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GIPS® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. T. Rowe Price has been independently verified for the twenty four-year period ended June 30, 2020, by KPMG LLP. The verification report is available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report.

TRP is a U.S. investment management firm with various investment advisers registered with the U.S. Securities and Exchange Commission, the U.K. Financial Conduct Authority, and other regulatory bodies in various countries and holds itself out as such to potential clients for GIPS purposes. TRP further defines itself under GIPS as a discretionary investment manager providing services primarily to institutional clients with regard to various mandates, which include U.S, international, and global strategies but excluding the services of the Private Asset Management group.

A complete list and description of all of the Firm's composites and/or a presentation that adheres to the GIPS® standards are available upon request. Additional information regarding the firm's policies and procedures for calculating and reporting performance results is available upon request

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Mutual Fund

Blue Chip Growth Fund - I Class

Invests in common stocks of large and medium-sized blue chip companies that have the potential for above-average earnings growth and are well established.

Growth stocks have historically been more volatile than cyclical stocks.

 TBCIX CUSIP 77954Q403

Fund Manager Tenure

Net Assets
(USD)

<1yr
$100.9b

Price
(USD)

Daily Price Change

$195.15
$+1.83

Investor Class Inception Date 30-Jun-1993

I Class Inception Date 17-Dec-2015

Paul Greene II
Paul Greene II, Lead Portfolio Manager

Paul Greene is an associate portfolio manager of the US Large-Cap Core Growth Equity Strategy in the U.S. Equity Division. He is a vice president and an Investment Advisory Committee member of the US Large-Cap Core Growth Equity, Communication and Technology Equity, and US Growth Stock Equity Strategies. He is an Investment Advisory Committee member of the Global Growth Equity and Global Focused Growth Equity Strategies. Paul is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Trust Company.

 

Strategy

Investment Objective

The fund seeks to provide long-term capital growth. Income is a secondary objective.

Investment Approach

  • Identify high-quality companies with leading market positions in fertile growth fields. Integrate fundamental research — emphasize sustainable growth, not momentum growth.
  • Focus on high-quality earnings, strong free cash flow growth, shareholder-oriented management, and rational competitive environments.
  • Avoid overpaying for growth, while broadly diversifying portfolios, to help manage portfolio risk.
  • The fund is subject to the volatility inherent in common stock investing, and its share price may fluctuate more than a fund investing in non-growth oriented stocks. Diversification cannot assure a profit or protect against loss in a declining market.

Portfolio Construction

  • Typically 100-150 stock portfolio
  • Individual position sizes are typically +/-3% relative to S&P 500 Index and +/-5% versus the Russell 1000 Growth Index weightings.
  • Sector weights typically range from 0.5X to 2.0X for primary S&P Index sectors and 0.5X to 3.0X for primary Russell 1000 Growth Index sectors.

Performance (I Class)

Average Annual Total Returns

  1 YR 3 YR
Annualised
5 YR
Annualised
10 YR
Annualised
Fund % 22.41% 19.45% 22.55% 20.19%
Benchmark % 30.00% 15.99% 16.90% 16.63%
Excess Return % -7.59% 3.46% 5.65% 3.56%

Investor Class Inception Date 30-Jun-1993

I Class Inception Date 17-Dec-2015

Benchmark: S&P 500 Index

Data as of 30-Sep-2021

Performance figures calculated in USD

  1 YR 3 YR
Annualised
5 YR
Annualised
10 YR
Annualised
Fund % 22.41% 19.45% 22.55% 20.19%
Benchmark % 30.00% 15.99% 16.90% 16.63%
Excess Return % -7.59% 3.46% 5.65% 3.56%

Investor Class Inception Date 30-Jun-1993

I Class Inception Date 17-Dec-2015

Benchmark: S&P 500 Index

Data as of 30-Sep-2021

Performance figures calculated in USD

Performance data quoted represents past performance and is not a reliable indicator of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.

Investors should note that high short-term performance is unusual and unlikely to be sustained.

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. 

Recent Performance

  Month to DateData as of 15-Oct-2021 Quarter to DateData as of 15-Oct-2021 Year to DateData as of 15-Oct-2021 1 MonthData as of 30-Sep-2021 3 MonthsData as of 30-Sep-2021
Fund % 3.98% 3.98% 17.63% -5.72% 0.45%
Benchmark % 3.86% 3.86% 20.40% -4.65% 0.58%
Excess Return % 0.12% 0.12% -2.77% -1.07% -0.13%

Investor Class Inception Date 30-Jun-1993

I Class Inception Date 17-Dec-2015

Benchmark: S&P 500 Index

Benchmark: S&P 500 Index

Performance figures calculated in USD

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. 

Expense Ratio

Gross Net
0.56% 0.56%

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 as stated in the fee table of the fund's prospectus after the deduction of any waiver or reimbursement. If a fund has an active contractual expense limitation, the expiration date is shown next to the gross and net expense ratio values above. Expense ratios are as of the most recent prospectus. 

Performance data quoted represents past performance and is not a reliable indicator of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The fund's total return figures reflect the reinvestment of dividends and capital gains, if any. Click on the Performance tab for the most recent quarter-end and month-end performance.

Asset Allocation

Net Assets
(USD)
$100.9b
Largest Category US Stock 91.94% $92.7b Global ex-US Stock Convertibles Reserves
View complete Asset Allocation

Monthly Data as of 30-Sep-2021

Holdings

Total
Holdings
92
Largest Holding Amazon.com 10.44% Was (30-Jun-2021) 10.83%
Other View Full Holdings Quarterly data as of  30-Sep-2021
Top 10 Holdings 53.23% View Top 10 Holdings Monthly data as of  30-Sep-2021

Largest Top Contributor^

Alphabet
% of fund 10.24%

Largest Top Detractor^

Amazon.com
% of fund 10.44%

^Absolute, percentages based on the difference between the total net assets of the two largest holdings of the fund.

Quarterly Data as of 30-Sep-2021

Top Purchase

Eli Lilly And
1.00%
Was (30-Jun-2021) 0.01%

Top Sale

Salesforce.com
0.28%
Was (30-Jun-2021) 1.78%

Quarterly Data as of 30-Sep-2021

Sectors

Total
Sectors
7
Largest Sector Information Technology 39.51% Was (31-Aug-2021) 39.39%
Other View complete Sector Diversification

Monthly Data as of 30-Sep-2021

Benchmark: S&P 500 Index

Top Contributor^

Information Technology
Net Contribution 0.41%
Sector
0.10%
Selection 0.31%

Top Detractor^

Consumer Discretionary
Net Contribution -0.76%
Sector
-0.03%
Selection
-0.73%

^Relative

Quarterly Data as of 30-Sep-2021

Largest Overweight

Communication Services
By15.67%
Fund 26.96%
Benchmark 11.29%

Largest Underweight

Financials
By-8.70%
Fund 2.69%
Benchmark 11.39%

Monthly Data as of 30-Sep-2021

Team (As of 01-Oct-2021)

Paul Greene II

Paul Greene is an associate portfolio manager of the US Large-Cap Core Growth Equity Strategy in the U.S. Equity Division. He is a vice president and an Investment Advisory Committee member of the US Large-Cap Core Growth Equity, Communication and Technology Equity, and US Growth Stock Equity Strategies. He is an Investment Advisory Committee member of the Global Growth Equity and Global Focused Growth Equity Strategies. Paul is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Trust Company.

Paul has been with T. Rowe Price since 2006, beginning in the U.S. Equity Division as an investment analyst following media and internet companies. Subsequently, Paul was named the portfolio manager of the Communications and Technology Strategy until his recent position. Paul was a summer intern in 2005. Prior to this, Paul was employed by ArvinMeritor, Inc., as a finance and operations analyst.

Paul earned a B.S., magna cum laude, in mechanical engineering, with a minor in economics, from the Rose-Hulman Institute of Technology and an M.B.A. from the Stanford Graduate School of Business.

  • Fund manager
    since
    2021
  • Years at
    T. Rowe Price
    15
  • Years investment
    experience
    15
David L. Rowlett, CFA

David Rowlett is an associate portfolio manager for the US Large-Cap Core Equity Strategy, including the Growth & Income Fund, in the U.S. Equity Division. He is a vice president and member of the Investment Advisory Committees of the US Large-Cap Growth Equity, US Large-Cap Core Equity, and Global Industrials Equity Strategies and a vice president of T. Rowe Price International Funds. David is a vice president of T. Rowe Price Group, Inc.

David’s investment experience began in 2003, and he has been with T. Rowe Price since 2008, beginning as an investment analyst, focusing on aerospace and defense and multi-industrial companies, in the U.S. Equity Division. Prior to this, David was employed by Neuberger Berman as an analyst and a portfolio manager. David also was employed by Merrill Lynch as an investment banker within the Financial Institutions Group.

David earned a B.B.A., cum laude, in finance from the University of Georgia and an M.B.A. from the University of North Carolina, Chapel Hill. He also has earned the Chartered Financial Analyst® designation.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

  • Fund manager
    since
    2015
  • Years at
    T. Rowe Price
    13
  • Years investment
    experience
    18
Joseph Fath

Joe Fath is the portfolio manager for the U.S. Growth Stock Equity Strategy, including the Growth Stock Fund, in which he is chairman of the investment advisory committee.  He is a vice president and member of the investment advisory committee of the U.S. Quantitative US, U.S. Mid-Cap Growth Equity, U.S. Communications and Technology and U.S. Large-Cap Growth Equity Strategies.   He is vice president of T. Rowe Price Group. 

Joe’s investment experience began in 2000 and he has been with T. Rowe Price since 2002, beginning in the U.S. Equity Division after serving as a summer intern in 2001.   Prior to this, Joe was the chief financial officer and co-founder of Broadform, Inc., a start-up educational software company.  In addition, he worked as director of operations and analysis for Players International, a multi-jurisdictional gaming operator in the United States.  Joe was also employed by Coopers & Lybrand as a senior associate in the Business Assurance and Financial Advisory Services Group.  

Joe earned a B.S., with honors, in accounting from the University of Illinois at Urbana-Champaign.  He also earned an M.B. A., with honors, in finance and entrepreneurial management from The Wharton School, University of Pennsylvania.  He is a Certified Public Accountant.

  • Fund manager
    since
    2015
  • Years at
    T. Rowe Price
    19
  • Years investment
    experience
    21
Taymour Tamaddon, CFA

Taymour Tamaddon is the portfolio manager of the US Large-Cap Growth Equity Strategy in the U.S. Equity Division. He is a vice president and a member of the Investment Advisory Committees for the Health Sciences Equity, Global Growth Equity, US Growth Stock Equity, and Global Focused Growth Equity Strategies. Taymour is an executive vice president of T. Rowe Price Equity Funds and a vice president of the T. Rowe Price International Funds, Inc., and T. Rowe Price Global Funds. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Trust Company.   

Taymour’s investment experience began in 2003, and he has been with T. Rowe Price since 2004, beginning in the U.S. Equity Division, after serving as a summer intern in 2003. Prior to this, Taymour was employed by Amazon.com in the areas of finance and merchandising. Before that, he was employed by Booz Allen Hamilton as a consultant, specializing in the energy industry.

Taymour earned a B.S., cum laude, in applied physics from Cornell University and an M.B.A. from Dartmouth College, Tuck School of Business, where he was an Edward Tuck Scholar with high distinction. Taymour also has earned the Chartered Financial Analyst® designation.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

  • Years at
    T. Rowe Price
    17
  • Years investment
    experience
    18
Craig Watson, CPA

Craig Watson is a portfolio specialist in the U.S. Equity Division. He is a member of the U.S. Large-Cap Growth team, working closely with institutional clients, consultants, and prospects. Craig also is a vice president of T. Rowe Price Group, Inc., and a trustee on the T. Rowe Price Foundation, Inc.

Craig’s investment experience began in 1995, and he has been with T. Rowe Price since 2007, beginning in the U.S. Equity Division. Prior to this, Craig was employed by HSBC Securities as a senior vice president of global equity sales and by UBS as the director of institutional equity sales.

Craig earned a B.S., magna cum laude, in accounting from Hampton University and an M.B.A. from the University of Pennsylvania, The Wharton School. He is a certified public accountant.

  • Years at
    T. Rowe Price
    14
  • Years investment
    experience
    14
Ronald Taylor

Ron Taylor is a portfolio specialist in the U.S. Equity Division. He is a member of the US Large-Cap Growth Equity Strategy team, working closely with institutional clients, consultants, and prospects. Ron also is Chair of the Black Leadership Council and a vice president of T. Rowe Price Group, Inc.

Ron’s investment experience began in 1986, and he has been with T. Rowe Price since 2003, beginning in the U.S. Equity Division. Prior to this, Ron was employed by Zurich Scudder Investments as an equity product specialist and later as the director of Institutional Client Service; by Chancellor Capital Management as an equity product specialist; by Putnam Investments as an equity analyst and later in new business development and client service; and by Columbia Savings & Loan as a high yield bond analyst.

Ron earned a B.A. in economics from the University of California, Los Angeles, and an M.B.A. from Harvard Business School.

  • Years at
    T. Rowe Price
    18
  • Years investment
    experience
    33

For a complete list of the members of the fund's Investment Advisory Committee, please refer to the fund's prospectus.

Fees

Share Class Minimum Initial Investment (USD) Minimum Subsequent Investment (USD) 12b-1 Fee Expense Ratio
Gross Net Limitation Type Limitation Expiration Date
Investor Class
CUSIP 77954Q106
$2,500 $100 0.00% 0.68% 0.68% N/A N/A
I Class
CUSIP 77954Q403
$1,000,000 N/A 0.00% 0.56% 0.56% N/A N/A

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 as stated in the fee table of the fund's prospectus after the deduction of any waiver or reimbursement. If a fund has an active contractual expense limitation, the expiration date is shown next to the gross and net expense ratio values above. Expense ratios are as of the most recent prospectus. 

Minimum initial investment $1,000,000, certain exceptions may apply. Minimum waived for I Classes offered through Workplace Retirement plans.