Time: 2024-06-24
Vanguard, a prominent investment fund company, has made a significant announcement regarding the reopening of two actively managed stock mutual funds. The Primecap (VPMCX) and Primecap Core (VPCCX) funds, which have been closed to new investors for several years, are now accessible to all investors without any restrictions. Additionally, the Capital Opportunity fund remains closed. With assets totaling $76.1 billion and $13.2 billion at the end of May, the two large-cap growth funds are now available for new accounts.
Both Primecap funds have a solid track record of strong returns, outperforming their respective benchmarks. Primecap, which was launched in 1984, has delivered impressive returns since its inception. Similarly, Primecap Core, launched in 2004, has also surpassed its benchmark over various time periods. The decision to reopen the funds was made after Vanguard evaluated their current investment capacity, ensuring that they have enough room to accommodate new accounts and additional purchases without any limitations. The reopening of these funds presents a unique opportunity for investors to capitalize on the expertise of Primecap Management Co., which has been managing equity portfolios for Vanguard since 1984.
Both Primecap Fund and Primecap Core Fund are actively managed U.S. large-cap equity funds with a focus on long-term growth and value-oriented stocks. The funds employ a research-driven approach, with low portfolio turnover and well-established investment strategies. Led by a team of five experienced portfolio managers, including Theo A. Kolokotrones, Joel P. Fried, Alfred W. Mordecai, M. Mohsin Ansari, and James M. Marchetti, the funds aim to hold portfolio companies for at least three to five years. This approach results in low portfolio turnover and a commitment to delivering value to shareholders.
Founded in 1975, Vanguard is a renowned investment management company that offers a wide range of investment options and retirement services to millions of investors globally. The firm operates under an investor-owned structure, prioritizing the interests of its shareholders. PRIMECAP Management Company, established in 1983, is known for its long-term approach to equity investing and has been a valuable partner for Vanguard for nearly 40 years. The collaboration between Vanguard and PRIMECAP Management Company continues to provide investors with access to quality investment opportunities and long-term growth potential.
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