T. Rowe Price U.S. Equity Research Fund
Actively managed U.S. stock fund
As of its 2026 Q2 report, T. Rowe Price U.S. Equity Research Fund held 318 positions with $18.52B in net assets. Its ten largest holdings made up 36.4% of the fund. The PRCOX share class costs 0.45% a year. Over the 12 months to May 2026, PRCOX returned 29.2%, with dividends reinvested. In 2026 Q2 it added 45 new positions and exited 37.
The fund seeks to provide long-term capital growth by investing primarily in U.S. common stocks.
The fund constructs a portfolio with sector and industry weights matching the S&P 500 Index while allowing individual stock weights within each industry to vary significantly from the Index. T. Rowe Price equity analysts select stocks within their areas of expertise, aiming to overweight stocks viewed favorably and underweight or avoid those viewed negatively relative to the Index. Because individual stock selections drive outperformance, the fund's returns will diverge from the Index based on how those selections perform.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
NVDANVIDIA CORP | 7.38% | $1.37B | 6.8M | $200.09 |
AAPLAPPLE INC | 6.50% | $1.20B | 4.2M | $289.36 |
MSFTMICROSOFT CORP | 4.34% | $803.70M | 2.2M | $373.02 |
AMZNAMAZON.COM INC | 3.71% | $687.00M | 2.9M | $238.34 |
3.37% | $624.78M | 1.8M | $353.33 | |
GOOGLALPHABET INC CL A | 2.65% | $491.37M | 1.4M | $357.37 |
AVGOBROADCOM INC | 2.64% | $489.64M | 1.3M | $377.75 |
2.04% | $378.79M | 328.2K | $1,154.29 | |
2.03% | $375.91M | 667.3K | $563.29 | |
1.77% | $328.29M | 565.1K | $580.91 |
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 318 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 | 99.78% |
| Cash & short-term | 0.08% |
| Bonds | 0.06% |
| Derivatives | 0.00% |
Derivatives are shown at market value, not notional exposure.
By sector
- Information Technology
- 37.3%
- Financials
- 11.6%
- Communication Services
- 9.7%
- Consumer Discretionary
- 9.0%
- 11 other sectors
- 32.4%
- Information Technology
- 37.3%
- Financials
- 11.6%
- Communication Services
- 9.7%
- Consumer Discretionary
- 9.0%
- Health Care
- 8.8%
- Industrials
- 7.6%
- Consumer Staples
- 4.2%
- International
- 3.9%
- Energy
- 3.0%
- Utilities
- 2.2%
- Real Estate
- 1.4%
- Materials
- 1.2%
- Cash
- 0.1%
- Government
- 0.1%
- Other
- 0.0%
How it has done
PRCOX share class · total returns with dividends reinvested
Volatility over the last 12 months: 13.64%. Past returns are a record, not a forecast.
Jun 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.
The 5 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.45% | +29.22% | +90.61% | +97.09% | -7.97% | |
| 0.83% | +28.73% | +88.40% | +93.44% | -8.07% | |
| 1.17% | +28.32% | +86.56% | +90.56% | -8.14% | |
| 0.34% | +29.36% | +91.20% | +98.12% | -7.95% | |
| 0.00% | +29.80% | +93.16% | — | -7.89% |
These classes hold the same portfolio, so the 6.60pp spread over 3 years is the cost difference between them — roughly 2.20pp a year — not a difference in what they own.
Fees & fund details
T. Rowe Price U.S. Equity Research Fund is an actively managed U.S. equity fund. 22% of PRCOX’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 95% 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% – 1.17%· PRCOX 0.45%
- Portfolio turnover
- 47.30% 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.
45 new· the largest 8
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.
| Zero-coupon or unclassified | 100.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 100.0% |
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.
Explore shared holdings, compare funds and follow their businesses with your connected AI:
- “Where do my funds overlap — PRCOX, QQQ and the fund in my 401(k)?”
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