For the first time in at least 15 years, new investors can buy shares in two of Vanguard’s best-regarded actively managed mutual funds. In June, Vanguard fully reopened Vanguard Primecap (VPMCX) and Vanguard Primecap Core (VPCCX). Both funds are run by Primecap Management, described by Jeff DeMaso, editor of The Independent Vanguard Adviser newsletter, as, “arguably, one of the best active managers out there.”
Vanguard locked new investors out of Primecap in 2004 and out of Core in 2009, limiting existing investors to adding no more than $25,000 a year. The funds’ strong performances had attracted more money than the managers felt they could put to work in the long-term, value-priced growth opportunities they seek.
