Committee replaces large cap growth option
In its most recent meeting, the City of Des Moines Deferred Compensation Committee determined it is in the best interest of the Plans and participants to replace the large cap growth stock mutual fund due to portfolio and performance concerns. The current option has been available to participants since March 2017.
After a thorough review of multiple replacement options with the plans’ consultant, Mesirow Financial, the decision was made that the PRIMECAP Odyssey Growth Fund (Ticker: POGRX) will be replaced by Principal Blue Chip Fund – Class R-6 (Ticker: PGBHX). This change will be effective July 16, 2020. The replacement fund has the additional benefit of lower investment management expenses.
If you are invested in PRIMECAP Odyssey Growth Fund, you will receive a separate communication with additional details. Any balances held in this fund, along with ongoing investment elections to this fund, will automatically be moved to the replacement option on July 16, 2020.