Following a massive sell-off last month, Primecap reopened their $7 billion Odyssey Aggressive Growth fund to new investors—the first time it’s been available to new buyers since 2014, reports an article in CityWire. The fund saw record highs of $12 billion last year, but this year almost $1.6 billion has been drained out of it, with $362 million of that amount in November alone.
Odyssey had a spectacular year in 2013, generating about a 55% return. In the wake of that success it closed to new investors in early 2014. Its current managers—Theo Kolokotrones, Joel Fried, Alfred Mordecai, M. Mohsin Ansari, and James Marchetti—collectively won this year’s Morningstar award for “exemplary stewardship.” Its 10-year performance is close to the top in the Mid-Cap Growth category, though that performance has sagged in the last 5 years, generating returns of only 5.8%—compared to previous years at 14.1%—and below the category’s average of 8.5%. The fund charges investors a 0.65% annual fee, the article details.
Primecap currently holds about $20.7 billion in mutual fund assets, according to Morningstar data that is cited in the article. That amount doesn’t include the two funds that Primecap subadvises for Vanguard: the $64.5 billion Vanguard Primecap fund and the $11.3 billion Vanguard Primecap Core fund. Primecap, which was founded in the early 1980s, did not comment on the reopening of the Odyssey Aggressive Growth fund for the article.
Validea runs stock and ETF models based on investment strategies with proven long-term track records. If you’re new to Validea, consider taking a look at our product overview or introductory videos.