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PRIMECAP team

Vanguard PRIMECAP·growth·Retail & diversified funds
VPMCX

~13% (40y) since 1984

Portfolio value

$61.5B

Positions

147

Top 5 concentration

27%

New buys this quarter

0

Track record vs S&P 500

$VPMCX · total return since 2003

$10k grew to

$156k

CAGR

12.7%

vs S&P 500

+2.2%/yr

See the full comparison chart

Quarterly activity

What PRIMECAP team bought and sold each quarter.

Mar 2026vs Dec 2025

Bought (20)

$BANew buy0.2%$WMNew buy0.1%$LHXNew buy0.1%$XELNew buy0%$ILMNNew buy0%$ADBEAdded+21.1%$PYPLAdded+21.1%$NFLXAdded+14.8%$SNPSAdded+10.5%$HPQAdded+25.4%$CARRAdded+31.1%$MAAdded+7.2%$FICOAdded+23.3%$MRSHAdded+27.4%$SPOTAdded+28.1%$AMDAdded+23.4%$OKTAAdded+5.6%$NKEAdded+6.4%$DKSAdded+10%$ITAdded+6.4%

Sold (16)

$QCOMTrimmed-66.2%$TERTrimmed-57%$RIGN.SWTrimmed-35.9%$CSXTrimmed-27.4%$UBERTrimmed-27.2%$WDCTrimmed-25.5%$FCXTrimmed-25%$XOMTrimmed-22.6%$HPETrimmed-16.1%$KLACTrimmed-14.8%$UNPTrimmed-13%$MUTrimmed-12.9%$ALBTrimmed-7.1%$WFCTrimmed-6.6%$GLWTrimmed-6.6%$NWLTrimmed-6.4%
Dec 2025vs Sep 2025

Bought (22)

$BNYNew buy0.3%$QNew buy0.1%$SOLSNew buy0%$AMZNAdded+15.4%$SCHWAdded+12.2%$BMYAdded+18.5%$COPAdded+8.4%$SNPSAdded+698.1%$LINAdded+56.3%$PYPLAdded+28.1%$BAHAdded+108.2%$IEXAdded+541.2%$FICOAdded+42.9%$NFLXAdded+1885.4%$JBLAdded+11.8%$AMDAdded+133.1%$BURLAdded+44%$SPOTAdded+27.5%$NKEAdded+26.6%$WSCAdded+217.8%$HONAdded+13.7%$ITAdded+18.1%

Sold (25)

$TERTrimmed-96.5%$FCXTrimmed-95.1%$WATTrimmed-87.2%$MRSHTrimmed-70.6%$CVXTrimmed-65.6%$TXTTrimmed-64.2%$CRMTrimmed-58.7%$RIGN.SWTrimmed-57.3%$EOGTrimmed-47.8%$WFCTrimmed-45.9%$ROKTrimmed-43.1%$TDGTrimmed-38.6%$NWLTrimmed-35.1%$CATTrimmed-31.6%$AMATTrimmed-30.7%$NTRSTrimmed-27.9%$WMTTrimmed-25.9%$WDCTrimmed-23%$METATrimmed-21.8%$MUTrimmed-20.4%$JBHTTrimmed-20.3%$KLACTrimmed-20.1%$UBERTrimmed-20.1%$ORCLTrimmed-18.9%$MSFTTrimmed-16.9%
Sep 2025vs Jun 2025

Bought (20)

$CVXNew buy0.9%$FICONew buy0.2%$HONNew buy0.1%$IEXNew buy0.1%$AMZNAdded+61.6%$SCHWAdded+12.9%$COPAdded+47%$DHRAdded+10.3%$PYPLAdded+5.8%$DLTRAdded+13.7%$BAHAdded+38.1%$CARRAdded+26.2%$AMDAdded+110.1%$BURLAdded+8.1%$SNPSAdded+10.8%$DKSAdded+41.7%$WSCAdded+32.8%$ITAdded+237%$TSNAdded+11.3%$WMTAdded+9.1%

Sold (25)

$HESSold out$XOMTrimmed-97.8%$UNHTrimmed-49.8%$GOOGTrimmed-42.6%$QCOMTrimmed-39%$NKETrimmed-37.8%$ORCLTrimmed-34%$JPMTrimmed-26.9%$TXTTrimmed-24.9%$TERTrimmed-24.5%$KLACTrimmed-22.8%$SPOTTrimmed-19.1%$AAPLTrimmed-18.5%$NTAPTrimmed-18.1%$GDTrimmed-18.1%$ROG.SWTrimmed-17.9%$WFCTrimmed-16.9%$INTUTrimmed-16.1%$UBERTrimmed-15%$IQVTrimmed-14.5%$DETrimmed-13.5%$DALTrimmed-13.1%$HPETrimmed-12.9%$ZBHTrimmed-12.1%$CRMTrimmed-12.1%
Jun 2025vs Mar 2025

Bought (25)

$LINNew buy0.3%$PMNew buy0.2%$GENew buy0.1%$AMDNew buy0%$DKSNew buy0%$KONew buy0%$GOOGLAdded+6%$ORCLAdded+6.2%$SCHWAdded+43.2%$JPMAdded+7.4%$AMZNAdded+20%$VAdded+14.7%$HESAdded+9%$RJFAdded+5.7%$TDGAdded+21.8%$METAAdded+20.7%$COPAdded+81.1%$NTRSAdded+44.8%$ELANAdded+7.7%$PYPLAdded+11%$CMEAdded+28.4%$USFDAdded+67.5%$NSCAdded+67.1%$MAAdded+25.4%$OTISAdded+34.2%

Sold (25)

$GSKSold out$NVSSold out$SIE.DESold out$AZNSold out$BABASold out$ONCSold out$SONYSold out$FTNTTrimmed-89.9%$BACTrimmed-75.9%$WATTrimmed-69.1%$ITTrimmed-67.7%$BBWITrimmed-57.7%$GLWTrimmed-45.7%$LYFTTrimmed-43%$RIGN.SWTrimmed-42.7%$CHTRTrimmed-36.5%$NVTTrimmed-30.2%$MRSHTrimmed-27.7%$AMATTrimmed-27.3%$UNPTrimmed-26.2%$ADBETrimmed-26.1%$XOMTrimmed-21.8%$WFCTrimmed-19.8%$LLYTrimmed-18.8%$MDTTrimmed-18.8%
Mar 2025vs Dec 2024

Bought (22)

$MRSHNew buy0.9%$ONCNew buy0.9%$METANew buy0.4%$NKENew buy0.1%$RIGN.SWNew buy0.1%$ALC.SWNew buy0.1%$OPTUNew buy0%$SNPSNew buy0%$BAHNew buy0%$VSXYNew buy0%$WELLNew buy0%$SCHWAdded+177.1%$NSCAdded+6.2%$MRVLAdded+7.6%$SPOTAdded+18.6%$USFDAdded+462.7%$BAAdded+18%$NWLAdded+6%$JBLAdded+5.4%$DHRAdded+40.3%$WSCAdded+16.6%$WMTAdded+34.9%

Sold (24)

$BGNESold out$MMCSold out$BBWITrimmed-77%$CMCSATrimmed-42.7%$HONTrimmed-38.2%$MOTrimmed-31.9%$FISTrimmed-31.3%$RNGTrimmed-25%$UPSTrimmed-20%$WFCTrimmed-12.1%$ORCLTrimmed-11.7%$LLYTrimmed-10.9%$SYYTrimmed-10.8%$QCOMTrimmed-10%$SIE.DETrimmed-9.9%$RCLTrimmed-7.6%$ENTGTrimmed-7.6%$FCXTrimmed-7.6%$HESTrimmed-7%$RJFTrimmed-6.5%$GDTrimmed-5.7%$BABATrimmed-5.7%$SONYTrimmed-5.6%$KLACTrimmed-5.4%
Dec 2024vs Sep 2024

Bought (20)

$FBNew buy0.2%$SPOTNew buy0.1%$WMTNew buy0%$USFDNew buy0%$SONYAdded+387.6%$AMZNAdded+23.1%$GSKAdded+73%$AALAdded+9.6%$SCHWAdded+341.2%$NSCAdded+51.7%$CARRAdded+7.8%$PANWAdded+99.4%$DLTRAdded+56.3%$MRVLAdded+17.1%$TERAdded+11.7%$IFX.DEAdded+204.3%$EWAdded+25.8%$UBERAdded+64.4%$ANETAdded+300%$TSNAdded+15%

Sold (25)

$VSCOTrimmed-90%$UNHTrimmed-89.8%$SLBTrimmed-81.4%$MOTrimmed-48.7%$UTrimmed-31%$DOWTrimmed-30.6%$WFCTrimmed-20.1%$CTVATrimmed-16.2%$ALBTrimmed-13.7%$FISTrimmed-12.4%$MDTTrimmed-11.3%$INTUTrimmed-11.2%$HONTrimmed-10.4%$TSLATrimmed-9.6%$QCOMTrimmed-7.7%$NTAPTrimmed-7.5%$AMGNTrimmed-7.3%$HPETrimmed-7.1%$GOOGLTrimmed-7%$ROG.SWTrimmed-6.7%$JPMTrimmed-6%$IQVTrimmed-5.9%$GOOGTrimmed-5.3%$EOGTrimmed-5.1%$ADSKTrimmed-5.1%
Sep 2024vs Jun 2024

Bought (16)

$TSNNew buy0%$SYYAdded+10.6%$COPAdded+30.6%$PYPLAdded+20%$METAAdded+5.8%$ADSKAdded+5.4%$NWLAdded+9.1%$AVGOAdded+900%$DLTRAdded+6.9%$RYAAYAdded+150%$UBERAdded+9%$UMG.ASAdded+116.3%$JBLAdded+27.2%$IFX.DEAdded+340.1%$UAdded+190%$NICEAdded+200%

Sold (6)

$ROG.SWTrimmed-33.1%$WFCTrimmed-13.6%$XOMTrimmed-11%$LLYTrimmed-7.9%$GSTrimmed-6.5%$CATTrimmed-6.1%
Jun 2024vs Mar 2024

Bought (24)

$XOMNew buy0.6%$IFX.DENew buy0%$NVDAAdded+845.9%$JPMAdded+13%$BIDUAdded+18.5%$AAPLAdded+16.4%$GSKAdded+13.5%$AALAdded+30.6%$SYYAdded+37.7%$NTRSAdded+16.2%$PYPLAdded+177.7%$DLTRAdded+69.9%$MRVLAdded+93.7%$AVGOAdded+173.3%$CRMAdded+311.4%$ADSKAdded+9.4%$AMEAdded+6.4%$DGAdded+47%$WSCAdded+14.5%$UAdded+400%$NWLAdded+55.8%$UMG.ASAdded+84.3%$NICEAdded+50%$JBLAdded+76.3%

Sold (8)

$PXDSold out$ITTrimmed-22.2%$FISTrimmed-14.8%$CARRTrimmed-11.4%$WDCTrimmed-9.9%$WFCTrimmed-8.2%$LLYTrimmed-6.6%$CSXTrimmed-5.3%

Quarter-over-quarter change in disclosed positions. Diversified book — only the larger sell-outs are shown.

Holdings

StockMove% of portfolioSince report

Eli Lilly & Co

Held
8.1%
+32.3%

Micron Technology Inc

Trimmed
7%
+193.5%

Alphabet Inc

Held
4.5%
+24.8%

KLA Corp

Trimmed
3.6%
-84.4%

Intel Corp

Held
3.4%
+155%

NVIDIA Corp

Held
3.2%
+16.3%

Amgen Inc

Held
3.2%
+3.3%

FedEx Corp

Held
3.1%
-12.7%

Amazon.com Inc

Held
2.8%
+18.6%

Tesla Inc

Held
2.6%
+9.4%

Microsoft Corp

Held
2.6%
+3.8%

Biogen Inc

Held
2.5%
+8.5%

Ross Stores Inc

Held
2.4%
+1.8%

Charles Schwab Corp/The

Held
2.3%
+8.4%

Boston Scientific Corp

Held
2.1%
-28.3%

Texas Instruments Inc

Held
2.1%
+58.9%

TJX Cos Inc/The

Held
1.5%
-5.5%

Southwest Airlines Co

Held
1.5%
+31%

ConocoPhillips

Held
1.5%
-18.2%

Bristol-Myers Squibb Co

Held
1.4%
-4.5%

United Airlines Holdings Inc

Held
1.3%
+40.2%

Alphabet Inc

Held
1.3%
+24.2%

Visa Inc

Held
1.2%
+15.2%

Adobe Inc

Added
1.2%
-8.4%

Baidu Inc

Held
1.2%
+5.5%

Analog Devices Inc

Held
1.2%
+23.7%

JPMorgan Chase & Co

Held
1.1%
+14%

Delta Air Lines Inc

Held
1%
+33.9%

Oracle Corp

Held
1%
-1.9%

Thermo Fisher Scientific Inc

Held
1%
+6.8%

Raymond James Financial Inc

Held
0.9%
+16.5%

NetApp Inc

Held
0.9%
+67.7%

Caterpillar Inc

Held
0.8%
+32.5%

Walt Disney Co/The

Held
0.7%
-0.2%

Elanco Animal Health Inc

Held
0.7%
+2.9%

Wells Fargo & Co

Trimmed
0.7%
+9.2%

Royal Caribbean Cruises Ltd

Held
0.6%
+4.7%

Apple Inc

Held
0.6%
+24.6%

Linde PLC

Held
0.5%
+6%

Intuit Inc

Held
0.5%
-36.8%

Mattel Inc

Held
0.5%
-9.3%

Cisco Systems Inc

Held
0.5%
+52.5%

BioMarin Pharmaceutical Inc

Held
0.5%
+6.2%

Northern Trust Corp

Held
0.5%
+31%

TransDigm Group Inc

Held
0.5%
+11.8%

Albemarle Corp

Trimmed
0.5%
-28.5%

Chevron Corp

Held
0.4%
-15.9%

Booz Allen Hamilton Holding Corp

Held
0.4%
-19.1%

IDEX Corp

Held
0.4%
+15.9%

HP Inc

Added
0.4%
+25.6%

Showing top 50 of 147 equity positions (this fund runs a diversified book).

Source: SEC N-PORT via FMP · Mar 2026 report · monthly portfolio, public with a delay. Long equity positions only. Not financial advice.