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Team at Vanguard Capital Opportunity
Posted by: valuefan (IP Logged)
Date: March 17, 2008 08:27AM
Team at Vanguard Capital Opportunity made 15.48% annually over last 10 years with turnover of 11% annually. This team really would be good for GuruFocus. I wouldn't worry about too
many gurus because we have computers to process the data.
GuruFocus has the best format of any site, but does need to add the remainder of
From morningstar -
Vanguard Capital Opportunity remains an excellent long-term holding.
Investors who are focused on short-term results might be concerned about this fund's apparently erratic record the past few years--it trailed the mid-cap growth category in both 2005 and 2007, though it did finish near the top of the category in 2006 and has lost less than its peers in this year's sometimes-brutal down market. The up-and-down nature of those results, however, says a lot more about the market's recent volatility than it does about this fund, which remains an outstanding choice for the long term.
As always, the main reason for our confidence is the Primecap management team. They have compiled one of the best records in the fund industry in nearly 25 years at the large-growth Vanguard Primecap VPMCX and for the past decade at this fund, which is more focused on mid-caps. That record is based on the team's highly successful strategy, focused on finding stocks with great long-term growth prospects but temporarily depressed valuations.
The managers' long-term focus, plus their willingness to make significant sector bets (such as their current bet on out-of-favor drug stocks) mean that the fund can be out of sync with the market in the short term. However, it always comes back strongly, and its five- and 10-year returns are among the best in the mid-cap growth category.
This fund's average market cap has crept upward as its asset base has grown, so that more than half of the portfolio is now in large caps. That large-cap tilt has helped the fund in the risk-averse environment of recent months, especially relative to its smaller cousin, Primecap Odyssey Aggressive Growth POAGX, whose average market cap is less than 25% of this fund's. Given that this fund is closed to most new investors, Odyssey Aggressive Growth is worth considering as an alternative, especially for investors who prefer a fund more oriented to small- and mid-caps.