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Vanguard Capital Opportunity
Posted by: valuefan (IP Logged)
Date: May 29, 2008 01:27PM
Just looking at Morningstar. The team at Vanguard Capital Opportunity achieved annual gains
of 15.52 % over the last ten years with a 14 percent annual turnover. These seem like
worthwhile mgrs. to follow.
From Morningstar -
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.
The fund's five managers--Howard Schow, Theo Kolokotrones, Joel Fried, Al Mordecai, and Dave Van Slooten--employ an unusual team structure. Although they share ideas, each independently manages a portion of the fund's assets. Their strong record at Vanguard Primecap speaks for itself. They were named Morningstar's Domestic-Stock Managers of the Year for 2003.
The team that manages this fund also runs Vanguard Primecap. At both funds, management has thrived by purchasing beaten-down stocks in growth industries.
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