David Kathman: The fund I'm talking about is Primecap Odyssey Growth. This is one of six funds that is run by the Primecap management team. They've been around a long time. They've been running Vanguard Primecap for 30 years, and they've compiled one of the best track records in the business during that time.
This fund was launched not quite 10 years ago in late 2004, and it's compiled a similarly great track record. It's had a couple of off years during that 10-year time frame; that’s sort of a result of their strategy which tends to be contrarian growth. Every once in a while they'll be out of sync with the market, but they always come back very strong.
Primecap is an outstanding steward; the managers all have $1 million invested in each of the funds they run. They are very shareholder-friendly. They do pretty much everything right from a stewardship perspective, and this is also one of the only two funds that the Primecap team manages that remains open to new investors. This one and Primecap Odyssey Stock, which is more corelike and less aggressive than this one, are both excellent funds.
Another good thing about this fund is the fact that it's very cheap relative to other large-growth funds. It only charges 0.65% which is not quite as cheap as Vanguard Primecap and some of their Vanguard funds, but those are closed to new investors. So new investors can get into this for cheaper than just about any other actively managed large-cap fund.