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.

Morningstar (Category)

Morningstar
(Overall Rating)1

Large Growth
  (1,138 funds)

Data as of 06/30/2021

Data as of 06/30/2021

Fund Manager Tenure2

Net Assets3
(USD)

7yrs
$75.5b

Data as of 06/30/2021

Data as of 06/30/2021

Price
(USD)

Daily Price Change

$116.59
$+2.05

Data as of 07/23/2021

Data as of 07/23/2021

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™.

Joseph Fath
Joseph Fath, Lead Portfolio Manager

Joe Fath is the portfolio manager for the U.S. Growth Stock Equity Strategy, including the Growth Stock Fund, in which he is chairman of the investment advisory committee.  He is a vice president and member of the investment advisory committee of the U.S. Quantitative US, U.S. Mid-Cap Growth Equity, U.S. Communications and Technology and U.S. Large-Cap Growth Equity Strategies.   He is vice president of T. Rowe Price Group. 

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Strategy

Investment Objective

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

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 (Large Growth)
Overall 1,138
3 Years 1,138
5 Years 1,024
10 Years 761

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
45.16%
Benchmark
40.79%
Value
4.37% 4.37%

Data as of 06/30/2021

3 YR
23.07%
Benchmark
18.67%
Value
4.40% 4.40%

Data as of 06/30/2021

5 YR
24.19%
Benchmark
17.65%
Value
6.54% 6.54%

Data as of 06/30/2021

10 YR
17.96%
Benchmark
14.84%
Value
3.12% 3.12%

Data as of 06/30/2021

Benchmark: S&P 500 Index

Fund Inception: 04/11/1950

Expense Ratio

Gross
0.64%
Net
0.64%

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
20.27%
Benchmark
18.41%
Value
1.86%

Data as of 07/23/2021

Monthly YTD
15.57%
Benchmark
15.25%
Value
0.32%

Data as of 06/30/2021

One Month
6.99%
Benchmark
2.33%
Value
4.66%

Data as of 06/30/2021

Three Months
12.69%
Benchmark
8.55%
Value
4.14%

Data as of 06/30/2021

Benchmark: S&P 500 Index

Fund Inception: 04/11/1950

Asset Allocation

Net Assets
(USD)
$75.5b

Data as of 06/30/2021

Largest US Stock 82.82% $62.5b
Other View complete

Holdings

Total
Holdings
98

Data as of 06/30/2021

Largest Holding Amazon.com 9.87% Was (03/31/2021) 9.73%
Other View complete Full Holdings
Top 10 Holdings 46.87% View the latest Top 10 Holdings
12-Month Portfolio Turnover 24.3% Data as of 06/30/2021

Largest Contributor

Amazon.com
9.87%

Largest Detractor

Fiserv
0.91%

Data as of 06/30/2021

Purchase

Alphabet Class C
3.62%
Was 2.92%

Sale

UnitedHealth Group
0.59%
Was 1.74%

Data as of 06/30/2021

Sectors

Total
Sectors
8

Data as of 06/30/2021

Benchmark: S&P 500 Index

Largest Sector Information Technology 36.71% Was (05/31/2021) 36.06%
Other View complete

Contributor

Communication Services
By 0.37%
Sector 0.34%
Selection 0.04%

Detractor

Information Technology
By -0.86%
Sector -0.16%
Selection -0.69%

Data as of 06/30/2021

Over

Consumer Discretionary
By 11.41%
Fund 23.69%
Benchmark 12.28%

Under

Financials
By -9.36%
Fund 1.92%
Benchmark 11.28%

Data as of 06/30/2021

Team (As of )

Joseph Fath

Joseph Fath
Lead Portfolio Manager

Joe Fath is the portfolio manager for the U.S. Growth Stock Equity Strategy, including the Growth Stock Fund, in which he is chairman of the investment advisory committee.  He is a vice president and member of the investment advisory committee of the U.S. Quantitative US, U.S. Mid-Cap Growth Equity, U.S. Communications and Technology and U.S. Large-Cap Growth Equity Strategies.   He is vice president of T. Rowe Price Group. 

  • Fund manager
    since 2014
  • Years at
    T. Rowe Price 18
  • Years investment
    experience 20
Craig Watson, CPA

Craig Watson, CPA
Portfolio Specialist

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

  • Years at
    T. Rowe Price 14
  • Years investment
    experience 14
Ronald Taylor

Ronald Taylor
Portfolio Specialist

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

  • Years at
    T. Rowe Price 17
  • Years investment
    experience 32

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% 0.64% 0.64% N/A N/A
R Class
Cusip 741479307
$2,500 $100 0.50% 1.17% 1.17% 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

© 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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