(PUB) Morningstar FundInvestor
February 2 014
Morningstar FundInvestor
7
Data through January 31, 2014 T. Rowe Price Growth Stock
Ticker
Status Yield Total Assets
Mstar Category
PRGFX Open
0.0% $41,569 mil
Large Growth
Morningstar Analyst Rating 01-30-14
Investment Style Equity Stock %
Historical Profile Return Risk Rating Above Avg Average Above Avg
97% 97% 94% 99% 99% 96% 98% 98%
ˇ
Manager Change Partial Manager Change
14.0 18.0 22.0 26.8
Morningstar Pillars Process Performance
Growth of $10,000
Neutral Neutral Positive Positive Positive
¶ ¶
Investment Values of Fund Investment Values of S&P 500
People Parent Price
∞ ∞ ∞
10.0
Performance Quartile (within Category) History
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 01-14
Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ˇ ¨
24.33 31.23
26.67 10.24 -0.64
28.40
31.63 14.05 -1.74
33.66
19.24
27.51 43.25 16.79
32.15 16.93
31.83 -0.97 -3.08 -3.61 0.02 -0.99
37.78 18.92
52.57 39.20
51.63 -1.79 1.67 1.06 0.00 -1.79
NAV
6.56 1.65 1.30 0.07 6.49 0.02 0.00 0.72 0.42 48
-42.26 10.37
Total Return %
2.55 1.48 0.27
4.88 -1.44 0.66
-5.26 -3.82 0.36
1.87 0.22 0.06
2.92 3.66 0.22
6.81 5.72 0.05
+/-S&P 500
3.94 0.62 9.62 0.15 0.00 0.74 0.72 27
4.98 0.67
6.04 0.26
+/-Russ 1000Gr Income Return % Capital Return %
30.96
13.38
-42.62 9.71
42.99
16.87
18.70
39.15
26
7
67
65
17
35
39
14
12
22
Total Rtn % Rank Cat
Pillar Spectrum Positive ∞
0.05 0.00 0.76 0.29
0.19 0.57 0.70 0.53
0.21 1.01 0.67 0.64
0.12 0.07 0.71 0.49
0.05 0.00 0.73 0.25
0.02 0.00 0.70 0.06
0.01 0.00 0.70 0.04
0.07 0.00 0.70 0.25
0.02 0.00
0.00 0.00
Income $
§ Negative
¶ Neutral
Capital Gains $
Expense Ratio % . . Income Ratio % . . Turnover Rate % . .
Performance 01-31-14 1st Qtr 2nd Qtr
3rd Qtr
4th Qtr
Total
36 . .
38
51
56
59
42
30
31
2009 2010 2011 2012 2013
0.21 14.89 14.00 9.15 43.25 4.29 -11.78 14.14 11.34 16.93 5.19 0.06 -14.48 10.01 -0.97 19.13 -4.91 6.07 -1.04 18.92 7.73 3.17 11.86 11.97 39.20
37,244 37,244 27,354 22,840 22,080 18,348 12,613 21,493 16,078 11,149 8,238 5,645
Net Assets $mil
Portfolio Analysis 12-31-13 Share change since 09-13 Total Stocks:116 Sector
Rating and Risk Time Load-Adj
PE Tot Ret% % Assets
Morningstar
Morningstar Risk vs Cat
Morningstar Risk-Adj Rating
Period Return % Rtn vs Cat
Google, Inc. Class A Amazon.com Inc MasterCard Incorporated
Technology 33.0 5.38 6.14
1 Yr 3 Yr 5 Yr
31.73 16.61 22.47
Trailing
Total
+/-
+/- Russ %Rank Growth of
Cnsmr Cyc
-10.06 5.28
.
Return% S&P 500 1000Gr
Cat
$10,000
High +Avg +Avg
Avg Avg Avg
Finan Svs 30.0 -9.28 3.03 Cnsmr Cyc 33.0 -1.51 2.98 Technology 12.4 -10.77 2.85 Finan Svs 27.4 -3.26 2.81 Hlth care 44.3 7.39 2.77
3 Mo 6 Mo 1 Yr
4.70 2.70 16.25 9.40 31.73 10.21 16.61 2.68 22.47 3.28 8.50 1.67 6.39 2.24
1.96 6.10 7.38 2.24 1.59 1.20 3.65
21 10,470 7 11,625 10 13,173 8 15,857 15 27,552 18 22,610 15 25,323
Priceline.com, Inc.
10 Yr Incept
8.50
Apple Inc
10.82
Visa, Inc. Class A Gilead Sciences Inc Crown Castle Internation Danaher Corporation Precision Castparts Corp Home Depot, Inc. American Tower Corp
3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg
Other Measures
Standard Index
Best Fit Index S&P 500 M* U.S. Grwth TR
Comm Svs
-3.36 2.28
.
Industrl Industrl
20.8 -3.64 2.22 23.3 -5.40 2.18
Alpha
1.4
1.3
Beta
1.09
1.04
Cnsmr Cyc 20.8 -6.67 1.87
R-Squared
89
98
Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat 3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated) 16.58 5 0.03 10 22.43 13 0.03 10 8.29 14 0.19 28 Potential Capital Gain Exposure: 46% of assets
Real Est
55.0 1.33 1.85
Standard Deviation
14.27 16.61
Biogen Idec Inc
Hlth care 43.9 11.83 1.78
Starbucks Corporation
Cnsmr Cyc
-9.27 1.73
Mean
.
McKesson Corp
Hlth care 32.7 8.06 1.69
Sharpe Ratio
1.15
Boeing Co
Industrl
22.2 -8.23 1.56
T. Rowe Price Reserve In
1.33
. . . Technology 20.3 -0.04 1.26 Cnsmr Cyc 29.2 -2.98 1.22 Cnsmr Cyc 25.4 -3.03 1.22
Morningstar’s Take by Katie Rushkewicz Reichart, CFA 01-30-14 T. Rowe Price Growth Stock’s new manager has a strong pedigree but is untested on his own.
Qualcomm, Inc.
Las Vegas Sands Corp
Where he’ll need to do more work is at the tail end of the portfolio: Growth Stock’s 118-name portfolio is broader than the 74-stock institutional fund. This fund won’t likely become much more concentrated under Fath, though he may be willing to make more bets on cyclical stocks and turnarounds than his predecessor. The core of the fund still will focus on firms with growing market opportunities, strong management teams, and solid free cash flow, with a growth bent that can invite price risk. It will take time to assess Fath’s process and see how he positions the fund, which at $58 billion strategywide, is a lot to manage. He’s also taking over after a huge market rally, which could prove challenging. Despite the success of the institutional fund, which surpassed 96% of its peers when he was involved, the record is not his own, and he was not in charge of portfolio construction. Whether that fund’s heightened risk profile--highlighted by steeper losses than peers in down markets--carries over to this fund remains to be seen.
eBay Inc
Current Investment Style
Sector Weightings
% of Stocks
Rel S&P 500 High
3 Year Low
Manager Rob Bartolo unexpectedly resigned from the firm in mid-January. He left behind a record that had slightly edged the Russell 1000 Growth Index and surpassed 80% of its large-growth peers since his late 2007 start. While his successor Joe Fath won’t benefit from the transition period that’s common when T. Rowe funds change managers, he does come to the post prepared. After joining the firm as an analyst in 2002, he became associate portfolio manager at Silver-rated T. Rowe Price Institutional Large Cap Growth TRLGX in April 2008, helping manager Rob Sharps source ideas and keep tabs on the fund. In that role, he worked with the firm’s growth managers, including Bartolo, as well as T. Rowe’s analysts across sectors. That experience gives Fath a running start. He’s familiar with many of this fund’s top holdings, which are also held in Institutional Large Cap Growth (there was 65% overlap in assets as of December 2013).
Market Cap % Giant 44.3 Large 36.8 Mid 18.9 Small 0.0 Micro 0.0 Avg $mil: 50,109
Value Blnd Growth
Large Mid Small
Cyclical 43.08 1.50 BasicMat 3.47 1.13 4 1 CnsmrCyc28.04 3.27 29 19 FinanSvs 9.68 0.62 10 8 Real Est 1.89 1.29 2 0 Sensitive 40.61 0.93 CommSrvs 3.51 0.88 5 3 Energy 4.80 0.45 8 4 Industrl 13.33 1.17 21 13 Technlgy 18.97 1.08 33 18 Defensive16.31 0.59 CnsmrDef 4.48 0.37 8 2 Hlthcare 11.83 1.00 12 6 Utilities 0.00 0.00 . .
h r t y u j i o p a k s d f
Value Measures Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield % Long-Term Erngs Book Value Sales Cash Flow Historical Erngs Growth Measures
Rel Category
25.39 5.22 2.54 18.11 0.78 16.37 11.81 12.17 13.98 13.45
1.42 1.82 1.40 1.81 0.59 1.22 1.14 1.52 1.08 0.61
% Rel Category
Composition - Net
Cash 1.3 Stocks 98.0 Bonds 0.0 Other 0.7 Foreign 5.8
Address:
100 East Pratt Street Baltimore, MD 21202 800-638-5660 www.troweprice.com
Minimum Purchase: Min Auto Inv Plan:
$2500 $2500
Add: $100 IRA: $1000
Add: $100
Profitability
% Rel Category
Sales Fees:
No-load
Return on Equity Return on Assets Net Margin
18.79 9.67 14.22
0.90 0.99 1.01
Web Address: Inception: Advisor: Subadvisor: NTF Plans:
Management Fee:
0.25% mx./0.21% mn., 0.15%A Mgt:0.53% Dist: .
(% of Stock)
04-11-50
Actual Fees:
T. Rowe Price Associates, Inc.
Expense Projections: Income Distribution:
3Yr:$224 Annually
5Yr:$390 10Yr:$871
None
N/A
Mutual Funds ß ®
© 2014Morningstar, Inc.All rights reserved.The informationherein is not represented orwarranted to be accurate, correct, complete or timely. Pastperformance is no guarantee of future results.Accessupdated reportsat To order reprints, call 312-696-6100. mfb.morningstar.com.
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