Fund Evaluator:
T. Rowe Price All-Cap Opportunities Fund (PRWAX)
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Best Performing in Large Growth Over the Last Year
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Fund Details
T. Rowe Price All-Cap Opportunities Fund Overview
T. Rowe Price All-Cap Opportunities Fund (PRWAX) is an actively managed U.S. Equity Large Growth fund. T. Rowe Price launched the fund in 1985.
The investment seeks to provide long-term capital growth by investing primarily in the common stocks of growth companies. The fund invests primarily (at least 65% of its total assets) in common stocks of U.S. companies operating in those sectors of the economy that, in adviser’s view, are the fastest growing or have the greatest growth potential. It may invest in foreign stocks in keeping with the fund's objective.
About T. Rowe Price All-Cap Opportunities Fund (PRWAX)
There are 1 members of the management team with an average tenure of 0.32 years: Peter Bates (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 Lipper Multi-Cap Growth Funds USD index with a weighting of 100%. T. Rowe Price All-Cap Opportunities Fund has 83 securities in its portfolio. The top 10 holdings constitute 41.4% 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 All-Cap Opportunities Fund is part of the Equity global asset class and is within the U.S. Equity fund group. T. Rowe Price All-Cap Opportunities Fund has 5.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 91.0%. There is 5.9% 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 All-Cap Opportunities Fund has 1.9% of the portfolio in cash.
Assets Under Management
The fund has $7 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.
PRWAX 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 All-Cap Opportunities Fund expense ratio is high compared to funds in the Large Growth category. T. Rowe Price All-Cap Opportunities Fund has an expense ratio of 0.80%, which is 17% 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 All-Cap Opportunities Fund has a portfolio turnover rate of 103%, 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 All-Cap Opportunities Fund returned 0.6%, which earned it a grade of A, 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 All-Cap Opportunities Fund has a trailing yield of 0.03%, 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 All-Cap Opportunities Fund Grades
Year to date, the fund has returned 1.2%, 5.9 percentage points worse than the category, which translates into a grade of F. The fund has returned 9.8% over the past year (grade of D), 17.2% over the past three years (grade of F) and 9.5% per year over the past five years (grade of D) and 17.7% per year over the past 10 years (grade of B).
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PRWAX 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 |
|
| PRWAX Return (NAV) | 0.6% | 11.9% | 9.8% | 17.2% | 9.5% | 17.7% |
| PRWAX Grade | A | F | D | F | D | B |
| +/- Category | 1.9% | -5.9% | -6.1% | -3.5% | -0.4% | 1.3% |
| Large Growth Avg | -1.3% | 17.8% | 15.9% | 20.7% | 10.0% | 16.4% |
| PRWAX Tax Cost Ratio | na | na | 2.0% | 2.0% | 2.4% | 2.5% |
PRWAX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PRWAX Return (NAV) | 1.2% | 16.3% | 25.2% | 29.0% | -21.3% | 20.8% | 44.7% | 35.0% | 1.3% | 34.6% | 1.4% |
| PRWAX Grade | F | C | D | F | A | C | B | B | B | A | D |
| +/- Category | -5.9% | 0.6% | -4.4% | -9.8% | 10.7% | 0.3% | 2.7% | 1.9% | 2.0% | 4.8% | -1.4% |
| Large Growth Avg | 7.1% | 15.7% | 29.6% | 38.8% | -32.0% | 20.5% | 42.0% | 33.2% | -0.7% | 29.8% | 2.8% |
| Risk Measures | |
| Standard Deviation: | 13.2% |
| Total Risk Index: | 1.09 - Above Average |
| Category Risk Index: | 0.76 - Low |
| Category Risk Grade: | A (6% Rank) |
| Beta: | 0.97 |
| R-Squared: | 92% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $14626 Mil |
| Fund Total Assets: | $7,228 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 104% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 0.3 years | |||
| Average Tenure: 0.3 years | |||
| Managers (Year): Bates Peter (2026) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 83 |
| % in Top 10 Holdings: | 41.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 5.9% |
Portfolio Allocation |
|
| Domestic Stock: | 91.0% |
| Foreign Stock: | 5.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 1.3% |
| Cash: | 1.9% |
Purchase Information
| Fund Family: | T. Rowe Price |
| Phone Number: | 800-638-5660 |
| Website: | www.troweprice.com |
| Status: | Open |
| Inception Date: | September 30, 1985 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $1,000 |
| 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 (%): | 0.80% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.96% |
| Share Class: | T. Rowe Price All-Cap Opportunities Fund |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
