6
Morningstar Analyst Rating
10-24-13
Œ
Morningstar Pillars
Process
Performance
People
Parent
Price
Positive
Positive
Positive
Positive
Positive
Morningstar Analyst Rating
Morningstar evaluates mutual funds based on five key pillars, which
its analysts believe lead to funds that are more likely to outperform
over the long term on a risk-adjusted basis.
Analyst Rating Spectrum
Œ „ ´ˇ ¨
Pillar Spectrum
Positive
§
Negative
¶
Neutral
NAV
28.71
19.48
16.07
16.47
13.99
9.30
14.22
14.34
11.96
11.08
. .
Total Return %
47.38
21.22
-0.45
21.57
50.43
-34.60
-0.19
21.57
7.94
. . .
+/-S&P 500
22.08
5.22
-2.56
6.51
23.97
2.40
-5.68
5.78
3.03
. . .
+/-Russ MG
18.67
5.41
1.20
-4.81
4.14
9.72
-11.62
10.91
-4.16
. . .
Income Return %
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
. . .
Capital Return %
47.38
21.22
-0.45
21.57
50.43
-34.60
-0.19
21.57
7.94
. . .
Total Rtn % Rank Cat
1
4
25
73
12
7
95
1
66
. . .
Income $
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
. .
Capital Gains $
0.00
0.00
0.32
0.53
0.00
0.00
0.09
0.20
0.00
0.00
. .
Expense Ratio %
.
0.68
0.68
0.71
0.77
0.78
0.78
0.99
1.25
. . .
Income Ratio %
.
-0.32
-0.33
-0.45
-0.54
-0.46
-0.25
-0.33
-0.82
. . .
Turnover Rate %
.
14
11
15
20
24
6
12
7
. . .
Net Assets $mil
4,437
1,688
1,086
914
441
219
331
159
32
12
. .
Performance
10-31-13
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Total
2009
2010
2011
2012
2013
-4.09 18.05 23.74 7.37 50.43
9.86 -10.02 10.92 10.87 21.57
8.38 0.73 -16.91 9.74 -0.45
14.81 2.98
2.79 -0.26 21.22
15.91 9.34 14.26
. .
Trailing
Total
+/-
+/- Russ %Rank Growth of
Return% S&P 500
MG
Cat
$10,000
3 Mo
6 Mo
1 Yr
3 Yr Avg
5 Yr Avg
10 Yr Avg
15 Yr Avg
8.50 3.75
2.86
14 10,850
25.37 14.22 11.62
1 12,537
52.23 25.05 18.30
1 15,223
23.21 6.65
6.05
1 18,704
26.17 11.00
5.85
1 31,973
. . . . .
. . . . .
Tax Analysis
Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat
3 Yr (estimated)
5 Yr (estimated)
10 Yr (estimated)
22.79
1
0.34
49
25.91
1
0.20
44
. . . .
Potential Capital Gain Exposure: 33% of assets
Rating and Risk
Time Load-Adj
Morningstar
Morningstar
Morningstar
Period Return % Rtn vs Cat
Risk vs Cat
Risk-Adj Rating
1 Yr
52.23
3 Yr
23.21
High
+Avg
5 Yr
26.17
High
High
10 Yr
. . . .
Incept
13.35
Other Measures
Standard Index
Best Fit Index
S&P 500 Mstar Small Growth
Alpha
3.3
4.3
Beta
1.18
0.94
R-Squared
78
87
Standard Deviation
16.65
Mean
23.21
Sharpe Ratio
1.34
Morningstar’s Take
by David Kathman, CFA 10-24-13
Primecap Odyssey Aggressive Growth is an excellent
mid-cap option from the experienced Primecap team.
On Oct. 8, 2013, Vanguard announced that Mitch
Milias, co-founder of Primecap and comanager of
Vanguard Primecap VPMCX and three other funds, will
be retiring from portfolio management at the end of the
year. The Primecap team also manages this fund, but
Milias has never been a comanager here, so his
retirement won’t have any direct effect.
The managers use essentially the same contrarian
growth strategy at this fund that they’ve used for the
past 30 years at Vanguard Primecap. They look for
stocks with strong long-term growth potential but
temporarily depressed valuations, and they’re willing
to hold on to those stocks for a while waiting for them
to turn around, resulting in low turnover.
Within that framework, this is the most aggressive
and least corelike of the team’s six funds. While a few
giants such as Roche and Google GOOG are prominent
here, 73% of the portfolio was in small- and mid-cap
stocks as of June 30, 2013, versus 40% in Primecap
Odyssey Growth POGRX and 9% in Vanguard
Primecap. It’s very heavy in health-care and
technology stocks, much like the other funds, but
smaller, riskier names such as Pharmacyclics PCYC
and Stratasys SSYS play a bigger role here.
This more aggressive approach has helped this
fund excel over the past couple of years, when
smaller, riskier stocks have tended to post the biggest
gains. The fund gained 21% and ranked in the mid-cap
growth category’s top 5% in 2012, and as of Oct. 22,
2013, its 46% year-to-date return is among the best in
the category. This great performance is no fluke; the
fund has been one of the top performers in the
category since its inception in late 2004, despite
occasional periods when it’s badly trailed its peers in
the short term.
Overall, this is a great fund for investors who are
attracted to the Primecap strategy and track record,
and are willing to take on more risk than is present in
the team’s other funds.
Address:
225 South Lake Avenue, Suite 400
Pasadena, CA 91101
800-729-2307
Web Address:
Inception:
11-01-04
Advisor:
PRIMECAP Management Company
Subadvisor:
None
NTF Plans:
N/A
Minimum Purchase:
$2000
Add: $150 IRA: $1000
Min Auto Inv Plan:
$2000
Add: $150
Sales Fees:
No-load
Management Fee:
0.60% mx./0.55% mn.
Actual Fees:
Mgt:0.55% Dist:
.
Expense Projections:
3Yr:$218
5Yr:$379 10Yr:$847
Income Distribution:
Annually
Data through October 31, 2013
PRIMECAP Odyssey Aggressive Growth
Ticker
Status Yield Total Assets
Mstar Category
POAGX Open
0.0% $4,437 mil
Mid-Cap Growth
93% 91% 98% 95% 93% 94% 97% 91% 92%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 10-13
Historical Profile
Return
Risk
Rating
High
High
Highest
Investment Style
Equity
Stock %
Manager Change
Partial Manager Change
Growth of $10,000
Investment Values of
Fund
Investment Values of
S&P 500
Performance Quartile
(within Category)
History
10.0
6.0
14.0
18.0
23.6
27.6
Portfolio Analysis
09-30-13
Share change since 06-13 Total Stocks:117 Sector
PE Tot Ret% % Assets
Dreyfus Treasury Pr Cash
. . .
8.02
Pharmacyclics, Inc.
Hlth care 86.2 105.33 4.59
Seattle Genetics, Inc.
Hlth care
.
66.81 3.15
Dreamworks Animation SKG Cnsmr Cyc
.
106.64 2.81
Roche Holding AG
Hlth care 18.7 41.15 2.77
Qiagen NV
Hlth care 117.7 27.60 2.63
Active Network Inc
Technology
.
194.09 2.12
CME Group, Inc. Class A
Finan Svs 26.5 49.12 2.07
Tribune Company
Cnsmr Cyc
. .
2.06
Sony Corporation ADR
Technology 14.0 55.13 2.00
comScore, Inc.
Industrl
.
93.90 1.98
Micron Technology, Inc.
Technology
.
178.86 1.91
Delta Air Lines Inc
Industrl
10.9 122.75 1.90
Polypore International,
Industrl
38.0 -2.80 1.71
United Continental Holdi
Industrl
.
45.21 1.63
Tuesday Morning Corporat
Cnsmr Def
.
126.40 1.57
InterMune, Inc.
Hlth care
.
45.20 1.56
Google, Inc. Class A
Technology 28.7 45.69 1.52
Immunogen, Inc.
Hlth care
.
29.02 1.49
Shutterfly, Inc.
Cnsmr Cyc 103.1 64.51 1.48
Current Investment Style
Market Cap %
Giant
9.7
Large
21.0
Mid
30.7
Small
21.8
Micro 16.9
Avg $mil:
5,688
Value Blnd Growth
Large Mid Small
Value Measures
Rel Category
Price/Earnings
Price/Book
Price/Sales
Price/Cash Flow
Dividend Yield %
21.89
2.63
1.54
12.10
0.43
1.13
0.96
0.91
1.21
0.48
Growth Measures
% Rel Category
Long-Term Erngs
Book Value
Sales
Cash Flow
Historical Erngs
17.52
3.21
1.45
-5.18
-3.54
1.23
0.33
0.19
NMF
NMF
Profitability
% Rel Category
Return on Equity
Return on Assets
Net Margin
5.03
0.30
4.06
0.29
0.04
0.40
Sector
Weightings
% of
Stocks
Rel
S&P 500 High
3 Year
Low
Cyclical 15.62 0.54
BasicMat 0.86 0.28 3 1
CnsmrCyc11.55 1.35 12 5
FinanSvs 3.21 0.20 4 1
Real Est 0.00 0.00
. .
Sensitive 49.85 1.14
CommSrvs 0.31 0.08 1 0
Energy 4.19 0.39 6 3
Industrl 14.16 1.25 16 10
Technlgy 31.19 1.78 34 27
Defensive34.53 1.25
CnsmrDef 3.10 0.25 3 1
Hlthcare 31.43 2.66 47 30
Utilities 0.00 0.00
. .
h
r
t
y
u
j
i
o
p
a
k
s
d
f
Composition - Net
(% of Stock)
Cash
8.0
Stocks 92.0
Bonds 0.0
Other
0.0
Foreign 14.1
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2013Morningstar, Inc.All rights reserved. The information herein is not representedorwarranted to be accurate, correct, complete or
timely. Past performance isnoguaranteeof future results.Accessupdated reportsat
Toorder reprints, call312-696-6100.
mfb.morningstar.com.
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