New Horizons FundN-closed

Closed

Invests primarily in a diversified group of small, emerging growth companies, preferably early in the corporate life cycle before a company becomes widely recognized by the investment community.

Investing in small companies involves greater risk than is customarily associated with larger companies.

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)

2yrs
$40.4b

Data as of 06/30/2021

Data as of 06/30/2021

Price
(USD)

Daily Price Change

$92.36
$+0.57

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™.

Joshua K.  Spencer, CFA
Joshua K. Spencer, CFA, Portfolio Manager

Joshua Spencer is the lead portfolio manager for the US Small-Cap Growth Equity Strategy, including the New Horizons Strategy, in the Equity Division. He is the president of the strategy’s Investment Advisory Committee. Previously, he was the portfolio manager of the Global Technology Equity Strategy for nearly seven years. From 2004 to 2012, he was an investment analyst covering semiconductors and equipment under the technology industry. Josh is a vice president and a member of the Investment Advisory Committee for the Global Technology Equity, US Mid-Cap Growth Equity, US Small-Cap Core Equity, and Science & Technology Equity Strategies. In addition, he is on the Investment Advisory Committees of the US Growth Stock and US Large-Cap Growth Equity Strategies. Josh is a vice president of T. Rowe Price Group, Inc.

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Strategy

Investment Objective

The fund seeks long-term capital growth by investing primarily in common stocks of small, rapidly growing companies.

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
43.70%
Benchmark
51.36%
Value
-7.66% -7.66%

Data as of 06/30/2021

3 YR
29.25%
Benchmark
15.94%
Value
13.31% 13.31%

Data as of 06/30/2021

5 YR
28.40%
Benchmark
18.76%
Value
9.64% 9.64%

Data as of 06/30/2021

10 YR
20.47%
Benchmark
13.52%
Value
6.95% 6.95%

Data as of 06/30/2021

Benchmark: Russell 2000 Growth Index

Fund Inception: 06/03/1960

Expense Ratio

Gross
0.75%
Net
0.75%

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
12.25%
Benchmark
4.82%
Value
7.43%

Data as of 07/23/2021

Monthly YTD
9.88%
Benchmark
8.98%
Value
0.90%

Data as of 06/30/2021

One Month
7.71%
Benchmark
4.69%
Value
3.02%

Data as of 06/30/2021

Three Months
11.96%
Benchmark
3.92%
Value
8.04%

Data as of 06/30/2021

Benchmark: Russell 2000 Growth Index

Fund Inception: 06/03/1960

Asset Allocation

Net Assets
(USD)
$40.4b

Data as of 06/30/2021

Largest US Stock 82.32% $33.2b
Other View complete

Holdings

Total
Holdings
177

Data as of 06/30/2021

Largest Holding Veeva Systems 3.33% Was (03/31/2021) 2.56%
Other View complete Full Holdings
Top 10 Holdings 25.53% View the latest Top 10 Holdings
12-Month Portfolio Turnover 45.6% Data as of 06/30/2021

Largest Contributor

Veeva Systems
3.33%

Largest Detractor

Exact Sciences
2.02%

Data as of 06/30/2021

Purchase

Twilio
1.77%
Was 0.71%

Sale

Proofpoint (E)
0.00%
Was 1.31%

Data as of 06/30/2021

Sectors

Total
Sectors
10

Data as of 06/30/2021

Benchmark: Russell 2000 Growth Index

Largest Sector Information Technology 35.32% Was (05/31/2021) 33.26%
Other View complete

Contributor

Information Technology
By 3.03%
Sector 0.25%
Selection 2.77%

Detractor

Consumer Staples
By -0.31%
Sector -0.00%
Selection -0.31%

Data as of 06/30/2021

Over

Information Technology
By 13.96%
Fund 35.32%
Benchmark 21.35%

Under

Consumer Discretionary
By -7.96%
Fund 7.24%
Benchmark 15.20%

Data as of 06/30/2021

Team (As of )

Joshua K.  Spencer, CFA

Joshua K. Spencer, CFA
Portfolio Manager

Joshua Spencer is the lead portfolio manager for the US Small-Cap Growth Equity Strategy, including the New Horizons Strategy, in the Equity Division. He is the president of the strategy’s Investment Advisory Committee. Previously, he was the portfolio manager of the Global Technology Equity Strategy for nearly seven years. From 2004 to 2012, he was an investment analyst covering semiconductors and equipment under the technology industry. Josh is a vice president and a member of the Investment Advisory Committee for the Global Technology Equity, US Mid-Cap Growth Equity, US Small-Cap Core Equity, and Science & Technology Equity Strategies. In addition, he is on the Investment Advisory Committees of the US Growth Stock and US Large-Cap Growth Equity Strategies. Josh is a vice president of T. Rowe Price Group, Inc.

  • Fund manager
    since 2019
  • Years at
    T. Rowe Price 17
  • Years investment
    experience 23
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 779562107
$2,500 $100 0.00% 0.75% 0.75% N/A N/A
I Class
Cusip 779562206
$1,000,000* N/A 0.00% 0.64% 0.64% 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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