Institutional Small-Cap Stock FundN-closed

Closed

Invests in both growth- and value-oriented securities to temper the generally higher risk of small-company stocks. Reliance on T. Rowe Price’s intensive in-house small-cap research to help uncover opportunities missed by others.

Small companies tend to be riskier than large companies. Diversification cannot assure a profit or protect against loss in a declining market.

Important Information: For updated information regarding a proposal to launch a new investment adviser, read 8/9/2021 statement.

Morningstar (Category)

Morningstar
(Overall Rating)1

Small Growth
  (575 funds)

Data as of 08/31/2021

Data as of 08/31/2021

Fund Manager Tenure2

Net Assets3
(USD)

4yrs
$7.1b

Data as of 08/31/2021

Data as of 08/31/2021

Price
(USD)

Daily Price Change

$35.50
$+0.43

Data as of 09/23/2021

Data as of 09/23/2021

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™.

Frank M. Alonso
Frank M. Alonso, Lead Portfolio Manager

Frank Alonso is the portfolio manager for the US Small-Cap Core Equity Strategy, including the Small-Cap Stock Fund, in U.S. Equity Division. He is chairman of the Investment Advisory Committee of the Small-Cap Stock Fund and a member of the Investment Advisory Committees of the US Small-Cap Growth II Equity and Balanced Strategies. In addition, he is vice president of the Spectrum strategies. Frank is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Trust Company.

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Strategy

Investment Objective

The fund seeks to provide long-term capital growth by investing primarily in stocks of small companies.

Morningstar Equity Style

Small Growth

Data as of 08/31/2021

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 (Small Growth)
Overall 575
3 Years 575
5 Years 506
10 Years 380

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 (Institutional)

1 YR
54.46%
Benchmark
62.03%
Value
-7.57% -4.76%

Data as of 06/30/2021

3 YR
19.50%
Benchmark
13.52%
Value
5.98% 6.13%

Data as of 06/30/2021

5 YR
19.59%
Benchmark
16.47%
Value
3.12% 3.99%

Data as of 06/30/2021

10 YR
15.00%
Benchmark
12.34%
Value
2.66% 2.96%

Data as of 06/30/2021

Benchmark: Russell 2000 Index

Fund Inception: 03/31/2000

Expense Ratio

Gross
0.66%
Net
0.66%

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 (Institutional)

Daily YTD
15.94%
Benchmark
15.15%
Value
0.79%

Data as of 09/23/2021

Monthly YTD
15.68%
Benchmark
15.83%
Value
-0.15%

Data as of 08/31/2021

One Month
1.96%
Benchmark
2.24%
Value
-0.28%

Data as of 08/31/2021

Three Months
3.90%
Benchmark
0.45%
Value
3.45%

Data as of 08/31/2021

Benchmark: Russell 2000 Index

Fund Inception: 03/31/2000

Asset Allocation

Net Assets
(USD)
$7.1b

Data as of 08/31/2021

Largest US Stock 87.77% $6.2b
Other View complete

Holdings

Total
Holdings
348

Data as of 06/30/2021

Largest Holding Boston Beer 1.47% Was (03/31/2021) 1.80%
Other View complete Full Holdings
Top 10 Holdings 11.29% View the latest Top 10 Holdings
12-Month Portfolio Turnover 22.9% Data as of 08/31/2021

Largest Contributor

Rivian Automotive
1.64%

Largest Detractor

Boston Beer
1.47%

Data as of 06/30/2021

Purchase

Skechers USA (N)
0.38%
Was 0.00%

Sale

Proofpoint (E)
0.00%
Was 0.46%

Data as of 06/30/2021

Sectors

Total
Sectors
12

Data as of 08/31/2021

Benchmark: Russell 2000 Index

Largest Sector Health Care 19.27% Was (07/31/2021) 18.61%
Other View complete

Contributor

Materials
By 0.48%
Sector 0.02%
Selection 0.45%

Detractor

Communication Services
By -0.66%
Sector -0.19%
Selection -0.47%

Data as of 06/30/2021

Over

Utilities
By 1.25%
Fund 3.77%
Benchmark 2.52%

Under

Communication Services
By -1.83%
Fund 1.58%
Benchmark 3.41%

Data as of 08/31/2021

Team (As of )

Frank M. Alonso

Frank M. Alonso
Lead Portfolio Manager

Frank Alonso is the portfolio manager for the US Small-Cap Core Equity Strategy, including the Small-Cap Stock Fund, in U.S. Equity Division. He is chairman of the Investment Advisory Committee of the Small-Cap Stock Fund and a member of the Investment Advisory Committees of the US Small-Cap Growth II Equity and Balanced Strategies. In addition, he is vice president of the Spectrum strategies. Frank is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Trust Company.

  • Fund manager
    since 2016
  • Years at
    T. Rowe Price 21
  • Years investment
    experience 21
Michele A. Ward, CFA

Michele A. Ward, CFA
Portfolio Specialist

Michele Ward is a portfolio specialist in the U.S. Equity Division. She acts as a proxy for equity portfolio managers with institutional clients, consultants, and prospects and supports the U.S. small- and mid-cap equity strategies and the Global Real Estate Equity and US Real Estate Equity Strategies. She also is a vice president of T. Rowe Price Group, Inc.

  • Years at
    T. Rowe Price 7
  • Years investment
    experience 38

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
Institutional
Cusip 45775L309
$1,000,000 N/A 0.00% 0.66% 0.66% N/A N/A
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-closed

Closed to new investors except for a direct rollover from a retirement plan into a T. Rowe Price IRA invested in this fund.

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