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PRIMECAP ODYSSEY FUNDS
PRIMECAP ODYSSEY AGGRESSIVE GROWTH FUND
SUPPLEMENT DATED DECEMBER 14, 2022 TO THE
SUMMARY PROSPECTUS AND PROSPECTUS DATED FEBRUARY 28, 2022
The Board of Trustees of the PRIMECAP Odyssey Funds has approved the opening of the PRIMECAP Odyssey Aggressive Growth Fund for sale to all investors, effective as of December 15, 2022. Based on a recommendation by PRIMECAP Management Company, the Board of Trustees has discretion to close the PRIMECAP Odyssey Aggressive Growth Fund at any time. All references to the PRIMECAP Odyssey Aggressive Growth Fund being closed to most new investors are hereby deleted from the Summary Prospectus and Prospectus.
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Please retain this supplement for your reference.
They've generated excellent long-term returns managing several Vanguard mutual funds.
POAGX is a tad too aggressive for me.
I prefer VPMAX and VPCCX instead but they are closed to most new investors.
You bring up some very good points.
Primecap is a benchmark-agnostic firm and tends to favor certain industries.
The following data was gleaned from M* reports published July 2022.
POAGX: ~20% in biotech/pharma, ~13% in semis
VPMAX: ~20% in biotech/pharma, ~13% in semis
VPCCX: ~18% in biotech/pharma, ~11% in semis
Primecap-managed funds may underperform common benchmarks for several consecutive calendar years.
Investors should be prepared for this possibility.
POAGX: lagged Russell Mid-Cap Growth from 2018 - 2021
VPMAX: lagged Russell 1000 and S&P 500 from 2019 - 2021
VPCCX: lagged Russell 1000 and S&P 500 from 2018 - 2021
All three funds had top-decile 10 Yr. and 15 Yr. fund category returns through 11/30/2022.
Primecap-managed funds can generate large capital gains distributions
and are best held in tax-deferred or tax-exempt accounts.
So here the deal. Buy into this fund a little at a time and monitor its performance. It has under performed for the last 5 years so pay close attention. If its performance reverts to it's 10 and 15 year performance you will be in a good position long term.
On a one year basis, I would suggest PRNHX in a better fund to take advantage of the '22 swoon.
My question for buyers, when have we bottomed?
The financial markets still seem attached at the hip with the Fed so until they stop raising rates we will just attempt at guessing how far prices will revert.
In smaller cap space, I still prefer active managed funds over indexing.