Vanguard's three funds run by the PRIMECAP Management team—arguably the fund giant's best sub-advisor—have been closed to new investors for the better part of two decades. That may be about to change.

PRIMECAP (VPMCX) has been closed since 2004. Capital Opportunity (VHCOX) closed simultaneously but accepted new investors during an eight-month window in 2013. PRIMECAP Core (VPCCX), which launched in 2004, last welcomed new investors in 2009.

To be clear, the funds are still closed to new investors. But apparently, Vanguard has been asking shareholders if they would invest in the PRIMECAP-run funds if the funds are reopened.

The timing is a little curious. The market is at all-time highs, and the three PRIMECAP-run funds have nearly as many assets as ever. At least when PRIMECAP Management reopened the PRIMECAP Odyssey Aggressive Growth (POAGX) fund in December 2022, we were in a bear market, and the fund’s assets had dropped from more than $10 billion to about $7 billion.

So, why would Vanguard (and the PRIMECAP team) consider reopening the funds now?

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