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@Tarwheel - never would I claim that FCNTX is an S&P 500 clone. It's far from it. At the time I sold what it hadn't been doing was beating up on the S%P 500 like it had in prior years. I blamed it on the growth of the massive AUM. I owned it close to 30 years.. largely due to it's skilled manager.
"...I won’t be buying either of the two reopened funds, but please do not take that as any indication of a lack of confidence or conviction in the funds and the managers. I’m not buying the funds because...I already have a lot of exposure to PRIMECAP's stock pickers... Yes, PRIMECAP has trailed 500 Index over the past three years (by around 1% per year). However, the active fund has beaten the index fund over the past five, ten and fifteen years..."
interesting to note that vhcax, the 3rd primecap vanguard fund w/admiral fees, has not reopened. its largest holding, lilly @$2.5b in value, is bigger than the next 4 combined.
if i had to guess one secret sauce for primecap and giroux, its avoiding sentiment plays from the onset but letting business winners run.
interesting to note that vhcax, the 3rd primecap vanguard fund w/admiral fees, has not reopened. its largest holding, lilly @$2.5b in value, is bigger than the next 4 combined.
if i had to guess one secret sauce for primecap and giroux, its avoiding sentiment plays from the onset but letting business winners run.
If you look at the top 10 or 20 holdings, they were first purchased 20 years ago. And per M*, the turnover is 6%.
Comments
"...I won’t be buying either of the two reopened funds, but please do not take that as any indication of a lack of confidence or conviction in the funds and the managers. I’m not buying the funds because...I already have a lot of exposure to PRIMECAP's stock pickers...
Yes, PRIMECAP has trailed 500 Index over the past three years (by around 1% per year). However, the active fund has beaten the index fund over the past five, ten and fifteen years..."
fwiw
its largest holding, lilly @$2.5b in value, is bigger than the next 4 combined.
if i had to guess one secret sauce for primecap and giroux, its avoiding sentiment plays from the onset but letting business winners run.