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PRIMECAP Management Sells 11 – Wal-Mart, Kohl’s, Progressive

Sally Jones

Sally Jones

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Third from the top, right below Warren Buffett and Dodge & Cox, the mutual fund firm PRIMECAP Management has a total value of $67.8 billion. The firm manages Vanguard’s PRIMECAP Fund, Vanguard Capital Opportunity Fund, and Vanguard PRIMECAP Core Fund, as well as three PRIMECAP Odyssey Funds.

As of March 31, 2013, PRIMECAP Management company sold out these 11 holdings.

Sold Out: O’Reilly Automotive Inc. (ORLY) - Specialty Retail

PRIMECAP Management sold out its position with ORLY, unloading around 2.8 million shares at an average price of $22.1 for a loss of 66.3%. This stock never delivered a gain in seven quarters held by PRIMECAP

His worst quarter showed a loss of 81.3% in the third quarter of 2011.

This trade impacts his portfolio by -2.8%.

The current share price is $7.45 compared to past valuations:



Sold Out: Kaiser Aluminum Corporation (KALU) - Aluminum

As of March 31, 2013, PRIMECAP Management also sold out its position with KALU, unloading 10,000 shares at an average price of $62.90 for a gain of 2.5%. This stock delivered gains in all five quarters held by PRIMECAP, topping out at 42.3% in the fourth quarter of 2011.

The current share price is $64.49 compared to past valuations:



Sold Out: Kohl’s Corp. (KSS) - Department Stores

PRIMECAP Management sold out its position with KSS, unloading 57,500 shares at an average price of $45.48 for a gain of 14.4%. PRIMECAP held this stock for 20 quarters, with gains in 14 of them.

This trade impacts his portfolio by -0.004%.

The current share price is $52.03 compared to past valuations:



Sold Out: Deckers Outdoor Corporation (DECK) – Footwear and Accessories

As of March 31, 2013, PRIMECAP also sold out its position with DECK, selling 10,000 shares at an average price of $43.43 for a gain of 23.7%. PRIMECAP held this stock for four quarters, with mixed results. The highest gain was 50.3% in the fourth quarter of 2012.

The current share price is $53.71 compared to past valuations:



Sold Out: Citrix Systems Inc. (CTXS) – Software -Infrastructure

As of March 31, 2013, PRIMECAP Management also sold out its position with CTXS, selling 23,000 shares at an average price of $23.70 for a gain of 9.1%. PRIMECAP held this stock for 16 quarters, always green until the fourth quarter of 2010, showing a loss of 2.8%, and losing every quarter after that.

This trade impacts his portfolio by -0.0027%.

The current share price is $63.65 compared to past valuations:



Sold Out: Progressive Corporation (PGR) – Insurance – Property and Casualty

PRIMECAP Management sold out its position with PGR, selling 25,000 shares at an average price of $71.41 for a loss of 10.97%. PRIMECAP held this stock for 19 quarters, always in the green. The highest gaining quarter was the first quarter of 2009 for 103.1%.

The current share price is $25.85 compared to past valuations:



Sold Out: Strattec Security Corporation (STRT) – Auto Parts

PRIMECAP Management also sold out its position with STRT, selling 19,258 shares at an average price of $28.79 for a gain of 29.7%. PRIMECAP held this stock for 20 quarters, 19 of which made gains. The highest gaining quarter was the first quarter of 2009 for 241.8%.

The current share price is $37.33 compared to past valuations:



Sold Out: USA Truck (USAK) - Trucking

As of March 31, 2013, PRIMECAP Management sold out its position with USAK, selling 16,800 shares at an average price of $4.49 for a gain of 42.5%. PRIMECAP held this stock for 10 quarters, making a gain only in the last four. The highest quarter was the fourth quarter of 2012 for a 100.6% gain.

The current share price is $6.40 compared to past valuations:



Sold Out: Wal-Mart Stores Inc. (WMT) – Discount Stores

As of March 31, 2013, PRIMECAP Management sold out its position with WMT, selling 400,000 shares at an average price of $71.03 for a gain of 7.5%.

This trade impacts his portfolio by -0.044%.

The current share price is $76.33.



Sold Out: ConocoPhillips (COP) – Oil and Gas - Integrated

As of March 31, 2013, PRIMECAP Management sold out its position with COP, selling 250,000 shares at an average price of $58.88 for a gain of 6.6%. PRIMECAP held this stock for 19 quarters, making a gain in all but one in the second quarter of 2008, showing a loss of 6.7%. The highest quarter was the second quarter of 2009 for a 91.9% gain.

This trade impacts his portfolio by -0.023%.

The current share price is $62.79.



[/b][b]Sold Out: MSCI Inc. (MSCI) - Business Services[/b]

As of March 31, 2013, PRIMECAP Management sold out its position with MSCI, selling 116,500 shares at an average price of $33.21 for a gain of 3.9%. PRIMECAP held this stock for five quarters, with mixed results. The highest quarter was the fourth quarter of 2012 for a 23% gain.

This trade impacts his portfolio by -0.0058%.

The current share price is $34.49.



PRIMECAP Management Company was founded in September 1983 in Pasadena, Calif. In a recent portfolio update, PRIMECAP Management listed 247 stocks, five of them new, with a total value of $67.8 billion and a quarter-over-quarter turnover of 2%. PRIMECAP was founded by Chairman and Chief Investment Officer Howard B. Schow, Vice Chairman Mitchell Milias and President Theo Kolokotrones. The firm's goal is to provide superior long-term equity investment results by following an investment approach based on a commitment to fundamental research, a long-term investment horizon, emphasis on individual decision-making and a focus on value.



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Sally Jones
Sally Jones writes about Real Time Picks. She says, "I truly enjoy watching the Gurus in realtime and telling their story."

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