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VPMCX Vanguard PRIMECAP Fund Investor Shares

Also available at a lower cost as an Admiral™ Shares mutual fund.

Management style

Active

Asset class

Domestic Stock - More Aggressive

Category

Large Growth

Risk / reward scale

Start of Risk Scale. On a scale of 1 to 5, 1 is less risk less reward, 5 is more risk more reward
The fund risk level is a 5

Less

More

End of Risk Scale.

Expense ratio

0.37%

as of 02/03/2025

as of 02/28/2025

Investment minimum

$3,000

as of 03/28/2025

NAV price

$158.59

as of 03/28/2025

Overview

Key facts

CUSIP

921936100

Management style

Active

Asset class

Domestic Stock - More Aggressive

Category

Large Growth

Inception date

11/01/1984

Fund Number

0059

Ratings

Risk / reward scale

Start of Risk Scale. On a scale of 1 to 5, 1 is less risk less reward, 5 is more risk more reward
The fund risk level is a 5

Less

More

End of Risk Scale.
Price

Minimum Investment

$3,000

NAV Price

$158.59

as of 03/28/2025

NAV change

decreased-$3.00 (-1.86%)

as of 03/28/2025

Expense Ratio

0.37%

as of 02/03/2025

Performance

YTD returns

-1.26%

as of 03/28/2025

Product summary

This large- and mid-capitalization growth fund is managed with a long-term perspective, extremely low turnover, and a well-established investment strategy. Since the fund’s inception in 1984, PRIMECAP Management Company, the advisor, has followed an approach in which multiple portfolio managers independently manage a portion of the fund, which provides diversification of thought. One risk to note is that the fund may become concentrated in a few sectors, notably technology and health care. Short-term performance may be volatile when these sectors are strongly in or out of favor. This fund may be considered a complement to an already diversified portfolio with a long-term time horizon.

Fund management

PRIMECAP Management Company

Performance & fees

Total returns
Month-end/Quarterly Pre-Tax Toggle

as of 02/28/2025

Recent returns

Average annual

Month-end3-Month totalYTD1-yr3-yr5-yr10-yr

Since inception

11/01/1984

VPMCX

0.98%2.07%5.41%14.07%11.89%15.34%12.68%13.61%

Benchmark

-1.30%-0.97%1.44%18.41%12.55%16.85%12.98%11.79%

as of 12/31/2024

Year1st Qtr2nd Qtr3rd Qtr4th QtrYear-end

Benchmark

2025
20249.14%5.39%0.86%-2.22%13.45% 25.02%
20236.95%9.24%-0.29%9.96%28.09% 26.29%
2022-4.66%-13.53%-6.36%9.92%-15.15% -18.11%
202110.05%6.96%-3.46%7.20%21.81% 28.71%
2020-20.17%17.25%9.71%14.18%17.25% 18.40%
201910.76%2.17%0.78%12.04%27.78% 31.49%
20181.61%2.86%9.58%-14.43%-2.01% -4.38%
20178.25%5.79%5.42%7.28%29.51% 21.83%
2016-1.97%0.27%9.80%2.51%10.63% 11.96%
20152.25%-1.51%-6.35%8.78%2.58% 1.38%

as of 12/31/2024

Year

Capital return by NAV

Income return by NAV

Total return by NAV

Benchmark

202412.42% 1.03%13.45%25.02%
202326.77% 1.32%28.09%26.29%
2022-16.10% 0.95%-15.15%-18.11%
202121.00% 0.81%21.81%28.71%
202016.13% 1.12%17.25%18.40%
201926.32% 1.46%27.78%31.49%
2018-3.13% 1.13%-2.01%-4.38%
201728.19% 1.32%29.51%21.83%
20169.29% 1.34%10.63%11.96%
20151.52% 1.07%2.58%1.38%
201417.48% 1.24%18.72%13.69%
201338.48% 1.25%39.73%32.39%
201213.71% 1.55%15.27%16.00%
2011-2.91% 1.07%-1.84%2.11%
201011.84% 1.05%12.89%15.06%

as of 02/28/2025

1-yr3-yr5-yr10-yr

Since inception

11/01/1984

VPMCX14.07% 40.08%104.16% 229.92% 17091.72%

Benchmark

18.41%42.58%117.88%238.77%

Expense ratio

VPMCX

0.37%

Average expense ratio of similar funds2

0.94%

Historical volatility measures
as of 02/28/2025
BenchmarkR-Squared3Beta3
S&P 500 Index10.920.95
Dow Jones U.S. Total Stock Market Index0.910.91
Fund-specific fees

Purchase fee

None

Fund family redemption fee

None

The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate so that investors' shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited.

Performance data do not reflect the deduction of the $25 annual account service fee that may be applied to certain accounts. If this fee was included, performance would be lower.

Price

Closing price

Closing price as of 03/28/2025

NAV

$158.59

NAV change

decreased-$3.00 (-1.86%)

52-week High

$179.80

as of 07/16/2024

52-week Low

$154.62

as of 04/19/2024

52-week Difference

$25.18 (16.29%)

30 day SEC yield

0.81%

 

B SEC yield footnote code

 

as of 02/28/2025

Historical prices
Chart/Table Toggle
NameDateNAV
VPMCX 03/28/2025
$158.59

This chart can’t be displayed on mobile devices. For the best viewing experience, visit this page from your desktop or laptop.

Portfolio composition

Characteristics

as of 02/28/2025

FundamentalVPMCX
Benchmark
Number of stocks 168 503
Median market cap $165.4 B $284.7 B
Earnings growth rate 13.8% 19.4%
Short-term reserves 1.7%
P/E ratio 25.7x 26.8x
P/B ratio 4.1x 4.8x
Turnover rate (Fiscal Year-end 09/30/2024) 3.8%
Return on equity 21.0% 27.0%
Foreign holdings 14.6%
Fund total net assets as of 02/28/2025 $77.0 B
Share class total net assets $5.0 B
Stylebox

Equity

Market Captialization Large Investment Style Growth

Weighted exposures

as of 02/28/2025

5.90%CommunicationServices
Sectors4VPMCX Benchmark Benchmark+/- Weight Communication Services5.90%9.40%-3.50%Consumer Discretionary12.20%10.50%1.70%Consumer Staples0.70%5.90%-5.20%Energy2.00%3.30%-1.30%Financials8.40%14.50%-6.10%Health Care29.60%10.80%18.80%Industrials13.80%8.30%5.50%Information Technology26.40%30.70%-4.30%Materials1.00%2.00%-1.00%

Weighted equity exposures exclude any temporary cash investments and equity index futures. Some short-term fixed income securities are classified as cash and are excluded from the weighted bond exposures.

Holding details

as of 12/31/2024

Ticker Holdings Shares Market value
LLY Eli Lilly & Co. 10,229,234 $7,896,968,648
MSFT Microsoft Corp. 5,968,680 $2,515,798,620
FDX FedEx Corp. 8,401,858 $2,363,694,711
BSX Boston Scientific Corp. 25,286,774 $2,258,614,654
AMGN Amgen Inc. 8,328,337 $2,170,697,756
TSLA Tesla Inc. 5,133,520 $2,073,120,717
KLAC KLA Corp. 3,250,730 $2,048,349,988
MU Micron Technology Inc. 23,726,274 $1,996,803,220
GOOGL Alphabet Inc. Class A 10,260,930 $1,942,394,049
TXN Texas Instruments Inc. 10,306,662 $1,932,602,192
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
532457108
594918104
31428X106
101137107
031162100
88160R101
482480100
595112103
02079K305
882508104
Ticker Description Shares
LLY
MSFT
FDX
BSX
AMGN
TSLA
KLAC
MU
GOOGL
TXN
Ticker Holdings Shares Market value
LLY Eli Lilly & Co. 10,229,234 $7,896,968,648
MSFT Microsoft Corp. 5,968,680 $2,515,798,620
FDX FedEx Corp. 8,401,858 $2,363,694,711
BSX Boston Scientific Corp. 25,286,774 $2,258,614,654
AMGN Amgen Inc. 8,328,337 $2,170,697,756
TSLA Tesla Inc. 5,133,520 $2,073,120,717
KLAC KLA Corp. 3,250,730 $2,048,349,988
MU Micron Technology Inc. 23,726,274 $1,996,803,220
GOOGL Alphabet Inc. Class A 10,260,930 $1,942,394,049
TXN Texas Instruments Inc. 10,306,662 $1,932,602,192
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
532457108
594918104
31428X106
101137107
031162100
88160R101
482480100
595112103
02079K305
882508104
Ticker Description Shares
LLY
MSFT
FDX
BSX
AMGN
TSLA
KLAC
MU
GOOGL
TXN
Ticker Holdings Shares Market value
LLY Eli Lilly & Co. 10,229,234 $7,896,968,648
MSFT Microsoft Corp. 5,968,680 $2,515,798,620
FDX FedEx Corp. 8,401,858 $2,363,694,711
BSX Boston Scientific Corp. 25,286,774 $2,258,614,654
AMGN Amgen Inc. 8,328,337 $2,170,697,756
TSLA Tesla Inc. 5,133,520 $2,073,120,717
KLAC KLA Corp. 3,250,730 $2,048,349,988
MU Micron Technology Inc. 23,726,274 $1,996,803,220
GOOGL Alphabet Inc. Class A 10,260,930 $1,942,394,049
TXN Texas Instruments Inc. 10,306,662 $1,932,602,192
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
532457108
594918104
31428X106
101137107
031162100
88160R101
482480100
595112103
02079K305
882508104
Ticker Description Shares
LLY
MSFT
FDX
BSX
AMGN
TSLA
KLAC
MU
GOOGL
TXN

Distributions

Realized/Unrealized gains

as of 02/28/2025

Realized gain

$6.51

% of NAV

increased3.85%

Unrealized gains of NAV

$112.36

% of NAV

increased66.37%

Fiscal year end

09/30/2025

Distribution schedule

Annually

How your fund can affect your taxes

A fund's capital gains and losses can reveal the tax implications of holding a particular fund in a taxable account. This is true of both realized and unrealized capital gains and losses.

These tax implications don't apply to investors holding a fund in a tax-deferred account, such as an IRA or employer-sponsored retirement plan.

Learn about realized and unrealized gains and losses

How your fund can affect your taxes

A fund's capital gains and losses can reveal the tax implications of holding a particular fund in a taxable account. This is true of both realized and unrealized capital gains and losses.

These tax implications don't apply to investors holding a fund in a tax-deferred account, such as an IRA or employer-sponsored retirement plan.

Learn about realized and unrealized gains and losses
Dividend income and capital gains
Type$/Share Payable date Record date Reinvest date Reinvest price
Dividend$1.55000012/19/202412/17/202412/18/2024$160.64
ST Cap Gain$0.09454612/19/202412/17/202412/18/2024$160.64
LT Cap Gain$8.99432812/19/202412/17/202412/18/2024$160.64
Dividend$1.65850012/20/202312/18/202312/19/2023$150.07
ST Cap Gain$0.05473512/20/202312/18/202312/19/2023$150.07
LT Cap Gain$9.09435912/20/202312/18/202312/19/2023$150.07

Fund management

Vanguard PRIMECAP Fund seeks long-term capital appreciation, using a fundamental approach to invest in growth-oriented companies at attractive valuation levels. The fund has flexibility to invest across all industry sectors and market capitalizations, although holdings are generally large- and mid-cap stocks. The fund tends to focus on out-of-favor companies or industries, seeking to identify companies with long-term growth potential overlooked by the market. The fund’s managers rely almost exclusively on independent research. Each manager is responsible for a separate subportfolio and has autonomy to implement his best ideas. The managers anticipate holding companies for at least three to five years, resulting in low turnover. The portfolio may be relatively concentrated, with the top ten holdings often representing 30%–40% of assets.

PRIMECAP Management Company
Founded in 1983, PRIMECAP Management Company, Pasadena, California, is recognized for its long-term approach to growth equity investing. The firm has advised Vanguard PRIMECAP Fund since 1984.
Theo A. Kolokotrones
Chairman Emeritus, Portfolio manager.
Advised the fund since 1984. Worked in investment management since 1970. B.A., University of Chicago. M.B.A., Harvard Business School.
Joel P. Fried
Chairman, Portfolio manager.
Advised the fund since 1993. Worked in investment management since 1985. B.S., University of California, Los Angeles. M.B.A., Anderson Graduate School of Business, University of California, Los Angeles.
Alfred W. Mordecai
President, Portfolio manager.
Advised the fund since 1997. Worked in investment management since 1997. B.S.E., Duke University. M.E.A., Virginia Polytechnic Institute and State University. M.B.A., Harvard Business School.
M. Mohsin Ansari
Vice-Chairman, Portfolio manager.
Advised the fund since 2007. Worked in investment management since 2000. B.A., Colgate University. B.S., Washington University. M.B.A., Harvard Business School.
James M. Marchetti
Executive Vice President, Portfolio manager.
Advised the fund since 2015. Worked in investment management since 2005. B.A., Massachusetts Institute of Technology. M.B.A., MIT Sloan School of Management.

Performance & fees

1
A widely used barometer of U.S. stock market performance; as a market-weighted index of leading companies in leading industries, it is dominated by large-capitalization companies.
2

Most recent data available. © 2023 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; (3) does not constitute investment advice offered by Morningstar; and (4) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

3

R-squared and beta are calculated from trailing 36-month fund returns relative to the associated benchmark.

Portfolio composition

4

Sector categories are based on the Global Industry Classification Standard (“GICS”), except for the “Other” category (if applicable), which includes securities that have not been provided a GICS classification as of the effective reporting period.

© 2023 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Vanguard average mutual fund expense ratio: 0.09%. Industry average mutual fund expense ratio: 0.50%. All averages are asset-weighted. Industry average excludes Vanguard. Sources: Vanguard and Morningstar, Inc., as of December 31, 2023.

Total returns: Short-term total return information is provided only as a service. Historical performance—particularly short-term performance—is no guarantee of future returns. Price, yield, and return on an actual investment will fluctuate, and you may have a gain or loss when you sell. Average annual returns include changes in price and reinvestments of dividends and capital gains. Since-inception returns for less than 1 year and year-to-date returns aren't annualized. Index performance is provided as a benchmark but isn't illustrative of any particular investment. You can't invest in an index.

Standardized returns: To see quarterly fee-adjusted returns, refer to the Price & Performance details.

Expense ratios: Expense ratios are displayed on Overview. For investments that are less than 1 fiscal year old, expense ratios are estimated.

Risk: All investing is subject to risk, including the possible loss of the money you invest. Funds that concentrate on a relatively narrow market sector face the risk of higher share-price volatility. Investments in stocks or bonds issued by non-U.S. companies are subject to risks including country/regional risk and currency risk.

An investment in the fund could lose money over short or long periods of time. You should expect the fund’s share price and total return to fluctuate within a wide range. The fund is subject to the following risks, which could affect the fund’s performance:

  • Stock market risk, which is 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.
  • Asset concentration risk, which is the chance that, because the fund tends to invest a high percentage of assets in its ten largest holdings, the fund’s performance may be hurt disproportionately by the poor performance of relatively few stocks.
  • Investment style risk, which is the chance that returns from large- and mid-capitalization growth stocks will trail returns from the overall stock market. Large- and mid-cap stocks each tend to go through cycles of doing better—or worse—than other segments of the stock market or the stock market in general. These periods have, in the past, lasted for as long as several years. Historically, mid-cap stocks have been more volatile in price than large-cap stocks. The stock prices of mid-size companies tend to experience greater volatility because, among other things, these companies tend to be more sensitive to changing economic conditions.
  • Manager risk, which is the chance that poor security selection will cause the fund to underperform relevant benchmarks or other funds with a similar investment objective. In addition, significant investments in the health care and information technology sectors subject the fund to proportionately higher exposure to the risks of these sectors.