Health Sciences FundN-closed

Restricted

Invests in companies with attractive valuations and earnings that are growing faster than their local, regional, or global peers. A focused portfolio leading to high-conviction decision-making.

The Fund is less diversified than other stock funds that invest in a wider range of industries and, therefore, could experience significant volatility.

Morningstar (Category)

Morningstar
(Overall Rating)1

Health
  (138 funds)

Data as of 06/30/2021

Data as of 06/30/2021

Fund Manager Tenure2

Net Assets3
(USD)

5yrs
$19.0b

Data as of 06/30/2021

Data as of 06/30/2021

Price
(USD)

Daily Price Change

$110.46
$+0.76

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™.

Ziad Bakri, CFA, MD
Ziad Bakri, CFA, MD, Portfolio Manager

Ziad Bakri is a portfolio manager in the U.S. Equity Division of T. Rowe Price. He is president of the Investment Advisory Committee of the Health Sciences Strategy. In addition, he is a vice president and an Investment Advisory Committee member of the Blue Chip Growth, New America Growth, New Horizons, Mid-Cap Growth, and Tax-Efficient Equity Strategies. Mr. Bakri is also an Investment Advisory Committee member of the Global Growth Stock Strategy and a vice president of the Emerging Europe Strategy. Previously, he was an investment analyst in the U.S. Equity Division, covering biotechnology in the health care sector. Mr. Bakri is a vice president of T. Rowe Price Group, Inc.

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Strategy

Investment Objective

The fund seeks long-term capital appreciation.

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 (Health)
Overall 138
3 Years 138
5 Years 128
10 Years 103

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
33.28%
Benchmark
40.79%
Value
-7.51% -7.51%

Data as of 06/30/2021

3 YR
20.01%
Benchmark
18.67%
Value
1.34% 1.34%

Data as of 06/30/2021

5 YR
18.46%
Benchmark
17.65%
Value
0.81% 0.81%

Data as of 06/30/2021

10 YR
19.55%
Benchmark
14.84%
Value
4.71% 4.71%

Data as of 06/30/2021

Benchmark: S&P 500 Index

Fund Inception: 12/29/1995

Expense Ratio

Gross
0.76%
Net
0.76%

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
11.75%
Benchmark
18.41%
Value
-6.66%

Data as of 07/23/2021

Monthly YTD
9.51%
Benchmark
15.25%
Value
-5.74%

Data as of 06/30/2021

One Month
5.61%
Benchmark
2.33%
Value
3.28%

Data as of 06/30/2021

Three Months
9.82%
Benchmark
8.55%
Value
1.27%

Data as of 06/30/2021

Benchmark: S&P 500 Index

Fund Inception: 12/29/1995

Asset Allocation

Net Assets
(USD)
$19.0b

Data as of 06/30/2021

Largest US Stock 85.25% $16.2b
Other View complete

Holdings

Total
Holdings
172

Data as of 06/30/2021

Largest Holding UnitedHealth Group 6.07% Was (03/31/2021) 6.17%
Other View complete Full Holdings
Top 10 Holdings 30.25% View the latest Top 10 Holdings
12-Month Portfolio Turnover 37.9% Data as of 06/30/2021

Largest Contributor

UnitedHealth Group
6.07%

Largest Detractor

Vertex Pharmaceuticals
2.22%

Data as of 06/30/2021

Purchase

Moderna therapeutics
1.69%
Was 0.96%

Sale

Abbott Laboratories (E)
0.00%
Was 0.72%

Data as of 06/30/2021

Sectors

Total
Sectors
7

Data as of 06/30/2021

Benchmark: Lipper Health/Biotechnology Funds Index

Largest Sector Biotechnology 32.36% Was (05/31/2021) 32.11%
Other View complete

Contributor

Biotechnology
By 2.72%
Sector 0.51%
Selection 2.21%

Detractor

Life Sciences
By -0.12%
Sector 0.50%
Selection -0.62%

Data as of 06/30/2021

Over

Services
By 7.95%
Fund 23.33%
Benchmark 15.38%

Under

Biotechnology
By -13.55%
Fund 32.36%
Benchmark 45.92%

Data as of 06/30/2021

Team (As of )

Ziad Bakri, CFA, MD

Ziad Bakri, CFA, MD
Portfolio Manager

Ziad Bakri is a portfolio manager in the U.S. Equity Division of T. Rowe Price. He is president of the Investment Advisory Committee of the Health Sciences Strategy. In addition, he is a vice president and an Investment Advisory Committee member of the Blue Chip Growth, New America Growth, New Horizons, Mid-Cap Growth, and Tax-Efficient Equity Strategies. Mr. Bakri is also an Investment Advisory Committee member of the Global Growth Stock Strategy and a vice president of the Emerging Europe Strategy. Previously, he was an investment analyst in the U.S. Equity Division, covering biotechnology in the health care sector. Mr. Bakri is a vice president of T. Rowe Price Group, Inc.

  • Fund manager
    since 2016
  • Years at
    T. Rowe Price 9
  • Years investment
    experience 15
Brian Dausch, CFA

Brian Dausch, CFA
Portfolio Specialist

Brian Dausch is a portfolio specialist in the U.S. Equity Division. He is a member of the Global Natural Resources Equity, US Mid-Cap Growth Equity, US Small-Cap Growth Equity, QM US Small-Cap Growth Equity, and Health Sciences Equity Strategy teams, working closely with institutional clients, consultants, and prospects. He is a vice president of T. Rowe Price Group, Inc.

  • Years at
    T. Rowe Price 22
  • Years investment
    experience 23

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 741480107
$2,500 $100 0.00% 0.76% 0.76% N/A N/A
I Class
Cusip 87281Y102
$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.

N-restricted

Certain limited exceptions may apply to these scenarios. The funds reserve the right, when in the judgment of T. Rowe Price, it is not adverse to a fund's interest, to permit certain types of investors to open new accounts in a fund, to impose further restrictions, or to close a fund to any additional investments, all without notice.

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