VALLEY
FORGE, Pa., June 18,
2024 /PRNewswire/ -- Vanguard today announced that
both Vanguard PRIMECAP Fund and Vanguard PRIMECAP Core Fund are
open to all investors without restriction, effective immediately.
Both funds, which have been closed since 2004 and 2009,
respectively, are now available for new accounts and additional
purchases.
Vanguard evaluates its active fund lineup on an ongoing basis to
monitor investment capacity and to ensure that cash flows into a
fund do not affect its ability to meet its investment objectives,
among other factors. After careful consideration, Vanguard has
determined that the PRIMECAP and PRIMECAP Core Funds have
sufficient investment capacity to reopen. Prior to the reopening,
existing investors were limited to additional purchases of no more
than $25,000 per year.
"PRIMECAP Management has a long, proven track record of
delivering value to shareholders," said Dan
Reyes, Global Head of Portfolio Review Department at
Vanguard. "In fact, PRIMECAP Fund has outperformed its benchmark by
2% per year since its inception nearly 40 years ago."
Both funds are actively managed U.S. large-cap equity funds that
feature a long-term perspective, extremely low portfolio turnover,
and well-established investment strategies anchored in bottom-up,
fundamental research. PRIMECAP Fund focuses primarily on
growth-oriented stocks, while PRIMECAP Core Fund invests in stocks
with both value and growth characteristics.
"PRIMECAP Management Company has partnered with Vanguard for
nearly 40 years, and our long partnership has served investors
well," said Joel Fried, PRIMECAP
Management's President and one of the five portfolio managers on
the funds. "We're excited to expand access to our fundamental,
research-driven, and long-term oriented approach to a broader set
of investors."
Founded in 1983, PRIMECAP Management Company of Pasadena, California, is widely recognized for
its long-term approach to equity investing. Both PRIMECAP Fund and
PRIMECAP Core Fund are managed by the same five portfolio managers:
Theo A. Kolokotrones, Joel P. Fried, Alfred W.
Mordecai, M. Mohsin Ansari,
and James M. Marchetti. Each manager
relies almost exclusively on independent research and has full
autonomy to implement their best investment ideas. The managers
expect to hold portfolio companies for at least three to five
years, which results in low portfolio turnover, typically between
5% and 15% annually.
About Vanguard
Founded in 1975, Vanguard is one of the world's leading investment
management companies. The firm offers investments, advice, and
retirement services to tens of millions of individual investors
around the globe—directly, through workplace plans, and through
financial intermediaries. Vanguard operates under a unique,
investor-owned structure where Vanguard fund shareholders own the
funds, which in turn own Vanguard. As such, Vanguard adheres to a
simple purpose: To take a stand for all investors, to treat them
fairly, and to give them the best chance for investment success.
For more information, visit vanguard.com.
For more information about Vanguard funds, visit vanguard.com
or call 800-523-1036 to obtain aprospectus or, if available, a
summary prospectus. Investment objectives, risks,
charges, expenses, and other important information
about a fund are contained in the prospectus; read
and consider it carefully before investing.
All investing is subject to risk, including the possible loss of
the money you invest.
© 2024 The Vanguard Group, Inc. All rights reserved. Vanguard
Marketing Corporation, Distributor.
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SOURCE Vanguard