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. 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). The Fund may invest in stocks across all market sectors and market capitalizations, though it has historically invested primarily in large- and mid-capitalization companies. Because of the bottom-up 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 with attractive growth prospects that are trading at reasonable valuations. 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

POSKX: $75,997
as of 12/31/2024
2024 $75,997
2020 $49,827
2016 $30,466
2012 $17,181
2008 $9,611
2004 $10,920
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
POSKX
YTD 12.82%
1 Year 12.82%
3 Year Annualized 6.83%
5 Year Annualized 10.90%
10 Year Annualized 11.08%
Since Inception 10.58%
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
POSKX 12.82% 12.82% 6.83% 10.90% 11.08% 10.58%
S&P® 500 25.02% 25.02% 8.94% 14.53% 13.10% 10.67%
as of 12/31/2024
POSKX
YTD 12.82%
1 Year 12.82%
3 Year Annualized 6.83%
5 Year Annualized 10.90%
10 Year Annualized 11.08%
Since Inception 10.58%
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
POSKX 12.82% 12.82% 6.83% 10.90% 11.08% 10.58%
S&P® 500 25.02% 25.02% 8.94% 14.53% 13.10% 10.67%
POSKX
2005 11.05%
2006 14.01%
2007 4.18%
2008 -33.27%
2009 37.86%
2010 11.82%
2011 2.07%
2012 13.62%
2013 34.39%
2014 15.04%
2015 1.68%
2016 12.80%
2017 25.96%
2018 -7.14%
2019 27.14%
2020 9.97%
2021 25.11%
2022 -10.86%
2023 21.23%
2024 12.82%
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 74160Q301
Fund Number 1652
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 $4.91 billion
Active Share1 80%
Median Market Capitalization2 $39.23 billion
Forward P/E Ratio3,4 18.1x
3-5 Year EPS Growth Rate3,5,6 12.1%
Long-Term Debt/Capitalization Ratio3,7 49.9%
Weighted Average Market Capitalization8 $315.59 billion
Number of Holdings 145
Portfolio Turnover Ratio 3%

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) 0.67%

Holdings9 Data as of 12/31/2024

Equity Industry Percent
LILLY ELI & CO Pharms, Biotech. & Life Scnce 8.8%
ASTRAZENECA PLC Pharms, Biotech. & Life Scnce 3.8%
AECOM Capital Goods 3.6%
FLEX LTD Technology Hardware & Equip. 3.1%
MICROSOFT CORP Software & Services 3.0%
SIEMENS AG Capital Goods 2.9%
FEDEX CORP Transportation 2.9%
KLA CORP Semiconductors & Equipment 2.8%
UNITED AIRLINES INC Transportation 2.4%
SONY GROUP CORPORATION Consumer Durables & Apparel 2.2%
Industry Percent
Pharmaceuticals 16.2%
Semiconductors & Equipment 9.0%
Passenger Airlines 5.8%
Software 5.6%
Capital Markets 4.5%
Electronic Equip Instru & Comp 3.8%
Biotechnology 3.8%
Banks 3.7%
Construction & Engineering 3.6%
Household Durables 3.5%

Sector Weightings

 Health Care 24.1%
Information Technology 22.7%
Industrials 22.4%
Financials 10.0%
Consumer Discretionary 9.4%
Communication Services 3.8%
Energy 2.2%
Consumer Staples 1.9%
Materials 1.6%
Cash 1.9%

Fund Breakdown by Domicile

 United States 84.5%
Other 13.6%
Cash 1.9%

Market Capitalization

Portfolio Management

Name
Manager Since
Total Years with PRIMECAP Management Co.
Total Years of Experience
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
Joel P. Fried
Manager Since
November 2004
Total Years with PRIMECAP Management Co.
39
Total Years of Experience
40
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 ($)
Ex Date
12/16/2024
Ordinary Income Dividend ($)
0.37133
Capital Gains Long-Term ($)
5.69217
Capital Gains Short-Term ($)
0.03279
Total Distributions ($)
6.09629
Reinvest NAV ($)
34.41000
Ex Date
12/15/2023
Ordinary Income Dividend ($)
0.42398
Capital Gains Long-Term ($)
3.08244
Capital Gains Short-Term ($)
0.04898
Total Distributions ($)
3.55540
Reinvest NAV ($)
34.49000
Ex Date
12/15/2022
Ordinary Income Dividend ($)
0.41163
Capital Gains Long-Term ($)
3.43634
Capital Gains Short-Term ($)
0.02349
Total Distributions ($)
3.87146
Reinvest NAV ($)
32.09000
Ex Date
12/15/2021
Ordinary Income Dividend ($)
0.28110
Capital Gains Long-Term ($)
3.43909
Capital Gains Short-Term ($)
0.04064
Total Distributions ($)
3.76083
Reinvest NAV ($)
39.37000
Ex Date
12/15/2020
Ordinary Income Dividend ($)
0.48198
Capital Gains Long-Term ($)
2.27620
Capital Gains Short-Term ($)
-
Total Distributions ($)
2.75818
Reinvest NAV ($)
34.74000
Ex Date
12/17/2019
Ordinary Income Dividend ($)
0.46774
Capital Gains Long-Term ($)
1.61156
Capital Gains Short-Term ($)
-
Total Distributions ($)
2.07930
Reinvest NAV ($)
34.32000
Ex Date
12/17/2018
Ordinary Income Dividend ($)
0.34266
Capital Gains Long-Term ($)
0.49045
Capital Gains Short-Term ($)
0.03993
Total Distributions ($)
0.87304
Reinvest NAV ($)
29.18000
Ex Date
12/18/2017
Ordinary Income Dividend ($)
0.30500
Capital Gains Long-Term ($)
0.35613
Capital Gains Short-Term ($)
0.03132
Total Distributions ($)
0.69245
Reinvest NAV ($)
32.05000
Ex Date
12/16/2016
Ordinary Income Dividend ($)
0.30498
Capital Gains Long-Term ($)
0.37641
Capital Gains Short-Term ($)
0.07672
Total Distributions ($)
0.75811
Reinvest NAV ($)
26.10000
Ex Date
12/16/2015
Ordinary Income Dividend ($)
0.24260
Capital Gains Long-Term ($)
0.19729
Capital Gains Short-Term ($)
0.01297
Total Distributions ($)
0.45286
Reinvest NAV ($)
23.93000
Ex Date
12/16/2014
Ordinary Income Dividend ($)
0.31000
Capital Gains Long-Term ($)
0.32161
Capital Gains Short-Term ($)
0.03249
Total Distributions ($)
0.66410
Reinvest NAV ($)
23.00000
Ex Date
12/10/2013
Ordinary Income Dividend ($)
0.24180
Capital Gains Long-Term ($)
0.06639
Capital Gains Short-Term ($)
-
Total Distributions ($)
0.30819
Reinvest NAV ($)
20.65000
Ex Date
12/11/2012
Ordinary Income Dividend ($)
0.24640
Capital Gains Long-Term ($)
-
Capital Gains Short-Term ($)
-
Total Distributions ($)
0.24640
Reinvest NAV ($)
16.03000
Ex Date
12/13/2011
Ordinary Income Dividend ($)
0.17802
Capital Gains Long-Term ($)
-
Capital Gains Short-Term ($)
-
Total Distributions ($)
0.17802
Reinvest NAV ($)
13.92000
Ex Date
12/15/2010
Ordinary Income Dividend ($)
0.10778
Capital Gains Long-Term ($)
-
Capital Gains Short-Term ($)
-
Total Distributions ($)
0.10778
Reinvest NAV ($)
13.98000
Ex Date
12/18/2009
Ordinary Income Dividend ($)
0.09071
Capital Gains Long-Term ($)
-
Capital Gains Short-Term ($)
-
Total Distributions ($)
0.09071
Reinvest NAV ($)
12.59000
Ex Date
12/18/2008
Ordinary Income Dividend ($)
0.06447
Capital Gains Long-Term ($)
-
Capital Gains Short-Term ($)
-
Total Distributions ($)
0.06447
Reinvest NAV ($)
9.20000
Ex Date
12/18/2007
Ordinary Income Dividend ($)
0.07000
Capital Gains Long-Term ($)
0.08480
Capital Gains Short-Term ($)
0.03580
Total Distributions ($)
0.19060
Reinvest NAV ($)
13.94000
Ex Date
12/20/2006
Ordinary Income Dividend ($)
0.04037
Capital Gains Long-Term ($)
0.06064
Capital Gains Short-Term ($)
0.01757
Total Distributions ($)
0.11858
Reinvest NAV ($)
13.77000
Ex Date
12/20/2005
Ordinary Income Dividend ($)
0.00443
Capital Gains Long-Term ($)
-
Capital Gains Short-Term ($)
0.00180
Total Distributions ($)
0.00623
Reinvest NAV ($)
12.07000

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.