Capital Appreciation Fund - Advisor ClassN-closed
ClosedInvests 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.
Important Information: Read 11/19/20 press release regarding a proposal to launch a new investment adviser.
Morningstar (Category)
Morningstar
(Overall Rating)1
Data as of 12/31/2020
Data as of 12/31/2020
Fund Manager Tenure2
Net Assets3
(USD)
Data as of 12/31/2020
Data as of 12/31/2020
Price
(USD)
Daily Price Change
Data as of 01/19/2021
Data as of 01/19/2021
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™.
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™.
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 12/31/2020
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 | 636 | |
3 Years | 636 | |
5 Years | 575 | |
10 Years | 414 |
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 (Advisor Class)
1 YR
17.80% 17.80%Benchmark
18.40% 18.40%Value
-0.60% -0.60%Data as of 12/31/2020
Data as of 12/31/2020
3 YR
13.67% 13.67%Benchmark
14.18% 14.18%Value
-0.51% -0.51%5 YR
12.75% 12.75%Benchmark
15.22% 15.22%Value
-2.47% -2.47%10 YR
11.90% 11.90%Benchmark
13.88% 13.88%Value
-1.98% -1.98%Expense Ratio
Gross
1.00%Net
1.00%Limitation Type
ContractualCurrent 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 (Advisor Class)
Daily YTD
-0.21%Benchmark
1.21%Value
-1.42%Data as of 01/19/2021
Monthly YTD
17.80%Benchmark
18.40%Value
-0.60%Data as of 12/31/2020
One Month
2.35%Benchmark
3.84%Value
-1.49%Three Months
11.34%Benchmark
12.15%Value
-0.81%Asset Allocation
Net Assets
(USD)
$44.9b
Holdings
Total
Holdings
250
Largest Contributor
GE
3.45%Largest Detractor
Humana
2.59%Purchase
Public Service Enterprise (N)
1.28%Sale
Becton, Dickinson & Company
0.32%Sectors
Total
Sectors
9
Contributor
Industrials & Business Services
By 3.09%Detractor
Utilities
By -0.71%Over
Utilities
By 9.33%Under
Communication Services
By -4.32%MSCI index returns are shown with gross dividends reinvested.
Team (As of )

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
Portfolio Specialist
Ira Carnahan is a portfolio specialist working on the Capital Appreciation, Dividend Growth, and Large-Cap Core Funds in the U.S. Equity Division. 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 informationShare Class | Min Initial Investment (USD) | Min Subsequent Investment (USD) | 12b-1 Fee | Expense Ratio | |||
---|---|---|---|---|---|---|---|
Gross | Net | Limitation Type | Limitation Expiration Date | ||||
Advisor Class Cusip 77954M204 |
$2,500 | $100 | 0.25% | 1.00% | 1.00% | Contractual | 04/30/2021 |
Investor Class Cusip 77954M105 |
$2,500 | $100 | 0.00% | 0.70% | 0.70% |
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.
Benefits & Risks
- The fund’s attempt to cushion the effects of market declines on the share price could reduce the overall risk relative to that of the broad stock market.
- The fund’s willingness to seek appreciation opportunities outside the stock market may aid performance when stocks are declining.
- 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.
Investor Profile
For investors looking for a relatively conservative way to invest for capital growth in the equity market who are willing to accept price declines.Risk/Return Characteristics
Data as of 12/31/2020
Risk/Return (5 Years) | Fund | S&P 500 Index |
---|---|---|
Alpha | 2.41% | 0.00% |
Beta | 0.63 | 1.00 |
R-Squared | 0.91 | 1.00 |
Annualized Std. Deviation | 10.05% | 15.13% |
Information Ratio | -0.39 | 0.00 |
Sharpe Ratio | 1.14 | 0.92 |
Tracking Error | 6.39% | 0.00% |
Figures are calculated using monthly data and are net of fees. Past performance cannot guarantee future results.
Asset Allocation (12/31/2020)
Category | % of Total Net Assets | Market Value (USD) |
---|---|---|
Convertibles | 1.41% | $633,427,862.66 |
Global ex-US Bonds | 1.43% | $642,412,655.04 |
Global ex-US Stock | 1.42% | $637,920,258.85 |
Options | -1.14% | ($512,133,165.56) |
Preferred | 1.15% | $516,625,561.74 |
Reserves | 12.26% | $5,507,677,727.81 |
US Bonds | 18.13% | $8,144,714,290.81 |
US Stock | 65.34% | $29,353,316,699.46 |
Total Allocation | $44,923,961,890.82 |
Numbers may not total due to rounding; all numbers are percentages.
T. Rowe Price uses the current MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. T. Rowe Price will adhere to all future updates to GICS.
Holdings (12/31/2020)
Security Name | % of Fund | Prev Qtr Change | Value | Sector | Industry | Country |
---|---|---|---|---|---|---|
Microsoft | 5.05% | -0.23% | $2,267,480,262.96 | Information Technology | Software | United States |
Amazon.com | 3.67% | 0.47% | $1,647,400,791.02 | Consumer Discretionary | Internet & Direct Marketing Retail | United States |
GE | 3.54% | -0.34% | $1,589,599,209.60 | Industrials & Business Services | Industrial Conglomerates | United States |
PNC Financial Services Group | 3.38% | 0.77% | $1,519,273,881.00 | Financials | Banks | United States |
Alphabet Class C | 3.29% | 0.20% | $1,477,230,764.88 | Communication Services | Interactive Media & Services | United States |
Marsh & McLennan | 3.00% | 0.24% | $1,348,903,296.00 | Financials | Insurance | United States |
Fiserv | 2.95% | 0.06% | $1,324,351,317.86 | Information Technology | IT Services | United States |
American Electric Power | 2.90% | -0.01% | $1,301,727,268.16 | Utilities | Electric Utilities | United States |
Visa | 2.72% | 0.37% | $1,223,933,024.82 | Information Technology | IT Services | United States |
Humana | 2.60% | 0.09% | $1,169,712,181.33 | Health Care | Health Care Providers & Services | United States |
Global Payments | 2.50% | 0.39% | $1,122,780,888.10 | Information Technology | IT Services | United States |
Bank of America | 2.17% | N/A | $976,835,802.39 | Financials | Banks | United States |
Refinitiv US Holdings | 2.09% | -0.01% | $938,377,404.07 | Corporate Securities | Information Technology | United States |
UnitedHealth Group | 2.05% | 0.01% | $921,513,397.20 | Health Care | Health Care Providers & Services | United States |
Yum! Brands | 1.98% | 0.43% | $891,470,511.12 | Consumer Discretionary | Hotels Restaurants & Leisure | United States |
NXP Semiconductors | 1.76% | -0.31% | $788,486,226.21 | Information Technology | Semiconductors & Semiconductor Equipment | United States |
Danaher | 1.74% | -0.34% | $780,509,549.02 | Health Care | Health Care Equipment & Supplies | United States |
Keurig Dr Pepper | 1.59% | 0.31% | $713,658,272.00 | Consumer Staples | Beverages | United States |
Ameren | 1.59% | -0.21% | $712,336,139.70 | Utilities | Multi-Utilities | United States |
TE Connectivity | 1.42% | -0.00% | $639,748,287.33 | Information Technology | Electronic Equip, Instr & Cmpts | Switzerland |
Public Service Enterprise | 1.27% | N/A | $571,334,228.30 | Utilities | Multi-Utilities | United States |
HUB International | 1.25% | -0.03% | $562,630,034.96 | Corporate Securities | Financial | United States |
Thermo Fisher Scientific | 1.24% | -0.59% | $557,797,633.68 | Health Care | Life Sciences Tools & Services | United States |
Exelon | 1.22% | 0.16% | $547,344,808.64 | Utilities | Electric Utilities | United States |
NiSource | 1.14% | -0.01% | $512,195,098.12 | Utilities | Multi-Utilities | United States |
Ultimate Software | 1.14% | -0.00% | $510,036,847.96 | Corporate Securities | Services | United States |
Ingersoll-Rand | 0.98% | -0.33% | $440,895,145.52 | Industrials & Business Services | Machinery | United States |
Intercontinental Exchange | 0.97% | 0.36% | $434,483,046.90 | Financials | Capital Markets | United States |
Marriott | 0.92% | -0.22% | $411,771,921.92 | Consumer Discretionary | Hotels Restaurants & Leisure | United States |
CCC Information Services | 0.90% | -0.02% | $405,223,689.91 | Corporate Securities | Information Technology | United States |
Envista Holdings | 0.90% | 0.16% | $403,897,287.79 | Health Care | Health Care Equipment & Supplies | United States |
Roper Technologies | 0.83% | 0.33% | $370,933,545.95 | Industrials & Business Services | Industrial Conglomerates | United States |
0.81% | -0.25% | $364,595,393.12 | Communication Services | Interactive Media & Services | United States | |
MasterCard | 0.75% | N/A | $337,382,900.46 | Information Technology | IT Services | United States |
Salesforce.com | 0.73% | N/A | $325,917,438.00 | Information Technology | Software | United States |
Hilton Worldwide Holdings | 0.72% | -0.36% | $323,148,884.48 | Consumer Discretionary | Hotels Restaurants & Leisure | United States |
Ross Stores | 0.70% | N/A | $315,387,255.71 | Consumer Discretionary | Specialty Retail | United States |
PerkinElmer | 0.60% | -0.43% | $270,992,001.00 | Health Care | Life Sciences Tools & Services | United States |
Waste Connections | 0.60% | -0.02% | $269,424,926.94 | Industrials & Business Services | Commercial Services & Supplies | United States |
Netflix | 0.59% | -0.00% | $264,956,935.49 | Corporate Securities | Cable Operators | United States |
General Electric | 0.58% | 0.01% | $261,585,877.81 | Corporate Securities | Conglomerates | United States |
HUB International | 0.56% | -0.03% | $249,453,564.41 | Corporate Securities | Financial | United States |
Solera LLC / Solera Finance | 0.55% | -0.05% | $246,747,692.18 | Corporate Securities | Information Technology | United States |
Arthur J. Gallagher | 0.55% | N/A | $245,921,129.64 | Financials | Insurance | United States |
CME Group | 0.54% | -0.23% | $241,952,824.30 | Financials | Capital Markets | United States |
Mileage Plus Holdings | 0.48% | 0.12% | $213,410,767.61 | Corporate Securities | Airlines | United States |
CCO Holdings LLC / CCO Holdings Capital | 0.47% | -0.01% | $212,787,205.95 | Corporate Securities | Cable Operators | United States |
Avantor | 0.42% | -0.21% | $188,900,783.21 | Health Care | Life Sciences Tools & Services | United States |
Netflix | 0.40% | -0.00% | $178,293,475.48 | Corporate Securities | Cable Operators | United States |
Teledyne Technologies | 0.38% | N/A | $172,858,084.26 | Industrials & Business Services | Aerospace & Defense | United States |
Delta 2 Lux Sarl | 0.37% | -0.04% | $165,624,357.58 | Corporate Securities | Entertainment & Leisure | Luxembourg |
USI Inc/NY | 0.36% | -0.01% | $163,040,811.40 | Corporate Securities | Financial | United States |
Kfc Holding Co/Pizza Hut Holdings Llc/Taco Bell Of America | 0.34% | -0.02% | $154,142,988.66 | Corporate Securities | Restaurants | United States |
Netflix | 0.34% | -0.00% | $150,672,029.27 | Corporate Securities | Cable Operators | United States |
Netflix | 0.33% | -0.00% | $148,997,755.40 | Corporate Securities | Cable Operators | United States |
Vertical US Newco | 0.33% | 0.52% | $146,866,194.30 | Corporate Securities | Services | Germany |
Boston Scientific | 0.33% | -0.04% | $146,631,134.40 | Health Care | Health Care Equipment & Supplies | United States |
CCO Holdings LLC / CCO Holdings Capital | 0.32% | -0.01% | $141,699,062.25 | Corporate Securities | Cable Operators | United States |
Becton, Dickinson & Company | 0.31% | -1.88% | $141,324,256.00 | Health Care | Health Care Equipment & Supplies | United States |
CMS Energy | 0.31% | -0.01% | $140,945,500.00 | Pref Stocks | Electric Utilities | United States |
Boston Scientific | 0.29% | -0.04% | $129,301,024.45 | Health Care | Health Care Equipment & Supplies | United States |
Six Flags Entertainment | 0.28% | 0.01% | $124,453,051.75 | Corporate Securities | Entertainment & Leisure | United States |
Sunshine Luxembourg VII Sarl | 0.27% | -0.03% | $120,967,391.95 | Corporate Securities | Healthcare | Luxembourg |
Alphabet Class A | 0.26% | 0.11% | $115,197,521.92 | Communication Services | Interactive Media & Services | United States |
Kfc Holding Co/Pizza Hut Holdings Llc/Taco Bell Of America | 0.25% | -0.02% | $114,125,016.53 | Corporate Securities | Restaurants | United States |
CMS Energy | 0.24% | -0.01% | $107,920,000.00 | Pref Stocks | Electric Utilities | United States |
Loire Finco Luxembourg Sarl | 0.23% | 0.43% | $104,692,269.11 | Corporate Securities | Healthcare | United Kingdom |
Azalea Topco | 0.23% | N/A | $101,735,673.70 | Corporate Securities | Healthcare | United States |
Yum Brands | 0.22% | -0.00% | $99,741,552.62 | Corporate Securities | Restaurants | United States |
Six Flags Entertainment | 0.22% | 0.01% | $99,214,113.83 | Corporate Securities | Entertainment & Leisure | United States |
Camelot Finance | 0.21% | 0.41% | $94,785,817.50 | Corporate Securities | Services | United States |
SkyMiles IP | 0.21% | 0.01% | $93,346,254.40 | Corporate Securities | Airlines | United States |
Cedar Fair LP / Canada s Wonderland Co / Magnum Management | 0.20% | -0.02% | $91,635,530.96 | Corporate Securities | Entertainment & Leisure | United States |
HUB International | 0.20% | -0.03% | $88,994,527.62 | Corporate Securities | Financial | United States |
TRP Inst Floating Rate - Inst | 0.19% | -0.02% | $87,471,071.06 | Corporate Securities | Investment Companies - Bonds | United States |
Life Time | 0.17% | -0.01% | $76,207,068.89 | Corporate Securities | Consumer Products | United States |
Cedar Fair | 0.17% | -0.00% | $75,689,395.37 | Corporate Securities | Entertainment & Leisure | United States |
Dino Grandparent | 0.17% | -0.02% | $74,602,500.00 | Corporate Securities | Healthcare | United States |
Yum Brands | 0.16% | -0.00% | $73,521,249.01 | Corporate Securities | Restaurants | United States |
NiSource | 0.16% | -0.01% | $72,649,500.00 | Pref Stocks | Gas & Gas Transmission | United States |
Delta Air Lines Inc / SkyMiles IP | 0.16% | -0.00% | $72,632,271.52 | Corporate Securities | Airlines | United States |
Netflix | 0.15% | -0.00% | $65,591,448.23 | Corporate Securities | Cable Operators | United States |
SBA Communications | 0.15% | N/A | $65,395,164.62 | Corporate Securities | Wireless Communications | United States |
Cedar Fair LP / Canada s Wonderland Co / Magnum Management Corp / Millennium Op | 0.14% | N/A | $64,035,887.60 | Corporate Securities | Entertainment & Leisure | United States |
Cedar Fair LP / Canada s Wonderland Co / Magnum Management Corp / Millennium Op | 0.14% | N/A | $63,566,646.31 | Corporate Securities | Entertainment & Leisure | United States |
Refinitiv US Holdings | 0.14% | -0.01% | $62,773,566.92 | Corporate Securities | Information Technology | United States |
Filtration | 0.14% | N/A | $62,747,706.93 | Corporate Securities | Manufacturing | United States |
Dte Energy | 0.13% | -0.02% | $60,512,030.40 | Pref Stocks | Electric Utilities | United States |
SCE Trust IV | 0.13% | -0.00% | $59,350,334.96 | Pref Stocks | Electric Utilities | United States |
Heartland dental | 0.13% | N/A | $58,207,262.57 | Corporate Securities | Healthcare | United States |
American Electric Power | 0.13% | -0.01% | $57,232,292.78 | Utilities | Electric Utilities | United States |
Duke Energy | 0.13% | -0.02% | $56,886,604.53 | Pref Stocks | Electric Utilities | United States |
USI Inc/NY | 0.11% | -0.01% | $48,622,397.70 | Corporate Securities | Financial | United States |
Six Flags theme Parks | 0.11% | -0.01% | $47,370,706.42 | Corporate Securities | Entertainment & Leisure | United States |
Refinitiv US Holdings | 0.10% | -0.01% | $46,890,644.75 | Corporate Securities | Information Technology | United States |
NiSource | 0.10% | -0.01% | $45,724,785.57 | Corporate Securities | Utilities | United States |
PNC Financial Services | 0.10% | -0.01% | $44,611,152.37 | Corporate Securities | Banking | United States |
CCO Holdings LLC / CCO Holdings Capital | 0.10% | -0.01% | $44,341,190.19 | Corporate Securities | Cable Operators | United States |
Yum Brands | 0.10% | -0.00% | $44,190,535.49 | Corporate Securities | Restaurants | United States |
Alliant Holdings Intermediate | 0.10% | -0.01% | $44,097,913.48 | Corporate Securities | Financial | United States |
Bank of New York Mellon | 0.10% | -0.01% | $43,567,921.41 | Corporate Securities | Banking | United States |
Hyperion Refinance Sarl | 0.10% | N/A | $43,488,115.39 | Corporate Securities | Financial | United States |
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets | 0.09% | 0.03% | $42,585,727.08 | Corporate Securities | Airlines | United States |
Domino s Pizza Master Issuer | 0.09% | -0.01% | $42,568,098.60 | Asst Backed Securities | Asset Backed Other | United States |
ADMI | 0.09% | N/A | $41,424,641.25 | Corporate Securities | Healthcare | United States |
Delta Air Lines Inc / SkyMiles IP | 0.09% | -0.00% | $41,325,534.14 | Corporate Securities | Airlines | United States |
Elanco Animal Health | 0.09% | 0.00% | $39,471,546.75 | Corporate Securities | Healthcare | United States |
Alliant Holdings Intermediate | 0.08% | -0.01% | $37,620,092.33 | Corporate Securities | Financial | United States |
IRB Holding | 0.08% | N/A | $37,356,576.95 | Corporate Securities | Restaurants | United States |
USI Inc/NY | 0.08% | -0.01% | $37,289,542.50 | Corporate Securities | Financial | United States |
Domino s Pizza Master Issuer | 0.08% | -0.01% | $36,553,100.52 | Asst Backed Securities | Asset Backed Other | United States |
SBA Communications | 0.08% | N/A | $35,861,659.93 | Corporate Securities | Wireless Communications | United States |
Yum Brands | 0.08% | -0.00% | $34,921,645.00 | Corporate Securities | Restaurants | United States |
Teleflex | 0.08% | -0.01% | $34,484,286.84 | Corporate Securities | Healthcare | United States |
USI Inc/NY | 0.08% | -0.01% | $34,192,510.11 | Corporate Securities | Financial | United States |
State Street | 0.07% | -0.01% | $33,436,605.42 | Corporate Securities | Banking | United States |
Alliant Holdings Intermediate | 0.07% | -0.01% | $30,878,564.04 | Corporate Securities | Financial | United States |
Welbilt | 0.07% | -0.00% | $29,573,993.95 | Corporate Securities | Manufacturing | United States |
Sensata Technologies BV | 0.06% | -0.00% | $26,659,269.24 | Corporate Securities | Manufacturing | United States |
Four Seasons Hotels | 0.06% | -0.01% | $26,435,770.77 | Corporate Securities | Lodging | Canada |
Wendy s Funding | 0.06% | -0.01% | $25,007,737.72 | Asst Backed Securities | Asset Backed Other | United States |
Teleflex | 0.05% | -0.01% | $23,598,391.90 | Corporate Securities | Healthcare | United States |
Ryan Specialty | 0.05% | -0.01% | $22,781,933.67 | Corporate Securities | Financial | United States |
SeaWorld Parks & Entertainment | 0.05% | N/A | $22,000,654.78 | Corporate Securities | Entertainment & Leisure | United States |
Sensata Technologies BV | 0.05% | -0.00% | $21,924,100.45 | Corporate Securities | Manufacturing | United States |
Amwins | 0.04% | -0.00% | $19,730,449.12 | Corporate Securities | Financial | United States |
Liberty Broadband | 0.04% | -0.01% | $19,704,611.13 | Communication Services | Media | United States |
Domino s Pizza Master Issuer | 0.04% | -0.01% | $19,657,884.38 | Asst Backed Securities | Asset Backed Other | United States |
SBA Communications | 0.04% | N/A | $19,042,751.01 | Corporate Securities | Wireless Communications | United States |
Applied Systems | 0.04% | -0.00% | $19,017,728.53 | Corporate Securities | Information Technology | United States |
Azalea Topco | 0.04% | N/A | $17,595,900.00 | Corporate Securities | Healthcare | United States |
Ultimate Software | 0.04% | -0.00% | $16,240,406.25 | Corporate Securities | Services | United States |
PetVet Care Centers | 0.03% | 0.01% | $15,578,051.51 | Corporate Securities | Healthcare | United States |
Woof Holdings | 0.03% | N/A | $15,532,624.80 | Corporate Securities | Food/Tobacco | United States |
PetVet Care Centers | 0.03% | 0.01% | $14,994,270.14 | Corporate Securities | Healthcare | United States |
Welbilt | 0.03% | -0.00% | $14,931,000.00 | Corporate Securities | Manufacturing | United States |
Filtration | 0.03% | N/A | $14,381,928.19 | Corporate Securities | Manufacturing | United States |
T-Mobile USA | 0.03% | -0.00% | $14,266,957.87 | Corporate Securities | Wireless Communications | United States |
Ultimate Software | 0.03% | -0.00% | $13,867,520.37 | Corporate Securities | Services | United States |
Eagle Broadband Investments | 0.03% | 0.23% | $13,534,642.80 | Corporate Securities | Cable Operators | United States |
Korn Ferry | 0.03% | -0.00% | $12,473,966.88 | Corporate Securities | Services | United States |
Yum Brands | 0.03% | -0.00% | $12,367,213.86 | Corporate Securities | Restaurants | United States |
Alabama Power | 0.03% | -0.01% | $12,154,616.50 | Pref Stocks | Electric Utilities | United States |
Marriott International Inc/MD | 0.03% | -0.00% | $11,923,368.40 | Corporate Securities | Lodging | United States |
Marriott International Inc/MD | 0.03% | -0.00% | $11,426,185.79 | Corporate Securities | Lodging | United States |
CPI Holdco | 0.02% | -0.00% | $11,159,912.52 | Corporate Securities | Manufacturing | United States |
Gardner denver | 0.02% | -0.00% | $10,710,403.88 | Corporate Securities | Manufacturing | United States |
Netflix | 0.02% | -0.00% | $10,035,468.75 | Corporate Securities | Cable Operators | United States |
Hb Fuller | 0.02% | -0.01% | $9,850,043.76 | Corporate Securities | Chemicals | United States |
Dentalcorp Health Services ULC | 0.02% | N/A | $9,831,595.33 | Corporate Securities | Healthcare | Canada |
Sensata Technologies UK Financing | 0.02% | -0.00% | $9,658,479.91 | Corporate Securities | Manufacturing | United States |
Filtration | 0.02% | N/A | $9,605,925.00 | Corporate Securities | Manufacturing | United States |
PetVet Care Centers | 0.02% | 0.01% | $9,532,734.77 | Corporate Securities | Healthcare | United States |
Continental Airlines 2012-1 Class A Pass Through Trust | 0.02% | -0.00% | $9,385,854.04 | Corporate Securities | Airlines | United States |
Sensata Technologies BV | 0.02% | -0.00% | $7,508,609.70 | Corporate Securities | Manufacturing | United States |
T-Mobile USA | 0.02% | -0.00% | $7,411,127.05 | Corporate Securities | Wireless Communications | United States |
Lennox International | 0.02% | -0.00% | $6,788,745.72 | Corporate Securities | Manufacturing | United States |
US Airways 2010-1 Class A Pass Through Trust | 0.01% | -0.00% | $5,999,158.81 | Corporate Securities | Airlines | United States |
US Airways 2013-1 Class A Pass Through Trust | 0.01% | -0.00% | $5,861,677.12 | Corporate Securities | Airlines | United States |
Sirius XM Radio | 0.01% | -0.00% | $5,577,127.40 | Corporate Securities | Broadcasting | United States |
Heartland dental | 0.01% | N/A | $5,560,239.30 | Corporate Securities | Healthcare | United States |
Cedar Fair LP / Canada s Wonderland Co / Magnum Management Corp / Millennium Op | 0.01% | N/A | $3,579,239.71 | Corporate Securities | Entertainment & Leisure | United States |
Ascend Learning | 0.01% | N/A | $3,444,381.04 | Corporate Securities | Services | United States |
Amwins | 0.01% | -0.00% | $3,309,618.75 | Corporate Securities | Financial | United States |
Xylem Inc/NY | 0.01% | -0.00% | $3,227,427.10 | Corporate Securities | Manufacturing | United States |
Charles Schwab | 0.01% | -0.00% | $2,494,632.00 | Financial | Financial Services | United States |
US Airways 2013-1 Class B Pass Through Trust | 0.00% | -0.00% | $2,115,599.25 | Corporate Securities | Airlines | United States |
US Airways 2012-2 Class B Pass Through Trust | 0.00% | -0.00% | $1,791,959.67 | Corporate Securities | Airlines | United States |
SCE Trust III | 0.00% | -0.00% | $1,468,505.50 | Pref Stocks | Electric Utilities | United States |
Prestige Brands | 0.00% | -0.00% | $1,372,340.03 | Corporate Securities | Consumer Products | United States |
Reynolds Group Issuer Inc / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu | 0.00% | -0.08% | $1,229,940.05 | Corporate Securities | Container | United States |
US Airways 2012-2 Class A Pass Through Trust | 0.00% | -0.00% | $898,180.64 | Corporate Securities | Airlines | United States |
Mirant | 0.00% | 0.20% | $0.00 | Corporate Securities | Utilities | United States |
HLT 01/15/2021 C 130 OTC | -0.00% | 0.20% | $-11,387.50 | Option | Option | United States |
BDX 01/15/2021 C 280 OTC | -0.00% | 0.20% | $-14,250.00 | Option | Option | United States |
HLT 01/15/2021 C 125 OTC | -0.00% | 0.20% | $-15,942.50 | Option | Option | United States |
AEP 01/15/2021 C 115 OTC | -0.00% | 0.20% | $-22,965.00 | Option | Option | United States |
BDX 01/15/2021 C 270 OTC | -0.00% | 0.20% | $-23,812.50 | Option | Option | United States |
BDX 01/15/2021 C 300 OTC | -0.00% | 0.20% | $-34,280.00 | Option | Option | United States |
AEP 01/15/2021 C 105 OTC | -0.00% | 0.20% | $-75,870.00 | Option | Option | United States |
BDX 01/15/2021 C 260 OTC | -0.00% | 0.20% | $-84,137.50 | Option | Option | United States |
GE 01/15/2021 C 15 OTC | -0.00% | 0.20% | $-89,109.50 | Option | Option | United States |
V 01/15/2021 C 240 OTC | -0.00% | 0.20% | $-140,326.50 | Option | Option | United States |
HUM 01/15/2021 C 430 OTC | -0.00% | 0.20% | $-148,437.50 | Option | Option | United States |
V 01/15/2021 C 235 OTC | -0.00% | 0.20% | $-200,557.00 | Option | Option | United States |
HUM 01/15/2021 C 420 OTC | -0.00% | 0.20% | $-282,625.00 | Option | Option | United States |
GOOG 01/15/2021 C 1800 OTC | -0.00% | 0.20% | $-326,360.00 | Option | Option | United States |
GOOG 01/15/2021 C 1780 OTC | -0.00% | 0.19% | $-466,655.00 | Option | Option | United States |
V 01/15/2021 C 230 OTC | -0.00% | 0.19% | $-511,779.00 | Option | Option | United States |
V 01/15/2021 C 220 OTC | -0.00% | 0.19% | $-585,075.00 | Option | Option | United States |
V 01/15/2021 C 215 OTC | -0.00% | 0.19% | $-627,200.00 | Option | Option | United States |
GOOG 01/15/2021 C 1760 OTC | -0.00% | 0.19% | $-650,730.00 | Option | Option | United States |
HLT 01/15/2021 C 90 OTC | -0.00% | 0.19% | $-692,835.00 | Option | Option | United States |
HLT 01/15/2021 C 87.5 OTC | -0.00% | 0.19% | $-770,355.00 | Option | Option | United States |
FB 01/21/2022 C 380 OTC | -0.00% | 0.19% | $-820,155.00 | Option | Option | United States |
GOOG 01/15/2021 C 1740 OTC | -0.00% | 0.19% | $-868,635.00 | Option | Option | United States |
V 01/21/2022 C 270 OTC | -0.00% | 0.19% | $-972,422.50 | Option | Option | United States |
FB 01/15/2021 C 275 OTC | -0.00% | 0.19% | $-1,122,000.00 | Option | Option | United States |
V 01/21/2022 C 260 OTC | -0.00% | 0.19% | $-1,257,497.50 | Option | Option | United States |
YUM 01/15/2021 C 105 OTC | -0.00% | 0.19% | $-1,394,360.00 | Option | Option | United States |
UNH 01/15/2021 C 330 OTC | -0.00% | 0.19% | $-1,481,975.00 | Option | Option | United States |
V 01/15/2021 C 195 OTC | -0.00% | 0.19% | $-1,517,650.00 | Option | Option | United States |
FB 01/15/2021 C 270 OTC | -0.00% | 0.19% | $-1,601,600.00 | Option | Option | United States |
ICE 01/15/2021 C 105 OTC | -0.00% | 0.19% | $-2,005,555.00 | Option | Option | United States |
HUM 01/15/2021 C 380 OTC | -0.00% | 0.19% | $-2,063,820.00 | Option | Option | United States |
FB 01/15/2021 C 265 OTC | -0.00% | 0.19% | $-2,107,600.00 | Option | Option | United States |
V 01/15/2021 C 185 OTC | -0.00% | 0.19% | $-2,147,887.50 | Option | Option | United States |
AEP 01/21/2022 C 95 OTC | -0.00% | 0.19% | $-2,164,275.00 | Option | Option | United States |
ROP 05/21/2021 C 440 OTC | -0.00% | 0.19% | $-2,199,120.00 | Option | Option | United States |
V 01/15/2021 C 200 OTC | -0.01% | 0.19% | $-2,435,807.50 | Option | Option | United States |
YUM 01/15/2021 C 95 OTC | -0.01% | 0.19% | $-2,603,000.00 | Option | Option | United States |
HUM 01/15/2021 C 370 OTC | -0.01% | 0.19% | $-2,645,760.00 | Option | Option | United States |
NXPI 01/15/2021 C 125 OTC | -0.01% | 0.19% | $-2,696,760.00 | Option | Option | United States |
ROP 05/21/2021 C 420 OTC | -0.01% | 0.19% | $-2,779,465.00 | Option | Option | United States |
AEP 01/21/2022 C 90 OTC | -0.01% | 0.19% | $-2,787,460.00 | Option | Option | United States |
ICE 01/15/2021 C 100 OTC | -0.01% | 0.19% | $-2,908,530.00 | Option | Option | United States |
NXPI 01/15/2021 C 145 OTC | -0.01% | 0.19% | $-3,276,510.00 | Option | Option | United States |
AMZN 01/21/2022 C 4300 OTC | -0.01% | 0.19% | $-3,386,700.00 | Option | Option | United States |
AMZN 01/21/2022 C 4200 OTC | -0.01% | 0.19% | $-3,755,800.00 | Option | Option | United States |
BAC 01/21/2022 C 32 OTC | -0.01% | 0.19% | $-3,943,995.00 | Option | Option | United States |
FB 01/21/2022 C 400 OTC | -0.01% | 0.19% | $-4,037,410.00 | Option | Option | United States |
AMZN 01/21/2022 C 4100 OTC | -0.01% | 0.19% | $-4,240,000.00 | Option | Option | United States |
YUM 01/15/2021 C 100 OTC | -0.01% | 0.19% | $-4,435,375.00 | Option | Option | United States |
TMO 01/15/2021 C 390 OTC | -0.01% | 0.19% | $-4,461,675.00 | Option | Option | United States |
V 01/15/2021 C 210 OTC | -0.01% | 0.19% | $-4,576,625.00 | Option | Option | United States |
V 01/21/2022 C 230 OTC | -0.01% | 0.18% | $-5,135,567.50 | Option | Option | United States |
NXPI 01/15/2021 C 135 OTC | -0.01% | 0.18% | $-5,321,580.00 | Option | Option | United States |
MSFT 01/21/2022 C 280 OTC | -0.01% | 0.18% | $-5,364,750.00 | Option | Option | United States |
BAC 01/21/2022 C 35 OTC | -0.01% | 0.18% | $-5,425,609.50 | Option | Option | United States |
AMZN 01/21/2022 C 3800 OTC | -0.01% | 0.18% | $-5,447,100.00 | Option | Option | United States |
TMO 01/15/2021 C 370 OTC | -0.01% | 0.18% | $-5,613,170.00 | Option | Option | United States |
V 01/21/2022 C 225 OTC | -0.01% | 0.18% | $-5,726,385.00 | Option | Option | United States |
DHR 01/21/2022 C 250 OTC | -0.02% | 0.18% | $-6,955,672.50 | Option | Option | United States |
V 01/21/2022 C 250 OTC | -0.02% | 0.18% | $-7,009,950.00 | Option | Option | United States |
AMZN 01/21/2022 C 3900 OTC | -0.02% | 0.18% | $-7,039,500.00 | Option | Option | United States |
MA 01/21/2022 C 400 OTC | -0.02% | 0.18% | $-8,318,760.00 | Option | Option | United States |
AMZN 01/21/2022 C 4000 OTC | -0.02% | 0.18% | $-9,167,000.00 | Option | Option | United States |
GOOG 01/21/2022 C 1800 OTC | -0.02% | 0.18% | $-9,195,200.00 | Option | Option | United States |
FB 01/15/2021 C 200 OTC | -0.02% | 0.17% | $-9,340,850.00 | Option | Option | United States |
GOOG 01/21/2022 C 1780 OTC | -0.02% | 0.17% | $-9,600,640.00 | Option | Option | United States |
FB 01/15/2021 C 195 OTC | -0.02% | 0.17% | $-9,975,850.00 | Option | Option | United States |
GOOG 01/21/2022 C 1760 OTC | -0.02% | 0.17% | $-10,021,760.00 | Option | Option | United States |
GE 01/15/2021 C 9 OTC | -0.03% | 0.17% | $-12,445,114.00 | Option | Option | United States |
UNH 01/15/2021 C 320 OTC | -0.03% | 0.17% | $-12,655,027.50 | Option | Option | United States |
GOOG 01/15/2021 C 1500 OTC | -0.04% | 0.16% | $-17,648,420.00 | Option | Option | United States |
NXPI 01/15/2021 C 140 OTC | -0.04% | 0.15% | $-19,413,870.00 | Option | Option | Netherlands |
BAC 01/21/2022 C 30 OTC | -0.06% | 0.14% | $-25,441,555.00 | Option | Option | United States |
GE 01/15/2021 C 8 OTC | -0.06% | 0.13% | $-28,184,240.00 | Option | Option | United States |
MSFT 01/15/2021 C 165 OTC | -0.21% | -0.01% | $-92,995,090.00 | Option | Option | United States |
MSFT 01/15/2021 C 170 OTC | -0.21% | -0.02% | $-95,076,630.00 | Option | Option | United States |
Numbers may not total due to rounding; all numbers are percentages.
Please note that holdings are released 15 days after the period end. From time to time, certain securities held may not be listed. This is done to prevent potential harm to the portfolio while the manager completes a buying or selling program in those securities.
The information shown does not reflect any ETFs that may be held in the portfolio.
T. Rowe Price uses the current MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. T. Rowe Price will adhere to all future updates to GICS.
Purchases (12/31/2020)
Major Purchases | % of Fund | Previous Quarter Change | Industry | Country |
---|---|---|---|---|
Public Service Enterprise (N) | 1.28% | 1.28% | Multi-Utilities | United States |
Salesforce.com (N) | 0.73% | 0.73% | Software | United States |
Amazon.com | 3.68% | 0.48% | Internet & Direct Marketing Retail | United States |
Marsh & McLennan | 3.01% | 0.25% | Insurance | United States |
Humana | 2.61% | 0.10% | Health Care Providers & Services | United States |
Visa | 2.73% | 0.38% | IT Services | United States |
Intercontinental Exchange | 0.97% | 0.37% | Capital Markets | United States |
Danaher | 1.74% | -0.34% | Health Care Equipment & Supplies | United States |
Yum! Brands | 1.99% | 0.43% | Hotels Restaurants & Leisure | United States |
Roper Technologies | 0.83% | 0.33% | Industrial Conglomerates | United States |
Sales (12/31/2020)
Major Sales | % of Fund | Previous Quarter Change | Industry | Country |
---|---|---|---|---|
GE | 3.55% | -0.33% | Industrial Conglomerates | United States |
Becton, Dickinson & Company | 0.32% | -1.88% | Health Care Equipment & Supplies | United States |
Boston Scientific | 0.33% | -1.00% | Health Care Equipment & Supplies | United States |
Fortive (E) | 0.00% | -1.13% | Machinery | United States |
NXP Semiconductors | 1.76% | -0.31% | Semiconductors & Semiconductor Equipment | United States |
Danaher | 1.74% | -0.34% | Health Care Equipment & Supplies | United States |
Thermo Fisher Scientific | 1.25% | -0.58% | Life Sciences Tools & Services | United States |
Hilton Worldwide Holdings | 0.72% | -0.36% | Hotels Restaurants & Leisure | United States |
Ingersoll-Rand | 0.99% | -0.32% | Machinery | United States |
Marriott | 0.92% | -0.21% | Hotels Restaurants & Leisure | United States |
(N) New position.
(E) Eliminated.
The information shown does not reflect any ETFs that may be held in the portfolio.
Contributors (12/31/2020)
Contributors | % of Fund | Industry | Country |
---|---|---|---|
GE | 3.45% | Industrial Conglomerates | United States |
PNC Financial Services Group | 3.38% | Banks | United States |
Alphabet | 3.44% | Interactive Media & Services | United States |
Global Payments | 2.50% | IT Services | United States |
Bank of America | 2.10% | Banks | United States |
NXP Semiconductors | 1.69% | Semiconductors & Semiconductor Equipment | United States |
Marriott | 0.92% | Hotels Restaurants & Leisure | United States |
Ingersoll-Rand | 0.98% | Machinery | United States |
TE Connectivity | 1.42% | Electronic Equip, Instr & Cmpts | Switzerland |
Fiserv | 2.95% | IT Services | United States |
Detractors (12/31/2020)
Detractors | % of Fund | Industry | Country |
---|---|---|---|
Boston Scientific | 0.61% | Health Care Equipment & Supplies | United States |
Fortive | 0.00% | Machinery | United States |
Salesforce.com | 0.73% | Software | United States |
Ameren | 1.59% | Multi-Utilities | United States |
Waste Connections | 0.60% | Commercial Services & Supplies | United States |
Humana | 2.59% | Health Care Providers & Services | United States |
Liberty Broadband | 0.04% | Media | United States |
If fewer than 10 contributors or detractors are shown, those are all of the contributors or detractors for the period.
The information shown does not reflect any ETFs that may be held in the portfolio.
Sector Diversification (12/31/2020)
Sector | % of Fund | % of Benchmark | % Underweight/Overweight |
---|---|---|---|
Utilities | 12.09% | 2.76% | |
Financials | 15.74% | 10.44% | |
Health Care | 15.38% | 13.46% | |
Industrials & Business Services | 9.29% | 8.40% | |
Information Technology | 27.00% | 27.61% | |
Consumer Discretionary | 11.72% | 12.72% | |
Energy | 0.00% | 2.28% | |
Real Estate | 0.00% | 2.42% | |
Materials | 0.00% | 2.63% | |
Consumer Staples | 2.33% | 6.51% | |
Communication Services | 6.45% | 10.77% |
Benchmark: S&P 500 Index
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Equities include common stocks as well as convertible securities.
T. Rowe Price uses the MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. T. Rowe Price will adhere to all future updates to GICS for prospective reporting.
Sector Attribution (12/31/2020)
Sector | Total Value Added % | Value from Sector Weight % | Value from Stock Selection % |
---|---|---|---|
Total | 4.13% | 0.24% | 3.89% |
Industrials & Business Services | 3.09% | 0.18% | 2.91% |
Consumer Discretionary | 1.13% | 0.05% | 1.08% |
Consumer Staples | 0.56% | 0.30% | 0.26% |
Information Technology | 0.38% | 0.10% | 0.28% |
Real Estate | 0.22% | 0.22% | 0.00% |
Communication Services | 0.05% | -0.04% | 0.09% |
Materials | -0.03% | -0.03% | 0.00% |
Energy | -0.29% | -0.29% | 0.00% |
Health Care | -0.41% | -0.12% | -0.29% |
Utilities | -0.71% | -0.54% | -0.17% |
Benchmark: S&P 500 Index
Numbers may not add due to rounding and/or the exclusion of reserves and other assets. Excludes cash and derivatives.
T. Rowe Price uses the MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. T. Rowe Price will adhere to all future updates to GICS for prospective reporting.
Platforms (Advisor Class)
Platform | Retail Investor | Institutional Investor |
---|---|---|
Pershing | N/A | NTF |
TD Ameritrade | N/A | NTF |
Schwab | N/A | NTF |
Fidelity | N/A | NTF |
- NTF No Transaction Fee
- TF Transaction Fee
- N/A Not Available
Calendar Year Performance
2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | ||
---|---|---|---|---|---|---|---|---|---|---|---|
2.91% | 14.34% | 22.06% | 11.91% | 5.12% | 7.90% | 14.98% | 0.38% | 24.20% | 17.80% | Fund | |
2.11% | 16.00% | 32.39% | 13.69% | 1.38% | 11.96% | 21.83% | -4.38% | 31.49% | 18.40% | Benchmark | |
0.80% | -1.66% | -10.33% | -1.78% | 3.74% | -4.06% | -6.85% | 4.76% | -7.29% | -0.60% | Value added |
- Fund
- Benchmark
- Annual Report
Advisor Class Inception Date: 12/31/2004
Benchmark: S&P 500 Index
Monthly Performance
- Fund
- Benchmark
Advisor Class Inception Date: 12/31/2004
Benchmark: S&P 500 Index
Distributions (Advisor Class)
Period | Dividend From Net Income (USD) | Short-Term Capital Gains (USD) | Long-Term Capital Gains (USD) | Declaration/Record Date | Ex-Dividend Date | Payment Date | Sort Column |
---|---|---|---|---|---|---|---|
2020 Year End | $0.30 | $0.40 | $1.92 | 12/11/2020 | 12/14/2020 | 12/15/2020 | 20201215 |
2019 Year End | $0.39 | $0.37 | $0.97 | 12/12/2019 | 12/13/2019 | 12/16/2019 | 20191216 |
2018 Year End | $0.57 | $0.03 | $1.28 | 12/12/2018 | 12/13/2018 | 12/14/2018 | 20181214 |
2017 Year End | $0.27 | $0.43 | $1.13 | 12/13/2017 | 12/14/2017 | 12/15/2017 | 20171215 |
Future Declarations
Period | Declaration/Record Date | Ex-Dividend Date | Payment Date | Sort Column |
---|---|---|---|---|
2021 Year End | 12/13/2021 | 12/14/2021 | 12/15/2021 | 20211215 |

Financial Professionals
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Tel: 1-800-564-6958
Contact Advisor Services© 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.
Number of years managing the fund. In the case of co-portfolio management, the longer tenure is displayed.
Figure applies to all share classes.
Closed to new investors except for a direct rollover from a retirement plan into a T. Rowe Price IRA invested in this fund.
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.