Dividend Growth Fund

Invests at least 65% of its total assets in the common stocks of dividend-paying companies that we expect to increase their dividends over time and also provide long-term appreciation.

Dividend-paying stocks may lag shares of smaller, faster-growing companies. Also, stocks that appear temporarily out of favor may remain out of favor for a long time.

PRDGXCUSIP 779546100
Fund Story Prospectus

Morningstar (Category)

Morningstar
(Overall Rating)1

Large Blend
  (1,232 funds)

Data as of 05/31/2020

Data as of 05/31/2020

Fund Manager Tenure2

Net Assets3
(USD)

20yrs
$14.7b

Data as of 05/31/2020

Data as of 05/31/2020

Price
(USD)

Daily Price Change

$50.36
$+0.27

Data as of 07/02/2020

Data as of 07/02/2020

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™.

Thomas J.  Huber
Thomas J. Huber, Portfolio Manager

Thomas J. Huber is a portfolio manager in the U.S. Equity Division of T. Rowe Price. He is the lead portfolio manager for the US Dividend Growth Strategy. Mr. Huber is a vice president of T. Rowe Price Group, Inc.

View more

Strategy

Investment Objective

The fund seeks dividend income and long-term capital growth primarily through investments in stocks.

Morningstar Equity Style

Large Blend

Data as of 05/31/2020

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 (Large Blend)
Overall 1,232
3 Years 1,232
5 Years 1,055
10 Years 802

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.

Yields & Dividends (Investor Class)

30-Day SEC Standardized Yield
with waiver
N/A

Data as of N/A

without waiver
1.33%

Data as of 05/31/2020

30-Day Annualized Dividend Yield
with waiver
N/A
Monthly Dividend
(USD)
N/A
Monthly Dividend
Rate
N/A

Average Annual Total Returns (Investor Class)

1 YR
-5.69%
Benchmark
-6.98%
Value
1.29% -4.22%

Data as of 03/31/2020

3 YR
6.21%
Benchmark
5.10%
Value
1.11% -0.18%
5 YR
7.15%
Benchmark
6.73%
Value
0.42% 0.01%
10 YR
10.48%
Benchmark
10.53%
Value
-0.05% -0.32%

Expense Ratio

Gross
0.62%
Net
0.62%

Benchmark: S&P 500 Index

Fund Inception: 12/30/1992

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
-4.93%
Benchmark
-2.13%
Value
-2.80%

Data as of 07/02/2020

Monthly YTD
-6.31%
Benchmark
-4.97%
Value
-1.34%

Data as of 05/31/2020

One Month
5.18%
Benchmark
4.76%
Value
0.42%
Three Months
1.78%
Benchmark
3.59%
Value
-1.81%

Benchmark: S&P 500 Index

Fund Inception: 12/30/1992

Asset Allocation

Net Assets
(USD)
$14.7b
Largest US Stock 92.47% $13.6b
Other View complete Asset Allocation

Data as of 05/31/2020

Holdings

Total
Holdings
106
Largest Holding Microsoft 5.19% Was (12/31/2019) 4.19%
Other View complete Full Holdings
Top 10 Holdings 25.36% View the latest Top 10 Holdings
12-Month Portfolio Turnover 9.3% Data as of 05/31/2020

Data as of 03/31/2020

Largest Contributor

NextEra Energy
1.51%

Largest Detractor

Apple
3.28%

Data as of 03/31/2020

Sectors

Total
Sectors
11
Largest Sector Information Technology 20.12% Was (04/30/2020) 19.64%
Other View complete Sector Diversification

Data as of 05/31/2020

Benchmark: S&P 500 Index

Contributor

Energy
By 0.90%
Sector 0.41%
Selection 0.48%

Detractor

Information Technology
By -1.00%
Sector -0.60%
Selection -0.41%

Data as of 03/31/2020

Over

Industrials & Business Services
By 3.43%
Fund 11.39%
Benchmark 7.96%

Under

Communication Services
By -7.59%
Fund 3.38%
Benchmark 10.97%

Data as of 05/31/2020

Team (As of )

Thomas J.  Huber

Thomas J. Huber
Portfolio Manager

Thomas J. Huber is a portfolio manager in the U.S. Equity Division of T. Rowe Price. He is the lead portfolio manager for the US Dividend Growth Strategy. Mr. Huber is a vice president of T. Rowe Price Group, Inc.

  • Fund manager
    since 2000
  • Years at
    T. Rowe Price 25
  • Years investment
    experience 26
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 14
  • Years investment
    experience 15

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 779546100
$2,500 $100 0.00% 0.62% 0.62% N/A N/A
Advisor Class
Cusip 779546209
$2,500 $100 0.25% 0.91% 0.91% N/A
N/A
I Class
Cusip 779546308
$1,000,000* N/A 0.00% 0.50% 0.50% 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

© 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.

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