2025 U.S. Morningstar Outstanding Portfolio Manager – Allocation1
For the third time in seven nominations, David Giroux has won the prestigious Morningstar Award for Investing Excellence in the allocation category.
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Capital Appreciation Fund
The fund seeks long-term capital appreciation by investing primarily in common stocks. It may also hold fixed income and other securities to help preserve principal value.
Small-Mid Cap ETF
The fund seeks to provide long-term capital growth.
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Important Information
*As of June 30, 2025. Firmwide Assets Under Management includes assets managed by T. Rowe Price Associates, Inc., and its investment advisory affliciates.
1 Previously known as the Fund Manager of the Year Award. The Morningstar Awards for Investing Excellence recognize portfolio managers and asset management firms that demonstrate excellent investment skill, the courage to differ from the consensus to benefit investors, and an alignment of interests with the strategies' investors. The Morningstar Awards for Investing Excellence award winners are chosen based on research and in-depth qualitative evaluation by Morningstar's Manager Research Group. Morningstar's Outstanding Portfolio Manager Award recognizes an individual or team who has produced exceptional returns over the long term. To qualify, a manager's strategy must currently earn a Morningstar Medalist Rating of Gold or Silver for at least one vehicle and/or share class in the appropriate asset class (equity, fixed income, or allocation). David Giroux won the Outstanding Portfolio Manager Award for the Allocation category in 2025. He previously won the Morningstar U.S. Fund Manager of the Year award for Allocation Funds in 2012, and Allocation/Alternative Funds in 2017.
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Risk Considerations: All investments are subject to market risk, including the possible loss of principal. Investments in securities issued by small and mid-cap companies are likely to be more volatile than investments in securities issued by larger companies. Active investing may have higher costs than passive investing and may underperform the broad market or passive peers with similar objectives. Past performance cannot guarantee future results.
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 to be undervalued may actually be appropriately priced. Because of the fund's fixed-income holdings or cash position, it may not keep pace in a rapidly rising market.
ETFs are bought and sold at market prices, not NAV. 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.
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