Fund Evaluator:
T. Rowe Price Cap Apprec And Inc I (PRCHX)
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Best Performing in Moderately Conservative Allocation Over the Last Year
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Fund Details
T. Rowe Price Cap Apprec And Inc I Overview
T. Rowe Price Cap Apprec And Inc I (PRCHX) is an actively managed Allocation Moderately Conservative Allocation fund. T. Rowe Price launched the fund in 2023.
The investment seeks total return through a combination of income and capital appreciation. The fund normally invests 50-70% of its net assets in fixed income and other debt instruments, including corporate and government bonds, mortgage- and asset-backed securities, convertible bonds, and bank loans (which represent an interest in amounts owed by a borrower to a syndicate of lenders). It normally invests 30-50% of its net assets in common and preferred stocks.
About T. Rowe Price Cap Apprec And Inc I (PRCHX)
There are 2 members of the management team with an average tenure of 2.67 years: David Giroux (2023), Farris Shuggi (2023). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Bloomberg US Agg Bond TR USD index with a weighting of 100%. T. Rowe Price Cap Apprec And Inc I has 225 securities in its portfolio. The top 10 holdings constitute 29.2% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
T. Rowe Price Cap Apprec And Inc I is part of the Allocation global asset class and is within the Allocation fund group. T. Rowe Price Cap Apprec And Inc I has 2.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 45.3%. There is 1.5% allocated to foreign stock, and 0.2% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 49.1% (48.1% domestic bond, 1.0% foreign bond and 0.0% convertible bond). T. Rowe Price Cap Apprec And Inc I has 3.9% of the portfolio in cash.
Assets Under Management
The fund has $208 million in total assets, which is below the $561 million average for the Moderately Conservative Allocation category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
PRCHX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The T. Rowe Price Cap Apprec And Inc I expense ratio is average compared to funds in the Moderately Conservative Allocation category. T. Rowe Price Cap Apprec And Inc I has an expense ratio of 0.49%, which is 51% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. T. Rowe Price Cap Apprec And Inc I has a portfolio turnover rate of 36%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 43% for the Moderately Conservative Allocation category.
Recently, in the month of July 2026, T. Rowe Price Cap Apprec And Inc I returned 0.3%, which earned it a grade of B, as the Moderately Conservative Allocation category had an average return of -0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
T. Rowe Price Cap Apprec And Inc I has a trailing yield of 2.80%, which is below the 3.29% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
T. Rowe Price Cap Apprec And Inc I Grades
Year to date, the fund has returned 3.9%, 0.9 percentage points worse than the category, which translates into a grade of D. The fund has returned 8.5% over the past year (grade of F).
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PRCHX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PRCHX Return (NAV) | 0.3% | 2.0% | 8.5% | na | na | na |
| PRCHX Grade | B | B | F | na | na | na |
| +/- Category | 0.7% | 0.8% | -1.9% | na | na | na |
| Moderately Conservative Allocation Avg | -0.3% | 1.2% | 10.4% | 9.4% | 4.6% | 6.0% |
| PRCHX Tax Cost Ratio | na | na | 1.4% | na | na | na |
PRCHX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PRCHX Return (NAV) | 3.9% | 12.0% | 9.2% | na | na | na | na | na | na | na | na |
| PRCHX Grade | D | B | B | na | na | na | na | na | na | na | na |
| +/- Category | -0.9% | 0.5% | 0.9% | na | na | na | na | na | na | na | na |
| Moderately Conservative Allocation Avg | 4.8% | 11.5% | 8.3% | 10.0% | -11.8% | 10.0% | 8.1% | 15.6% | -4.3% | 9.8% | 8.5% |
| Risk Measures | |
| Standard Deviation: | na |
| Total Risk Index: | na |
| Category Risk Index: | na |
| Category Risk Grade: | |
| Beta: | na |
| R-Squared: | na |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 2.8% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $414 Mil |
| Fund Total Assets: | $ 208 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 36% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 2.7 years | |||
| Average Tenure: 2.7 years | |||
| Managers (Year): Giroux David (2023), Shuggi Farris (2023) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 225 |
| % in Top 10 Holdings: | 29.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 2.5% |
Portfolio Allocation |
|
| Domestic Stock: | 45.3% |
| Foreign Stock: | 1.5% |
| Preferred Stock: | 0.2% |
| Domestic Bond: | 48.1% |
| Foreign Bond: | 1.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 3.9% |
Purchase Information
| Fund Family: | T. Rowe Price |
| Phone Number: | 800-225-5132 |
| Website: | www.troweprice.com |
| Status: | Open |
| Inception Date: | November 29, 2023 |
| Min. Initial Purchase: | $500,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.49% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 1.01% |
| Share Class: | T. Rowe Price Cap Apprec And Inc I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
