T. Rowe Price Capital Appreciation Fund
T. ROWE PRICE CAPITAL APPRECIATION FUND, INC. · Series S000002070 · 3 share classes
data updated 2026-08-10
Fund profile
As filed in the prospectus · 2026 Q1
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.
| Share class | Gross | Net | As of |
|---|---|---|---|
| PRWCX | 0.74% | 0.71% | 2025 Q1 |
| PACLX | 1.00% | 0.97% | 2025 Q1 |
| TRAIX | 0.61% | 0.58% | 2025 Q1 |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 124.70% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q1
| Stocks | 63.97% |
| Bonds | 26.09% |
| Loans | 8.35% |
| Cash & short-term | 1.45% |
| Securitized | 0.06% |
| Derivatives | -0.24% |
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.
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Feb 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| — | — | — | — | — | |
| — | — | — | — | — | |
| — | — | — | — | — |
Mar 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-03-31
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 | 72.1% |
| Floating rate | 27.9% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.4% |
| 1-3y | 5.5% |
| 3-5y | 60.5% |
| 5-10y | 29.2% |
| 10y+ | 4.3% |
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 2026Q1
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 | 64% |
| Credit spreads | 36% |
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 | +0.52 yr |
| Investment grade | +0.11 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 | 9% |
| 5 yr | 0.83 yr | 75% |
| 10 yr | 0.16 yr | 14% |
| 30 yr | 0.03 yr | 2% |
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.08 yr | 12% |
| 5 yr | 0.44 yr | 70% |
| 10 yr | 0.08 yr | 13% |
| 30 yr | 0.03 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 | $61 | $4.5k |
| 1 yr | +0.10 | +0.00 | +0.08 | $16.8k | $499.3k |
| 5 yr | +0.83 | +0.07 | +0.37 | $478.2k | $2.43m |
| 10 yr | +0.16 | +0.03 | +0.05 | $226.9k | $313.2k |
| 30 yr | +0.03 | +0.00 | +0.03 | $0 | $177.6k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| AMZN | AMAZON.COM INCAMZN | 4.80% | $3.18B | 15.3M |
| MSFT | MICROSOFT CORPMSFT | 4.25% | $2.81B | 7.6M |
| — | US TREASURY N/B3.63% · due 2030-10-31 | 3.75% | $2.49B | — |
| META | META PLATFORMS INC-CLASS AMETA | 3.70% | $2.45B | 4.3M |
| AAPL | APPLE INCAAPL | 3.58% | $2.37B | 9.3M |
| NVDA | NVIDIA CORPNVDA | 3.01% | $1.99B | 11.4M |
| — | US TREASURY N/B3.50% · due 2030-11-30 | 3.00% | $1.98B | — |
| — | US TREASURY N/B3.50% · due 2031-02-28 | 2.67% | $1.77B | — |
| CNP | CENTERPOINT ENERGY INCCNP | 2.33% | $1.54B | 35.7M |
| GOOGL | ALPHABET INC CL AGOOGL | 2.25% | $1.49B | 5.2M |
Top 10 positions are 33.34% of net assets, top 25 56.71%, across 145 issuers.
See more of this fund's book
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