T. Rowe Price Equity Income Fund
Actively managed U.S. stock fund
The fund seeks a high level of dividend income and long-term capital growth primarily through investments in stocks.
The fund invests at least 80% of its assets in large-cap stocks with a history of dividend payments, using a value approach to identify companies that appear undervalued and offer prospects for dividend growth and capital appreciation. The fund's adviser screens for dividend-paying stocks that may be temporarily out of favor rather than tracking an index. Because performance depends on the adviser's security selection, results may diverge significantly from broad market returns.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
AMZNAMAZON.COM INC | 4.18% | $738.85M | 3.1M | $238.34 |
MSFTMICROSOFT CORP | 4.06% | $718.06M | 1.9M | $373.02 |
AAPLAPPLE INC | 3.27% | $577.56M | 2.0M | $289.36 |
INTCINTEL CORP | 2.03% | $359.27M | 2.6M | $139.63 |
METMETLIFE INC | 2.03% | $358.32M | 4.2M | $84.61 |
1.93% | $341.11M | 3.6M | $95.71 | |
1.80% | $317.71M | 2.3M | $139.96 | |
QCOMQUALCOMM INC | 1.76% | $310.45M | 1.7M | $184.79 |
1.71% | $301.80M | 922.0K | $327.33 | |
TOTALENERGIES SE | 1.60% | $282.16M | 3.6M | $77.36 |
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.
All 118 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 | 97.29% |
| Cash & short-term | 0.21% |
By sector
- Financials
- 18.7%
- Information Technology
- 15.7%
- Industrials
- 12.8%
- Health Care
- 11.3%
- 9 other sectors
- 41.5%
- Financials
- 18.7%
- Information Technology
- 15.7%
- Industrials
- 12.8%
- Health Care
- 11.3%
- International
- 9.0%
- Energy
- 6.1%
- Consumer Staples
- 6.1%
- Consumer Discretionary
- 6.1%
- Utilities
- 5.8%
- Real Estate
- 3.0%
- Communication Services
- 2.6%
- Materials
- 2.5%
- Cash
- 0.2%
How it has done
PRFDX share class · total returns with dividends reinvested
Volatility over the last 12 months: 11.21%. 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 5 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.67% | +25.46% | +50.71% | +57.57% | -9.39% | |
| 0.98% | +25.06% | +49.28% | +55.14% | -9.44% | |
| 1.25% | +24.80% | +48.24% | +53.27% | -9.50% | |
| 0.56% | +25.63% | +51.28% | +58.55% | -9.35% | |
| 0.00% | +26.32% | +53.88% | +62.99% | -9.23% |
These classes hold the same portfolio, so the 9.72pp spread over 5 years is the cost difference between them — roughly 1.94pp a year — not a difference in what they own.
Fees & fund details
T. Rowe Price Equity Income Fund is an actively managed U.S. equity fund. 3% of PRFDX’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 91% of the fund’s equity).
- Asset class
- Equity
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Expense ratio, by class
- 0.00% – 1.25%· PRFDX 0.67%
- Portfolio turnover
- 18.20% 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.
4 new
10 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
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
This fund filed the credit-spread disclosure and reported no sensitivity — measured, and the answer is none.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 1 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 5 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 10 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 30 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
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