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PRIMECAP veteran to withdraw from portfolio management

October 08, 2013

Vanguard announced today that Mitch Milias—a portfolio manager with the $34.6 billion Vanguard PRIMECAP Fund, the $5.6 billion Vanguard PRIMECAP Core Fund, and the $554 million Vanguard Variable Insurance Fund's Capital Growth Portfolio—will relinquish his portfolio management responsibilities at the end of 2013.

The portions of the funds now managed by Mr. Milias will be allocated to the funds' co-managers at PRIMECAP Management Company, Joel P. Fried, Theo A. Kolokotrones, Alfred W. Mordecai, and M. Mohsin Ansari, who collectively have 100 years of investment management experience. A portion will also be allocated to analysts in the firm's research department.

Mr. Milias, the co-founder and chairman of PRIMECAP Management, will remain with the firm in a management and client relationship role. He has been a manager of PRIMECAP Fund since 2002 and PRIMECAP Core Fund since its inception in 2004.

"I speak on behalf of Vanguard and our investors in expressing our gratitude to Mitch Milias for his care and stewardship of client assets, and for providing superior returns over the long term," said Vanguard Chairman and CEO Bill McNabb. "While this is a natural progression, Mitch has been an integral part of the PRIMECAP team, and we will miss him. We have full confidence in the talented co-managers and analysts at PRIMECAP who will oversee these funds going forward."

Many of Vanguard's actively managed funds are managed externally, giving investors access—at Vanguard's low costs—to 31 premier institutional money managers from around the globe. When evaluating potential and current external managers, Vanguard emphasizes qualitative criteria, including quality and stability of the team, the enduring nature of its investment philosophy, and process consistency, as well as long-term performance and other quantitative factors.

All asset figures are as of September 30, 2013, unless otherwise noted.


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