During two of the most prolonged market crises in the past 25 years, T. Rowe Price U.S. Equity funds generated higher returns than their respective indexes through the largest decline. This resulted in more money saved—followed by more money gained—for our clients.
Past performance is no guarantee of future results. Results for other time periods will differ. Results based on an analysis of T. Rowe Price’s current active, diversified U.S. equity mutual funds (oldest share class). Index, sector, specialized, and institutional clones of our retail funds were excluded. Of T. Rowe Price’s 25 current 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 3/31/2022. The analysis spans two five year periods surrounding significant market corrections and recovery (2001 through 2005, and 2008 through 2012) and measures performance net of fees and trading costs. Fund performance was measured against a custom blended index allocated according to the designated benchmarks of each fund included in the analysis. Compares an initial $100,000 investment in this custom blended index to a similar investment equally-weighted across the T. Rowe Price funds available at the beginning of the analysis, and expanding to include new diversified U.S. equity funds as they incepted (14 of 17 have track records allowing inclusion at the beginning of the first 5-year period and all 17 are included throughout the second). Both the funds and indices are rebalanced monthly to reinstitute an equal-weighting of each fund and index at each interval throughout the analysis period. Assumes dividends and capital gains are reinvested and no additional contributions.
All investments are subject to risk, including the possible loss of principal. All charts and tables are shown for illustrative purposes only.
T. Rowe Price Investment Services, Inc., distributor, T. Rowe Price mutual funds.
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