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FWIW saying, for a few months I've toyed with reducing my position to raise money to put into (mostly) income-producing equities and did NOT make my annual $10K contribution to it after annual distributions were paid, which breaks with ~15 years or so of tradition.
It's been my habit to wait until after Jan. 1st, then give some of my stuff a haircut, including PRWCX. The pay-out for me from PRWCX was over $9k in '25, but I won't take all of that. I'll spread the haircut around, with my other funds. Perhaps redeploy a bit of it.
I reinvest all of my TRP Capital Appreciation dividends and CG distributions every year, a practice which is unique to this fund in my portfolio and which has made it far and away my largest single holding. I may discontinue doing that going forward, but I would take a hard look at the fund's performance overall and especially in down markets before I reduce my position. If Mr. Giroux can continue to provide double-digit returns in the years to come I suspect I will again be entirely satisfied with this fund.
I'm not displeased or upset with its performance per se --- and Giroux still 'has it' in my view .... just saying that if I need to raise cash, it might come from PRWCX.
One advantage to holding a 60/40 fund like PRWCX in a moderate portfolio is that cashflows don't affect your overall balance much. However, I usually take cash out from over-performers trading around their 52-week highs. Sadly, PRWCX is not in that category this year.
True, an outstanding year for Wellington, but that fund was pretty much in the toilet for 2024. What changed? One thing, the managers decided to stop holding back and went all in on the Mag 7. I haven't checked, but 60/40 SPY and BND probably does about as well. I considered Wellington for a while, but decided I have enough MSFT and Nvdia already. VWIAX stuck to their guns and had another sub-par year in 2025, but I think that may turn around as the market rotates.
@dpf749. Re : VWIAX. It has about 38% stocks and about 12.5% of the fund is tech. It’s 2025 performance is pretty great compared to the much loved PRWCX,,,, with 56% stocks and 41.5% in tech. It’s called an income fund,,,,,,, not even a growth and income fund.
Investment Objective The Fund seeks to provide long-term growth of income and a high and sustainable level of current income, along with moderate long-term capital appreciation.
I wouldn't place too much stock in the names of funds. M* abandoned self-classifications of funds (aggressive growth, growth, G&I, Equity Income) decades ago.
Vanguard G&I (VGIAX) is virtually pure equity (98% equity, 2% cash). If that's what Vanguard considers "growth and income" it's hardly surprising that it wouldn't include "growth" in the name of a hybrid fund like VWIAX.
VWIAX is always a very good partner to have when hard times fall but it has been stuck in the bottom quartile of "Moderately Conservative Allocation" (40/60) funds for the past two years. Still, it is on track for an 11% return this year, a modest gain but perhaps the beginning of a turnaround for the fund and only a couple of points shy of PRWCX. I expect improvement from both funds in 2026 and beyond, while the US market overall holds far less promise.
We moved wifey from WBALX into BALFX because the Weitz fund was just not going anywhere. 2025 YTD = +3.69%. It's called "Conservative" Allocation. But we did not want our money to just sit. I'm sure it would fit the bill for other people. I mean, WBALX has been bested in '25 by a ton of bond funds. ORK!
True, but those bond funds are still recovering from the 2022 disaster. Even a middling allocation fund like WBALX has shown twice the return of any core bond index fund when measured over the past three years running, and that spread widens dramatically the farther back you go.
Comments
FWIW saying, for a few months I've toyed with reducing my position to raise money to put into (mostly) income-producing equities and did NOT make my annual $10K contribution to it after annual distributions were paid, which breaks with ~15 years or so of tradition.
VWIAX stuck to their guns and had another sub-par year in 2025, but I think that may turn around as the market rotates.
Vanguard G&I (VGIAX) is virtually pure equity (98% equity, 2% cash). If that's what Vanguard considers "growth and income" it's hardly surprising that it wouldn't include "growth" in the name of a hybrid fund like VWIAX.