T. Rowe Price Capital Appreciation Fund
Aggressive allocation fund
The fund seeks long-term capital appreciation by investing primarily in common stocks. It may also hold fixed income and other securities to help preserve principal value.
The fund invests primarily in common stocks selected through a value approach, seeking companies trading at low valuations relative to assets or earnings that the adviser's research identifies as undervalued and likely to appreciate. The adviser also holds corporate and government debt, convertible securities, and bank loans—including up to 30% in below-investment-grade bonds—and may allocate up to 25% to foreign securities. The adviser may establish large positions in particularly attractive companies and will concentrate holdings in specific economic sectors. Because the fund's stock and bond allocations result from case-by-case investment decisions rather than a preset target, and because the adviser may hold significant cash when suitable opportunities are scarce, portfolio composition can vary materially.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
TRPGRIAT. Rowe Price Government Reserve Fund | 4.49% | $3.16B | — | — |
AMZNAMAZON.COM INC | 3.33% | $2.35B | 9.8M | $238.34 |
MSFTMICROSOFT CORP | 3.28% | $2.31B | 6.2M | $373.02 |
NVDANVIDIA CORP | 2.69% | $1.90B | 9.5M | $200.09 |
GOOGLALPHABET INC CL A | 2.57% | $1.81B | 5.1M | $357.37 |
AVGOBROADCOM INC | 2.52% | $1.77B | 4.7M | $377.75 |
2.51% | $1.76B | 40.1M | $44.04 | |
US TREASURY N/B 3.50% · due 2031-02-28 | 2.49% | $1.75B | — | — |
2.48% | $1.75B | 3.1M | $563.29 | |
US TREASURY N/B 3.63% · due 2030-10-31 | 2.04% | $1.44B | — | — |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
The 200 largest of 277 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 63.84% |
| Bonds | 23.38% |
| Loans | 8.40% |
| Cash & short-term | 4.58% |
| Securitized | 0.06% |
| Derivatives | -0.56% |
Look-through blends 1 underlying fund; 0.0% of NAV was not looked through and stays direct-classified.
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
By sector
- Other
- 18.4%
- Information Technology
- 17.2%
- Government
- 15.3%
- Health Care
- 10.0%
- 11 other sectors
- 39.1%
- Other
- 18.4%
- Information Technology
- 17.2%
- Government
- 15.3%
- Health Care
- 10.0%
- Utilities
- 7.4%
- Communication Services
- 6.7%
- Consumer Discretionary
- 6.3%
- International
- 4.9%
- Cash
- 4.5%
- Financials
- 4.1%
- Industrials
- 2.6%
- Consumer Staples
- 1.7%
- Energy
- 0.5%
- Real Estate
- 0.3%
- Securitized
- 0.1%
How it has done
PRWCX share class · total returns with dividends reinvested
Volatility over the last 12 months: 8.20%. Past returns are a record, not a forecast.
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 3 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.71% | +15.64% | +44.03% | +48.86% | -5.65% | |
| 0.97% | +15.33% | +42.89% | +46.83% | -5.72% | |
| 0.58% | +15.77% | +44.57% | +49.70% | -5.62% |
These classes hold the same portfolio, so the 2.87pp spread over 5 years is the cost difference between them — roughly 0.57pp a year — not a difference in what they own.
Fees & fund details
T. Rowe Price Capital Appreciation Fund is an aggressive allocation fund. 19% of PRWCX’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 85% of the fund’s equity).
- Asset class
- Allocation (multi-asset)
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Equity exposure
- Aggressive
- Expense ratio, by class
- 0.58% – 0.97%· PRWCX 0.71%
- Portfolio turnover
- 124.70% a year · as of 2026 Q1
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
97 new· the largest 7
37 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 71.1% |
| Floating rate | 28.9% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.5% |
| 1-3y | 4.9% |
| 3-5y | 54.5% |
| 5-10y | 33.0% |
| 10y+ | 6.1% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying about half as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 65% |
| Credit spreads | 35% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +0.43 yr |
| Investment grade | +0.13 yr |
Share of duration at each point, shortest first. This filer signs its rate and credit disclosures differently; the direction shown follows its interest-rate filing, and a negative reading is the least-supported figure here.
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.10 yr | 10% |
| 5 yr | 0.71 yr | 70% |
| 10 yr | 0.18 yr | 18% |
| 30 yr | 0.03 yr | 2% |
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.08 yr | 14% |
| 5 yr | 0.38 yr | 68% |
| 10 yr | 0.07 yr | 13% |
| 30 yr | 0.02 yr | 4% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.00 | +0.00 | +0.00 | $3.1k | $3.1k |
| 1 yr | +0.10 | +0.01 | +0.07 | $56.4k | $511.4k |
| 5 yr | +0.71 | +0.08 | +0.31 | $537.7k | $2.15m |
| 10 yr | +0.18 | +0.04 | +0.03 | $284.5k | $214.2k |
| 30 yr | +0.03 | +0.00 | +0.02 | $0 | $175.2k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
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