Growth Stock Fund

Invests in companies having one or more of the following characteristics: superior growth in earnings and cash flow, ability to sustain earnings momentum even during economic slowdowns, occupation of a lucrative niche in the economy and ability to expand even during times of slow economic growth.

As with all equity funds, this fund’s share price can fall because of weakness in the broad market, a particular industry, or specific holdings.

PRGFXCUSIP 741479109
Fund Story Prospectus

Morningstar (Category)

Morningstar
(Overall Rating)1

Large Growth
  (1,223 funds)

Data as of 11/30/2019

Data as of 11/30/2019

Fund Manager Tenure2

Net Assets3
(USD)

5yrs
$56.9b

Data as of 11/30/2019

Data as of 11/30/2019

Price
(USD)

Daily Price Change

$71.57
$-1.11

Data as of 12/13/2019

Data as of 12/13/2019

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™.

Joseph Fath
Joseph Fath, Lead Portfolio Manager

Joe Fath is the portfolio manager for the US Growth Stock Strategy and is a member of the portfolio management team for the US Large-Cap Growth Equity Strategy in the U.S. Equity Division. He is a member of the U.S. Equity Steering Committee. Mr. Fath is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

View more

Strategy

Investment Objective

The fund seeks long-term capital growth through investments in stocks.

Morningstar Equity Style

Large Growth

Data as of 11/30/2019

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 Growth)
Overall 1,223
3 Years 1,223
5 Years 1,089
10 Years 817

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
2.06%
Benchmark
4.25%
Value
-2.19% 1.14%

Data as of 09/30/2019

3 YR
16.31%
Benchmark
13.39%
Value
2.92% 4.38%
5 YR
13.01%
Benchmark
10.84%
Value
2.17% 2.38%
10 YR
14.94%
Benchmark
13.24%
Value
1.70% 1.69%

Expense Ratio

Gross
0.66%
Net
0.66%

Benchmark: S&P 500 Index

Fund Inception: 04/11/1950

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
27.65%
Benchmark
28.89%
Value
-1.24%

Data as of 12/13/2019

Monthly YTD
27.82%
Benchmark
27.63%
Value
0.19%

Data as of 11/30/2019

One Month
5.26%
Benchmark
3.63%
Value
1.63%
Three Months
6.46%
Benchmark
7.86%
Value
-1.40%

Benchmark: S&P 500 Index

Fund Inception: 04/11/1950

Asset Allocation

Net Assets
(USD)
$56.9b
Largest US Stock 88.06% $50.1b
Other View complete Asset Allocation

Data as of 11/30/2019

Holdings

Total
Holdings
91
Largest Holding Amazon.com 8.17% Was (06/30/2019) 9.01%
Other View complete Full Holdings
Top 10 Holdings 44.30% View the latest Top 10 Holdings
12-Month Portfolio Turnover 24.5% Data as of 11/30/2019

Data as of 09/30/2019

Largest Contributor

Alphabet
6.27%

Largest Detractor

Amazon.com
8.17%

Data as of 09/30/2019

Purchase

Fidelity National Information Services
2.30%
Was 0.50%

Sale

Worldpay (E)
0.00%
Was 1.75%

Data as of 09/30/2019

Sectors

Total
Sectors
11
Largest Sector Information Technology 34.15% Was (10/31/2019) 33.65%
Other View complete Sector Diversification

Data as of 11/30/2019

Benchmark: S&P 500 Index

Contributor

Utilities
By 0.15%
Sector 0.15%
Selection 0.00%

Detractor

Communication Services
By -0.79%
Sector -0.02%
Selection -0.78%

Data as of 09/30/2019

Over

Information Technology
By 11.31%
Fund 34.15%
Benchmark 22.85%

Under

Financials
By -11.19%
Fund 1.94%
Benchmark 13.13%

Data as of 11/30/2019

Team (As of )

Joseph Fath

Joseph Fath
Lead Portfolio Manager

Joe Fath is the portfolio manager for the US Growth Stock Strategy and is a member of the portfolio management team for the US Large-Cap Growth Equity Strategy in the U.S. Equity Division. He is a member of the U.S. Equity Steering Committee. Mr. Fath is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

  • Fund manager
    since 2014
  • Years at
    T. Rowe Price 17
  • Years investment
    experience 19
Robert W.  Sharps

Robert W. Sharps
Portfolio Manager

Rob Sharps is head of Investments and group chief investment officer of T. Rowe Price. He is chair of the Investment Management Steering Committee and serves on the firm's Management, International Steering, Equity Steering, Fixed Income Steering, Asset Allocation, and Product Strategy Committees. He is a vice president of T. Rowe Price Group, Inc.

  • Years at
    T. Rowe Price 21
  • Years investment
    experience 23
Craig Watson

Craig Watson
Portfolio Specialist

Craig Watson is a portfolio specialist in the Equity Division of T. Rowe Price. He is a member of the U.S. Large-Cap Growth team working closely with institutional clients, consultants, and prospects. Mr. Watson is a vice president of T. Rowe Price Group, Inc.

  • Years at
    T. Rowe Price 11
  • Years investment
    experience 23
Ronald Taylor

Ronald Taylor
Portfolio Specialist

Ron Taylor is a portfolio specialist in the Equity Division of T. Rowe Price. He is a member of the US Large-Cap Growth Equity Strategy team working closely with institutional clients, consultants, and prospects. Mr. Taylor is a vice president of T. Rowe Price Group, Inc.

  • Years at
    T. Rowe Price 16
  • Years investment
    experience 31

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 741479109
$2,500 $100 0.00% 0.66% 0.66% N/A N/A
R Class
Cusip 741479307
$2,500 $100 0.50% 1.18% 1.18% N/A
N/A
I Class
Cusip 741479406
$1,000,000* N/A 0.00% 0.52% 0.52% N/A
N/A
Advisor Class
Cusip 741479208
$2,500 $100 0.25% 0.92% 0.92% 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

© 2019 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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