PRIMECAP Odyssey Aggressive Growth Fund re-opening

[mrbilbobaggins]

Credit to MFO poster:



www.mutualfundobserver.com/discuss/discussion/60406/primecap-odyssey-aggressive-growth-fund-re-opening-to-new-investors-here-s-your-chance-to-get-in

[retiredat48]

thanks for heads-up

[Deleted]

Although I haven't found yet how much of today's 12% share price drop is due to a distribution, it is a reminder how a typically low turnover tax efficient fund can lose those positive attributes in a down year. Taxable investors, beware.

[mrbilbobaggins]

Primecap Odyssey has posted their final amounts since distributions have occurred.  Check the MFO link above as it appears to have the final amounts posted for Primecap.

[retiredat48]

reposted from B/S/W thread:


Damn, VHCOX, Vang'd Capital Opportunities Fund...still CLOSED to new investors.

Occasionally, like in December, I check the performance and what is under the hood of some of my major core holdings. I have owned VHCOX for decades...an actively managed fund. Never sold any.

I was surprised at how good performance has been. Such as, in last decade, (M* info) $10,000 grew to $46,149; the index grew to $41940 and "comparable funds" grew to $35928. Whew.

Under the hood, VHCOX is 35.6% healthcare vs 16% caregory; 4% energy vs 2%; 24% tech vs 33%. Eli Lilly is top holding at 8% of assets (huge holding). Other biotechs strongly held. "Gold rated by M*. "REAL active management!

So I called Vgd to see if others could by it, but they stated fund is still closed.

Kudos to Vangd in protecting existing shareholders. If Fido, they would be promoting the heck out of this fund, with their typical 1+% management fee, diluting existing shareholders holdings, and earning another billion in fees to add to Abby Johnson's (founder's daughter) already multibillion in wealth. Bogle said "enough" when he had "enough." Active funds can win, if expenses held low.

R48

[roi2020]

Dec 15, 2022 22:58:52 GMT @django said:

Although I haven't found yet how much of today's 12% share price drop is due to a distribution, it is a reminder how a typically low turnover tax efficient fund can lose those positive attributes in a down year. Taxable investors, beware.

Primecap-managed funds can generate large capital gains distributions.
They are best held in tax-deferred or tax-exempt accounts.

Preliminary year-end distributions data for Vanguard's Primecap-managed funds:

2020
VHCAX - 8.68%
VPMAX - 8.52%
VPCCX - 6.57%

2021
VHCAX - 8.76%
VPMAX - 8.19%
VPCCX - 5.66%

2022
VHCAX - 7.82%
VPMAX - 7.89%
VPCCX - 6.59%

[roi2020]

I posted this elsewhere (edited below) in another thread.

Primecap is a benchmark-agnostic firm that tends to favor certain industries.
The following data was gleaned from M* reports published July 2022.

POAGX: ~20% in biotech/pharma, ~13% in semis
VPMAX: ~20% in biotech/pharma, ~13% in semis
VPCCX: ~18% in biotech/pharma, ~11% in semis

Primecap-managed funds may underperform common benchmarks for several consecutive calendar years.
Investors should be prepared for this possibility.

POAGX: lagged Russell Mid-Cap Growth from 2018 - 2021
VPMAX: lagged Russell 1000 and S&P 500 from 2019 - 2021
VPCCX: lagged Russell 1000 and S&P 500 from 2018 - 2021

All three funds had top-decile 10 Yr. and 15 Yr. fund category returns through 11/30/2022.

[chang]

retiredat48: Flagship members can open new positions in closed VG funds. So if someone really wants to open a position in a closed VG fund, just throw some money into the account and get Flagship status.

[retiredat48]

Dec 17, 2022 21:05:22 GMT chang said:

retiredat48 : Flagship members can open new positions in closed VG funds. So if someone really wants to open a position in a closed VG fund, just throw some money into the account and get Flagship status.

i was unaware of this feature...BTW I'm a flagship member.

There was a day ones entire family could be flagship if at least one qualified.  So my kids are also flagship (from memory).

R48

[chang]

Yep it’s true, you can buy any of the Primecap funds. (But you’re still limited to the $25K max annual limit, if it applies.)

[retiredat48]

Dec 18, 2022 7:54:05 GMT chang said:

Yep it’s true, you can buy any of the Primecap funds. (But you’re still limited to the $25K max annual limit, if it applies.)

I was unaware of any max annual cap limit of $25,000!!  But I never add this much anyway.

Old fashioned guy here!

R48