The equity-focused firm has ties to two other industry standouts. Its co-founders worked at Capital Group prior to striking out on their own in 1983, and they brought with them a multimanager approach to running money. Early on, Primecap also forged a subadvisory relationship with The Vanguard Group that remains important. At year-end 2022, four fifths of Primecap's $117 billion in assets under management were in its three Vanguard strategies, with most of the rest in Primecap's three Odyssey-branded funds. Throughout its history, Primecap has shown prudent capacity management by closing its funds to new investors and resisting broadening its lineup.
Nearly 10 years after the departures of two key portfolio managers, the firm’s investment talent remains strong with various long-tenured leaders. Several, including Joel Fried and Al Mordecai, share substantial ownership in the firm. They are rigorous, selective, and thoughtful as they scout for new team members, looking for standouts from top business schools who have excelled in rigorous academic fields. They invite them to apply, whether the candidates have an investing background or not. Those who join Primecap are given wide latitude to find their own way but held to high standards.