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.

Important Information: Read 11/19/20 press release regarding a proposal to launch a new investment adviser.

Morningstar (Category)

Morningstar
(Overall Rating)1

Mid-Cap Growth
  (546 funds)

Data as of 06/30/2021

Data as of 06/30/2021

Fund Manager Tenure2

Net Assets3
(USD)

29yrs
$38.6b

Data as of 06/30/2021

Data as of 06/30/2021

Price
(USD)

Daily Price Change

$126.00
$+1.03

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™.

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

Brian W.H. Berghuis is the lead portfolio manager for the US Mid-Cap Growth Equity Strategy, including the Mid-Cap Growth Fund, in the U.S. Equity Division. He is chairman of the Investment Advisory Committee of the Mid-Cap Growth Fund. Brian also 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 and 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.

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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 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 (Mid-Cap Growth)
Overall 546
3 Years 546
5 Years 489
10 Years 379

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
38.91%
Benchmark
43.77%
Value
-4.86% -4.86%

Data as of 06/30/2021

3 YR
18.72%
Benchmark
22.39%
Value
-3.67% -3.67%

Data as of 06/30/2021

5 YR
18.10%
Benchmark
20.52%
Value
-2.42% -2.42%

Data as of 06/30/2021

10 YR
14.97%
Benchmark
15.13%
Value
-0.16% -0.16%

Data as of 06/30/2021

Benchmark: Russell Midcap Growth Index

Fund Inception: 06/30/1992

Expense Ratio

Gross
0.73%
Net
0.73%

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
11.43%
Benchmark
12.09%
Value
-0.66%

Data as of 07/23/2021

Monthly YTD
9.82%
Benchmark
10.44%
Value
-0.62%

Data as of 06/30/2021

One Month
3.15%
Benchmark
6.80%
Value
-3.65%

Data as of 06/30/2021

Three Months
6.59%
Benchmark
11.07%
Value
-4.48%

Data as of 06/30/2021

Benchmark: Russell Midcap Growth Index

Fund Inception: 06/30/1992

Asset Allocation

Net Assets
(USD)
$38.6b

Data as of 06/30/2021

Largest US Stock 93.12% $35.9b
Other View complete

Holdings

Total
Holdings
143

Data as of 06/30/2021

Largest Holding Hologic 2.29% Was (03/31/2021) 2.64%
Other View complete Full Holdings
Top 10 Holdings 20.18% View the latest Top 10 Holdings
12-Month Portfolio Turnover 20.7% Data as of 06/30/2021

Largest Contributor

Agilent Technologies
2.13%

Largest Detractor

Hologic
2.29%

Data as of 06/30/2021

Purchase

Spotify Technology
0.78%
Was 0.46%

Sale

PRA Health Sciences (E)
0.00%
Was 0.58%

Data as of 06/30/2021

Sectors

Total
Sectors
11

Data as of 06/30/2021

Benchmark: Russell Midcap Growth Index

Largest Sector Health Care 25.82% Was (05/31/2021) 25.42%
Other View complete

Detractor

Health Care
By -1.40%
Sector 0.05%
Selection -1.45%

Data as of 06/30/2021

Over

Health Care
By 8.34%
Fund 25.82%
Benchmark 17.49%

Under

Information Technology
By -14.23%
Fund 19.81%
Benchmark 34.04%

Data as of 06/30/2021

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 US Mid-Cap Growth Equity Strategy, including the Mid-Cap Growth Fund, in the U.S. Equity Division. He is chairman of the Investment Advisory Committee of the Mid-Cap Growth Fund. Brian also 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 and 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. He is an executive vice president of the US Mid-Cap Growth Equity Strategy and a member of its Investment Advisory Committee. John also is a vice president and Investment Advisory Committee member of the US Structured Active Mid-Cap Growth Equity Strategy and an Investment Advisory Committee member of the Institutional Mid-Cap Equity Growth Strategy. He is a vice president of T. Rowe Price Group, Inc. 

  • Years at
    T. Rowe Price 32
  • Years investment
    experience 34
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 779556109
$2,500 $100 0.00% 0.73% 0.73% 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

© 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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