Press release
T. ROWE PRICE CAPITAL APPRECIATION FUND TIES RECORD FOR LONG-TERM PERFORMANCE
David Giroux's fund has beaten its Morningstar peer group average for 16 consecutive years BALTIMORE, Jan. 8, 2024 /PRNewswire/ -- T. Rowe Price (NASDAQ-GS:
About this update from T. Rowe Price Group, Inc.
[{"type":"text","content":"David Giroux's fund has beaten its Morningstar peer group average for 16 consecutive years\nBALTIMORE, Jan. 8, 2024 /PRNewswire/ -- T. Rowe Price (NASDAQ-GS: TROW), a global investment management firm, announced today that the T. Rowe Price Capital Appreciation Fund (Ticker: PRWCX) managed by David Giroux, CFA®, finished 2023 as having beaten its Morningstar peer group average for 16 consecutive years, tying the record for the most consecutive calendar years a U.S. equity or multi-asset fund has done so under the same portfolio manager. Based on T. Rowe Price's analysis, the only other fund to accomplish this was the Pioneer Fund, managed by the late Philip Carret, who established the record between 1938-1953.1\n\nThis assessment of Giroux's record reviewed U.S.-domiciled funds and exchange traded funds (ETFs) within the Morningstar Direct database that have at least a 15-year track record under the same portfolio manager and still exist today. It dates to 1925, the earliest year any fund in the universe began. The analysis then reviewed funds with greater than or equal to 15 consecutive years of beating their peer group average and identified any funds that maintained that streak.\nThe T. Rowe Price Capital Appreciation Fund, which has been closed to new investors since June 30, 2014, began operation in 1986 and seeks long-term capital appreciation by investing primarily in a blended portfolio of common and preferred stocks as well as fixed income and other securities to help preserve principal value. Giroux has been the fund's portfolio manager since June 30, 2006. \nGiroux has more than 25 years of investment industry experience, beginning in 1998 when he became an investment analyst covering the industrials, building products, and automotive sectors for T. Rowe Price. He is a six-time nominee and two-time winner of Morningstar's Fund Manager of the Year award2. He has also won 18 Best Fund awards from Lipper3. In addition to his portfolio management duties, he also serves as head of Investment Strategy and chief investment officer for T. Rowe Price Investment Management (TRPIM).\nThe T. Rowe Price Capital Appreciation Fund is one of three vehicles within the Capital Appreciation suite. Giroux also manages the T. Rowe Price Capital Appreciation Equity ETF (Ticker: TCAF), which launched in June 2023, and he co-manages the T. R...