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.

Morningstar (Category)

Morningstar
(Overall Rating)1

Large Blend
  (1,225 funds)

Data as of 03/31/2021

Data as of 03/31/2021

Fund Manager Tenure2

Net Assets3
(USD)

21yrs
$18.7b

Data as of 03/31/2021

Data as of 03/31/2021

Price
(USD)

Daily Price Change

$64.77
$+0.53

Data as of 04/09/2021

Data as of 04/09/2021

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™.

Thomas J.  Huber, CFA
Thomas J. Huber, CFA, Portfolio Manager

Tom Huber is the portfolio manager of the US Dividend Growth Equity Strategy in the U.S. Equity Division. He also is the chairman of the Investment Advisory Committee of the US Dividend Growth Equity Strategy and an Investment Advisory Committee member of the US Large-Cap Core Growth Equity and US Real Estate Equity Strategies. Tom is a vice president of T. Rowe Price Group, Inc.

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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 03/31/2021

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 (Large Blend)
Overall 1,225
3 Years 1,225
5 Years 1,068
10 Years 809

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
1.00%

Data as of 02/28/2021

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
47.00%
Benchmark
56.35%
Value
-9.35% -9.35%

Data as of 03/31/2021

3 YR
16.01%
Benchmark
16.78%
Value
-0.77% -0.77%

Data as of 03/31/2021

5 YR
15.09%
Benchmark
16.29%
Value
-1.20% -1.20%

Data as of 03/31/2021

10 YR
13.26%
Benchmark
13.91%
Value
-0.65% -0.65%

Data as of 03/31/2021

Benchmark: S&P 500 Index

Fund Inception: 12/30/1992

Expense Ratio

Gross
0.63%
Net
0.63%

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
8.17%
Benchmark
10.39%
Value
-2.22%

Data as of 04/09/2021

Monthly YTD
4.95%
Benchmark
6.17%
Value
-1.22%

Data as of 03/31/2021

One Month
5.05%
Benchmark
4.38%
Value
0.67%

Data as of 03/31/2021

Three Months
4.95%
Benchmark
6.17%
Value
-1.22%

Data as of 03/31/2021

Benchmark: S&P 500 Index

Fund Inception: 12/30/1992

Asset Allocation

Net Assets
(USD)
$18.7b

Data as of 03/31/2021

Largest US Stock 94.24% $17.6b
Other View complete

Holdings

Total
Holdings
103

Data as of 12/31/2020

Largest Holding Microsoft 5.24% Was (09/30/2020) 5.51%
Other View complete Full Holdings
Top 10 Holdings 26.66% View the latest Top 10 Holdings
12-Month Portfolio Turnover 16.0% Data as of 03/31/2021

Largest Contributor

Microsoft
5.24%

Largest Detractor

Fidelity National Information Services
1.16%

Data as of 12/31/2020

Sectors

Total
Sectors
11

Data as of 03/31/2021

Benchmark: S&P 500 Index

Largest Sector Information Technology 21.44% Was (02/28/2021) 21.79%
Other View complete

Contributor

Information Technology
By 0.59%
Sector 0.21%
Selection 0.38%

Detractor

Energy
By -0.30%
Sector -0.26%
Selection -0.03%

Data as of 03/31/2021

Over

Industrials & Business Services
By 4.43%
Fund 13.30%
Benchmark 8.87%

Under

Communication Services
By -7.68%
Fund 3.24%
Benchmark 10.93%

Data as of 03/31/2021

Team (As of )

Thomas J.  Huber, CFA

Thomas J. Huber, CFA
Portfolio Manager

Tom Huber is the portfolio manager of the US Dividend Growth Equity Strategy in the U.S. Equity Division. He also is the chairman of the Investment Advisory Committee of the US Dividend Growth Equity Strategy and an Investment Advisory Committee member of the US Large-Cap Core Growth Equity and US Real Estate Equity Strategies. Tom is a vice president of T. Rowe Price Group, Inc.

  • Fund manager
    since 2000
  • Years at
    T. Rowe Price 26
  • Years investment
    experience 27
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
Investor Class
Cusip 779546100
$2,500 $100 0.00% 0.63% 0.63% 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

© 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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