Fund Evaluator:

T. Rowe Price Mid-Cap Index I Overview

T. Rowe Price Mid-Cap Index I (TRMSX) is a passively managed U.S. Equity Mid-Cap Growth fund. T. Rowe Price launched the fund in 2015.

The investment seeks to track the performance of the Russell Select Midcap Index. Under normal conditions, the fund invests at least 80% of its net assets (including any borrowings for investment purposes) in mid-cap stocks and in stocks that are included in its benchmark index. The index, which is constructed by the Russell Investment Group, is designed to measure the performance of the mid-cap segment of the U.S. equity universe.

About T. Rowe Price Mid-Cap Index I (TRMSX)

There are 2 members of the management team with an average tenure of 2.96 years: Neil Smith (2022), Evan Scheiner (2025). 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 Select Mid-Cap TR USD index with a weighting of 100%. T. Rowe Price Mid-Cap Index I has 513 securities in its portfolio. The top 10 holdings constitute 13.8% 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 Index I is part of the Equity global asset class and is within the U.S. Equity fund group. T. Rowe Price Mid-Cap Index I has 4.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 95.8%. There is 4.1% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). T. Rowe Price Mid-Cap Index I has 2.4% of the portfolio in cash.

Assets Under Management

The fund has $176 million in total assets, which is below the $658 million average for the Mid-Cap Growth 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.

TRMSX 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 Index I expense ratio is low compared to funds in the Mid-Cap Growth category. T. Rowe Price Mid-Cap Index I has an expense ratio of 0.14%, which is 87% 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 Mid-Cap Index I has a portfolio turnover rate of 39%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 77% for the Mid-Cap Growth category.

Recently, in the month of July 2026, T. Rowe Price Mid-Cap Index I returned -4.3%, which earned it a grade of B, as the Mid-Cap Growth category had an average return of -5.5%. 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 Index I has a trailing yield of 0.81%, which is above the 0.03% category average. The fund normally distributes its income 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 Index I Grades

Year to date, the fund has returned 9.7%, 4.0 percentage points better than the category, which translates into a grade of A. The fund has returned 14.2% over the past year (grade of A), 16.3% over the past three years (grade of A) and 6.2% per year over the past five years (grade of A) and 12.5% per year over the past 10 years (grade of A).

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