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Before you invest in any PRIMECAP Odyssey Fund, please refer to the prospectus for important information about the investment company, including investment objectives, risks, charges and expenses. You may also obtain a prospectus by calling 1-800-729-2307. The prospectus should be read carefully before you invest or send money.

Shares of the PRIMECAP Odyssey Mutual Funds are offered only to United States residents, and information on this site is intended for such persons.

Past performance is not a guarantee of future results.

The PRIMECAP Odyssey FundsSM are distributed by Quasar Distributors, LLC.
  
  

Investment Philosophy

At PRIMECAP, we are focused on a singular goal: superior long-term results. We evaluate securities based on their outlook over a three to five year time horizon, with the intention of holding them considerably longer if their fundamentals warrant it.

In the PRIMECAP Odyssey Stock Fund, we seek to invest in companies whose long-term value, in our judgment, will substantially exceed their current market capitalizations. This leads us to a combination of growth and value stocks that we believe are under-appreciated by the market.

In the PRIMECAP Odyssey Growth and Aggressive Growth Funds, we seek to invest in companies whose long-term growth, in our judgment, will substantially exceed that suggested by their current valuation multiples. We are particularly attracted to companies with substantial unit growth potential, which frequently leads us to research-intensive companies that stimulate growth through innovation.

For all three PRIMECAP Odyssey Funds, fundamental research forms the foundation of our decision making process. Our purpose in conducting such research is to develop opinions independent of Wall Street research. Our decisions may be based on more optimistic expectations we hold for new products, new markets, new management, changing industry dynamics, and other factors.

Another distinguishing feature of all three funds is a sensitivity to valuation. Superior companies will only be superior investments if purchased at the right price. One of PRIMECAP'S long-held tenets has been that the perception of risk is often inversely proportional to actual risk. Consequently, our search for new ideas frequently begins with companies and industries that are currently out of favor among investors. Patience is critical to our approach. Through our research efforts, we generate the conviction to buy stocks that may be declining in price or are generally disliked by analysts. We are comfortable in making investments "early," and waiting for our theses to evolve and for fundamentals to be recognized by the market.

Much like Odysseus, the legendary warrior of Homer's epics, The Iliad and The Odyssey, investors in the PRIMECAP Odyssey Funds should be patient. They should have a tolerance for near-term adversity, remain focused on long-term objectives, and expect us to work relentlessly towards delivering superior long-term results.

We appreciate your interest in the PRIMECAP Odyssey Funds. For those who choose to invest with us, we thank you for entrusting us with your hard-earned capital. We will work diligently and assiduously to prove worthy of that trust.

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