All-Cap Opportunities Fund

Formerly New America Growth Fund

Invests primarily in common stocks of U.S. companies in sectors of the economy that are the fastest growing or have the greatest growth potential.

The fund may entail above-average risk since growth companies pay few dividends and are typically more volatile than slower-growing companies with high dividends.

Morningstar (Category)

Morningstar
(Overall Rating)1

Large Growth
  (1,128 funds)

Data as of 08/31/2021

Data as of 08/31/2021

Fund Manager Tenure2

Net Assets3
(USD)

5yrs
$9.2b

Data as of 08/31/2021

Data as of 08/31/2021

Price
(USD)

Daily Price Change

$80.78
$+0.26

Data as of 09/24/2021

Data as of 09/24/2021

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Justin P. White, CFA
Justin P. White, CFA, Portfolio Manager

Justin White is a portfolio manager of the US Multi-Cap Growth Equity Strategy, including the T. Rowe Price All-Cap Opportunities Fund, in the U.S. Equity Division. He is chairman of the Investment Advisory Committee of the US Multi-Cap Growth Equity Strategy and a vice president and an Investment Advisory Committee member of the US Large-Cap Core Equity, US Structured Research Equity, US Growth Stock, US Large-Cap Core Growth Equity, US Mid-Cap Growth Equity, US Mid-Cap Value Equity, and Communications and Technology Equity Strategies. Justin is a vice president of T. Rowe Price Group, Inc.

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Strategy

Investment Objective

The fund seeks to provide long-term capital growth by investing primarily in the common stocks of growth companies.

Morningstar Equity Style

Large Growth

Data as of 08/31/2021

The Morningstar Style Box™, a proprietary Morningstar data point, is a 9-square grid that provides a graphical representation of the "investment style" of stocks and mutual funds. See disclaimer at bottom of page for more information.

Morningstar Rating

Period Rating Funds In Category (Large Growth)
Overall 1,128
3 Years 1,128
5 Years 1,020
10 Years 760

The Morningstar Rating™ for funds, or "star rating", is calculated for funds with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics.

Average Annual Total Returns (Investor Class)

1 YR
47.32%
Benchmark
44.16%
Value
3.16% -0.92%

Data as of 06/30/2021

3 YR
27.13%
Benchmark
18.73%
Value
8.40% 8.17%

Data as of 06/30/2021

5 YR
26.40%
Benchmark
17.89%
Value
8.51% 8.35%

Data as of 06/30/2021

10 YR
18.41%
Benchmark
14.70%
Value
3.71% 3.61%

Data as of 06/30/2021

Benchmark: Russell 3000 Index

Fund Inception: 09/30/1985

Expense Ratio

Gross
0.77%
Net
0.77%

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when you sell your shares. Average annual total return figures include changes in principal value, reinvested dividends, and capital gain distributions.

Investors should note that short term returns greater than 40% are highly unusual and unlikely to be sustained.

The gross expense ratio reflects the fund expenses as stated in the fee table of the fund's prospectus prior to the deduction of any waiver or reimbursement. The net expense ratio reflects fund expenses after the deduction of any waiver or reimbursement.  If a fund has an active contractual expense limitation, the expiration date is shown below the gross and net expense ratio values above.  Expense ratios are as of the most recent prospectus.

Current Year Performance (Investor Class)

Daily YTD
18.20%
Benchmark
18.83%
Value
-0.63%

Data as of 09/24/2021

Monthly YTD
19.24%
Benchmark
20.39%
Value
-1.15%

Data as of 08/31/2021

One Month
1.79%
Benchmark
2.85%
Value
-1.06%

Data as of 08/31/2021

Three Months
7.86%
Benchmark
7.17%
Value
0.69%

Data as of 08/31/2021

Benchmark: Russell 3000 Index

Fund Inception: 09/30/1985

Asset Allocation

Net Assets
(USD)
$9.2b

Data as of 08/31/2021

Largest US Stock 86.61% $8.0b
Other View complete

Numbers may not total due to rounding; all numbers are percentages.

Holdings

Total
Holdings
91

Data as of 06/30/2021

Largest Holding Amazon.com 6.66% Was (03/31/2021) 6.25%
Other View complete Full Holdings
Top 10 Holdings 34.55% View the latest Top 10 Holdings
12-Month Portfolio Turnover 67.5% Data as of 08/31/2021

Largest Contributor

Amazon.com
6.66%

Largest Detractor

Euronet Worldwide
2.21%

Data as of 06/30/2021

Purchase

Zoom Video Communications
1.73%
Was 0.32%

Sale

Yum! Brands (E)
0.00%
Was 0.95%

Data as of 06/30/2021

Sectors

Total
Sectors
10

Data as of 08/31/2021

Benchmark: Russell 3000 Index

Largest Sector Information Technology 28.34% Was (07/31/2021) 29.01%
Other View complete

Contributor

Communication Services
By 1.08%
Sector 0.24%
Selection 0.83%

Detractor

Information Technology
By -0.86%
Sector 0.04%
Selection -0.91%

Data as of 06/30/2021

Over

Communication Services
By 10.16%
Fund 20.52%
Benchmark 10.35%

Under

Financials
By -4.84%
Fund 6.78%
Benchmark 11.62%

Data as of 08/31/2021

Team (As of )

Justin P. White, CFA

Justin P. White, CFA
Portfolio Manager

Justin White is a portfolio manager of the US Multi-Cap Growth Equity Strategy, including the T. Rowe Price All-Cap Opportunities Fund, in the U.S. Equity Division. He is chairman of the Investment Advisory Committee of the US Multi-Cap Growth Equity Strategy and a vice president and an Investment Advisory Committee member of the US Large-Cap Core Equity, US Structured Research Equity, US Growth Stock, US Large-Cap Core Growth Equity, US Mid-Cap Growth Equity, US Mid-Cap Value Equity, and Communications and Technology Equity Strategies. Justin is a vice president of T. Rowe Price Group, Inc.

  • Fund manager
    since 2016
  • Years at
    T. Rowe Price 13
  • Years investment
    experience 13
Craig Watson, CPA

Craig Watson, CPA
Portfolio Specialist

Craig Watson is a portfolio specialist in the U.S. Equity Division. He is a member of the U.S. Large-Cap Growth team, working closely with institutional clients, consultants, and prospects. Craig also is a vice president of T. Rowe Price Group, Inc., and a trustee on the T. Rowe Price Foundation, Inc.

  • Years at
    T. Rowe Price 14
  • Years investment
    experience 14

For a complete list of the members of the fund's Investment Advisory Committee, please refer to the fund's prospectus.

How to Invest

View platform information
Share Class Min Initial Investment (USD) Min Subsequent Investment (USD) 12b-1 Fee Expense Ratio
Gross Net Limitation Type Limitation Expiration Date
Investor Class
Cusip 779557107
$2,500 $100 0.00% 0.77% 0.77% N/A N/A
Advisor Class
Cusip 779557206
$2,500 $100 0.25% 1.05% 1.05% N/A
N/A
I Class
Cusip 779557305
$1,000,000* N/A 0.00% 0.65% 0.65% N/A
N/A

* Minimum initial investment $1,000,000. Minimum is generally waived for intermediaries, certain retirement plans, and certain institutional client accounts.

1

© 2021 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

2

Number of years managing the fund.  In the case of co-portfolio management, the longer tenure is displayed.

3

Figure applies to all share classes.

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Effective 1 March 2021, the benchmark for the All-Cap Opportunities Fund changed to the Russell 3000 Index. Prior to this change, the benchmark was the Russell 1000 Growth Index.

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