Vanguard Closes Last Primecap-Managed Fund
Investors can still hire this excellent management team via Primecap's own Odyssey funds, though.
Existing investors and participants in defined contribution plans, such as 401(k)s and Vanguard Flagship Services clients (those with more than $1 million in Vanguard mutual funds), can still buy Primecap Core, but no one else, not even financial advisors and institutional investors, can. To further curtail cash flow in to the fund and the subadvisor overall, Vanguard also imposed a $25,000 annual share purchase limit for current investors on all three Primecap-managed funds: Primecap Core, Capital Opportunity (VHCAX) and Primecap (VPMCX). The latter two have been closed to new investors for some time.
Dan Culloton does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.