Capital Appreciation Fund - Advisor ClassN-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.

Important Information: Read 11/19/20 press release regarding a proposal to launch a new investment adviser.

Morningstar (Category)

Morningstar
(Overall Rating)1

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

Data as of 12/31/2020

Data as of 12/31/2020

Fund Manager Tenure2

Net Assets3
(USD)

14yrs
$44.9b

Data as of 12/31/2020

Data as of 12/31/2020

Price
(USD)

Daily Price Change

$33.63
$+0.07

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™.

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 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%
Benchmark
18.40%
Value
-0.60% -0.60%

Data as of 12/31/2020

3 YR
13.67%
Benchmark
14.18%
Value
-0.51% -0.51%
5 YR
12.75%
Benchmark
15.22%
Value
-2.47% -2.47%
10 YR
11.90%
Benchmark
13.88%
Value
-1.98% -1.98%

Expense Ratio

Gross
1.00%
Net
1.00%
Limitation Type
Contractual
expires 04/30/2021

Benchmark: S&P 500 Index

Investor Class Inception Date: 06/30/1986

Advisor Class Inception Date: 12/31/2004

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 (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%

Benchmark: S&P 500 Index

Investor Class Inception Date: 06/30/1986

Advisor Class Inception Date: 12/31/2004

Asset Allocation

Net Assets
(USD)
$44.9b
Largest US Stock 65.34% $29.4b
Other View complete Asset Allocation

Data as of 12/31/2020

Holdings

Total
Holdings
250
Largest Holding Microsoft 5.05% Was (09/30/2020) 5.28%
Other View complete Full Holdings
Top 10 Holdings 34.16% View the latest Top 10 Holdings
12-Month Portfolio Turnover 87.0% Data as of 12/31/2020

Data as of 12/31/2020

Largest Contributor

GE
3.45%

Largest Detractor

Humana
2.59%

Data as of 12/31/2020

Purchase

Public Service Enterprise (N)
1.28%
Was 0.00%

Sale

Becton, Dickinson & Company
0.32%
Was 2.20%

Data as of 12/31/2020

Sectors

Total
Sectors
9
Largest Sector Information Technology 27.00% Was (11/30/2020) 26.58%
Other View complete Sector Diversification

Data as of 12/31/2020

Benchmark: S&P 500 Index

Contributor

Industrials & Business Services
By 3.09%
Sector 0.18%
Selection 2.91%

Detractor

Utilities
By -0.71%
Sector -0.54%
Selection -0.17%

Data as of 12/31/2020

Over

Utilities
By 9.33%
Fund 12.09%
Benchmark 2.76%

Under

Communication Services
By -4.32%
Fund 6.45%
Benchmark 10.77%

Data as of 12/31/2020

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 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 information
Share 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.

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.

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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