Communications & Technology Fund

Formerly Media & Telecommunications Fund

Invests at least 80% in companies engaged in any facet of media and telecommunications, including publishing, movies, cable TV, telephones, cellular services, technology, and equipment.

This fund is focused on the media and telecommunications industries and is less diversified than stock funds investing in a broader range of industries. Therefore, it may experience significant volatility.

Morningstar (Category)

Morningstar
(Overall Rating)1

Communications
  (31 funds)

Data as of 06/30/2021

Data as of 06/30/2021

Fund Manager Tenure2

Net Assets3
(USD)

1yr
$12.0b

Data as of 06/30/2021

Data as of 06/30/2021

Price
(USD)

Daily Price Change

$204.70
$+0.95

Data as of 07/22/2021

Data as of 07/22/2021

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™.

James Stillwagon
James Stillwagon, Portfolio Manager

Jim Stillwagon is a portfolio manager in the U.S. Equity Division. He is the president of the US Communications and Technology Strategy and is the chairman of the strategy’s Investment Advisory Committee. He also is a vice president and an Investment Advisory Committee member of the Science & Technology Equity, US Large-Cap Core Growth Equity, US Structured Research Equity, US Tax-Efficient Multi-Cap Growth Equity, and Institutional Large-Cap Core Growth Equity Strategies. Jim 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.

Morningstar Equity Style

Large Growth

Data as of 06/30/2021

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 (Communications)
Overall 31
3 Years 31
5 Years 28
10 Years 26

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
39.24%
Benchmark
40.79%
Value
-1.55% -1.55%

Data as of 06/30/2021

3 YR
27.51%
Benchmark
18.67%
Value
8.84% 8.84%

Data as of 06/30/2021

5 YR
25.89%
Benchmark
17.65%
Value
8.24% 8.24%

Data as of 06/30/2021

10 YR
19.63%
Benchmark
14.84%
Value
4.79% 4.79%

Data as of 06/30/2021

Benchmark: S&P 500 Index

Fund Inception: 10/13/1993

Expense Ratio

Gross
0.75%
Net
0.75%

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
13.41%
Benchmark
17.21%
Value
-3.80%

Data as of 07/22/2021

Monthly YTD
11.98%
Benchmark
15.25%
Value
-3.27%

Data as of 06/30/2021

One Month
6.09%
Benchmark
2.33%
Value
3.76%

Data as of 06/30/2021

Three Months
11.69%
Benchmark
8.55%
Value
3.14%

Data as of 06/30/2021

Benchmark: S&P 500 Index

Fund Inception: 10/13/1993

Asset Allocation

Net Assets
(USD)
$12.0b

Data as of 06/30/2021

Largest US Stock 83.16% $10.0b
Other View complete

Holdings

Total
Holdings
67

Data as of 06/30/2021

Largest Holding Amazon.com 9.40% Was (03/31/2021) 9.09%
Other View complete Full Holdings
Top 10 Holdings 47.79% View the latest Top 10 Holdings
12-Month Portfolio Turnover 20.2% Data as of 06/30/2021

Largest Contributor

Amazon.com
9.40%

Largest Detractor

Tencent Holdings
2.76%

Data as of 06/30/2021

Purchase

Farfetch (N)
0.59%
Was 0.00%

Sale

Wix.com (E)
0.00%
Was 0.51%

Data as of 06/30/2021

Sectors

Total
Sectors
10

Data as of 06/30/2021

Benchmark: Lipper Telecommunication Funds Index

Largest Sector Internet 42.37% Was (05/31/2021) 42.69%
Other View complete

Contributor

Telecom Services
By 1.89%
Sector 0.55%
Selection 1.34%

Detractor

Financial Services
By -0.12%
Sector 0.03%
Selection -0.15%

Data as of 06/30/2021

Over

Internet
By 21.47%
Fund 42.37%
Benchmark 20.90%

Under

Telecom Services
By -22.16%
Fund 20.92%
Benchmark 43.08%

Data as of 06/30/2021

Team (As of )

James Stillwagon

James Stillwagon
Portfolio Manager

Jim Stillwagon is a portfolio manager in the U.S. Equity Division. He is the president of the US Communications and Technology Strategy and is the chairman of the strategy’s Investment Advisory Committee. He also is a vice president and an Investment Advisory Committee member of the Science & Technology Equity, US Large-Cap Core Growth Equity, US Structured Research Equity, US Tax-Efficient Multi-Cap Growth Equity, and Institutional Large-Cap Core Growth Equity Strategies. Jim is a vice president of T. Rowe Price Group, Inc.

  • Fund manager
    since 2020
  • Years at
    T. Rowe Price 4
  • Years investment
    experience 13

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 741454102
$2,500 $100 0.00% 0.75% 0.75% N/A N/A
I Class
Cusip 87282P100
$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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