Capital Appreciation FundN-closed

Closed

Invests primarily in the common stocks of established U.S companies believed to have above-average potential for capital growth. Remaining assets are generally invested in other securities.

The value approach carries a 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.

PRWCXCUSIP 77954M105
Prospectus

Morningstar (Category)

Morningstar
(Overall Rating)1

Allocation--50% to 70% Equity
  (630 funds)

Data as of 08/31/2020

Data as of 08/31/2020

Fund Manager Tenure2

Net Assets3
(USD)

14yrs
$40.6b

Data as of 08/31/2020

Data as of 08/31/2020

Price
(USD)

Daily Price Change

$32.67
$+0.34

Data as of 09/25/2020

Data as of 09/25/2020

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™.

David R.  Giroux
David R. Giroux, Portfolio Manager

David Giroux is a portfolio manager in the U.S. Equity Division. He manages the Capital Appreciation Strategy including the Capital Appreciation Fund . He also is head of Investment Strategy, chief investment officer for Equity and Multi-Asset, and cochair of the Equity Research Advisory Committee. 

View more

Strategy

Investment Objective

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.

Morningstar Equity Style

Large Blend

Data as of 08/31/2020

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 (Allocation--50% to 70% Equity)
Overall 630
3 Years 630
5 Years 584
10 Years 415

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
6.26%
Benchmark
7.51%
Value
-1.25% -8.18%

Data as of 06/30/2020

3 YR
9.88%
Benchmark
10.73%
Value
-0.85% -2.63%
5 YR
9.76%
Benchmark
10.73%
Value
-0.97% -2.85%
10 YR
12.05%
Benchmark
13.99%
Value
-1.94% -2.44%

Expense Ratio

Gross
0.70%
Net
0.70%
Limitation Type
Contractual
expires 04/30/2021

Benchmark: S&P 500 Index

Fund Inception: 06/30/1986

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.

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
4.64%
Benchmark
3.53%
Value
1.11%

Data as of 09/25/2020

Monthly YTD
7.46%
Benchmark
9.74%
Value
-2.28%

Data as of 08/31/2020

One Month
2.10%
Benchmark
7.19%
Value
-5.09%
Three Months
7.43%
Benchmark
15.48%
Value
-8.05%

Benchmark: S&P 500 Index

Fund Inception: 06/30/1986

Asset Allocation

Net Assets
(USD)
$40.6b
Largest US Stock 65.58% $26.6b
Other View complete Asset Allocation

Data as of 08/31/2020

Holdings

Total
Holdings
254
Largest Holding Microsoft 5.04% Was (03/31/2020) 3.96%
Other View complete Full Holdings
Top 10 Holdings 30.44% View the latest Top 10 Holdings
12-Month Portfolio Turnover 80.6% Data as of 08/31/2020

Data as of 06/30/2020

Largest Contributor

Microsoft
4.66%

Largest Detractor

GE
3.66%

Data as of 06/30/2020

Purchase

Ameren
1.64%
Was 0.00%

Sale

Fiserv
2.41%
Was 3.87%

Data as of 06/30/2020

Sectors

Total
Sectors
10
Largest Sector Information Technology 23.23% Was (07/31/2020) 20.38%
Other View complete Sector Diversification

Data as of 08/31/2020

Benchmark: S&P 500 Index

Contributor

Health Care
By 1.74%
Sector -0.33%
Selection 2.07%

Detractor

Information Technology
By -1.81%
Sector -0.29%
Selection -1.52%

Data as of 06/30/2020

Over

Utilities
By 10.26%
Fund 13.09%
Benchmark 2.83%

Under

Information Technology
By -5.49%
Fund 23.23%
Benchmark 28.71%

Data as of 08/31/2020

MSCI index returns are shown with gross dividends reinvested.

Team (As of )

David R.  Giroux

David R. Giroux
Portfolio Manager

David Giroux is a portfolio manager in the U.S. Equity Division. He manages the Capital Appreciation Strategy including the Capital Appreciation Fund . He also is head of Investment Strategy, chief investment officer for Equity and Multi-Asset, and cochair of the Equity Research Advisory Committee. 

  • Fund manager
    since 2006
  • Years at
    T. Rowe Price 22
  • Years investment
    experience 22
Ira W. Carnahan, CFA

Ira W. Carnahan, CFA
Portfolio Specialist

Ira Carnahan is a portfolio specialist in the U.S. Equity Division of T. Rowe Price, working on the Capital Appreciation, Dividend Growth, and Large-Cap Core Funds. Before his current role, he was an investment analyst following consumer discretionary and consumer staples companies. He is a vice president of T. Rowe Price Group, Inc.

  • Years at
    T. Rowe Price 15
  • Years investment
    experience 16

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 77954M105
$2,500 $100 0.00% 0.70% 0.70% Contractual 04/30/2021
Advisor Class
Cusip 77954M204
$2,500 $100 0.25% 1.00% 1.00% Contractual
04/30/2021
I Class
Cusip 77954M303
$1,000,000* N/A 0.00% 0.60% 0.59% Contractual
04/30/2021

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

1

© 2020 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.

N-closed

Closed to new investors except for a direct rollover from a retirement plan into a T. Rowe Price IRA invested in this fund.

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