There’s been a death in the Vanguard Family. Howard B. Schow, co-founder and chairman emeritus of PRIMECAP Management Company and longtime co-manager of several Vanguard funds, has passed away at 84 years old.

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 Schow have been assumed by his co-managers.

The co-managers are Joel P. Fried, Theo A. Kolokotrones, Alfred W. Mordecai, Mitchell J. Milias, and M. Mohsin Ansari. Their assumption of the assets Schow had managed is not expected to affect the investment objective, strategy, or investment process of the funds, according to the firm.

"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. 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."

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