A veteran fund manager has passed away. Howard B. Schow
, co-founder and chairman emeritus of Primecap Management Company
and longtime co-manager of five Vanguard
] funds, just died at the age of 84.
Schow PMed parts of: the $30.1-billion, four-star, gold-rated Vanguard Primecap Fund
; the $7.9-billion, three-star, gold-rated Vanguard Capital Opportunity Fund
; and the $4.9-billion, four-star, gold-rated Vanguard Primecap Core Fund
"It's a sad day for the Vanguard family," stated Vanguard chairman Bill McNabb
. "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"
The portions of the five Vanguard funds managed by Schow will be assumed by the funds' co-managers.
Company Press Release
Vanguard regrets to announce the passing of Howard B. Schow, co-founder and chairman emeritus of PRIMECAP Management Company and longtime co-manager of several Vanguard funds. Mr. Schow was 84 years old.
"It's a sad day for the Vanguard family," said Vanguard Chairman Bill McNabb. "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 managed portions of five Vanguard funds: PRIMECAP Fund, PRIMECAP Core Fund, Capital Opportunity Fund, the Vanguard Variable Insurance Fund's Capital Growth Portfolio, and the U.S. Opportunities Fund (which is available to non-U.S. investors). The portions of these funds previously managed by Mr. Schow have been assumed by his co-managers.
"One of Howard's lasting accomplishments is the deep and talented team of portfolio managers he helped to build at PRIMECAP Management Company," said Mr. McNabb. "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 co-managers are Joel P. Fried, Theo A. Kolokotrones, Alfred W. Mordecai, Mitchell J. Milias, and M. Mohsin Ansari, who collectively have 144 years of investment management experience. Their assumption of the assets Mr. Schow had managed is not expected to affect the investment objective, strategy, or investment process of the funds.
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