Press release
T. ROWE PRICE LAUNCHES CAPITAL APPRECIATION AND INCOME FUND
New mutual fund adds to the T. Rowe Price Capital Appreciation suite and is led by award-winning portfolio manager David Giroux and Farris Shuggi BALTIMORE,
About this update from T. Rowe Price Group, Inc.
[{"type":"text","content":"New mutual fund adds to the T. Rowe Price Capital Appreciation suite and is led by award-winning portfolio manager David Giroux and Farris Shuggi\nBALTIMORE, Nov. 29, 2023 /PRNewswire/ -- T. Rowe Price (NASDAQ-GS: TROW), a global investment management firm, announced today the launch of the Capital Appreciation and Income Fund. The fund is an addition to the Capital Appreciation suite and seeks to generate strong risk-adjusted total returns through a combination of capital appreciation primarily from stocks, income from stock dividends, and interest income from the fund's fixed income holdings.\n\nThe Capital Appreciation and Income Fund is one of three vehicles within the Capital Appreciation suite, which also includes the Capital Appreciation Fund (Ticker: PRWCX) and the Capital Appreciation Equity ETF (Ticker: TCAF). It shares a common investment approach with other strategies in the suite by pursuing strong risk-adjusted returns, identifying undervalued investment opportunities, and exploiting market inefficiencies. The fund normally invests 50-70 percent of its net assets in fixed income and other debt instruments, and 30-50 percent of its net assets in common and preferred stocks. Compared to the Capital Appreciation Fund, the new fund will have more fixed income securities and fewer equities over time and is expected to be less volatile and generate more current income.\nThe Capital Appreciation and Income Fund is co-managed by award-winning portfolio manager David Giroux, CFA®, and Farris Shuggi, CFA®, head of Quantitative Equity, both at T. Rowe Price Investment Management (TRPIM). Giroux has more than 25 years of investing experience and manages the U.S. Capital Appreciation Strategy, including the Capital Appreciation Fund, which has outperformed its Morningstar peers for 15 consecutive calendar years1. He is a six-time nominee and two-time winner of Morningstar's Fund Manager of the Year award2 and 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 TRPIM. Shuggi is a member of the Capital Appreciation Fund and the Small-Cap Value Fund Investment Advisory Committees, and he is a member of the TRPIM Environmental, Social and Governance (ESG) Committee. He has 15 years of investing experience and...