Mid-Cap Growth FundN-closed

Closed

Invests in mid-cap growth companies that may possess the following characteristics: successfully weathered the “start-up” years, offer proven products and/or services, and have experienced management teams.

Mid-cap securities are typically more volatile than large-company stocks.

RPMGXCUSIP 779556109
Prospectus

Morningstar (Category)

Morningstar
(Overall Rating)1

Mid-Cap Growth
  (557 funds)

Data as of 09/30/2020

Data as of 09/30/2020

Fund Manager Tenure2

Net Assets3
(USD)

28yrs
$33.8b

Data as of 09/30/2020

Data as of 09/30/2020

Price
(USD)

Daily Price Change

$105.05
$-1.72

Data as of 10/26/2020

Data as of 10/26/2020

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™.

Brian W. H. Berghuis, CFA
Brian W. H. Berghuis, CFA, Lead Portfolio Manager

Brian W.H. Berghuis is the lead portfolio manager for the Mid-Cap Growth Equity Strategy, including the Mid-Cap Growth Fund, in the U.S. Equity Division. He also is chairman of the Investment Advisory Committee of the Mid-Cap Growth Fund. Additionally, Brian is a vice president and an Investment Advisory Committee member of the US Structured Active Mid-Cap Growth Equity, US Multi-Cap Growth Equity, and US Small-Cap Growth II Equity Strategies. Brian also is a member of the U.S. Equity Steering Committee. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Equity Funds, Inc.

View more

Strategy

Investment Objective

The fund seeks to provide long-term capital appreciation by investing in mid-cap stocks with potential for above-average earnings growth.

Morningstar Equity Style

Mid Growth

Data as of 09/30/2020

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 (Mid-Cap Growth)
Overall 557
3 Years 557
5 Years 500
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 (Investor Class)

1 YR
13.28%
Benchmark
23.23%
Value
-9.95% -9.95%

Data as of 09/30/2020

3 YR
12.65%
Benchmark
16.23%
Value
-3.58% -3.58%
5 YR
13.82%
Benchmark
15.53%
Value
-1.71% -1.71%
10 YR
14.40%
Benchmark
14.55%
Value
-0.15% -0.15%

Expense Ratio

Gross
0.74%
Net
0.74%

Benchmark: Russell Midcap Growth Index

Fund Inception: 06/30/1992

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
10.20%
Benchmark
18.93%
Value
-8.73%

Data as of 10/26/2020

Monthly YTD
6.24%
Benchmark
13.92%
Value
-7.68%

Data as of 09/30/2020

One Month
-1.06%
Benchmark
-1.40%
Value
0.34%
Three Months
8.23%
Benchmark
9.37%
Value
-1.14%

Benchmark: Russell Midcap Growth Index

Fund Inception: 06/30/1992

Asset Allocation

Net Assets
(USD)
$33.8b
Largest US Stock 92.41% $31.2b
Other View complete Asset Allocation

Data as of 09/30/2020

Holdings

Total
Holdings
144
Largest Holding Hologic 2.66% Was (06/30/2020) 2.39%
Other View complete Full Holdings
Top 10 Holdings 19.12% View the latest Top 10 Holdings
12-Month Portfolio Turnover 23.9% Data as of 09/30/2020

Data as of 09/30/2020

Largest Contributor

Hologic
2.66%

Largest Detractor

Teleflex
2.20%

Data as of 09/30/2020

Purchase

Etsy (N)
0.54%
Was 0.00%

Sale

CoreLogic (E)
0.00%
Was 0.92%

Data as of 09/30/2020

Sectors

Total
Sectors
10
Largest Sector Health Care 25.63% Was (08/31/2020) 24.64%
Other View complete Sector Diversification

Data as of 09/30/2020

Benchmark: Russell Midcap Growth Index

Contributor

Information Technology
By 0.57%
Sector 0.33%
Selection 0.24%

Detractor

Communication Services
By -0.46%
Sector -0.06%
Selection -0.40%

Data as of 09/30/2020

Over

Industrials & Business Services
By 4.50%
Fund 16.59%
Benchmark 12.09%

Under

Information Technology
By -15.30%
Fund 20.96%
Benchmark 36.27%

Data as of 09/30/2020

Team (As of )

Brian W. H. Berghuis, CFA

Brian W. H. Berghuis, CFA
Lead Portfolio Manager

Brian W.H. Berghuis is the lead portfolio manager for the Mid-Cap Growth Equity Strategy, including the Mid-Cap Growth Fund, in the U.S. Equity Division. He also is chairman of the Investment Advisory Committee of the Mid-Cap Growth Fund. Additionally, Brian is a vice president and an Investment Advisory Committee member of the US Structured Active Mid-Cap Growth Equity, US Multi-Cap Growth Equity, and US Small-Cap Growth II Equity Strategies. Brian also is a member of the U.S. Equity Steering Committee. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Equity Funds, Inc.

  • Fund manager
    since 1992
  • Years at
    T. Rowe Price 35
  • Years investment
    experience 37
John F.  Wakeman

John F. Wakeman
Portfolio Manager

John Wakeman is a portfolio manager in the U.S. Equity Division of T. Rowe Price. He is an executive vice president of the Mid-Cap Growth Strategy and a member of its Investment Advisory Committee. In addition, he is a vice president and an Investment Advisory Committee member of the Structured Research and Diversified Mid-Cap Growth Strategies. Mr. Wakeman is a vice president of T. Rowe Price Group, Inc.

  • Years at
    T. Rowe Price 31
  • Years investment
    experience 33
Brian Dausch, CFA

Brian Dausch, CFA
Portfolio Specialist

Brian Dausch is a portfolio specialist in the U.S. Equity Division of T. Rowe Price. 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 Strategy teams, working closely with institutional clients, consultants, and prospects. Mr. Dausch is a vice president of T. Rowe Price Group, Inc.

  • Years at
    T. Rowe Price 21
  • Years investment
    experience 22

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 779556109
$2,500 $100 0.00% 0.74% 0.74% N/A N/A
Advisor Class
Cusip 779556208
$2,500 $100 0.25% 1.01% 1.01% N/A
N/A
I Class
Cusip 779556406
$1,000,000* N/A 0.00% 0.61% 0.61% N/A
N/A
R Class
Cusip 779556307
$2,500 $100 0.50% 1.28% 1.28% 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

© 2020 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.

Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Russell Investment Group.

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