I've owned VPMAX for decades and it has performed well. Compare it to Vanguard's S&P 500 index fund (similar focus on large growth stocks).
However, with actively managed funds, you never know what will happen in the future v/s the performance of index funds. So, if you have the choice of investing in a broad index - S&P500 or the Total Market, you should consider that option.
The only reason I still have VPMAX is that selling it would trigger large cap gains taxes for me. I got onto the index bandwagon years after investing in VPMAX.
Another point - Asset Location advice is to store all your bonds/bond fund allocation in tax deferred accounts and only when you've done that, should you put you stock funds there. Google it - there are some good papers that explain why.
Good luck.
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