T. Rowe Price funds have delivered better returns on average than comparable passive peers. Furthermore, our funds beat comparable passive funds more frequently—and with higher returns—than the average of all other active managers, including the largest ones.
This has meant more money for investors. That’s our strategic investing difference.
Limiting investors’ losses is just as important as—and goes hand in hand with—delivering growth. For the last 20 years, our 17 U.S. equity funds beat their designated benchmarks over 70% of the time when the benchmarks were positive.4
And when benchmarks were down, our funds lost less over 90% of the time.
T. Rowe Price mutual funds are subject to ongoing management fees. See prospectus for details.
Our target date solutions are designed to help investors reach their retirement goals—whatever they happen to be.
Our target date solutions are designed to help investors reach their retirement goals—whatever they happen to be.
Important Information
For more information on the methodology of this analysis, please visit troweprice.com/performancestudy.
Past performance is no guarantee of future results. All investments are subject to risk, including the possible loss of principal.
Dividends are not guaranteed and are subject to change.
The Fund’s investments in bank loans may at times become difficult to value and highly illiquid; they are subject to credit risk such as nonpayment of principal or interest, and risks of bankruptcy and insolvency.
Results from other time periods may differ. Active investing may have higher costs than passive investing and may underperform the broad market or passive peers with similar objectives. Passive investing may lag the performance of actively managed peers as holdings are not reallocated based on changes in market conditions or outlooks on specific securities.
Analysis by T. Rowe Price. Comparable passive funds are (1) mutual funds and exchange traded funds classified as an “index fund” in the Morningstar Direct database and (2) in the same Morningstar category as the active funds being analyzed. All Active Managers represents the actively managed (non-“index fund”) mutual funds and exchange-traded funds in the Morningstar Direct database, excluding those managed by T. Rowe Price. The performance of the T. Rowe Price active funds and the All Active Managers funds were compared against the comparable passive funds using 10-year rolling monthly periods from 7/1/2002 to 9/30/2022. The analysis was conducted at the Morningstar category level analyzing all open-end funds and exchange-traded funds (ETFs) within U.S. Morningstar categories where passive funds are present. Oldest share class returns are used for analysis. Money market funds are excluded from the analysis.
1 80 funds covering 7,218 rolling 10-year periods.
2 455 funds covering 39,690 rolling 10-year periods. The active assets under management (AUM) as of 9/30/22 across all funds considered in the analysis are aggregated and those funds offered at any point in the analysis period by the largest five active fund managers by AUM, identified by Morningstar, other than T. Rowe Price are grouped together here. Source: Morningstar.
3 4,628 funds covering 346,577 rolling 10-year periods, excluding T. Rowe Price.
4 Results based on an analysis of T. Rowe Price's active, diversified U.S. equity mutual funds (oldest share class). Index, sector, specialized, and institutional clones of our retail funds were excluded. Funds with less than a 15-year track record were also excluded due to limited performance data availability. Of T. Rowe Price's 25 diversified U.S. equity funds, 17 met the criteria for the analysis and are represented within. One of the 17 funds, the Capital Appreciation Fund, also has the ability to invest in fixed income assets but is primarily an equity portfolio and benchmarked to the S&P 500 Index. The funds included in the analysis represented over 75% of total U.S. equity assets in the domestic and global equity mutual funds advised by the firm as of 9/30/2022. Results for other time periods will differ. Past performance is no guarantee of future results.
All investments are subject to risk, including the possible loss of principal.
Download a mutual fund prospectus; each includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.
202207-2273851
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