T. Rowe Price Capital Appreciation Suite

It's our goal to Outmaneuver. Outperform. Outmatch.

The suite’s flagship Capital Appreciation Fund has achieved 137% of the return of the S&P 500 Index with only 71% of the risk, over the past 25-year period.¹

This means, over time—particularly over longer periods—our strategy has generally kept pace with and even outperformed the index but has done so with meaningfully less risk, as measured by standard deviation.¹ View more on this analysis. Past performance cannot guarantee future results.

You can get the same proven philosophy and experienced team behind your investments with any solution in the Capital Appreciation suite of funds.

Discover the Capital Appreciation difference

Each of our three funds has a unique goal, yet they share a common aim: maximizing returns while minimizing risks. Here’s how.

Aiming to maximize returns

Embracing a long-term and contrarian view, we often zig when the markets zag, seeking undervalued or out-of-favor investments to pursue excess returns.

Striving to minimize risk

With a focus on limiting losses, especially in market downturns, we analyze risks at every step of our rigorous investing process.

Powering modern retirement needs

Income, growth, and risk management all have a role to play in building a secure nest egg. Our funds, in a diversified portfolio, can help meet these needs.

Led by an award-winning team

Invest with a team that has been recognized as one of the best in the industry.²

Explore the Capital Appreciation suite lineup

Designed to fit a variety of time horizons and risk appetites, we have solutions for a wide range of investors.

Capital Appreciation Funds with goals, allocation, availability, and considerations
Funds:	Goals:	Asset Allocation:	Open to:	Investors might consider this fund if they:
PRCFX Capital Appreciation and Income Fund New Add to Watchlist	Pursues attractive income while aiming to grow your initial investment over time.	Stocks: 30%–50% Bonds: 50%–70%	All investors through retirement and general investing accounts	Have a shorter investment horizon   Have a lower risk tolerance   Are approaching or in retirement
PRWCX Capital Appreciation Fund Closed Add to Watchlist	Pursues equity-like returns with significantly less risk.	Stocks: 50%–70% Bonds: 30%–50%	Summit Program members at the Select Services tier or above View your tier	Have an intermediate investment horizon  Have a moderate risk tolerance  Are in the process of saving for retirement
TCAF Capital Appreciation Equity ETF New	Seeks to outperform the S&P 500 Index with a lower risk profile.	Stocks: 100% Bonds: 0%	All investors through a Brokerage account	Have a longer investment horizon   Have a higher risk tolerance

Put an award-winning team on your side

For the past 17 years, the suite’s flagship Capital Appreciation Fund has been managed by the suite’s lead portfolio manager, David Giroux. During that tenure, David and his team have achieved:

2 Morningstar Manager of the Year Awards²

6 Morningstar Manager of the Year Nominations

18 Best Funds Awards From Lipper³

Known for his expertise, lead Portfolio Manager David Giroux has shared his insight in:

A look behind the funds: Seeking long-term gains by investing against the grain

We search out bargains in the market, favoring high-quality investments others might overlook.

We aim to invest ahead of change instead of as it happens.

Taking a long view, we focus on opportunities with the potential for strong long-term returns over quick wins.

Avoiding companies we label as ‘riskier,’ we seek out those with potential across a wide range of markets.

What investors say about the Capital Appreciation suite

“…I am thrilled to have David Giroux's Capital Appreciation Fund as a large part of my retirement account. His performance has been superior!”

Workplace Retirement client for 42 years

“I love the Capital Appreciation Fund. One of the best decisions I ever made.”

Capital Appreciation Fund investor for 14 years

“I am happy that I was lucky enough to get into the Capital Appreciation Fund years ago before it closed, and it's been a strong...place for my assets.”

Capital Appreciation Fund investor for 22 years

Testimonials may not be representative of the experience of other customers, and they are no guarantee of future performance or success.

Ready to invest in the Capital Appreciation Suite?

Open a New Account

Expand your portfolio or put your money to work for a new goal.

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Add to an Existing Account

Save more in an existing Capital Appreciation investment.

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Want to talk first?

Speak with one of our trusted Financial Consultants.

Monday–Friday, 8 a.m.–8 p.m. ET

Call 1-800-366-5910

Download a prospectus

¹For the 25-year period ended 12/31/2023. Figures are calculated using monthly data and are net of fees. Performance data quoted represent past performance and are not a reliable indicator of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, please click on the name of the fund on the landing page. Not all investors will obtain these results. Standard deviation indicates the volatility of a portfolio's total returns as measured against its mean performance. In general, the higher the standard deviation, the greater the volatility or risk.

For a broader understanding of the Capital Appreciation Fund’s more recent performance, average annual returns for the past 1- 5-, and 10-year period (as of 12/31/2023) are provided below.

	1 Year	5 Year Annualized	10 Year Annualized	Expense Ratio
Capital Appreciation Fund	18.83%	12.80%	10.50%	0.74%
S&P 500 Index	26.29%	15.69%	12.03%

²Established in 1988, the Morningstar Fund Manager of the Year award recognizes portfolio managers who demonstrate excellent investment skill and the courage to differ from the consensus to benefit investors. The Fund Manager of the Year award winners are chosen based on research and in-depth qualitative evaluation by Morningstar's Manager Research Group. To qualify for the award, managers' funds must have not only posted impressive returns for the year, but the managers also must have a record of delivering outstanding long-term risk-adjusted performance and of aligning their interests with shareholders'. Managers' funds must currently have a Morningstar Analyst Rating™ of Gold or Silver. David Giroux won the award for Allocation Funds in 2012 and Allocation/Alternative Funds in 2017.

Morningstar's Manager Research Group consists of various wholly owned subsidiaries of Morningstar, Inc., including, but not limited to, Morningstar Research Services LLC. Morningstar's Manager Research Group produces various ratings, including the Morningstar Analyst Rating for funds and the Morningstar Quantitative Rating for funds. The Analyst Rating is derived from a qualitative assessment process performed by a manager research analyst, whereas the Morningstar Quantitative Rating uses a machine-learning model based on the decision-making processes of Morningstar's analysts, their past ratings decisions, and the data used to support those decisions. In both cases, the ratings are forward-looking assessments and include assumptions of future events, which may or may not occur or may differ significantly from what was assumed. The Analyst Ratings and Quantitative Ratings are statements of opinions, subject to change, are not to be considered as guarantees, and should not be used as the sole basis for investment decisions. This press release is for informational purposes only; references to securities should not be considered an offer or solicitation to buy or sell the securities.

³The T. Rowe Price Capital Appreciation Fund received the 2023 Lipper Fund Classification Award for Best Mixed-Asset Target Allocation Growth Fund over the 10-year period ended 12/31/2022, the 2022 Lipper Fund Classification Award for Best Mixed-Asset Target Allocation Growth Fund over the 10-year period ended 12/31/2021, the 2021 Lipper Fund Classification Award for Best Mixed-Asset Target Allocation Growth Fund over the 10-year period ended 12/31/2020, the 2020 Lipper Fund Classification Award for Best Mixed-Asset Target Allocation Growth Fund over the 10-year period ended 12/31/2019, the 2019 Lipper Fund Classification Award for Best Mixed-Asset Target Allocation Growth Fund over the 10-year period ended 12/31/2018, the 2018 Lipper Fund Classification Award for Best Mixed-Asset Target Allocation Growth Fund over the 10-year period ended 12/31/2017, the 2017 Lipper Fund Classification Award for Best Mixed-Asset Target Allocation Growth Fund over the 10-year period ended 12/31/2016, the 2016 Lipper Fund Classification Award for Best Mixed-Asset Target Allocation Growth Fund over the 3-year, 5-year, and 10-year periods ended 12/31/2015, the 2015 Lipper Fund Classification Award for Best Mixed-Asset Target Allocation Growth Fund over the 10-year period ended 12/31/14, the 2014 Lipper Fund Classification Award for Best Mixed-Asset Target Allocation Growth Fund over the 10-year period ended 12/31/2013, the 2013 Lipper Fund Classification Award for Best Mixed-Asset Target Allocation Growth Fund over the 10-year period ended 12/31/2012, the 2012 Lipper Fund Classification Award for Best Mixed-Asset Target Allocation Growth Fund over the 10-year period ended 12/31/2011, the 2011 Lipper Fund Classification Award for Best Mixed-Asset Target Allocation Growth Fund over the 10-year period ended 12/31/2010, the 2010 Lipper Fund Classification Award for Best Mixed-Asset Target Allocation Growth Fund over the 5-year and 10-year periods ended 12/31/2009, and the 2009 Lipper Fund Classification Award for Best Mixed-Asset Target Allocation Growth Fund over the 10-year period ended 12/31/2008.

Rankings for other periods differ. For Lipper Best Individual Funds, the calculation periods extend over 36, 60, and 120 months. The highest Lipper Leader for Consistent Return (Effective Return) value within each eligible classification determines the fund classification winner over 3, 5, or 10 years as of the period-end and no other time periods. Only one share class (the one with the best Lipper Leader score) is used for each portfolio in determining asset class and overall awards. A high Lipper rating does not necessarily imply that a fund had the best total performance or that the fund achieved positive results for that period. Lipper ratings and Lipper Fund Awards are not intended to predict future results. For a detailed explanation, please review the Lipper Leaders Methodology document on lipperalpha.financial.thomsonreuters.com/lipper.

From Thomson Reuters Lipper Awards, © 2024 Thomson Reuters. All rights reserved. Used by permission and protected by the Copyright Laws of the United States. The printing, copying, redistribution, or retransmission of this Content without express written permission is prohibited.

ADDITIONAL DISCLOSURES

The S&P 500 Index is a product of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates (“SPDJI”) and has been licensed for use by T. Rowe Price. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC, a division of S&P Global (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). This product is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.

Exchange-traded funds (ETFs) are bought and sold at market prices, not net asset value. Investors generally incur the cost of the spread between the prices at which shares are bought and sold. Buying and selling shares may result in brokerage commissions, which will reduce returns. The T. Rowe Price Capital Appreciation Fund, Capital Appreciation and Income Fund, and Capital Appreciation Equity ETF share the same lead portfolio manager and investment research process. However, the funds’ implementation of the research process varies, including, but not limited to, differences in product structure, asset allocation, trading, and fees and expenses. There is no guarantee that the funds will perform similarly in any market environment. Review the prospectuses for detailed information on the funds' strategy, fees, and risks.

RISKS

Capital Appreciation Fund: The fund is subject to the inherent volatility of common stock investing. The value approach carries the risk that the market will not recognize a security’s intrinsic value for a long time or that a stock judged undervalued may be appropriately priced. Because of the fund’s fixed income holdings or cash position, it may not keep pace in a rapidly rising market.

Capital Appreciation and Income Fund: The fund is subject to the inherent volatility of common stock investing. Fixed income securities are subject to credit risk, liquidity risk, call risk, and interest rate risk. As interest rates rise, bond prices generally fall.

Capital Appreciation Equity ETF: The ETF is subject to the inherent volatility of common stock investing. The fund's value and growth investing styles may become out of favor, which may result in periods of underperformance. The fund is nondiversified, meaning it may invest a greater portion of its assets in a single company and own more of the company’ voting securities than is permissible for a diversified fund. The fund's share price can be expected to fluctuate more than that of a comparable diversified fund.

All other trademarks shown are the property of their respective owners. Use does not imply endorsement, sponsorship, or affiliation of T. Rowe Price with any of the trademark owners.

Summit Program benefits may be provided through T. Rowe Price Services, Inc., or its affiliates.

T. Rowe Price Investment Services, Inc., distributor, T. Rowe Price funds.

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The funds referred to in this website are offered and sold only to persons residing in the United States and are offered by prospectus only. The prospectuses include investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing. T. Rowe Price Investment Services, Inc., distributor, T. Rowe Price mutual funds and T. Rowe Price ETFs.

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©2024 T. Rowe Price. All Rights Reserved. T. Rowe Price Investment Services, Inc., distributor, T. Rowe Price mutual funds and T. Rowe Price ETFs. T.ROWE PRICE, INVEST WITH CONFIDENCE, and the Bighorn Sheep design are, collectively and/or apart, trademarks of T. Rowe Price Group, Inc. All other trademarks shown are the property of their respective owners. Use does not imply endorsement, sponsorship, or affiliation of T. Rowe Price with any of the trademark owners.