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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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31-May-2025 - Paul Greene, Portfolio Manager

Major US stock indices produced solid gains in May, as the equity market continued recovering from deep, tariff-related losses in early April. Within the portfolio, the consumer discretionary sector contributed the most due to positive stock selection and an overweight allocation. Our position in a used auto retailer contributed as its shares traded higher in response to its first-quarter earnings release, highlighted by impressive growth in units sold and better-than-expected gross profit per unit. Information technology also added value due to favourable stock choices and an overweight allocation. Here, our position in a leading chip manufacturer drove outperformance as it benefitted from a de-escalation in trade tensions between the US and China in mid-May, as well as its better-than-expected earnings release. Security choices in the utilities sector further boosted relative results. Alternatively, the health care sector detracted due to adverse security selection, driven by our holding in a major pharmaceutical company whose shares fell amid concerns about rising competition in the obesity and weight loss drug space.

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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