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PRIMECAP Odyssey Stock Fund

Investment Objective

The Fund seeks to provide long-term capital appreciation.

Primary Investment Strategies

The Fund invests mainly in stocks of U.S. companies, emphasizing those companies with financial results which the Fund's advisor believes will evolve materially better than consensus expectations. Through its research, the Fund's advisor identifies stocks that it believes will outperform over a three- to five-year time frame the S&P 500 Index, a widely recognized benchmark of U.S. stock market performance that is dominated by the stocks of large U.S. companies. You cannot invest directly in an index. The Fund's advisor looks for companies that 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 Fund invests at least 80% of its assets in stocks (the Fund will provide its shareholders with at least 60 days' prior notice of any change in this non-fundamental investment policy) and may invest in publicly traded companies of any size and in foreign companies.

 

Fund Inception Date: November 1, 2004            Minimal Initial Investment (Regular):     $2,000.00
Ticker Symbol: POSKX   Minimal Initial Investment (IRA):     $1,000.00
CUSIP: 74160Q301   Minimum Subsequent Investment:     $100.00
Fact Sheet 06/30/14     Portfolio Holdings 06/30/14

Fund holdings are subject to change and should not be considered a recommendation to buy or sell any security.

Managers

The managers primarily responsible for overseeing the PRIMECAP Odyssey Funds' investments are:

  • Alfred W. Mordecai, Executive Vice President, 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.
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  • Theo A. Kolokotrones, Vice-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.
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  • 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.
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  • M. Mohsin Ansari, Senior 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.

Each of these four 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.

Risks

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.
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  • Manager risk. The chance that, as a result of poor security selection by the Advisor, the Fund may underperform relative benchmarks or other funds with similar investment objectives.
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  • Investment style risk. The chance that returns from the mix of small-, mid-, and large-cap stocks in the Fund's portfolio will trail returns from the overall stock market. Historically, small- and mid-cap stocks have been more volatile in price than the large-cap stocks that dominate the overall market, and they often perform quite differently. Additionally, from time to time, growth stocks may be more volatile than the overall stock market.
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  • 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.
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  • 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.
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  • 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