[SCHEDULE 13G/A] Xencor, Inc. SEC Filing

Rhea-AI Filing Summary

Primecap Management reports beneficial ownership of 10,527,322 shares of Xencor common stock, representing 14.79% of the class. The filing states Primecap has sole voting power and sole dispositive power over these shares, with no shared voting or dispositive power reported.

The statement certifies the shares are held in the ordinary course of business and were not acquired to change or influence control of Xencor. The filing also identifies the PRIMECAP Odyssey Aggressive Growth Fund as having an interest exceeding 5% of Xencor's outstanding common stock.

Positive

• Primecap beneficially owns 10,527,322 XNCR shares (14.79% of the class)
• Sole voting and sole dispositive power reported over the full stake

Negative

• None.

Insights

Financial Analyst

Primecap holds 14.79% of Xencor (10.53M shares) with sole voting and dispositive power.

This Schedule 13G/A discloses a material institutional stake that represents a significant ownership concentration at the shareholder level. The filing indicates sole control over voting and disposition of the reported shares, which can affect block trading liquidity and the profile of major shareholders. The filer certifies the position is held in the ordinary course of business and not for control purposes, making this a notable but not necessarily activist stake.

Corporate Governance Expert

Material 14.79% ownership disclosed; filer states holdings are not meant to change issuer control.

The disclosure signals that a single institutional investor has a concentrated position and unilateral voting authority over those shares. From a governance perspective, such concentration can influence board-election dynamics or proxy outcomes if the holder chooses to engage, though the certification explicitly denies intent to influence control. The identification of a specific fund with >5% interest is relevant for ownership transparency.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 17)

Xencor, Inc.

(Name of Issuer)

COM

(Title of Class of Securities)

98401F105

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 98401F105

1

Names of Reporting Persons

PRIMECAP MANAGEMENT CO/CA/

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 10,527,322.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 10,527,322.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

10,527,322.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

14.79 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Xencor, Inc.
(b)	Address of issuer's principal executive offices: 465 North Halstead Street, Suite 200, Pasadena, CALIFORNIA 91107
Item 2.
(a)	Name of person filing: PRIMECAP MANAGEMENT CO/CA/
(b)	Address or principal business office or, if none, residence: 177 EAST COLORADO BLVD. 11TH FLOOR PASADENA, California 91105
(c)	Citizenship: PRIMECAP MANAGEMENT CO/CA/ - UNITED STATES
(d)	Title of class of securities: COM
(e)	CUSIP No.: 98401F105
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 10,527,322
(b)	Percent of class: 14.79 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: PRIMECAP MANAGEMENT CO/CA/ - 10,527,322
	(ii) Shared power to vote or to direct the vote: PRIMECAP MANAGEMENT CO/CA/ - 0
	(iii) Sole power to dispose or to direct the disposition of: PRIMECAP MANAGEMENT CO/CA/ - 10,527,322
	(iv) Shared power to dispose or to direct the disposition of: PRIMECAP MANAGEMENT CO/CA/ - 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Various Persons have the right to receive, or the power to direct the receipt of, dividends from, or proceeds from the sale of, with respect to the securities as to which this Schedule is filed. No one Person here has an interest more than five percent of this class of securities except as follows: PRIMECAP Odyssey Aggressive Growth Fund has an interest of more than five percent of the total outstanding common stock of Xencor, Inc.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

PRIMECAP MANAGEMENT CO/CA/

Signature:	Jorge A. Rodriguez
Name/Title:	Deputy Chief Compliance Officer
Date:	08/13/2025

FAQ

How many XNCR shares does Primecap Management report owning?

Primecap reports beneficial ownership of 10,527,322 shares of Xencor common stock.

What percentage of Xencor (XNCR) does Primecap own?

The filing states Primecap owns 14.79% of the outstanding common stock.

Does Primecap have voting or dispositive power over the XNCR shares?

Yes. The filing reports sole voting power and sole dispositive power for 10,527,322 shares and no shared power.

Was the stake acquired to influence control of Xencor (XNCR)?

The certification states the securities are held in the ordinary course of business and were not acquired to change or influence control of the issuer.

Are any Primecap funds identified as having a >5% interest in Xencor (XNCR)?

Yes. The filing identifies the PRIMECAP Odyssey Aggressive Growth Fund as having an interest exceeding 5% of Xencor's common stock.