Fund Evaluator:

T. Rowe Price Mid-Cap Value Overview

T. Rowe Price Mid-Cap Value (TRMCX) is an actively managed U.S. Equity Mid-Cap Value fund. T. Rowe Price launched the fund in 1996.

The investment seeks to provide long-term capital appreciation. The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in securities of mid-cap companies with value characteristics.

About T. Rowe Price Mid-Cap Value (TRMCX)

There are 1 members of the management team with an average tenure of 4.17 years: Vincent DeAugustino (2022). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and Russell Mid Cap Value TR USD index with a weighting of 100%. T. Rowe Price Mid-Cap Value has 127 securities in its portfolio. The top 10 holdings constitute 17.1% 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 Mid-Cap Value is part of the Equity global asset class and is within the U.S. Equity fund group. T. Rowe Price Mid-Cap Value has 4.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 91.0%. There is 4.9% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.1% (0.1% domestic bond, 0.0% foreign bond and 0.5% convertible bond). T. Rowe Price Mid-Cap Value has 1.4% of the portfolio in cash.

Assets Under Management

The fund has $4 billion in total assets, which is above the $647 million average for the Mid-Cap Value 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.

TRMCX 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 Mid-Cap Value expense ratio is high compared to funds in the Mid-Cap Value category. T. Rowe Price Mid-Cap Value has an expense ratio of 0.87%, which is 16% lower than its category average, making the fund expense ratio grade a C. 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 Mid-Cap Value has a portfolio turnover rate of 55%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 50% for the Mid-Cap Value category.

Recently, in the month of June 2026, T. Rowe Price Mid-Cap Value returned 4.7%, which earned it a grade of A, as the Mid-Cap Value category had an average return of 3.2%. 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 Mid-Cap Value has a trailing yield of 1.10%, which is above the 0.90% category average. The fund normally distributes its income annually 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 Mid-Cap Value Grades

Year to date, the fund has returned 20.0%, 6.2 percentage points better than the category, which translates into a grade of A. The fund has returned 30.1% over the past year (grade of B), 17.3% over the past three years (grade of B) and 11.9% per year over the past five years (grade of A) and 11.9% per year over the past 10 years (grade of A).

For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.

Otherwise, for more information about T. Rowe Price Mid-Cap Value, including its riskiness, submit your email to unlock the rest of the article.