Fund Evaluator:

T. Rowe Price Growth Stock Overview

T. Rowe Price Growth Stock (PRGFX) is an actively managed U.S. Equity Large Growth fund. T. Rowe Price launched the fund in 1950.

The investment seeks long-term capital growth through investments in stocks. The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in stocks of companies with growth characteristics. For purposes of the fund’s 80% investment policy, the fund's managers consider a company to have growth characteristics if the company’s securities are represented in an appropriate third-party growth-oriented index. The fund is non-diversified.

About T. Rowe Price Growth Stock (PRGFX)

There are 2 members of the management team with an average tenure of 0.87 years: James Stillwagon (2025), Eric DeVilbiss (2026). 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 S&P 500 (TR) (1970) index with a weighting of 100%. T. Rowe Price Growth Stock has 59 securities in its portfolio. The top 10 holdings constitute 70.7% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

T. Rowe Price Growth Stock is part of the Equity global asset class and is within the U.S. Equity fund group. T. Rowe Price Growth Stock has 3.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 96.3%. There is 3.5% 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 Growth Stock has 0.1% of the portfolio in cash.

Assets Under Management

The fund has $10 billion in total assets, which is above the $2 billion average for the Large 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.

PRGFX 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 Growth Stock expense ratio is above average compared to funds in the Large Growth category. T. Rowe Price Growth Stock has an expense ratio of 0.66%, which is 31% lower than its category average, making the fund expense ratio grade a B. 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 Growth Stock has a portfolio turnover rate of 35%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 54% for the Large Growth category.

Recently, in the month of June 2026, T. Rowe Price Growth Stock returned -3.0%, which earned it a grade of D, as the Large Growth category had an average return of -1.3%. 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 Growth Stock has a trailing yield of 0.00%, which is below the 0.06% 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 Growth Stock Grades

Year to date, the fund has returned 3.6%, 3.5 percentage points worse than the category, which translates into a grade of D. The fund has returned 13.7% over the past year (grade of C), 19.5% over the past three years (grade of D) and 7.0% per year over the past five years (grade of F) and 15.3% per year over the past 10 years (grade of D).

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