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
  (1,208 funds)

Data as of 01/31/2020

Data as of 01/31/2020

Fund Manager Tenure2

Net Assets3
(USD)

5yrs
$3.2b

Data as of 01/31/2020

Data as of 01/31/2020

Price
(USD)

Daily Price Change

$32.50
$-0.07

Data as of 02/18/2020

Data as of 02/18/2020

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™.

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 Blend

Data as of 01/31/2020

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 (Large Blend)
Overall 1,208
3 Years 1,208
5 Years N/A 1,056
10 Years N/A 806

*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
32.55%
Benchmark
31.49%
Value
1.06% 0.37%

Data as of 12/31/2019

3 YR
16.19%
Benchmark
15.27%
Value
0.92% 0.84%
5 YR
12.22%
Benchmark
11.70%
Value
0.52% 0.57%
10 YR
13.44%
Benchmark
13.56%
Value
-0.12% -0.10%

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
5.08%
Benchmark
4.57%
Value
0.51%

Data as of 02/18/2020

Monthly YTD
0.13%
Benchmark
-0.04%
Value
0.17%

Data as of 01/31/2020

One Month
0.13%
Benchmark
-0.04%
Value
0.17%
Three Months
6.95%
Benchmark
6.72%
Value
0.23%

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)
$3.2b
Largest US Stock 98.20% $3.1b
Other View complete Asset Allocation

Data as of 01/31/2020

Holdings

Total
Holdings
246
Largest Holding Apple 4.64% Was (09/30/2019) 3.58%
Other View complete Full Holdings
Top 10 Holdings 25.55% View the latest Top 10 Holdings
12-Month Portfolio Turnover 32.4% Data as of 01/31/2020

Data as of 12/31/2019

Largest Contributor

Apple
4.64%

Largest Detractor

Boeing
1.18%

Data as of 12/31/2019

Sectors

Total
Sectors
11
Largest Sector Information Technology 25.05% Was (12/31/2019) 23.88%
Other View complete Sector Diversification

Data as of 01/31/2020

Benchmark: S&P 500 Index

Contributor

Real Estate
By 0.12%
Sector 0.08%
Selection 0.04%

Detractor

Industrials & Business Services
By -0.26%
Sector 0.01%
Selection -0.26%

Data as of 12/31/2019

Over

Consumer Discretionary
By 1.07%
Fund 10.89%
Benchmark 9.82%

Under

Real Estate
By -0.99%
Fund 1.98%
Benchmark 2.97%

Data as of 01/31/2020

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 24
  • Years investment
    experience 25
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 17
  • 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 Division of T. Rowe Price. Previously, he was an associate portfolio manager for the Global Focused Growth Equity Strategy. He is an Investment Advisory Committee member 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 an associate portfolio manager in the U.S. Equity Division. He is an Investment Advisory Committee member of the U.S. Equity Research Strategy. Ken is a vice president of T. Rowe Price Group, Inc.

  • Years at
    T. Rowe Price 22
  • 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.

Dismiss
Tap to dismiss

Manage Subscriptions

Unsubscribe All
OK

Manage your watched Funds and Insights subscriptions here.

OK

Change Details

Congratulations! You are now registered.

Begin watching and receiving email updates for:

Ok

Sign in to manage your subscriptions and watch list.

Register

Download

Latest Date Range
Download Cancel

This content is restricted for Institutional Investors use only. We were not able to validate your status as an Institutional Investor with the information you provided at registration.

Please contact the T. Rowe Price Team with questions or to revise your status.

1-800-564-6958

You will need to accept the Terms & Conditions again.

Ok

You have updated your email address.

An activation email has been sent to your new email address from T. Rowe Price.

Please click on the activation link in order to receive email updates.

Ok

You have an existing account

Click OK to view your subscriptions and watch list.

OK

Confirm Cancel