U.S. Equity Research Fund - I Class

Formerly Capital Opportunity Fund

Invests in stocks within each industry based on weightings similar to the S&P 500. A team of industry-focused T. Rowe Price equity analysts is directly responsible for selecting stocks for the fund.

As with all equity funds, this fund’s share price can fall because of weakness in the broad market, a particular industry, or specific holdings.

PCCOXCUSIP 87282F102
Prospectus

Morningstar (Category)

Morningstar
(Overall Rating)1

Large Blend
  (1,209 funds)

Data as of 08/31/2019

Data as of 08/31/2019

Fund Manager Tenure2

Net Assets3
(USD)

4yrs
$1.6b

Data as of 08/31/2019

Data as of 08/31/2019

Price
(USD)

Daily Price Change

$28.78
$-0.15

Data as of 09/20/2019

Data as of 09/20/2019

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™.

Ann Holcomb
Ann Holcomb, Co-Portfolio Manager

Ann Holcomb is a portfolio manager in the U.S. Equity Division of T. Rowe Price and head of the Associate Analyst Program . Ms. Holcomb is cochair of the Investment Advisory Committee of the US Str...

Jason B.  Polun
Jason B. Polun, Co-Portfolio Manager

Jason Polun is a director of equity research for North America, chair of the Equity Research Advisory Committee, and a member of the Equity Steering Committee. In addition, he is a co-portfolio man...

View more

Strategy

Investment Objective

The fund seeks to provide long-term capital growth by investing primarily in U.S. common stocks.

Morningstar Equity Style

Large Growth

Data as of 08/31/2019

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 (Large Blend)
Overall 1,209
3 Years 1,209
5 Years 1,079
10 Years 820

*Ratings displayed with hollow stars represent Morningstar Extended Performance Ratings.  Morningstar provides adjusted historical returns and an Extended Performance Rating for some mutual fund share class that don't have a 1, 3-, 5-, or 10-year performance history.  These hypothetical Morningstar Ratings are based on the historical performance of the oldest share class of the fund, adjusted for fees and expenses.

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 (I Class)*

1 YR
10.38%
Benchmark
10.42%
Value
-0.04% 0.33%

Data as of 06/30/2019

3 YR
15.00%
Benchmark
14.19%
Value
0.81% 0.73%
5 YR
11.06%
Benchmark
10.71%
Value
0.35% 0.43%
10 YR
14.51%
Benchmark
14.70%
Value
-0.19% -0.14%

Expense Ratio

Gross
0.39%
Net
0.38%
Limitation Type
Contractual
expires 04/30/2021

Benchmark: S&P 500 Index

Investor Class Inception Date: 11/30/1994

I Class Inception Date: 11/29/2016

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 T. Rowe Price Funds-I Class share the portfolio of an existing fund (the original share class of the fund is referred to as the "investor class"). The total return figures for I Class shares have been calculated using the performance data of the investor class up to the inception date of the I Class (shown above) and the actual performance results of the I Class since that date.  Because the I Classes are expected to have lower expenses than the Investor Classes, The I Class performance, had it existed over the periods shown, would have been higher. 

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 (I Class)*

Daily YTD
22.05%
Benchmark
21.13%
Value
0.92%

Data as of 09/20/2019

Monthly YTD
19.25%
Benchmark
18.34%
Value
0.91%

Data as of 08/31/2019

One Month
-1.58%
Benchmark
-1.58%
Value
0.00%
Three Months
6.72%
Benchmark
6.87%
Value
-0.15%

Benchmark: S&P 500 Index

Investor Class Inception Date: 11/30/1994

I Class Inception Date: 11/29/2016

*The T. Rowe Price Funds-I Class share the portfolio of an existing fund (the original share class of the fund is referred to as the "investor class"). The total return figures for I Class shares have been calculated using the performance data of the investor class up to the inception date of the I Class (shown above) and the actual performance results of the I Class since that date.  Because the I Classes are expected to have lower expenses than the Investor Classes, The I Class performance, had it existed over the periods shown, would have been higher. 

Asset Allocation

Net Assets
(USD)
$1.6b
Largest US Stock 97.74% $1.6b
Other View complete Asset Allocation

Data as of 08/31/2019

Holdings

Total
Holdings
248
Largest Holding Microsoft 4.35% Was (03/31/2019) 3.99%
Other View complete Full Holdings
Top 10 Holdings 24.27% View the latest Top 10 Holdings
12-Month Portfolio Turnover 43.1% Data as of 08/31/2019

Data as of 06/30/2019

Largest Contributor

Microsoft
4.35%

Largest Detractor

Alphabet
2.97%

Data as of 06/30/2019

Sectors

Total
Sectors
11
Largest Sector Information Technology 22.56% Was (07/31/2019) 22.31%
Other View complete Sector Diversification

Data as of 08/31/2019

Benchmark: S&P 500 Index

Contributor

Industrials & Business Services
By 0.19%
Sector 0.00%
Selection 0.18%

Detractor

Health Care
By -0.22%
Sector -0.02%
Selection -0.19%

Data as of 06/30/2019

Over

Consumer Discretionary
By 1.16%
Fund 11.32%
Benchmark 10.16%

Under

Health Care
By -0.94%
Fund 12.96%
Benchmark 13.90%

Data as of 08/31/2019

Team (As of )

Ann Holcomb

Ann Holcomb
Co-Portfolio Manager

Ann Holcomb is a portfolio manager in the U.S. Equity Division of T. Rowe Price and head of the Associate Analyst Program . Ms. Holcomb is cochair of the Investment Advisory Committee of the US Structured Research Strategy. She also is portfolio manager of the European Structured Research Strategy. Ms. Holcomb is a vice president of T. Rowe Price Group, Inc.

  • Fund manager
    since 2015
  • Years at
    T. Rowe Price 23
  • Years investment
    experience 24
Jason B.  Polun

Jason B. Polun
Co-Portfolio Manager

Jason Polun is a director of equity research for North America, chair of the Equity Research Advisory Committee, and a member of the Equity Steering Committee. In addition, he is a co-portfolio manager of the U.S. Structured Research Equity Strategy, cochairman of the U.S. Structured Research Equity Strategy's Investment Advisory Committee, and a member of the portfolio oversight team. Previously, Mr. Polun was a research analyst following money center banks and specialty finance companies and a member of the Investment Advisory Committee of the U.S. Large-Cap Equity Income Strategy and the Financial Services Strategy. He is a vice president of T. Rowe Price Group, Inc.

  • Years at
    T. Rowe Price 16
  • Years investment
    experience 21
Thomas Watson, CFA

Thomas Watson, CFA
Co-Portfolio Manager

Thomas Watson is a director of Equity Research, North America. He is co-chair of the Equity Research Advisory Committee and a member of the Equity Steering Committee. In addition, Mr. Watson is co-portfolio manager of the US Structured Research Equity Strategy and is a member of the portfolio oversight team. He is also a member of the Investment Advisory Committees of the Global Technology, New America Growth, and Science & Technology Funds. He is a vice president of T. Rowe Price Group, Inc. 

  • Years at
    T. Rowe Price 12
  • Years investment
    experience 12
Josh Nelson

Josh Nelson
Co-Portfolio Manager

Josh  Nelson is a director of research in the U.S. Equity Department of T. Rowe Price. Previously, he was an associate portfolio manager for the Global Focused Growth Equity Strategy. He is on the Investment Advisory Committee of the Global Stock Strategy. He also serves on the Equity Steering Committee. Mr. Nelson is a vice president of T. Rowe Price Group, Inc.

  • Years at
    T. Rowe Price 12
  • Years investment
    experience 17
Ken Uematsu

Ken Uematsu
Co-Portfolio Manager

Ken Uematsu is a portfolio manager and Investment Advisory Committee member of the Structured Research Strategy for T. Rowe Price. Mr. Uematsu is a vice president of T. Rowe Price Group, Inc.

  • Years at
    T. Rowe Price 21
  • Years investment
    experience 21
Ira W. Carnahan, CFA

Ira W. Carnahan, CFA
Portfolio Specialist

Ira Carnahan is a portfolio specialist in the U.S. Equity Division of T. Rowe Price, working on the Capital Appreciation, Dividend Growth, and Large-Cap Core Funds. Before his current role, he was an investment analyst following consumer discretionary and consumer staples companies. He is a vice president of T. Rowe Price Group, Inc.

  • Years at
    T. Rowe Price 14
  • Years investment
    experience 15

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
I Class
Cusip 87282F102
$1,000,000* N/A 0.00% 0.39% 0.38% Contractual 04/30/2021
Investor Class
Cusip 77954P108
$2,500 $100 0.00% 0.54% 0.50% Contractual
04/30/2021
Advisor Class
Cusip 77954P306
$2,500 $100 0.25% 0.83% 0.82% Contractual
04/30/2021
R Class
Cusip 77954P207
$2,500 $100 0.50% 1.13% 1.12% Contractual
04/30/2021

* Minimum initial investment $1,000,000. Minimum is generally waived for intermediaries, certain retirement plans, and certain institutional client accounts.

1

© 2019 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.

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