Vanguard Primecap Buys Energy, Selected Tech Names
Management continues to express concern about retail's valuations.
Although Vanguard Primecap's (VPMCX) managers don't have a firm feel for what sector will lead the market in the future, they're sticking to their contrarian growth strategy.
Howard Schow, Theo Kolokotrones, and Joel Fried have built this fund's outstanding long-term record by making timely purchases of fallen growth stocks, often making rather large bets on favored sectors and industries. In their just-released shareholder report, however, the managers report that they have "less conviction than usual in assessing which sectors represent the market's next generation of leadership." Thus, they report that the fund is better diversified by industry and sector than it has often been in the past.
Scott Cooley does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.
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