Vanguard Primecap Buys Retail, Telecom Stocks
Noted managers also stick with a big bet on technology shares.
The managers of Vanguard Primecap Fund (VPMCX) have done a little bottom-fishing.
Primecap's managers have built one of the industry's best long-term records by using a contrarian-growth strategy, and they certainly weren't going with the flow at the end of 2000. In the fourth quarter, managers Howard Schow, Theo Kolokotrones, and Joel Fried initiated a position in WorldCom (WCOM) and added to their stake in Sprint (FON), both of which stumbled badly in 2000. They also significantly increased their commitment to retail issues and retained a major overweight in the battered tech sector.
Scott Cooley does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.
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