Value Fund

Invests in “bargain” stocks that offer an opportunity for capital appreciation as other investors recognize the company’s real value. Intensive in-house research identifies undervalued stocks by considering key financial ratios: price/earnings, price/book value, and price/cash flow.

Potentially lower price appreciation compared with a growth fund. Possibility that a stock judged to be undervalued is actually appropriately priced.

Morningstar (Category)

Morningstar
(Overall Rating)1

Large Value
  (1,148 funds)

Data as of 08/31/2021

Data as of 08/31/2021

Fund Manager Tenure2

Net Assets3
(USD)

11yrs
$37.8b

Data as of 08/31/2021

Data as of 08/31/2021

Price
(USD)

Daily Price Change

$50.82
$+0.08

Data as of 09/24/2021

Data as of 09/24/2021

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™.

Mark S.  Finn, CFA, CPA
Mark S. Finn, CFA, CPA, Portfolio Manager

Mark Finn is the portfolio manager of the US Large-Cap Value Equity Strategy, which includes the Value Fund, and co-portfolio manager of the Large-Cap Value Fund in the U.S. Equity Division. He is chairman of the Investment Advisory Committee of the U.S. Large Cap Value Equity Strategy. Mark is also a vice president and an Investment Advisory Committee member of the US Large-Cap Equity Income, Global Natural Resources Equity, US Quantitative U.S., US Quantitative Large, US Mid-Cap Value Equity, and Retirement Strategies.

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Strategy

Investment Objective

The fund seeks to provide long-term capital appreciation by investing in common stocks believed to be undervalued. Income is a secondary objective.

Morningstar Equity Style

Large Blend

Data as of 08/31/2021

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 (Large Value)
Overall 1,148
3 Years 1,148
5 Years 1,019
10 Years 753

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.

Yields & Dividends (Investor Class)

30-Day SEC Standardized Yield
with waiver
N/A

Data as of N/A

without waiver
0.67%

Data as of 08/31/2021

30-Day Annualized Dividend Yield
with waiver
N/A
Monthly Dividend
(USD)
N/A
Monthly Dividend
Rate
N/A

Average Annual Total Returns (Investor Class)

1 YR
52.43%
Benchmark
43.68%
Value
8.75% 8.84%

Data as of 06/30/2021

3 YR
15.40%
Benchmark
12.42%
Value
2.98% 4.62%

Data as of 06/30/2021

5 YR
14.20%
Benchmark
11.87%
Value
2.33% 2.86%

Data as of 06/30/2021

10 YR
12.90%
Benchmark
11.61%
Value
1.29% 1.66%

Data as of 06/30/2021

Benchmark: Russell 1000 Value Index

Fund Inception: 09/30/1994

Expense Ratio

Gross
0.78%
Net
0.77%
Limitation Type
Contractual
expires 04/30/2022

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
24.16%
Benchmark
18.57%
Value
5.59%

Data as of 09/24/2021

Monthly YTD
25.51%
Benchmark
20.32%
Value
5.19%

Data as of 08/31/2021

One Month
3.40%
Benchmark
1.98%
Value
1.42%

Data as of 08/31/2021

Three Months
4.18%
Benchmark
1.62%
Value
2.56%

Data as of 08/31/2021

Benchmark: Russell 1000 Value Index

Fund Inception: 09/30/1994

Asset Allocation

Net Assets
(USD)
$37.8b

Data as of 08/31/2021

Largest US Stock 96.78% $36.5b
Other View complete

Holdings

Total
Holdings
120

Data as of 06/30/2021

Largest Holding Alphabet Class C 6.73% Was (03/31/2021) 5.14%
Other View complete Full Holdings
Top 10 Holdings 32.52% View the latest Top 10 Holdings
12-Month Portfolio Turnover 99.1% Data as of 08/31/2021

Largest Contributor

Alphabet
6.73%

Largest Detractor

Walt Disney
1.34%

Data as of 06/30/2021

Purchase

Alphabet Class C
6.68%
Was 5.14%

Sale

Deere
0.36%
Was 1.54%

Data as of 06/30/2021

Sectors

Total
Sectors
10

Data as of 08/31/2021

Benchmark: Russell 1000 Value Index

Largest Sector Financials 20.14% Was (07/31/2021) 19.31%
Other View complete

Contributor

Communication Services
By 0.92%
Sector 0.04%
Selection 0.88%

Detractor

Industrials & Business Services
By -0.49%
Sector -0.04%
Selection -0.45%

Data as of 06/30/2021

Over

Materials
By 4.90%
Fund 8.69%
Benchmark 3.79%

Under

Consumer Staples
By -6.74%
Fund 0.41%
Benchmark 7.16%

Data as of 08/31/2021

Team (As of )

Mark S.  Finn, CFA, CPA

Mark S. Finn, CFA, CPA
Portfolio Manager

Mark Finn is the portfolio manager of the US Large-Cap Value Equity Strategy, which includes the Value Fund, and co-portfolio manager of the Large-Cap Value Fund in the U.S. Equity Division. He is chairman of the Investment Advisory Committee of the U.S. Large Cap Value Equity Strategy. Mark is also a vice president and an Investment Advisory Committee member of the US Large-Cap Equity Income, Global Natural Resources Equity, US Quantitative U.S., US Quantitative Large, US Mid-Cap Value Equity, and Retirement Strategies.

  • Fund manager
    since 2009
  • Years at
    T. Rowe Price 30
  • Years investment
    experience 23
Caleb N. Fritz, CFA

Caleb N. Fritz, CFA
Portfolio Specialist

Caleb Fritz is a portfolio specialist in the U.S. Equity Division. He acts as a proxy for equity portfolio managers with institutional clients, consultants, and prospects and supports the large-cap value strategies. Caleb also is a vice president of T. Rowe Price Group, Inc.

  • Years at
    T. Rowe Price 13
  • Years investment
    experience 21

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 779578103
$2,500 $100 0.00% 0.78% 0.77% Contractual 04/30/2022
I Class
Cusip 779578301
$1,000,000* N/A 0.00% 0.64% 0.63% Contractual
04/30/2022
Advisor Class
Cusip 779578202
$2,500 $100 0.25% 1.04% 1.03% Contractual
04/30/2022

* 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.

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