Vanguard Primecap manager dies at 84

Howard Schow, co-manager of the $30 billion Vanguard Primecap Fund Ticker:(VPMCX) has died at 84, the company announced today. “It's a sad day for the Vanguard family,” company chairman Bill McNabb said in a statement. “Howard Schow was a good friend, and a wise and trusted investment manager. 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. 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. 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 subadvisor to Vanguard'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 announced. “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 Co., Mr. Schow spent 27 years at Capital Group Inc, the parent company of American Funds.