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Capital at risk. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.

The listed funds are not an exhaustive list of funds available. Visit www.funds.troweprice.com to see the full range of funds offered by T. Rowe Price, including those that consider environmental and social characteristics as part of their investment process.  For up to date information regarding any T. Rowe Price fund's investment strategy, please see the relevant fund KID and prospectus. 

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Strategy

Investment Objective

To increase the value of its shares, over the long term, through growth in the value of its investments. The fund invests mainly in a diversified portfolio of stocks of large and medium sized “blue chip” companies in the United States.

Investment Approach

  • Seek to 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 manage portfolio risk.
  • Environmental, social and governance ("ESG") factors with particular focus on those considered most likely to have a material impact on the performance of the holdings or potential holdings in the fund’s portfolio are assessed. These ESG factors, which are incorporated into the investment process alongside financials, valuation, macro-economics and other factors, are components of the investment decision. Consequently, ESG factors are not the sole driver of an investment decision but are instead one of several important inputs considered during investment analysis.

Past performance is not a reliable indicator of future performance.

Annualised Performance

Current Year Performance

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30-Apr-2025 - Paul Greene, Portfolio Manager

Most major US stock indices declined in a highly volatile month of trading, but they finished April well above their lowest levels. Equities plunged for several days in response to President Donald Trump’s reciprocal tariffs, which were rolled out on April 2 and were more severe than investors generally expected them to be. Deep losses were partially reversed by a blistering rally on April 9, when President Trump declared a 90-day pause on this latest batch of tariffs for many countries—excluding China—allowing time for countries that did not retaliate to negotiate trade deals with the US. Within the portfolio, stock choices and an overweight allocation in the information technology sector contributed, led by our holding in a workflow management software provider that outperformed following its beat-and-raise earnings release late in the month. Stock picks in the consumer discretionary sector also added value. Here, our position in a used auto retailer assisted as its shares benefited from a broad market rally in the second half of the month, as well as several positive sell-side reports ahead of its upcoming earnings release. Alternatively, an underweight allocation and negative stock selection in the consumer staples sector, which outperformed the broader market with modest gains, detracted.

Team

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Fees

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GIPS® Information

T. Rowe Price (“TRP”) claims compliance with the Global Investment Performance Standards (GIPS®).

A complete list and description 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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