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 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.

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- 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.

Performance

GROWTH OF $10,000 INVESTMENT

POAGX: $102,249
as of 12/31/2024
2024 $102,249
2020 $87,485
2016 $44,170
2012 $20,943
2008 $9,491
2004 $11,080
This chart illustrates the performance of a hypothetical $10,000 investment in the Fund since its inception on November 1, 2024. 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
POAGX
YTD 12.50%
1 Year 12.50%
3 Year Annualized 2.23%
5 Year Annualized 8.56%
10 Year Annualized 10.46%
Since Inception 12.22%
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
POAGX 12.50% 12.50% 2.23% 8.56% 10.46% 12.22%
S&P® 500 25.02% 25.02% 8.94% 14.53% 13.10% 10.67%
as of 12/31/2024
POAGX
YTD 12.50%
1 Year 12.50%
3 Year Annualized 2.23%
5 Year Annualized 8.56%
10 Year Annualized 10.46%
Since Inception 12.22%
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
POAGX 12.50% 12.50% 2.23% 8.56% 10.46% 12.22%
S&P® 500 25.02% 25.02% 8.94% 14.53% 13.10% 10.67%
POAGX
2005 7.94%
2006 21.57%
2007 -0.19%
2008 -34.60%
2009 50.43%
2010 21.57%
2011 -0.45%
2012 21.22%
2013 54.88%
2014 16.55%
2015 4.56%
2016 11.73%
2017 33.59%
2018 -6.93%
2019 23.50%
2020 29.00%
2021 9.38%
2022 -24.03%
2023 25.03%
2024 12.50%
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, 2024
CUSIP 74160Q202
Fund Number 1651
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 $6.77 billion
Active Share1 84%
Median Market Capitalization2 $11.24 billion
Forward P/E Ratio3,4 20.0x
3-5 Year EPS Growth Rate3,5,6 16.5%
Long-Term Debt/Capitalization Ratio3,7 37.1%
Weighted Average Market Capitalization8 $274.43 billion
Number of Holdings 198
Portfolio Turnover Ratio 9%

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 4.9%
RHYTHM PHARMACEUTICALS INC Pharms, Biotech. & Life Scnce 3.7%
MICRON TECHNOLOGY INC Semiconductors & Equipment 3.5%
TESLA INC Automobiles & Components 2.9%
SONY GROUP CORPORATION Consumer Durables & Apparel 2.9%
FLEX LTD Technology Hardware & Equip. 2.7%
ALPHABET INC Media & Entertainment 2.7%
UNITED AIRLINES INC Transportation 2.5%
AECOM Capital Goods 2.2%
NVIDIA CORP Semiconductors & Equipment 2.2%
Industry Percent
Biotechnology 15.4%
Semiconductors & Equipment 13.7%
Passenger Airlines 7.2%
Software 6.4%
Pharmaceuticals 5.7%
Electronic Equip Instru & Comp 5.5%
Interactive Media & Services 5.1%
Health Care Equipment & Supply 4.8%
Capital Markets 4.0%
Automobiles 3.5%

Sector Weightings

 Information Technology 27.3%
Health Care 27.0%
Industrials 15.2%
Consumer Discretionary 13.3%
Communication Services 6.4%
Financials 5.5%
Energy 1.5%
Materials 0.9%
Consumer Staples 0.7%
Real Estate 0.1%
Cash 2.1%

Fund Breakdown by Domicile

 United States 84.8%
Other 13.1%
Cash 2.1%

Market Capitalization

Portfolio Management

Name
Manager Since
Total Years with PRIMECAP Management Co.
Total Years of Experience
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
Alfred W. Mordecai
Manager Since
November 2004
Total Years with PRIMECAP Management Co.
27
Total Years of Experience
27
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 ($)
Ex Date
12/16/2024
Ordinary Income Dividend ($)
0.01221
Capital Gains Long-Term ($)
4.35105
Capital Gains Short-Term ($)
-
Total Distributions ($)
4.36326
Reinvest NAV ($)
45.74000
Ex Date
12/15/2023
Ordinary Income Dividend ($)
0.00940
Capital Gains Long-Term ($)
2.36453
Capital Gains Short-Term ($)
0.00520
Total Distributions ($)
2.37913
Reinvest NAV ($)
42.31000
Ex Date
12/15/2022
Ordinary Income Dividend ($)
-
Capital Gains Long-Term ($)
3.90630
Capital Gains Short-Term ($)
-
Total Distributions ($)
3.90630
Reinvest NAV ($)
37.26000
Ex Date
12/15/2021
Ordinary Income Dividend ($)
-
Capital Gains Long-Term ($)
5.85035
Capital Gains Short-Term ($)
-
Total Distributions ($)
5.85035
Reinvest NAV ($)
51.55000
Ex Date
12/15/2020
Ordinary Income Dividend ($)
-
Capital Gains Long-Term ($)
4.20611
Capital Gains Short-Term ($)
-
Total Distributions ($)
4.20611
Reinvest NAV ($)
53.13000
Ex Date
12/17/2019
Ordinary Income Dividend ($)
-
Capital Gains Long-Term ($)
2.27810
Capital Gains Short-Term ($)
0.11363
Total Distributions ($)
2.39173
Reinvest NAV ($)
44.72000
Ex Date
12/17/2018
Ordinary Income Dividend ($)
0.02583
Capital Gains Long-Term ($)
2.94864
Capital Gains Short-Term ($)
0.02152
Total Distributions ($)
2.99599
Reinvest NAV ($)
38.81000
Ex Date
12/18/2017
Ordinary Income Dividend ($)
-
Capital Gains Long-Term ($)
0.36619
Capital Gains Short-Term ($)
0.01686
Total Distributions ($)
0.38305
Reinvest NAV ($)
44.52000
Ex Date
12/16/2016
Ordinary Income Dividend ($)
-
Capital Gains Long-Term ($)
2.77454
Capital Gains Short-Term ($)
0.00612
Total Distributions ($)
2.78066
Reinvest NAV ($)
34.08000
Ex Date
12/16/2015
Ordinary Income Dividend ($)
0.00257
Capital Gains Long-Term ($)
2.02741
Capital Gains Short-Term ($)
-
Total Distributions ($)
2.02998
Reinvest NAV ($)
32.35000
Ex Date
12/16/2014
Ordinary Income Dividend ($)
0.05742
Capital Gains Long-Term ($)
1.24296
Capital Gains Short-Term ($)
0.23648
Total Distributions ($)
1.53686
Reinvest NAV ($)
31.09000
Ex Date
12/31/2013
Ordinary Income Dividend ($)
-
Capital Gains Long-Term ($)
-
Capital Gains Short-Term ($)
0.01540
Total Distributions ($)
0.01540
Reinvest NAV ($)
29.65000
Ex Date
12/10/2013
Ordinary Income Dividend ($)
-
Capital Gains Long-Term ($)
0.40048
Capital Gains Short-Term ($)
0.09196
Total Distributions ($)
0.49244
Reinvest NAV ($)
28.89000
Ex Date
12/13/2011
Ordinary Income Dividend ($)
-
Capital Gains Long-Term ($)
0.11725
Capital Gains Short-Term ($)
0.20301
Total Distributions ($)
0.32026
Reinvest NAV ($)
15.83000
Ex Date
12/15/2010
Ordinary Income Dividend ($)
-
Capital Gains Long-Term ($)
0.52804
Capital Gains Short-Term ($)
-
Total Distributions ($)
0.52804
Reinvest NAV ($)
16.18000
Ex Date
12/18/2007
Ordinary Income Dividend ($)
-
Capital Gains Long-Term ($)
0.01130
Capital Gains Short-Term ($)
0.07930
Total Distributions ($)
0.09060
Reinvest NAV ($)
13.99000
Ex Date
12/20/2006
Ordinary Income Dividend ($)
-
Capital Gains Long-Term ($)
0.09506
Capital Gains Short-Term ($)
0.10544
Total Distributions ($)
0.20050
Reinvest NAV ($)
14.40000

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.