-growthy megacap stocks have excelled). Also, other than a smidgen of MSFT and GOOG, VHCAX has no exposure to FAANMGs. These two features combined probably pushed the fund down to 2 stars in its category.