選擇您的地區
香港
中文
選擇您的地區
2025年6月, 實地研究
GARP stocks have outperformed the S&P 500 by about 300 basis points for the last 35 years on an annualized basis. And they’ve done that with less volatility than the overall market.
These stocks have held up better during periods of market stress, like the dot-com bubble and the global financial crisis.
So what are GARP stocks? And why are they so overlooked?
GARP stands for growth at a reasonable price.
Companies that fall into this category typically have had good fundamental trends and have traded at cheap-to-moderate valuations.
These businesses may provide:
Despite these strengths, they have often traded near or below the market’s valuation multiple, which has helped them achieve strong risk-adjusted returns over time.
So, why does this market inefficiency exist?
The answer is GARP stocks do not have a natural buyer in the marketplace.
Institutional investors often focus on style investing—either strictly growth or strictly value.
For many growth investors, if a stock does not have double-digit revenue and EPS growth, it is just simply not interesting to them. And for many value investors, if a stock is not trading at a significant discount to the market, it is considered to be uninvestable.
For retail investors, many are heavily focused on growth, trying to pick the next Tesla or NVIDIA, and others are just interested in high dividend payers, such as AT&T or Procter & Gamble.
The bottom line is that GARP stocks often go unnoticed. This leads to opportunities to buy steady growers with the potential for high profitability and lower volatility at attractive prices.
Over time, these qualities have helped GARP stocks deliver strong risk-adjusted returns.
Farris G. Shuggi, CFA
量化股票主管
Important Information
Where securities are mentioned, the specific securities identified and described are for informational purposes only and do not represent recommendations.
This material is being furnished for general informational purposes only. The material does not constitute or undertake to give advice of any nature, including fiduciary investment advice. Prospective investors are recommended to seek independent legal, financial and tax advice before making any investment decision. T. Rowe Price group of companies including T. Rowe Price Associates, Inc. and/or its affiliates receive revenue from T. Rowe Price investment products and services. Past performance is not a reliable indicator of future performance. Investment involves risks. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested.
The material does not constitute a distribution, an offer, an invitation, a personal or general recommendation or solicitation to sell or buy any securities in any jurisdiction or to conduct any particular investment activity. The material has not been reviewed by any regulatory authority in any jurisdiction.
Information and opinions presented have been obtained or derived from sources believed to be reliable and current; however, we cannot guarantee the sources’ accuracy or completeness. There is no guarantee that any forecasts made will come to pass. The views contained herein are as of the date written and are subject to change without notice; these views may differ from those of other T. Rowe Price group companies and/or associates. Under no circumstances should the material, in whole or in part, be copied or redistributed without consent from T. Rowe Price
The material is not intended for use by persons in jurisdictions which prohibit or restrict the distribution of the material and in certain countries the material is provided upon specific request.
Hong Kong—Issued by T. Rowe Price Hong Kong Limited, 6/F, Chater House, 8 Connaught Road Central, Hong Kong. T. Rowe Price Hong Kong Limited is licensed and regulated by the Securities & Futures Commission (“SFC”). This material has not been reviewed by the SFC.
Singapore—Issued by T. Rowe Price Singapore Private Ltd. (UEN 201021137E), 501 Orchard Road, #10-02 Wheelock Place, Singapore 238880. T. Rowe Price Singapore Private Ltd. is licensed and regulated by the Monetary Authority of Singapore. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.
© 2025 T. Rowe Price. All Rights Reserved. T. ROWE PRICE, INVEST WITH CONFIDENCE, the Bighorn Sheep design and related indicators (www.troweprice.com/en/intellectual-property) are trademarks of T. Rowe Price Group, Inc. All other trademarks are the property of their respective owners.