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Primecap Q3 Portfolio: Buys Blackrock, Seattle Genetics, Smart Technologies, Mercury General Corp., Rightnow Technologies

gurufocus

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This is the Q3 portfolio of Primecap Management. The firm was doing more buying than selling during the quarter. It owns 237 stocks with a total value of $61.3 billion.

Primecap has been managing Vanguard Primecap Fund since 1984, and achieved an average annual return of 13.24%. During the last 12 months, the fund gained 18.72%, while the market gained 16.52%. The fund beats the S&P500 during all periods, and closed to new investors.

These are the key points in the firm’s investing philosophy: Committed to fundamental research, take long term perspective, emphasize individual decision-making. The key to their success rests in correctly appraising the relationship between the fundamental value of a company and the market price of its stock. A company may be valuable because of its ability to make money, its assets, or both. However, a company is a good investment only if it is purchased at the right price.

PRIMECAP Management buys Blackrock World Investment Trust, Seattle Genetics Inc., Smart Technologies Inc., Mercury General Corp., Rightnow Technologies Inc., Zimmer Holdings Inc., sells Ishares Russell 1000 Growth Index Fund, American Italian Pasta Company, Micrus Endovascular Corp., Millipore Corp., , Sonicwall Inc. during the 3-months ended 09/30/2010, according to the most recent filings of his investment company, PRIMECAP Management. PRIMECAP Management owns 237 stocks with a total value of $61.3 billion. These are the details of the buys and sells.

For the details of PRIMECAP Management's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=PRIMECAP+Management

This is the sector weightings of his portfolio:

Technology 29.1%
Health Care 22.2%
Industrials 13.6%
Consumer Services 13.1%
Oil & Gas 6.5%
Basic Materials 4.7%
Consumer Goods 4.3%
Financials 3.8%
Telecommunications 0.3%
Utilities 0.1%


These are the top 5 holdings of PRIMECAP Management

  1. Amgen Inc. (AMGN) - 46,499,746 shares, 4.18% of the total portfolio. Shares added by 6.35%
  2. Eli Lilly And Company (LLY) - 63,434,533 shares, 3.78% of the total portfolio. Shares reduced by 2.21%
  3. Novartis AG (NVS) - 33,816,772 shares, 3.18% of the total portfolio. Shares reduced by 2.58%
  4. FedEx Corp. (FDX) - 21,953,705 shares, 3.06% of the total portfolio. Shares reduced by 1.78%
  5. Google Inc. (GOOG) - 3,269,668 shares, 2.81% of the total portfolio. Shares added by 1.4%


Added: Amgen Inc. (AMGN)

PRIMECAP Management added to his holdings in Amgen Inc. by 6.35%. His purchase prices were between $50.93 and $56.32, with an estimated average price of $53.69. The impact to his portfolio due to this purchase was 0.25%. His holdings were 46,499,746 shares as of 09/30/2010.

Amgen Inc. discovers, develops and delivers innovative human therapeutics. Amgen Inc. has a market cap of $52.43 billion; its shares were traded at around $54.7 with a P/E ratio of 10.9 and P/S ratio of 3.6. Amgen Inc. had an annual average earning growth of 18.1% over the past 10 years. GuruFocus rated Amgen Inc. the business predictability rank of 4-star.

Added: Texas Instruments Inc. (TXN)

PRIMECAP Management added to his holdings in Texas Instruments Inc. by 10.26%. His purchase prices were between $23.02 and $27.06, with an estimated average price of $24.83. The impact to his portfolio due to this purchase was 0.23%. His holdings were 56,413,356 shares as of 09/30/2010.

Texas Instruments, Inc. is a global semiconductor company and one of the world's designers and suppliers of digital signal processors and analog integrated circuits, the engines driving the digitization of electronics. Texas Instruments Inc. has a market cap of $37.46 billion; its shares were traded at around $31.34 with a P/E ratio of 13.2 and P/S ratio of 3.6. The dividend yield of Texas Instruments Inc. stocks is 1.7%. Texas Instruments Inc. had an annual average earning growth of 4.2% over the past 5 years.

Added: Potash Corp. Of Saskatchewan Inc. (POT)

PRIMECAP Management added to his holdings in Potash Corp. Of Saskatchewan Inc. by 9.22%. His purchase prices were between $84.6 and $150.47, with an estimated average price of $124.33. The impact to his portfolio due to this purchase was 0.21%. His holdings were 10,551,408 shares as of 09/30/2010.

Potash Corporation of Saskatchewan Inc. is the world's largest potash company, the third largest phoshate producer and the second largest nitrogen producer in the world. Potash Corp. Of Saskatchewan Inc. has a market cap of $41.95 billion; its shares were traded at around $141.43 with a P/E ratio of 27.5 and P/S ratio of 10.5. The dividend yield of Potash Corp. Of Saskatchewan Inc. stocks is 0.3%. Potash Corp. Of Saskatchewan Inc. had an annual average earning growth of 31.7% over the past 10 years. GuruFocus rated Potash Corp. Of Saskatchewan Inc. the business predictability rank of 2.5-star.

Added: Research In Motion Ltd. (RIMM)

PRIMECAP Management added to his holdings in Research In Motion Ltd. by 29.08%. His purchase prices were between $42.84 and $57.53, with an estimated average price of $50.19. The impact to his portfolio due to this purchase was 0.18%. His holdings were 10,203,823 shares as of 09/30/2010.

RESEARCH IN MOTION is a world leader in the mobile communications market and has a history of developing breakthrough wireless solutions. Research In Motion Ltd. has a market cap of $30.48 billion; its shares were traded at around $58.44 with a P/E ratio of 11.2 and P/S ratio of 2. Research In Motion Ltd. had an annual average earning growth of 55% over the past 5 years.

Added: Weyerhaeuser Company (WY)

PRIMECAP Management added to his holdings in Weyerhaeuser Company by 129.65%. His purchase prices were between $15.4 and $40.7224, with an estimated average price of $20.01. The impact to his portfolio due to this purchase was 0.12%. His holdings were 8,601,973 shares as of 09/30/2010.

Weyerhaeuser Company is principally engaged in the growing and harvesting of timber and the manufacture, distribution and sale of forest products, real estate development and construction, and other real estate relatedactivities. Weyerhaeuser Company has a market cap of $3.73 billion; its shares were traded at around $17.63 with a P/E ratio of 84.5 and P/S ratio of 0.7. The dividend yield of Weyerhaeuser Company stocks is 1.1%.

Added: Vulcan Materials Company (VMC)

PRIMECAP Management added to his holdings in Vulcan Materials Company by 34.78%. His purchase prices were between $35.7 and $47.38, with an estimated average price of $40.61. The impact to his portfolio due to this purchase was 0.12%. His holdings were 7,835,689 shares as of 09/30/2010.

Vulcan Materials Company is the nation's foremost producer of constructionaggregates, a major producer of other construction materials and a leadingchemicals manufacturer, supplying chloralkali and other industrial andspecialty chemicals. Vulcan Materials Company has a market cap of $5.36 billion; its shares were traded at around $41.81 with and P/S ratio of 2. The dividend yield of Vulcan Materials Company stocks is 2.4%.

Added: Nuance Communications Inc. (NUAN)

PRIMECAP Management added to his holdings in Nuance Communications Inc. by 84.35%. His purchase prices were between $14.65 and $17.43, with an estimated average price of $15.8. The impact to his portfolio due to this purchase was 0.1%. His holdings were 8,147,500 shares as of 09/30/2010.

Nuance Communications, Inc. is the provider of speech and imaging solutions for businesses and consumers around the world. Nuance Communications Inc. has a market cap of $4.92 billion; its shares were traded at around $16.73 with a P/E ratio of 18.6 and P/S ratio of 5.1.

Added: Ritchie Bros. Auctioneers Inc. (RBA)

PRIMECAP Management added to his holdings in Ritchie Bros. Auctioneers Inc. by 46.27%. His purchase prices were between $17.55 and $20.5, with an estimated average price of $18.72. The impact to his portfolio due to this purchase was 0.08%. His holdings were 7,163,480 shares as of 09/30/2010.

Ritchie Bros. Auctioneers conduct unreserved public auctions every year at locations throughout North and Central America, Europe, Asia, Australia, Africa and the Middle East. Ritchie Bros. Auctioneers Inc. has a market cap of $2.16 billion; its shares were traded at around $20.45 with a P/E ratio of 29.7 and P/S ratio of 5.8. The dividend yield of Ritchie Bros. Auctioneers Inc. stocks is 2%. Ritchie Bros. Auctioneers Inc. had an annual average earning growth of 18.1% over the past 10 years. GuruFocus rated Ritchie Bros. Auctioneers Inc. the business predictability rank of 5-star.

Added: Crucell Nv (CRXL)

PRIMECAP Management added to his holdings in Crucell Nv by 23.23%. His purchase prices were between $18.27 and $33.49, with an estimated average price of $21.51. The impact to his portfolio due to this purchase was 0.06%. His holdings were 5,575,874 shares as of 09/30/2010.

Crucell N.V. discovers, develops, and produces a variety of biopharmaceuticals for the treatment of human diseases. Crucell Nv has a market cap of $2.62 billion; its shares were traded at around $32.02 with a P/E ratio of 55.3 and P/S ratio of 5.4.

Added: Yahoo! Inc. (YHOO)

PRIMECAP Management added to his holdings in Yahoo! Inc. by 405.24%. His purchase prices were between $13.109 and $15.52, with an estimated average price of $14.06. The impact to his portfolio due to this purchase was 0.05%. His holdings were 2,777,800 shares as of 09/30/2010.

Yahoo! Inc. is a global Internet communications, commerce and media company that offers a comprehensive branded network of services. Yahoo! Inc. has a market cap of $22.84 billion; its shares were traded at around $16.94 with a P/E ratio of 28.7 and P/S ratio of 3.5.

Added: Dreamworks Animation Skg Inc. (DWA)

PRIMECAP Management added to his holdings in Dreamworks Animation Skg Inc. by 50.44%. His purchase prices were between $28.31 and $34.85, with an estimated average price of $31.13. The impact to his portfolio due to this purchase was 0.04%. His holdings were 2,038,900 shares as of 09/30/2010.

Dream Works Animation SKG, Inc. develops and produces computer generated animated feature films for a broad movie-going audience. Dreamworks Animation Skg Inc. has a market cap of $2.84 billion; its shares were traded at around $33.72 with a P/E ratio of 22.8 and P/S ratio of 3.9.

Added: Activision Blizzard, Inc (ATVI)

PRIMECAP Management added to his holdings in Activision Blizzard, Inc by 173.75%. His purchase prices were between $10.54 and $11.95, with an estimated average price of $11.15. The impact to his portfolio due to this purchase was 0.04%. His holdings were 3,979,000 shares as of 09/30/2010.

ACTIVISION BLIZZARD, INC. is a worldwide pure-play online and console game publisher with market positions across all categories of the rapidly growing interactive entertainment software industry. Activision Blizzard, Inc has a market cap of $14.47 billion; its shares were traded at around $11.82 with a P/E ratio of 18.5 and P/S ratio of 3.4. The dividend yield of Activision Blizzard, Inc stocks is 1.3%.

Added: Range Resources Corp. (RRC)

PRIMECAP Management added to his holdings in Range Resources Corp. by 52.39%. His purchase prices were between $32.8 and $42.67, with an estimated average price of $37.31. The impact to his portfolio due to this purchase was 0.02%. His holdings were 1,075,700 shares as of 09/30/2010.

Range Resources Corp. acquires, develops, and finances oil and gas properties in the U. Range Resources Corp. has a market cap of $6.84 billion; its shares were traded at around $42.75 with a P/E ratio of 60.2 and P/S ratio of 7.5. The dividend yield of Range Resources Corp. stocks is 0.4%. Range Resources Corp. had an annual average earning growth of 14.2% over the past 10 years.

Added: Schweitzermauduit International Inc. (SWM)

PRIMECAP Management added to his holdings in Schweitzermauduit International Inc. by 335.48%. His purchase prices were between $46.22 and $59.96, with an estimated average price of $52.87. The impact to his portfolio due to this purchase was 0.02%. His holdings were 202,500 shares as of 09/30/2010.

Schweitzer-Mauduit International, Inc. is a diversified producer of premium specialty papers and the world's largest supplier of fine papers to the tobacco industry. Schweitzermauduit International Inc. has a market cap of $1.19 billion; its shares were traded at around $65.06 with a P/E ratio of 15.3 and P/S ratio of 1.5. The dividend yield of Schweitzermauduit International Inc. stocks is 0.9%. Schweitzermauduit International Inc. had an annual average earning growth of 1.5% over the past 5 years.

Added: Smart Balance Inc. (SMBL)

PRIMECAP Management added to his holdings in Smart Balance Inc. by 80.81%. His purchase prices were between $3.62 and $4.34, with an estimated average price of $3.88. The impact to his portfolio due to this purchase was 0.01%. His holdings were 4,335,005 shares as of 09/30/2010.

SMART BALANCE INC. is committed to providing superior tasting heart healthier alternatives in every category it enters by avoiding trans fats naturally, balancing fats and/or reducing saturated fats, total fat and cholesterol. Smart Balance Inc. has a market cap of $233.5 million; its shares were traded at around $3.8 with a P/E ratio of 42.2 and P/S ratio of 0.9.

Added: Websense Inc. (WBSN)

PRIMECAP Management added to his holdings in Websense Inc. by 92.08%. His purchase prices were between $17.73 and $21.38, with an estimated average price of $19.54. The impact to his portfolio due to this purchase was 0.01%. His holdings were 1,108,100 shares as of 09/30/2010.

Websense Inc. provide employee Internet management products that enable businesses to monitor, report and manage how their employees use the Internet. Websense Inc. has a market cap of $947 million; its shares were traded at around $22.3 with a P/E ratio of 34.9 and P/S ratio of 3.

Added: Monster Worldwide Inc. (MWW)

PRIMECAP Management added to his holdings in Monster Worldwide Inc. by 717.11%. His purchase prices were between $10.22 and $14, with an estimated average price of $12.3. The impact to his portfolio due to this purchase was 0.01%. His holdings were 621,000 shares as of 09/30/2010.

Monster Worldwide, Inc is the online recruitment leader and the parent company of Monster, the global careers website. Monster Worldwide Inc. has a market cap of $2.57 billion; its shares were traded at around $19.8 with and P/S ratio of 2.8.

Added: Public Service Enterprise Group (PEG)

PRIMECAP Management added to his holdings in Public Service Enterprise Group by 28.17%. His purchase prices were between $31.38 and $34.78, with an estimated average price of $32.61. The impact to his portfolio due to this purchase was 0.01%. His holdings were 466,800 shares as of 09/30/2010.

Public Service Entertainment Group has been an active participant in the ongoing policy debate on how the energy industry can best contribute to achieving the nation's environmental objectives. Public Service Enterprise Group has a market cap of $16.32 billion; its shares were traded at around $32.25 with a P/E ratio of 10.2 and P/S ratio of 1.3. The dividend yield of Public Service Enterprise Group stocks is 4.2%. Public Service Enterprise Group had an annual average earning growth of 3.6% over the past 10 years.

Added: Dyax Corp. (DYAX)

PRIMECAP Management added to his holdings in Dyax Corp. by 27.83%. His purchase prices were between $2.1 and $2.55, with an estimated average price of $2.32. The impact to his portfolio due to this purchase was 0.01%. His holdings were 6,545,000 shares as of 09/30/2010.

Dyax Corp is a biopharmaceutical company that has developed and patented a method that is used to identify a broad range of compounds with potential for the treatment and diagnosis of diseases. Dyax Corp. has a market cap of $228.3 million; its shares were traded at around $2.32 with and P/S ratio of 10.5. Dyax Corp. had an annual average earning growth of 0.6% over the past 5 years.

Added: Crown Holdings Inc. (CCK)

PRIMECAP Management added to his holdings in Crown Holdings Inc. by 221.39%. His purchase prices were between $24.52 and $29.64, with an estimated average price of $27.8. The impact to his portfolio due to this purchase was 0.01%. His holdings were 115,700 shares as of 09/30/2010.

Crown Cork & Seal is a supplier of packaging products to consumer marketing companies around the world. Crown Holdings Inc. has a market cap of $5.2 billion; its shares were traded at around $32.07 with a P/E ratio of 15.4 and P/S ratio of 0.7. Crown Holdings Inc. had an annual average earning growth of 3.9% over the past 5 years.

Added: Edison International (EIX)

PRIMECAP Management added to his holdings in Edison International by 28%. His purchase prices were between $31.13 and $34.88, with an estimated average price of $33.71. The impact to his portfolio due to this purchase was less than 0.01%. His holdings were 320,000 shares as of 09/30/2010.

Edison International is an international electric power generator, distributor and structured finance provider. Edison International has a market cap of $12.22 billion; its shares were traded at around $37.51 with a P/E ratio of 10.8 and P/S ratio of 1. The dividend yield of Edison International stocks is 3.4%. Edison International had an annual average earning growth of 1.4% over the past 10 years.

Added: Cameron International Corp. (CAM)

PRIMECAP Management added to his holdings in Cameron International Corp. by 23.79%. His purchase prices were between $32.21 and $43.89, with an estimated average price of $38.17. The impact to his portfolio due to this purchase was less than 0.01%. His holdings were 83,247 shares as of 09/30/2010.

Cooper Cameron Corporation's is a provider of flow equipment products, systems and services to worldwide oil, gas and process industries. Cameron International Corp. has a market cap of $11.13 billion; its shares were traded at around $45.95 with a P/E ratio of 20.2 and P/S ratio of 2.1. Cameron International Corp. had an annual average earning growth of 20.9% over the past 10 years.

Added: Rex Energy Corp. (REXX)

PRIMECAP Management added to his holdings in Rex Energy Corp. by 533.33%. His purchase prices were between $8.87 and $12.7, with an estimated average price of $10.66. The impact to his portfolio due to this purchase was less than 0.01%. His holdings were 190,000 shares as of 09/30/2010.

Rex Energy Corporation is an independent oil and gas company operating in the Illinois Basin, the Appalachian Basin and the southwestern region of the United States. Rex Energy Corp. has a market cap of $502.6 million; its shares were traded at around $11.41 with and P/S ratio of 10.3.

Added: Faro Technologies Inc. (FARO)

PRIMECAP Management added to his holdings in Faro Technologies Inc. by 20.2%. His purchase prices were between $17.81 and $22.46, with an estimated average price of $19.62. The impact to his portfolio due to this purchase was less than 0.01%. His holdings were 360,000 shares as of 09/30/2010.

FARO Technologies, Inc. and its international subsidiaries are pioneers and market leaders in the computer-aided manufacturing measurement market, which is the final frontier of the computer-aided design and computer-aided manufacturing revolution. Faro Technologies Inc. has a market cap of $467.7 million; its shares were traded at around $28.945 with a P/E ratio of 57.8 and P/S ratio of 3.2.

New Purchase: Blackrock World Investment Trust (BWC)

PRIMECAP Management initiated holdings in Blackrock World Investment Trust. His purchase prices were between $21.52 and $24.68, with an estimated average price of $22.64. The impact to his portfolio due to this purchase was 0.26%. His holdings were 7,400,730 shares as of 09/30/2010.

The Babcock & Wilcox Company delivers advanced engineering, manufacturing and construction solutions to meet global energy demands. Blackrock World Investment Trust has a market cap of $2.7 billion; its shares were traded at around $23.2 .

New Purchase: Seattle Genetics Inc. (SGEN)

PRIMECAP Management initiated holdings in Seattle Genetics Inc.. His purchase prices were between $11.44 and $15.08, with an estimated average price of $12.22. The impact to his portfolio due to this purchase was 0.09%. His holdings were 3,436,800 shares as of 09/30/2010.

Seatlle Genetic develops monoclonal antibody-based drugs to treat cancer and related diseases. Seattle Genetics Inc. has a market cap of $1.45 billion; its shares were traded at around $14.34 with and P/S ratio of 27.9. Seattle Genetics Inc. had an annual average earning growth of 2.2% over the past 10 years.

New Purchase: Smart Technologies Inc. (SMT)

PRIMECAP Management initiated holdings in Smart Technologies Inc.. His purchase prices were between $10.5 and $17.05, with an estimated average price of $13.51. The impact to his portfolio due to this purchase was 0.03%. His holdings were 1,558,900 shares as of 09/30/2010.

SMART Technologies Inc. designs, develops and sells interactive technology products and solutions for the education, business and government sectors. Smart Technologies Inc. has a market cap of $394.8 million; its shares were traded at around $8.91 .

New Purchase: Rightnow Technologies Inc. (RNOW)

PRIMECAP Management initiated holdings in Rightnow Technologies Inc.. His purchase prices were between $14.54 and $19.54, with an estimated average price of $16.67. The impact to his portfolio due to this purchase was 0.01%. His holdings were 265,000 shares as of 09/30/2010.

RightNow Technologies provides on-demand software solutions designed to optimize customer service operations for businesses of all sizes. Rightnow Technologies Inc. has a market cap of $889.4 million; its shares were traded at around $27.76 with a P/E ratio of 138.9 and P/S ratio of 5.8.

New Purchase: Mercury General Corp. (MCY)

PRIMECAP Management initiated holdings in Mercury General Corp.. His purchase prices were between $38.44 and $44.12, with an estimated average price of $40.74. The impact to his portfolio due to this purchase was 0.01%. His holdings were 160,000 shares as of 09/30/2010.

Mercury General Corp. is engaged primarily in writing all risk classifications of automobile insurance in a number of states, principallyCalifornia. Mercury General Corp. has a market cap of $2.45 billion; its shares were traded at around $44.68 with a P/E ratio of 15.3 and P/S ratio of 0.8. The dividend yield of Mercury General Corp. stocks is 5.3%.

New Purchase: Zimmer Holdings Inc. (ZMH)

PRIMECAP Management initiated holdings in Zimmer Holdings Inc.. His purchase prices were between $46.97 and $57.92, with an estimated average price of $51.99. The impact to his portfolio due to this purchase was less than 0.01%. His holdings were 4,400 shares as of 09/30/2010.

Zimmer is a global leader in the design, development, manufacturing and market of reconstructive orthopaedic implants and fracture management products. Zimmer Holdings Inc. has a market cap of $10.39 billion; its shares were traded at around $51.69 with a P/E ratio of 12.3 and P/S ratio of 2.5. Zimmer Holdings Inc. had an annual average earning growth of 18.2% over the past 10 years.

Reduced: Vmware Inc. (VMW)

PRIMECAP Management reduced to his holdings in Vmware Inc. by 69.05%. His sale prices were between $63.28 and $87.8, with an estimated average price of $79.15. The impact to his portfolio due to this sale was less than 0.01%. PRIMECAP Management still held 7,800 shares as of 09/30/2010.

VMware provides virtualization solutions from the desktop to the data center. Vmware Inc. has a market cap of $34.46 billion; its shares were traded at around $83.15 with a P/E ratio of 103.9 and P/S ratio of 17.1.

Reduced: Agilent Technologies Inc. (A)

PRIMECAP Management reduced to his holdings in Agilent Technologies Inc. by 46.33%. His sale prices were between $26.97 and $32.58, with an estimated average price of $28.91. The impact to his portfolio due to this sale was less than 0.01%. PRIMECAP Management still held 116,466 shares as of 09/30/2010.

Agilent Technologies is the world's premier measurement company and a technology leader in communications, electronics, life sciences and chemical analysis. Agilent Technologies Inc. has a market cap of $12.21 billion; its shares were traded at around $35.26 with a P/E ratio of 21.3 and P/S ratio of 2.7.

Reduced: Avery Dennison Corp. (AVY)

PRIMECAP Management reduced to his holdings in Avery Dennison Corp. by 23.15%. His sale prices were between $31.67 and $38.04, with an estimated average price of $34.96. The impact to his portfolio due to this sale was less than 0.01%. PRIMECAP Management still held 400,000 shares as of 09/30/2010.

Avery Dennision Corporation produces pressure-sensitive adhesives and materials and the production of consumer and converted products. Avery Dennison Corp. has a market cap of $4.07 billion; its shares were traded at around $37.06 with a P/E ratio of 14.2 and P/S ratio of 0.7. The dividend yield of Avery Dennison Corp. stocks is 2.1%.

Reduced: Charles River Laboratories International (CRL)

PRIMECAP Management reduced to his holdings in Charles River Laboratories International by 25.98%. His sale prices were between $28.25 and $35.6, with an estimated average price of $31.6. The impact to his portfolio due to this sale was less than 0.01%. PRIMECAP Management still held 80,900 shares as of 09/30/2010.

Charles River Laboratories is a provider of critical research tools and integrated support services that enable innovative and efficient drug discovery and development. Charles River Laboratories International has a market cap of $2.1 billion; its shares were traded at around $31.65 with a P/E ratio of 16.8 and P/S ratio of 1.7. Charles River Laboratories International had an annual average earning growth of 6.4% over the past 10 years.

Reduced: Intermec Inc. (IN)

PRIMECAP Management reduced to his holdings in Intermec Inc. by 33.15%. His sale prices were between $9.74 and $12.44, with an estimated average price of $10.96. The impact to his portfolio due to this sale was less than 0.01%. PRIMECAP Management still held 186,100 shares as of 09/30/2010.

UNOVA, Inc. and subsidiaries is an industrial technologies company providing global customers with solutions for improving their efficiency and productivity. Intermec Inc. has a market cap of $787.4 million; its shares were traded at around $12.73 with and P/S ratio of 1.2.

Reduced: Jacobs Engineering Group Inc. (JEC)

PRIMECAP Management reduced to his holdings in Jacobs Engineering Group Inc. by 38.77%. His sale prices were between $34.68 and $39.97, with an estimated average price of $36.69. The impact to his portfolio due to this sale was less than 0.01%. PRIMECAP Management still held 75,500 shares as of 09/30/2010.

Jacobs Engineering Group Inc. is one of the largest professional service firms in the United States providing engineering, design and consulting services; construction and construction management services; and process plant maintenance services to a broad range of industrial, commercialand governmental clients. Jacobs Engineering Group Inc. has a market cap of $5.37 billion; its shares were traded at around $42.74 with a P/E ratio of 17.1 and P/S ratio of 0.5. Jacobs Engineering Group Inc. had an annual average earning growth of 18.5% over the past 10 years. GuruFocus rated Jacobs Engineering Group Inc. the business predictability rank of 3.5-star.

Reduced: Aflac Inc. (AFL)

PRIMECAP Management reduced to his holdings in Aflac Inc. by 49.46%. His sale prices were between $43.12 and $53.61, with an estimated average price of $49.26. The impact to his portfolio due to this sale was -0.01%. PRIMECAP Management still held 408,700 shares as of 09/30/2010.

AFLAC Inc. is a general business holding company and acts as a management company, overseeing the operations of its subsidiaries by providing management services and making capital available. Aflac Inc. has a market cap of $26.74 billion; its shares were traded at around $56.8 with a P/E ratio of 10.6 and P/S ratio of 1.5. The dividend yield of Aflac Inc. stocks is 2%. Aflac Inc. had an annual average earning growth of 11.7% over the past 10 years. GuruFocus rated Aflac Inc. the business predictability rank of 3-star.

Reduced: International Paper Company (IP)

PRIMECAP Management reduced to his holdings in International Paper Company by 72.6%. His sale prices were between $19.88 and $25.5, with an estimated average price of $22.65. The impact to his portfolio due to this sale was -0.01%. PRIMECAP Management still held 565,600 shares as of 09/30/2010.

International Paper Co. is a global paper and forest products company thatis complemented by an extensive distribution system. International Paper Company has a market cap of $11.35 billion; its shares were traded at around $25.96 with a P/E ratio of 16.1 and P/S ratio of 0.5. The dividend yield of International Paper Company stocks is 2%. International Paper Company had an annual average earning growth of 1% over the past 10 years.

Reduced: Citrix Systems Inc. (CTXS)

PRIMECAP Management reduced to his holdings in Citrix Systems Inc. by 98.16%. His sale prices were between $42.11 and $71.06, with an estimated average price of $56.97. The impact to his portfolio due to this sale was -0.01%. PRIMECAP Management still held 108,700 shares as of 09/30/2010.

Citrix Systems, Inc. is one of the suppliers of application delivery and management software and services that enable the effective and efficient enterprise-wide deployment and management of applications. Citrix Systems Inc. has a market cap of $12.41 billion; its shares were traded at around $66.39 with a P/E ratio of 39.8 and P/S ratio of 7.7. Citrix Systems Inc. had an annual average earning growth of 4.2% over the past 10 years.

Reduced: Pfizer Inc (PFE)

PRIMECAP Management reduced to his holdings in Pfizer Inc by 38.37%. His sale prices were between $14.14 and $17.425, with an estimated average price of $15.94. The impact to his portfolio due to this sale was -0.01%. PRIMECAP Management still held 777,600 shares as of 09/30/2010.

Pfizer Inc is a research-based, global pharmaceutical company that discovers and develops innovative, value-added products that improve the quality of life of people around the world and help them enjoy longer, healthier, and more productive lives. Pfizer Inc has a market cap of $135.28 billion; its shares were traded at around $16.829 with a P/E ratio of 7.5 and P/S ratio of 2.7. The dividend yield of Pfizer Inc stocks is 4.2%. Pfizer Inc had an annual average earning growth of 1.8% over the past 10 years.

Reduced: Akamai Technologies Inc. (AKAM)

PRIMECAP Management reduced to his holdings in Akamai Technologies Inc. by 24.65%. His sale prices were between $37.2 and $52.7001, with an estimated average price of $45.63. The impact to his portfolio due to this sale was -0.02%. PRIMECAP Management still held 1,022,186 shares as of 09/30/2010.

Akamai Technologies Inc. is the global service provider for accelerating content and business processes online. Akamai Technologies Inc. has a market cap of $9.42 billion; its shares were traded at around $51.85 with a P/E ratio of 48.5 and P/S ratio of 11. Akamai Technologies Inc. had an annual average earning growth of 31.8% over the past 5 years.

Reduced: Alcoa Inc. (AA)

PRIMECAP Management reduced to his holdings in Alcoa Inc. by 78.27%. His sale prices were between $10 and $12.22, with an estimated average price of $11.01. The impact to his portfolio due to this sale was -0.02%. PRIMECAP Management still held 1,601,400 shares as of 09/30/2010.

Alcoa Inc. is the world's producer and manager of primary aluminum, fabricated aluminum and alumina facilities, and is active in all major aspects of the industry. Alcoa Inc. has a market cap of $14.17 billion; its shares were traded at around $13.88 with a P/E ratio of 42.1 and P/S ratio of 0.8. The dividend yield of Alcoa Inc. stocks is 0.9%.

Reduced: Edwards Lifesciences Corp. (EW)

PRIMECAP Management reduced to his holdings in Edwards Lifesciences Corp. by 50%. His sale prices were between $53.55 and $68.12, with an estimated average price of $58.34. The impact to his portfolio due to this sale was -0.02%. PRIMECAP Management still held 300,000 shares as of 09/30/2010.

Edwards Lifesciences Corp. a leader in advanced cardiovascular disease treatments, is the number-one heart valve company in the world and the global leader in acute hemodynamic monitoring. Edwards Lifesciences Corp. has a market cap of $7.5 billion; its shares were traded at around $66.16 with a P/E ratio of 38.7 and P/S ratio of 5.7.

Reduced: Cerner Corp. (CERN)

PRIMECAP Management reduced to his holdings in Cerner Corp. by 31.9%. His sale prices were between $72.85 and $82.51, with an estimated average price of $77.44. The impact to his portfolio due to this sale was -0.04%. PRIMECAP Management still held 865,831 shares as of 09/30/2010.

Cerner Corp. designs, develops, markets, installs and supports information technology and content solutions for healthcare organizations and consumers that are capable of being implemented on an individual, combined or enterprise-wide basis and are accessible over the internet by consumers, physicians and healthcare providers. Cerner Corp. has a market cap of $7.27 billion; its shares were traded at around $88.1 with a P/E ratio of 33.1 and P/S ratio of 4.3. Cerner Corp. had an annual average earning growth of 21.5% over the past 10 years. GuruFocus rated Cerner Corp. the business predictability rank of 3-star.

Reduced: Boston Scientific Corp. (BSX)

PRIMECAP Management reduced to his holdings in Boston Scientific Corp. by 24.21%. His sale prices were between $5.13 and $6.59, with an estimated average price of $5.74. The impact to his portfolio due to this sale was -0.17%. PRIMECAP Management still held 70,941,629 shares as of 09/30/2010.

Boston Scientific Corporation is a worldwide developer, manufacturer and marketer of minimally invasive medical devices. Boston Scientific Corp. has a market cap of $10.38 billion; its shares were traded at around $6.84 with a P/E ratio of 14.5 and P/S ratio of 1.3. Boston Scientific Corp. had an annual average earning growth of 5.4% over the past 10 years.

Sold Out: Ishares Russell 1000 Growth Index Fund (IWF)

PRIMECAP Management sold out his holdings in Ishares Russell 1000 Growth Index Fund. His sale prices were between $45.36 and $51.61, with an estimated average price of $48.85.

Sold Out: American Italian Pasta Company (AIPC)

PRIMECAP Management sold out his holdings in American Italian Pasta Company. His sale prices were between $52.87 and $53.01, with an estimated average price of $52.95.

American Italian Pasta Company is the largest producer and one of thefastest-growing marketers of dry pasta in North America.. American Italian Pasta Company had an annual average earning growth of 33.9% over the past 5 years.

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