Manager of Primecap at Vanguard dies at 84

Howard B. Schow, co-manager of the $30 billion Vanguard Primecap Fund (VPMCX), has died at 84, the company said last week. “It's a sad day for the Vanguard family. Howard Schow was a good friend and a wise and trusted investment manager,” company chairman Bill McNabb said in a statement. “We will miss his perspective, his candor, and his balance of optimism and pragmatism. Personally, I've learned a great deal from Howard over the years,” Mr. McNabb said. “I speak on behalf of Vanguard's board of directors, senior leadership team and our investors in expressing gratitude for his care and stewardship of client assets over the past 28 years,” Mr. McNabb said. Mr. Schow had managed the Vanguard Primecap Fund since its inception in 1984. The fund ranks in the top fifth and 10th percentile of all large-cap-growth funds over the trailing-15- and 10-year time periods, respectively. Mr. Schow co-founded Primecap Management Co., the subadviser to The Vanguard Group Inc.'s fund, in 1983. He was also a listed co-manager on the $4.9 billion Vanguard Primecap Core Fund (VPCCX) and the $7.9 billion Vanguard Capital Opportunity Fund (VHCOX). The portion of the funds that were managed by Mr. Schow have been picked up by his co-managers, Vanguard said.

LASTING LEGACY

“One of Howard's lasting accomplishments is the deep and talented team of portfolio managers he helped to build at Primecap Management Co.,” Mr. McNabb said. “I'm confident that the funds' co-managers will continue to pursue the standards of excellence that the team has established over the decades.” The Primecap fund will continue to be managed by Joel Fried, Theo Kolokotrones, Alfred Mordecai, Mitchell Milias and Mohsin Ansari. Prior to founding Primecap Management, Mr. Schow spent 27 years at Capital Group Inc., the parent company of American Funds. [email protected]