The proximal femur is nourished through an anastomotic ring lying on the neck, the retinacular arterial system. To identify the principal vessel, trace where these retinacular branches arise. They originate from the trochanteric anastomosis, a circle built largely by the two circumflex femoral arteries together with gluteal twigs. Within this circle, the vessel that wraps around the back of the femoral neck and donates the largest, most consistent retinacular branches (the posterosuperior group) is the medial circumflex femoral artery. The lateral circumflex femoral artery only feeds a limited anterior strip, the profunda femoris is the parent trunk that gives rise to both circumflex vessels rather than supplying the neck directly, and the external iliac artery lies far proximal in the pelvis and has no role here. Clinically this is reinforced by the fact that displaced subcapital (intracapsular) neck fractures tear these medial circumflex branches and produce avascular necrosis of the head, confirming the medial circumflex femoral artery as the dominant supply. \[\boxed{\text{Medial circumflex femoral artery}}\]