Fund Evaluator:
T. Rowe Price New Horizons Z (TRUZX)
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Best Performing in Mid-Cap Growth Over the Last Year
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| 33.9% | Sit Small Cap Growth (SSMGX) |
| 32.9% | Goldman Sachs Small/Mid Cap Growth Inv (GTMTX) |
| 31.1% | T. Rowe Price New Horizons Z (TRUZX) |
Fund Details
T. Rowe Price New Horizons Z Overview
T. Rowe Price New Horizons Z (TRUZX) is an actively managed U.S. Equity Mid-Cap Growth fund. T. Rowe Price launched the fund in 2020.
The investment seeks long-term capital growth. The fund invests primarily in a diversified group of small, emerging growth companies, preferably early in their corporate life cycle before the companies become widely recognized by the investment community. It may also invest in companies that offer the possibility of accelerating earnings growth because of rejuvenated management, new products, or structural changes in the economy.
About T. Rowe Price New Horizons Z (TRUZX)
There are 1 members of the management team with an average tenure of 0.94 years: Shaun Currie (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 2000 Growth TR USD index with a weighting of 100%. T. Rowe Price New Horizons Z has 319 securities in its portfolio. The top 10 holdings constitute 19.3% 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 New Horizons Z is part of the Equity global asset class and is within the U.S. Equity fund group. T. Rowe Price New Horizons Z has 6.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 87.9%. There is 6.4% 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 New Horizons Z has 1.3% of the portfolio in cash.
Assets Under Management
The fund has $3 billion in total assets, which is above the $686 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.
TRUZX 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 New Horizons Z expense ratio is low compared to funds in the Mid-Cap Growth category. T. Rowe Price New Horizons Z has an expense ratio of 0.00%, which is 100% 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 New Horizons Z has a portfolio turnover rate of 92%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 76% for the Mid-Cap Growth category.
Recently, in the month of June 2026, T. Rowe Price New Horizons Z returned 4.0%, which earned it a grade of B, as the Mid-Cap Growth category had an average return of 3.7%. 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 New Horizons Z has a trailing yield of 0.00%, which is below 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 New Horizons Z Grades
Year to date, the fund has returned 19.7%, 7.9 percentage points better than the category, which translates into a grade of A. The fund has returned 31.1% over the past year (grade of A), 11.1% over the past three years (grade of D) and 0.3% per year over the past five years (grade of F) and 13.6% per year over the past 10 years (grade of A).
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TRUZX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| TRUZX Return (NAV) | 4.0% | 20.9% | 31.1% | 11.1% | 0.3% | 13.6% |
| TRUZX Grade | B | B | A | D | F | A |
| +/- Category | 0.3% | 3.8% | 17.9% | -2.5% | -3.7% | 1.6% |
| Mid-Cap Growth Avg | 3.7% | 17.1% | 13.2% | 13.6% | 3.9% | 12.0% |
| TRUZX Tax Cost Ratio | na | na | 2.5% | 1.2% | 1.8% | na |
TRUZX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TRUZX Return (NAV) | 19.7% | 4.0% | 4.7% | 22.3% | -36.5% | 10.5% | 58.6% | 37.7% | 4.0% | 31.5% | 7.8% |
| TRUZX Grade | A | D | F | B | F | D | A | B | A | A | B |
| +/- Category | 7.9% | -1.9% | -12.5% | 1.6% | -8.5% | -1.9% | 18.3% | 3.7% | 8.7% | 6.2% | 2.5% |
| Mid-Cap Growth Avg | 11.8% | 5.9% | 17.2% | 20.7% | -28.0% | 12.4% | 40.3% | 34.0% | -4.6% | 25.3% | 5.3% |
| Risk Measures | |
| Standard Deviation: | 18.4% |
| Total Risk Index: | 1.52 - High |
| Category Risk Index: | 1.00 - Above Average |
| Category Risk Grade: | D (62% Rank) |
| Beta: | 1.17 |
| R-Squared: | 69% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 0.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | |
| Total Assets: | $14717 Mil |
| Fund Total Assets: | $3,218 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 93% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 0.9 years | |||
| Average Tenure: 0.9 years | |||
| Managers (Year): Currie Shaun (2025) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 319 |
| % in Top 10 Holdings: | 19.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 6.4% |
Portfolio Allocation |
|
| Domestic Stock: | 87.9% |
| Foreign Stock: | 6.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 4.3% |
| Cash: | 1.3% |
Purchase Information
| Fund Family: | T. Rowe Price |
| Phone Number: | 800-638-5660 |
| Website: | www.troweprice.com |
| Status: | Open |
| Inception Date: | March 16, 2020 |
| Min. Initial Purchase: | $ 0 |
| 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 (%): | 0.00% ( Rating : Low ) |
| Category Average Expense Ratio (%): | 1.09% |
| Share Class: | T. Rowe Price New Horizons |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
