Primecap Management Portfolio holdings
Primecap Management picks stocks for Vanguard, running the Vanguard Primecap fund that it launched with Vanguard in 1984, and in 2004 it started its own Odyssey mutual funds. Howard Schow, Mitchell Milias and Theo Kolokotrones founded the firm in 1983 after working together at Capital Group, where Schow had chaired the investment committee. It picks stocks on a three-to-five-year view, often starting with companies that are out of favor, and each portfolio manager runs a separate share of every portfolio rather than deciding by committee. The firm is owned by its investment professionals, with Joel Fried as principal owner. Besides Vanguard, its clients include pension plans, endowments and foundations.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
American Airlines Group
AAL
|
+$313M |
| 2 |
Royal Caribbean
RCL
|
+$199M |
| 3 |
Dell
DELL
|
+$190M |
| 4 |
JPMorgan Chase
JPM
|
+$127M |
| 5 |
Discover Financial Services
DFS
|
+$89.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
EMC CORPORATION
EMC
|
+$895M |
| 2 |
DWA
DREAMWORKS ANIMATION SKG INC CL-A
DWA
|
+$465M |
| 3 |
Adobe
ADBE
|
+$359M |
| 4 |
Texas Instruments
TXN
|
+$354M |
| 5 |
Amgen
AMGN
|
+$351M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 29.86% |
| 2 | Healthcare | 25.33% |
| 3 | Industrials | 14.58% |
| 4 | Consumer Discretionary | 9.37% |
| 5 | Financials | 7.35% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Biogen
BIIB
$37.5B
| $4.91B | 4.9% |
15,693,905
-330,956
| -2% | -$98M |
2013 Q2
13 quarters
|
|
2
Eli Lilly
LLY
$1.28T
| $4.53B | 4.52% |
56,449,048
-997,591
| -2% | -$79.8M |
2013 Q2
13 quarters
|
|
|
3
Amgen
AMGN
$253B
| $4.43B | 4.42% |
26,560,551
-2,073,790
| -7% | -$351M |
2013 Q2
13 quarters
|
|
|
4
Texas Instruments
TXN
$283B
| $3.32B | 3.31% |
47,293,276
-5,195,002
| -10% | -$354M |
2013 Q2
13 quarters
|
|
5
Microsoft
MSFT
$3.87T
| $3.26B | 3.25% |
56,519,174
-1,997,459
| -3% | -$113M |
2013 Q2
13 quarters
|
|
|
6
Adobe
ADBE
$92.5B
| $3.05B | 3.04% |
28,083,724
-3,578,302
| -11% | -$359M |
2013 Q2
13 quarters
|
|
7
Southwest Airlines
LUV
$22.8B
| $2.82B | 2.81% |
72,441,062
-922,831
| -1% | -$35.1M |
2013 Q2
13 quarters
|
|
8
FedEx
FDX
$75.6B
| $2.76B | 2.76% |
15,827,070
-95,219
| -0.6% | -$15.6M |
2013 Q2
13 quarters
|
|
9
Alphabet (Google) Class A
GOOGL
$3.61T
| $1.96B | 1.96% |
48,797,760
-2,254,340
| -4% | -$88.2M |
2015 Q3
4 quarters
|
|
10
Alphabet (Google) Class C
GOOG
$3.57T
| $1.88B | 1.87% |
48,266,900
-1,507,020
| -3% | -$57.2M |
2013 Q2
13 quarters
|
|
11
NVIDIA
NVDA
$4.2T
| $1.73B | 1.73% |
1,010,222,200
-91,852,600
| -8% | -$136M |
2013 Q2
13 quarters
|
|
12
Charles Schwab
SCHW
$160B
| $1.66B | 1.66% |
52,657,350
-2,100,153
| -4% | -$61.6M |
2013 Q2
13 quarters
|
|
13
Alibaba
BABA
$253B
| $1.63B | 1.62% |
15,378,905
-171,300
| -1% | -$15.9M |
2014 Q3
8 quarters
|
|
14
Novartis
NVS
$303B
| $1.62B | 1.62% |
22,942,095
-305,868
| -1% | -$22.3M |
2013 Q2
13 quarters
|
|
|
15
American Airlines Group
AAL
$9.34B
| $1.62B | 1.62% |
44,295,226
+8,863,065
| +25% | +$313M |
2013 Q4
11 quarters
|
|
|
16
JPMorgan Chase
JPM
$912B
| $1.56B | 1.56% |
23,463,307
+1,945,200
| +9% | +$127M |
2015 Q1
6 quarters
|
|
17
NetApp
NTAP
$36B
| $1.5B | 1.49% |
41,794,351
-1,040,150
| -2% | -$31.7M |
2013 Q2
13 quarters
|
|
18
Sony
SONY
$154B
| $1.47B | 1.47% |
221,818,250
-6,329,000
| -3% | -$40.6M |
2013 Q2
13 quarters
|
|
19
Hewlett Packard
HPE
$66.7B
| $1.28B | 1.27% |
96,457,284
+431,946
| +0.4% | +$5.33M |
2015 Q4
3 quarters
|
|
20
Medtronic
MDT
$130B
| $1.25B | 1.25% |
14,482,669
-498,335
| -3% | -$43.4M |
2013 Q2
13 quarters
|
|
21
Intel
INTC
$332B
| $1.19B | 1.18% |
31,432,144
-606,066
| -2% | -$21.5M |
2013 Q2
13 quarters
|
|
22
Qualcomm
QCOM
$189B
| $1.16B | 1.16% |
16,980,554
-339,570
| -2% | -$20.7M |
2013 Q2
13 quarters
|
|
|
MON
23
DELISTED
Monsanto Co
MON
| $1.14B | 1.14% |
11,172,833
-197,430
| -2% | -$20.7M |
2013 Q2
13 quarters
|
|
24
Bath & Body Works
BBWI
$4.38B
| $1.11B | 1.11% |
19,489,103
-536,011
| -3% | -$31.6M |
2013 Q2
13 quarters
|
|
25
Micron Technology
MU
$918B
| $1.1B | 1.1% |
62,133,100
+3,107,500
| +5% | +$47.4M |
2013 Q2
13 quarters
|
|
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Primecap Management's Q3 2016 Portfolio in Review
As of Q3 2016, Primecap Management held 282 positions worth $100B, up 6.7% from $93.9B the previous quarter. Its ten largest holdings account for 33% of the portfolio.
Primecap Management withdrew a net $3.9B in Q3 2016, closing 9 positions and reducing 169 holdings. Its most notable exit was EMC CORPORATION, an estimated $895M position sold in full.
By sector, the portfolio is most concentrated in Technology at 30% of assets, up from 30% a quarter earlier, followed by Healthcare and Industrials.
Against the trend, Primecap Management opened a new position in Dell worth $188M.
- Primecap Management's largest Q3 2016 buy was Dell: 13,979,709 shares worth $188M.
- Primecap Management added most to American Airlines Group in Q3 2016, an estimated $313M increase.
- Primecap Management's biggest Q3 2016 reduction was Adobe, cutting an estimated $359M.
- Primecap Management fully exited EMC CORPORATION in Q3 2016, selling an estimated $895M.
- Primecap Management's ten largest holdings make up 33% of its $100B portfolio in Q3 2016.
- Primecap Management opened 10 new positions and closed 9 in Q3 2016.
- Primecap Management's portfolio value rose 6.7% quarter-over-quarter to $100B.
Based on Primecap Management's 13F filing for Q3 2016, filed 14 Nov 2016.