Overview

Summary Prospectus

Investment Objective

The Fund seeks to provide long-term capital appreciation.

Principal Investment Strategy

The Fund invests primarily in the common stocks of U.S. companies, emphasizing those companies with the potential for above average earnings growth. The Fund may invest in stocks across all market sectors and market capitalizations. Although it has historically invested primarily in large- and mid-capitalization companies, it has also invested a significant portion of its assets in small-capitalization stocks. 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 have above average growth aspects or attributes that may contribute to accelerated earnings growth in the foreseeable future. Catalysts for 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 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.

Risk

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-, 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 stock market, and they often perform quite differently. Additionally, from time to time, growth stocks may be more volatile than the overall stock market.
  • 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.
  • 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.
  • 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.

Performance

GROWTH OF $10,000 INVESTMENT

POGRX: $85,355
as of 12/31/2024
2024 $85,355
2020 $60,056
2016 $32,900
2012 $18,009
2008 $9,701
2004 $10,960
This chart illustrates the performance of a hypothetical $10,000 investment in the Fund since its inception on November 1, 2004. Assumes investment of dividends and capital gains, but does not reflect the effect of any applicable sales charges or redemption fees. This chart does not imply any future performance.

RETURNS

as of 12/31/2024
POGRX
YTD 13.01%
1 Year 13.01%
3 Year Annualized 6.24%
5 Year Annualized 10.66%
10 Year Annualized 11.56%
Since Inception 11.22%
S&P® 500
YTD 25.02%
1 Year 25.02%
3 Year Annualized 8.94%
5 Year Annualized 14.53%
10 Year Annualized 13.10%
Since Inception 10.67%
YTD 1 Year 3 Year Annualized 5 Year Annualized 10 Year Annualized Since Inception
POGRX 13.01% 13.01% 6.24% 10.66% 11.56% 11.22%
S&P® 500 25.02% 25.02% 8.94% 14.53% 13.10% 10.67%
as of 12/31/2024
POGRX
YTD 13.01%
1 Year 13.01%
3 Year Annualized 6.24%
5 Year Annualized 10.66%
10 Year Annualized 11.56%
Since Inception 11.22%
S&P® 500
YTD 25.02%
1 Year 25.02%
3 Year Annualized 8.94%
5 Year Annualized 14.53%
10 Year Annualized 13.10%
Since Inception 10.67%
YTD 1 Year 3 Year Annualized 5 Year Annualized 10 Year Annualized Since Inception
POGRX 13.01% 13.01% 6.24% 10.66% 11.56% 11.22%
S&P® 500 25.02% 25.02% 8.94% 14.53% 13.10% 10.67%
POGRX
2005 11.75%
2006 14.85%
2007 4.88%
2008 -34.25%
2009 40.95%
2010 15.37%
2011 -2.22%
2012 16.76%
2013 39.30%
2014 13.92%
2015 6.18%
2016 8.42%
2017 32.05%
2018 -4.51%
2019 23.97%
2020 16.77%
2021 18.54%
2022 -14.35%
2023 23.87%
2024 13.01%
S&P® 500
2005 4.91%
2006 15.79%
2007 5.49%
2008 -37.00%
2009 26.46%
2010 15.06%
2011 2.11%
2012 16.00%
2013 32.39%
2014 13.69%
2015 1.38%
2016 11.96%
2017 21.83%
2018 -4.38%
2019 31.49%
2020 18.40%
2021 28.71%
2022 -18.11%
2023 26.29%
2024 25.02%
Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of a fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-800-729-2307.

Fund Facts

as of 12/31/2024

Fund Inception Date November 1, 2004
CUSIP 74160Q103
Fund Number 1650
Fiscal Year End October 31st
Current Prospectus Date 2/28/2024
Dividends Paid December
Capital Gains Paid December
Minimum Initial Investment $2,000
IRA Minimum Initial Investment $1,000
Fund Assets $5.29 billion
Active Share1 77%
Median Market Capitalization2 $31.15 billion
Forward P/E Ratio3,4 19.0x
3-5 Year EPS Growth Rate3,5,6 15.5%
Long-Term Debt/Capitalization Ratio3,7 42.8%
Weighted Average Market Capitalization8 $374.82 billion
Number of Holdings 187
Portfolio Turnover Ratio 5%

Fees & Expenses

as of 2/28/2024

Management Fee 0.55%
Other Expenses 0.11%
Acquired Fund Fees and Expenses 0.00%
Total Annual Fund Operating Expenses (Applicable to investors) 0.66%

Holdings9 Data as of 12/31/2024

Equity Industry Percent
LILLY ELI & CO Pharms, Biotech. & Life Scnce 6.8%
ALPHABET INC Media & Entertainment 4.1%
RAYMOND JAMES FINL INC Financial Services 3.2%
XOMETRY INC Capital Goods 3.2%
MICRON TECHNOLOGY INC Semiconductors & Equipment 2.7%
MICROSOFT CORP Software & Services 2.4%
AECOM Capital Goods 2.4%
BEIGENE LTD Pharms, Biotech. & Life Scnce 2.3%
FLEX LTD Technology Hardware & Equip. 2.3%
UNITED AIRLINES INC Transportation 2.2%
Industry Percent
Biotechnology 11.6%
Pharmaceuticals 11.1%
Semiconductors & Equipment 11.0%
Software 5.8%
Passenger Airlines 5.8%
Capital Markets 5.6%
Interactive Media & Services 5.5%
Electronic Equip Instru & Comp 4.1%
Health Care Equipment & Supply 3.6%
Trading Companies & Distribut. 3.2%

Sector Weightings

 Health Care 27.6%
Information Technology 22.5%
Industrials 19.1%
Consumer Discretionary 9.0%
Financials 8.7%
Communication Services 7.4%
Energy 2.0%
Consumer Staples 1.4%
Materials 0.6%
Cash 1.7%

Fund Breakdown by Domicile

 United States 85.3%
Other 13.0%
Cash 1.7%

Market Capitalization

Portfolio Management

Name
Manager Since
Total Years with PRIMECAP Management Co.
Total Years of Experience
Joel P. Fried
Manager Since
November 2004
Total Years with PRIMECAP Management Co.
39
Total Years of Experience
40
Alfred W. Mordecai
Manager Since
November 2004
Total Years with PRIMECAP Management Co.
27
Total Years of Experience
27
Theo A. Kolokotrones
Manager Since
November 2004
Total Years with PRIMECAP Management Co.
41
Total Years of Experience
55
M. Mohsin Ansari
Manager Since
April 2012
Total Years with PRIMECAP Management Co.
25
Total Years of Experience
25
James Marchetti
Manager Since
January 2014
Total Years with PRIMECAP Management Co.
19
Total Years of Experience
19

Distributions

Ex Date
Ordinary Income Dividend ($)
Capital Gains Long-Term ($)
Capital Gains Short-Term ($)
Total Distributions ($)
Reinvest NAV ($)
Ex Date
12/16/2024
Ordinary Income Dividend ($)
0.17420
Capital Gains Long-Term ($)
6.90897
Capital Gains Short-Term ($)
0.09386
Total Distributions ($)
7.17703
Reinvest NAV ($)
35.39000
Ex Date
12/15/2023
Ordinary Income Dividend ($)
0.19318
Capital Gains Long-Term ($)
4.64021
Capital Gains Short-Term ($)
0.04576
Total Distributions ($)
4.87915
Reinvest NAV ($)
35.99000
Ex Date
12/15/2022
Ordinary Income Dividend ($)
0.20784
Capital Gains Long-Term ($)
3.87546
Capital Gains Short-Term ($)
0.07919
Total Distributions ($)
4.16249
Reinvest NAV ($)
34.20000
Ex Date
12/15/2021
Ordinary Income Dividend ($)
0.05487
Capital Gains Long-Term ($)
5.85507
Capital Gains Short-Term ($)
0.12337
Total Distributions ($)
6.03331
Reinvest NAV ($)
43.11000
Ex Date
12/15/2020
Ordinary Income Dividend ($)
0.17432
Capital Gains Long-Term ($)
5.13015
Capital Gains Short-Term ($)
-
Total Distributions ($)
5.30447
Reinvest NAV ($)
41.78000
Ex Date
12/17/2019
Ordinary Income Dividend ($)
0.20320
Capital Gains Long-Term ($)
1.83415
Capital Gains Short-Term ($)
0.06119
Total Distributions ($)
2.09854
Reinvest NAV ($)
40.65000
Ex Date
12/17/2018
Ordinary Income Dividend ($)
0.12344
Capital Gains Long-Term ($)
0.69203
Capital Gains Short-Term ($)
0.03577
Total Distributions ($)
0.85124
Reinvest NAV ($)
35.14000
Ex Date
12/18/2017
Ordinary Income Dividend ($)
0.11150
Capital Gains Long-Term ($)
0.45264
Capital Gains Short-Term ($)
0.00922
Total Distributions ($)
0.57336
Reinvest NAV ($)
37.50000
Ex Date
12/16/2016
Ordinary Income Dividend ($)
0.13725
Capital Gains Long-Term ($)
0.66957
Capital Gains Short-Term ($)
0.19206
Total Distributions ($)
0.99888
Reinvest NAV ($)
29.16000
Ex Date
12/16/2015
Ordinary Income Dividend ($)
0.09820
Capital Gains Long-Term ($)
0.25172
Capital Gains Short-Term ($)
0.00165
Total Distributions ($)
0.35157
Reinvest NAV ($)
27.45000
Ex Date
12/16/2014
Ordinary Income Dividend ($)
0.16400
Capital Gains Long-Term ($)
0.55032
Capital Gains Short-Term ($)
0.09460
Total Distributions ($)
0.80892
Reinvest NAV ($)
25.21000
Ex Date
12/10/2013
Ordinary Income Dividend ($)
0.07940
Capital Gains Long-Term ($)
0.45395
Capital Gains Short-Term ($)
-
Total Distributions ($)
0.53335
Reinvest NAV ($)
23.12000
Ex Date
12/11/2012
Ordinary Income Dividend ($)
0.10470
Capital Gains Long-Term ($)
-
Capital Gains Short-Term ($)
-
Total Distributions ($)
0.10470
Reinvest NAV ($)
17.39000
Ex Date
12/13/2011
Ordinary Income Dividend ($)
0.05710
Capital Gains Long-Term ($)
-
Capital Gains Short-Term ($)
0.05784
Total Distributions ($)
0.11494
Reinvest NAV ($)
14.60000
Ex Date
12/15/2010
Ordinary Income Dividend ($)
0.01383
Capital Gains Long-Term ($)
-
Capital Gains Short-Term ($)
-
Total Distributions ($)
0.01383
Reinvest NAV ($)
15.24000
Ex Date
12/18/2009
Ordinary Income Dividend ($)
0.02931
Capital Gains Long-Term ($)
-
Capital Gains Short-Term ($)
-
Total Distributions ($)
0.02931
Reinvest NAV ($)
13.11000
Ex Date
12/18/2008
Ordinary Income Dividend ($)
0.03330
Capital Gains Long-Term ($)
-
Capital Gains Short-Term ($)
-
Total Distributions ($)
0.03330
Reinvest NAV ($)
9.26000
Ex Date
12/18/2007
Ordinary Income Dividend ($)
0.03910
Capital Gains Long-Term ($)
0.01440
Capital Gains Short-Term ($)
0.02450
Total Distributions ($)
0.07800
Reinvest NAV ($)
14.32000
Ex Date
12/20/2006
Ordinary Income Dividend ($)
0.01939
Capital Gains Long-Term ($)
0.06179
Capital Gains Short-Term ($)
0.07664
Total Distributions ($)
0.15782
Reinvest NAV ($)
13.97000
Ex Date
12/20/2005
Ordinary Income Dividend ($)
0.00036
Capital Gains Long-Term ($)
-
Capital Gains Short-Term ($)
0.00752
Total Distributions ($)
0.00788
Reinvest NAV ($)
12.25000

Related Materials

Product Downloads

Fact Sheet (as of 9/30/2024)
Full Portfolio Holdings (as of 9/30/2024)

Regulatory Documents

Summary Prospectus (as of 2/28/2024)
Statutory Prospectus (as of 2/28/2024)
Statement of Additional Information (as of 2/28/2024)
Annual Report (as of 10/31/2024)
Semiannual Annual Report (as of 4/30/2024)
Proxy Voting (as of 10/31/2024)
1Q Holdings (as of 1/31/2024)
3Q Holdings (as of 7/31/2024)

Footnotes/Disclaimers

  1. 12 Month Distribution Rate: The sum of all income distributions made during the previous 12 months divided by the NAV as of the measurement date.
  2. 30 Day SEC Yield: The SEC 30-Day Yield reflects the rate at which the Fund is earning income on its current portfolio of holdings after expenses
  3. Source: Standard & Poors
  4. Forward P/E Ratio: The price-to-earnings ratio ("P/E Ratio") is a valuation ratio measuring a company's current share price divided by its annual earnings per share.
  5. Earnings growth is not a measure of the Fund's future performance.
  6. 3-5 Year EPS Growth Rate: The 3-5 year earnings-per-share growth rate ("3-5 Year EPS Growth") is an estimate of an individual company's annual earnings growth rate over the next 3-5 years.
  7. Long Term Debt/Capitalization Ratio: Long Term Debt/Capitalization ratio is calculated by dividing the long-term debt on a company's balance sheet by its total debt plus shareholder equity.
  8. Weighted Average Market Capitalization: Market capitalization is the market price of an entire company, calculated by multiplying the number of shares outstanding by the per share price.
  9. Fund holdings and sector allocations are subject to change and are not recommendations to buy or sell any security
Mutual fund investing involves risk. Principal loss is possible. The Funds invest in smaller companies, which involve additional risks such as limited liquidity and greater volatility. All Funds may invest in foreign securities which involves greater volatility and political, economic and currency risks and differences in accounting methods. Growth stocks typically are more volatile than value stocks; however, value stocks have a lower expected growth rate in earnings and sales. The S&P 500® Index is a market capitalization-weighted index of 500 large-capitalization stocks commonly used to represent the U.S. equity market. You cannot invest directly in an index.