T. Rowe Price U.S. Equity Research Fund
PACOX
NASDAQ- -
USD
- -
- -
- -
- -
(- -)
Recent
price
- -
P/E
ratio
- -
div
yld
- -
ROIC.AI
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
•
in mil. unless spec.Growth Rates
FRC
•
in mil. unless spec.Quarterly Revenue
FRC
•
in mil. unless spec.Quarterly Earnings Per Share
FRC
•
in mil. unless spec.Quarterly Dividends Per Share
FRC
•
in mil. unless spec.- Similar Companies
- Business
- T. Rowe Price U.S. Equity Research Fund (PACOX) is an open-end mutual fund that seeks long-term capital growth by investing primarily in U.S. common stocks, normally allocating at least 80% of its net assets plus any borrowings for investment purposes to U.S. equity securities. The fund employs a disciplined portfolio construction process that approximates the sector and industry weightings of the S&P 500 Index while seeking to generate excess returns through active stock selection; within each sector and industry, it overweights stocks viewed favorably by T. Rowe Price's fundamental research analysts—considering factors such as management quality, business franchise strength, earnings growth potential, and valuation—and underweights or avoids those viewed negatively, with a portfolio oversight team including co-chairs Ann M. Holcomb, Jason Nogueira, and Jason Benjamin Polun responsible for overall structure, risk controls, and cash flow management. It offers multiple share classes including Investor Class (PRCOX, launched November 30, 1994), Advisor Class (PACOX, launched December 31, 2004), I Class (PCCOX, launched November 29, 2016), R Class (RRCOX), and Z Class (PCUZX, launched November 23, 2021), with varying expense ratios from 0.33% for Z Class (after waivers) to 1.17% for R Class; the fund maintains low cash reserves (typically under 5%), focuses predominantly on large-cap stocks with occasional small- and mid-cap exposure, and may concentrate significantly in sectors like information technology. Managed by T. Rowe Price Associates, Inc., the fund leverages the firm's extensive equity research platform, with analysts assigned to industry-specific stock selection under portfolio manager oversight; as of late 2025, total net assets exceed $15 billion across classes, portfolio turnover stands at 37.6% for the year ended December 31, 2024, and top holdings include NVIDIA Corp., Microsoft Corp., Apple Inc., Amazon.com Inc., and Meta Platforms Inc., representing approximately 28% of assets with heavy emphasis on technology (over 35%), financial services, consumer cyclical, communication services, and healthcare sectors; nearly all assets (over 98%) are in U.S. stocks, with minor non-U.S. exposure. Launched within T. Rowe Price funds sponsored by the firm founded in 1937 and headquartered at 100 East Pratt Street in Baltimore, Maryland, the fund targets individual, institutional, and retirement plan investors seeking large-blend U.S. equity exposure similar to the S&P 500 but with potential alpha through bottom-up research. Recent developments include Jason Nogueira's expanded role as head of Global Equity Research effective January 1, 2025, alongside his ongoing tenure as Investment Advisory Committee co-chair since October 2021; the portfolio oversight team was bolstered with dedicated members like Alexa M. Gagliardi and Tamzin Manning for enhanced risk monitoring and compliance; T. Rowe Price contractually capped the fund's management fee at 0.33% indefinitely, with full Z Class expense waivers to support fund-of-funds structures; and the firm adopted the Russell 3000 Index as its regulatory benchmark per new SEC rules while reaffirming the S&P 500 as its primary strategy benchmark, reflecting ongoing refinements to align with evolving disclosure standards and performance tracking as of the March 1, 2025 prospectus.