PRIMECAP Odyssey Aggressive Growth Fund
Effective January 20, 2014, the Fund is closed to most new investors
The Fund seeks to provide long-term capital appreciation.
Principal Investment Strategies
The Fund invests primarily in the common stocks of U.S. companies, emphasizing those companies with prospects for rapid earnings growth. The Fund may invest in stocks across all market sectors and market capitalizations and has historically invested significant portions of its assets in mid- and small-capitalization companies. Because of the bottom-up stock selection process of PRIMECAP Management Company (the "Advisor"), the Fund may maintain a significantly overweight or underweight position in a particular sector relative to the S&P 500® index, a market capitalization-weighted index of 500 large- capitalization stocks commonly used to represent the U.S. equity market, at any time. The Fund may also invest in foreign securities through depository receipts or stocks traded on a foreign exchange.
The Advisor, through its fundamental research, seeks to identify stocks that are poised for rapid earnings growth. Catalysts for the desired growth may include new products, new markets, new management, restructuring, a structural shift in demand or supply, or other changes in industry dynamics. These stocks typically provide little or no current income. The Advisor looks for companies that, in its judgment, will grow faster and/or will be more profitable than their current market valuations suggest and for companies with asset values that are not adequately reflected in their stock prices. The Advisor may sell a stock if its market price appears to have risen above its fundamental value, if other securities appear to be more favorably priced, or if the reasons for which the stock was purchased no longer hold true. The Advisor maintains a long-term focus and attempts to identify stocks that it believes will outperform the S&P 500® index over a three- to five-year time frame.
|Fund Inception Date:||November 1, 2004||$2,000.00|
|Ticker Symbol:||POAGX||Minimal Initial Investment (IRA):||$1,000.00|
|CUSIP:||74160Q202||Minimum Subsequent Investment:||$100.00|
|Fact Sheet 9/30/16||Portfolio Holdings 9/30/16|
Fund holdings are subject to change and should not be considered a recommendation to buy or sell any security.
The managers primarily responsible for overseeing the PRIMECAP Odyssey Funds' investments are:
- Theo A. Kolokotrones, Chairman, Director, Portfolio Manager, and Principal of PRIMECAP Management Company. He has worked in investment management since 1970, has managed assets since 1979, has been with PRIMECAP Management Company since 1983, and has managed assets of the PRIMECAP Odyssey Funds since their inception. Education: B.A., University of Chicago; M.B.A., Harvard Business School.
- Joel P. Fried, President, Director, Portfolio Manager, and Principal of PRIMECAP Management Company. He has worked in investment management since 1985, has managed assets for PRIMECAP Management Company since 1986, and has managed assets of the PRIMECAP Odyssey Funds since their inception. Education: B.S., University of California, Los Angeles; M.B.A., Anderson Graduate School of Business, University of California, Los Angeles.
- Alfred W. Mordecai, Vice Chairman, Portfolio Manager, and Principal of PRIMECAP Management Company. He has worked in investment management since 1997, has managed assets for PRIMECAP Management Company since 1999, and has managed assets of the PRIMECAP Odyssey Funds since their inception. Education: B.S.E., Duke University; M.E.A., Virginia Polytechnic Institute and State University; M.B.A., Harvard Business School.
- M. Mohsin Ansari, Executive Vice President, Director of Research, Portfolio Manager, and Principal of PRIMECAP Management Company. He has worked in investment management since 2000, has managed assets for PRIMECAP Management Company since 2001, and has managed assets of the PRIMECAP Odyssey Funds since 2012. Education: B.S., Colgate University; B.S., Washington University; M.B.A., Harvard Business School.
- James Marchetti, Senior Vice President, Portfolio Manager, and Principal of PRIMECAP Management Company. He has worked in investment management since 2004 and has managed assets for PRIMECAP Management Company since 2005. Education: MBA degree from MIT-Sloan and a bachelor's degree in Chemical Engineering, also from MIT.
Each of these five individuals manages a portion of each Fund autonomously; there is no decision-making by committee. A small portion of each Fund's assets is managed by individuals in the advisor's research department.
Click here for a complete list of advisor biographies.
You may lose money by investing in the Fund. You should expect the Fund's share price and total return to fluctuate within a wide range, like the fluctuations of the overall stock market. The Fund's performance could be hurt by:
- Stock market risk. The chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices.
- Manager risk. The chance that, as a result of poor security selection by the Advisor, the Fund may underperform relative to benchmarks or other funds with similar investment objectives.
- Investment style risk. The chance that returns from the mix of small- and mid-cap stocks in the Fund's portfolio will trail returns from the overall stock market. Historically, these stocks have been more volatile in price than the large-cap stocks that dominate the overall stock market, and they often perform quite differently. Additionally, from time to time, growth stocks may be more volatile than the overall stock market.
- Growth stocks risk. The chance that returns from growth stocks in the Fund's portfolio will trail returns from the overall stock market. Growth stocks are likely to be more volatile in price than the stock market as a whole. Historically, growth funds have tended to outperform the market as a whole in rising markets and underperform the market as a whole in declining markets. Of course, there is no guarantee that this pattern will continue in the future.
- Sector-focus risk. The chance that investing a significant portion of the Fund's assets in one sector of the market exposes the Fund to greater market risk and potential monetary losses than if those assets were spread among various sectors.
- Small- and mid-cap stocks risk. The chance that small- and mid-cap stocks may trade less frequently or in more limited volume than those of larger, more established companies; may fluctuate in value more; and, as a group, may suffer more severe price declines during periods of generally declining stock prices.
- Foreign securities risk. The chance that the value of foreign securities will be adversely affected by the political and economic environments and other overall economic conditions in the countries where the Fund invests. Investing in foreign securities involves: country risk, which is the chance that domestic events - such as political upheaval, financial troubles, or natural disasters - will weaken a country's securities markets; and currency risk, which is the chance that the value of a foreign investment, measured in U.S. dollars, will decrease because of unfavorable changes in currency exchange rates.