David Giroux's fund has beaten
its Morningstar peer group average for 16 consecutive years
BALTIMORE, Jan. 8, 2024
/PRNewswire/ -- T. Rowe Price
(NASDAQ-GS: TROW), a global investment management firm, announced
today that the T. Rowe Price Capital Appreciation Fund (Ticker:
PRWCX) managed by David
Giroux, CFA®, finished 2023 as having beaten its
Morningstar peer group average for 16 consecutive years, tying the
record for the most consecutive calendar years a U.S. equity or
multi-asset fund has done so under the same portfolio manager.
Based on T. Rowe Price's analysis,
the only other fund to accomplish this was the Pioneer Fund,
managed by the late Philip Carret,
who established the record between 1938-1953.1
This assessment of Giroux's record reviewed U.S.-domiciled funds
and exchange traded funds (ETFs) within the Morningstar Direct
database that have at least a 15-year track record under the same
portfolio manager and still exist today. It dates to 1925, the
earliest year any fund in the universe began. The analysis then
reviewed funds with greater than or equal to 15 consecutive years
of beating their peer group average and identified any funds that
maintained that streak.
The T. Rowe Price Capital Appreciation Fund, which has been
closed to new investors since June 30,
2014, began operation in 1986 and seeks long-term capital
appreciation by investing primarily in a blended portfolio of
common and preferred stocks as well as fixed income and other
securities to help preserve principal value. Giroux has been the
fund's portfolio manager since June
30, 2006.
Giroux has more than 25 years of investment industry experience,
beginning in 1998 when he became an investment analyst covering the
industrials, building products, and automotive sectors for T.
Rowe Price. He is a six-time nominee
and two-time winner of Morningstar's Fund Manager of the Year
award2. He has also won 18 Best Fund awards from
Lipper3. In addition to his portfolio management duties,
he also serves as head of Investment Strategy and chief investment
officer for T. Rowe Price Investment Management (TRPIM).
The T. Rowe Price Capital Appreciation Fund is one of three
vehicles within the Capital Appreciation suite. Giroux also manages
the T. Rowe Price Capital Appreciation Equity ETF (Ticker: TCAF),
which launched in June 2023, and he
co-manages the T. Rowe Price Capital Appreciation and Income Fund
(Ticker: PRCFX), which launched in November
2023.
QUOTES
David Giroux, Portfolio Manager,
T. Rowe Price Capital Appreciation Fund
Head of Investment Strategy and Chief Investment Officer for
TRPIM
"I'm very proud of the Capital Appreciation Fund's long-term
performance, and I'm grateful for our clients who have maintained
confidence in us for so many years. Every day, I have the privilege
of leading an amazingly talented team as we apply our rigorous
investment process toward investing against the grain, by pursuing
strong risk-adjusted returns and seeking to exploit market
inefficiencies. I have immense appreciation for everyone involved
and for the steadfast support from T. Rowe
Price. I love coming to work every day.
Delivering for our clients is truly motivating."
Stephon Jackson, CFA®
, Head of TRPIM
"With no other portfolio manager achieving this record in 70 years,
David's Capital Appreciation Fund performance is truly remarkable.
David has consistently demonstrated exceptional work ethic,
intellect, and commitment to shareholders. I applaud his talent and
humility, and I congratulate him on this achievement. We're
extremely grateful for his dedication to T. Rowe Price and his unwavering care for the
clients he serves."
ABOUT T. ROWE PRICE
Founded in 1937, T. Rowe
Price (NASDAQ: TROW) helps people around the world achieve
their long-term investment goals. As a large global asset
management company known for investment excellence, retirement
leadership, and independent proprietary research, the firm is built
on a culture of integrity that puts client interests first.
Investors rely on the award-winning firm for its retirement
expertise and active management approach of equity, fixed income,
alternatives, and multi-asset investment capabilities. T.
Rowe Price manages USD $1.39 trillion in assets under management as of
November 30, 2023, and serves
millions of clients globally. News and other updates can be found
on Facebook,
Instagram, LinkedIn, X, YouTube,
and troweprice.com/newsroom.
Consider the investment objectives, risks, and charges and
expenses carefully before investing. For a prospectus or, if
available, a summary prospectus containing this and other
information visit troweprice.com. Read it carefully.
All investing is subject to risk, including the possible loss of
principal.
Past performance cannot guarantee future results.
This press release is for informational purposes only;
references to securities should not be considered an offer or
solicitation to buy or sell the securities.
1 Based on a T. Rowe
Price analysis of calendar year returns for funds domiciled
in the U.S. with greater than or equal to 15 consecutive years of
beating their peer group average while under the management of the
same portfolio manager.
2 Established in 1988, the Morningstar Fund Manager
of the Year award recognizes portfolio managers who demonstrate
excellent investment skill and the courage to differ from the
consensus to benefit investors. The Fund Manager of the Year award
winners are chosen based on research and in-depth qualitative
evaluation by Morningstar's Manager Research Group. To qualify for
the award, managers' funds must have not only posted impressive
returns for the year, but the managers also must have a record of
delivering outstanding long-term risk-adjusted performance and of
aligning their interests with shareholders'. Managers' funds must
currently have a Morningstar Analyst Rating™ of Gold or Silver.
David Giroux won the award for
Allocation Funds in 2012 and Allocation/Alternative Funds in
2017.
Morningstar's Manager Research Group consists of various wholly
owned subsidiaries of Morningstar, Inc., including, but not limited
to, Morningstar Research Services LLC. Morningstar's Manager
Research Group produces various ratings including the Morningstar
Analyst Rating for funds and the Morningstar Quantitative Rating
for funds. The Analyst Rating is derived from a qualitative
assessment process performed by a manager research analyst, whereas
the Morningstar Quantitative Rating uses a machine-learning model
based on the decision-making processes of Morningstar's analysts,
their past ratings decisions, and the data used to support those
decisions. In both cases, the ratings are forward-looking
assessments and include assumptions of future events, which may or
may not occur or may differ significantly from what was assumed.
The Analyst Ratings and Quantitative Ratings are statements of
opinions, subject to change, are not to be considered as
guarantees, and should not be used as the sole basis for investment
decisions.
©2024 Morningstar, Inc. All Rights Reserved.
3 The T. Rowe Price Capital Appreciation Fund
received the 2023 Lipper Fund Classification Award for Best
Mixed-Asset Target Allocation Growth Fund over the 10-year period
ended 12/31/2022, the 2022 Lipper Fund Classification Award for
Best Mixed-Asset Target Allocation Growth Fund over the 10-year
period ended 12/31/2021, the 2021 Lipper Fund Classification Award
for Best Mixed-Asset Target Allocation Growth Fund over the 10-year
period ended 12/31/2020, the 2020 Lipper Fund Classification Award
for Best Mixed-Asset Target Allocation Growth Fund over the 10-year
period ended 12/31/2019, the 2019 Lipper Fund Classification Award
for Best Mixed-Asset Target Allocation Growth Fund over the 10-year
period ended 12/31/2018, the 2018 Lipper Fund Classification Award
for Best Mixed-Asset Target Allocation Growth Fund over the 10-year
period ended 12/31/2017, the 2017 Lipper Fund Classification Award
for Best Mixed-Asset Target Allocation Growth Fund over the 10-year
period ended 12/31/2016, the 2016 Lipper Fund Classification Award
for Best Mixed-Asset Target Allocation Growth Fund over the 3-year,
5-year, and 10-year periods ended 12/31/2015, the 2015 Lipper Fund
Classification Award for Best Mixed-Asset Target Allocation Growth
Fund over the 10-year period ended 12/31/14 , the 2014 Lipper Fund Classification
Award for Best Mixed-Asset Target Allocation Growth Fund over the
10-year period ended 12/31/2013, the 2013 Lipper Fund
Classification Award for Best Mixed-Asset Target Allocation Growth
Fund over the 10-year period ended 12/31/2012, the 2012 Lipper Fund
Classification Award for Best Mixed-Asset Target Allocation Growth
Fund over the 10-year period ended 12/31/2011, the 2011 Lipper Fund
Classification Award for Best Mixed-Asset Target Allocation Growth
Fund over the 10-year period ended 12/31/2010, the 2010 Lipper Fund
Classification Award for Best Mixed-Asset Target Allocation Growth
Fund over the 5-year and 10-year periods ended 12/31/2009, and the
2009 Lipper Fund Classification Award for Best Mixed-Asset Target
Allocation Growth Fund over the 10-year period ended
12/31/2008.
Rankings for other periods differ. For Lipper Best Individual
Funds, the calculation periods extend over 36, 60, and 120 months.
The highest Lipper Leader for Consistent Return (Effective Return)
value within each eligible classification determines the fund
classification winner over 3, 5, or 10 years as of the period-end
and no other time periods. Only one share class (the one with the
best Lipper Leader score) is used for each portfolio in determining
asset class and overall awards. A high Lipper rating does not
necessarily imply that a fund had the best total performance or
that the fund achieved positive results for that period. Lipper
ratings and Lipper Fund Awards are not intended to predict future
results. For a detailed explanation, please review the Lipper
Leaders Methodology document
on lipperalpha.financial.thomsonreuters.com/lipper.
From Thomson Reuters Lipper Awards, © 2024 Thomson Reuters. All
rights reserved. Used by permission and protected by the Copyright
Laws of the United States. The printing, copying, redistribution,
or retransmission of this Content without express written
permission is prohibited.
202312-3297492
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SOURCE T. Rowe Price Associates, Inc.