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Vanguard fund manager Mitch Milias to hand over portfolio management responsibilities

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Mitch J Milias – a portfolio manager with the USD36.2bn Vanguard PRIMECAP Fund, the USD5.8bn Vanguard PRIMECAP Core Fund, and the USD574.8m Vanguard Variable Insurance Fund’s Capital Growth Portfolio – will relinquish his portfolio management responsibilities at the end of 2013.

 
The portions of the funds managed by Milias will be assumed by the funds’ co-managers, Joel P Fried, Theo A Kolokotrones, Alfred W Mordecai, and M Mohsin Ansari. A portion will also be allocated to analysts in the firm’s research department.
 
Milias, the co-founder and chairman of PRIMECAP Management Company, will remain with the firm in a management and client relationship role. He has been a manager of the PRIMECAP Fund since 2002 and of the 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,” says Vanguard chairman 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 emphasises qualitative criteria, including quality and stability of the team, enduring nature of investment philosophy, and process consistency, in addition to long-term performance and other quantitative factors. (
 
Founded in 1983, PRIMECAP Management Company of Pasadena, California is a privately owned investment advisory firm that serves clients in the corporate, endowment, and foundation market. The firm oversees USD80bn in assets, including USD54.88bn for Vanguard.

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