VPMAX

Characteristics

as of 06/30/2025

FundamentalVPMAX

Benchmark

BenchmarkNumber of stocks 171 504 Median market cap $158.9 B $304.5 B Earnings growth rate 15.4% 22.0% Short-term reserves 1.3% — P/E ratio 24.4x 27.2x P/B ratio 4.1x 4.9x Turnover rate (Fiscal Year-end 09/30/2024) 3.8% — Return on equity 19.6% 27.0% Foreign holdings 14.7% — Fund total net assets as of 06/30/2025 $75.0 B — Share class total net assets $70.1 B —

Stylebox

Equity

Market Captialization Large Investment Style Growth

Weighted exposures

as of 06/30/2025

6.70%Communication Services

Communication Services6.70%9.80%-3.10%Consumer Discretionary12.40%10.40%2.00%Consumer Staples1.00%5.50%-4.50%Energy2.10%3.00%-0.90%Financials9.00%14.00%-5.00%Health Care25.50%9.30%16.20%Industrials13.30%8.60%4.70%Information Technology28.70%33.10%-4.40%Materials1.20%1.90%-0.70%Real Estate0.10%2.00%-1.90%

Weighted equity exposures exclude any temporary cash investments and equity index futures. Some short-term fixed income securities are classified as cash and are excluded from the weighted bond exposures.

Holding details

as of 06/30/2025

Ticker Holdings Shares Market value LLY Eli Lilly & Co. 7,404,424 $5,771,970,641 MSFT Microsoft Corp. 5,671,100 $2,820,861,851 KLAC KLA Corp. 2,826,080 $2,531,432,899 BSX Boston Scientific Corp. 23,474,689 $2,521,416,345 MU Micron Technology Inc. 19,618,628 $2,417,995,901 NVDA NVIDIA Corp. 13,815,000 $2,182,631,850 AMGN Amgen Inc. 6,724,886 $1,877,655,420 AZN AstraZeneca plc ADR 26,714,208 $1,866,788,855 GOOGL Alphabet Inc. Class A 10,543,320 $1,858,049,284 SIE Siemens AG 7,135,522 $1,832,818,333 Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost — — — — 532457108 — — — — — — — — 594918104 — — — — — — — — 482480100 — — — — — — — — 101137107 — — — — — — — — 595112103 — — — — — — — — 67066G104 — — — — — — — — 031162100 — — — — — — — — 046353108 — — — — — — — — 02079K305 — — — — — — — — — — — — —

Ticker Description Shares LLY — — MSFT — — KLAC — — BSX — — MU — — NVDA — — AMGN — — AZN — — GOOGL — — SIE — — Ticker Holdings Shares Market value LLY Eli Lilly & Co. 7,404,424 $5,771,970,641 MSFT Microsoft Corp. 5,671,100 $2,820,861,851 KLAC KLA Corp. 2,826,080 $2,531,432,899 BSX Boston Scientific Corp. 23,474,689 $2,521,416,345 MU Micron Technology Inc. 19,618,628 $2,417,995,901 NVDA NVIDIA Corp. 13,815,000 $2,182,631,850 AMGN Amgen Inc. 6,724,886 $1,877,655,420 AZN AstraZeneca plc ADR 26,714,208 $1,866,788,855 GOOGL Alphabet Inc. Class A 10,543,320 $1,858,049,284 SIE Siemens AG 7,135,522 $1,832,818,333 Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost — — — — 532457108 — — — — — — — — 594918104 — — — — — — — — 482480100 — — — — — — — — 101137107 — — — — — — — — 595112103 — — — — — — — — 67066G104 — — — — — — — — 031162100 — — — — — — — — 046353108 — — — — — — — — 02079K305 — — — — — — — — — — — — —

Ticker Description Shares LLY — — MSFT — — KLAC — — BSX — — MU — — NVDA — — AMGN — — AZN — — GOOGL — — SIE — — Ticker Holdings Shares Market value LLY Eli Lilly & Co. 7,404,424 $5,771,970,641 MSFT Microsoft Corp. 5,671,100 $2,820,861,851 KLAC KLA Corp. 2,826,080 $2,531,432,899 BSX Boston Scientific Corp. 23,474,689 $2,521,416,345 MU Micron Technology Inc. 19,618,628 $2,417,995,901 NVDA NVIDIA Corp. 13,815,000 $2,182,631,850 AMGN Amgen Inc. 6,724,886 $1,877,655,420 AZN AstraZeneca plc ADR 26,714,208 $1,866,788,855 GOOGL Alphabet Inc. Class A 10,543,320 $1,858,049,284 SIE Siemens AG 7,135,522 $1,832,818,333 Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost — — — — 532457108 — — — — — — — — 594918104 — — — — — — — — 482480100 — — — — — — — — 101137107 — — — — — — — — 595112103 — — — — — — — — 67066G104 — — — — — — — — 031162100 — — — — — — — — 046353108 — — — — — — — — 02079K305 — — — — — — — — — — — — —

Ticker Description Shares LLY — — MSFT — — KLAC — — BSX — — MU — — NVDA — — AMGN — — AZN — — GOOGL — — SIE — —

Vanguard PRIMECAP Fund seeks long-term capital appreciation, using a fundamental approach to invest in growth-oriented companies at attractive valuation levels. The fund has flexibility to invest across all industry sectors and market capitalizations, although holdings are generally large- and mid-cap stocks. The fund tends to focus on out-of-favor companies or industries, seeking to identify companies with long-term growth potential overlooked by the market. The fund’s managers rely almost exclusively on independent research. Each manager is responsible for a separate subportfolio and has autonomy to implement his best ideas. The managers anticipate holding companies for at least three to five years, resulting in low turnover. The portfolio may be relatively concentrated, with the top ten holdings often representing 30%–40% of assets.

PRIMECAP Management Company

Founded in 1983, PRIMECAP Management Company, Pasadena, California, is recognized for its long-term approach to growth equity investing. The firm has advised Vanguard PRIMECAP Fund since 1984.

Theo A. Kolokotrones

Chairman Emeritus, Portfolio manager.

Advised the fund since 1984. Worked in investment management since 1970. B.A., University of Chicago. M.B.A., Harvard Business School.

Joel P. Fried

Chairman, Portfolio manager.

Advised the fund since 1993. Worked in investment management since 1985. B.S., University of California, Los Angeles. M.B.A., Anderson Graduate School of Business, University of California, Los Angeles.

Alfred W. Mordecai

President, Portfolio manager.

Advised the fund since 1997. Worked in investment management since 1997. B.S.E., Duke University. M.E.A., Virginia Polytechnic Institute and State University. M.B.A., Harvard Business School.

M. Mohsin Ansari

Vice-Chairman, Portfolio manager.

Advised the fund since 2007. Worked in investment management since 2000. B.A., Colgate University. B.S., Washington University. M.B.A., Harvard Business School.

James M. Marchetti

Executive Vice President, Portfolio manager.

Advised the fund since 2015. Worked in investment management since 2005. B.A., Massachusetts Institute of Technology. M.B.A., MIT Sloan School of Management.

网址：VPMAX https://klqsh.com/news/view/122087

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