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Primecap’s Golden Lineup: Its Six Funds Come in Pairs

Putting recent results in context.

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Morningstar has long recognized Pasadena, CA-based Primecap Investment Management as an outstanding active manager, and that continues with the May 9 announcement of Primecap’s James Marchetti as the inaugural winner of the Rising Talent Morningstar Award for Investing Excellence. He is the most recently named portfolio manager on an elite five-person team. Backed by one of the industry’s best analyst benches, this team uses a high-conviction multimanager approach to run Primecap’s six U.S. open-end funds. As each fund receives a Morningstar Analyst Rating of Gold, investors would do well to understand their differences, especially in the aftermath of years like 2018, when the three funds that Primecap subadvises for Vanguard outperformed their Odyssey-branded counterparts.

Primecap’s six funds fall into three pairs.  Primecap Odyssey Aggressive Growth (POAGX) and  Vanguard Capital Opportunity (VHCOX) look for companies with rapid earnings growth, many of which are mid-, small-, and micro-cap stocks. Vanguard Capital Opportunity’s larger asset base puts more limitations on its ability to buy micro-cap stocks.  Primecap Odyssey Growth (POGRX) and  Vanguard Primecap (VPMCX) look for companies with rapid earnings growth and invest across the market-cap spectrum, with Vanguard Primecap’s larger asset base putting more limits on its flexibility.  Primecap Odyssey Stock (POSKX) and  Vanguard Primecap Core (VPCCX) look for companies that are attractive for a variety of reasons, including better than expected growth potential, mispriced assets, or turnaround potential.

Alec Lucas has a position in the following securities mentioned above: POAGX, POGRX. Find out about Morningstar’s editorial policies.

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