T. Rowe Price All-Cap Opportunities Fund - Advisor Class
PAWAX
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- T. Rowe Price All-Cap Opportunities Fund - Advisor Class (PAWAX) is an open-end mutual fund that seeks long-term capital growth by investing primarily in common stocks of growth companies across all market capitalizations, with a focus on U.S. equities; it allocates at least 65% of its total assets to such securities, emphasizing sectors including technology (32.34%), financial services (18.25%), consumer cyclical (13.63%), communication services (12.28%), and healthcare (10.42%), while maintaining diversification with approximately 91% in U.S. stocks, 8% in non-U.S. stocks, and minimal cash or other assets. The fund offers shares through advisor class with a net expense ratio of 1.05%, minimum initial investment of $2,500, and daily pricing, targeting institutional and advisor-sold clients seeking large-growth exposure in a Morningstar Large Growth category vehicle. Managed by Justin White since April 2016, it features a flexible mandate that has historically outperformed the Russell 1000 Growth Index benchmark with lower volatility through astute stock selection and sector positioning. Offered by T. Rowe Price Group, Inc., a global investment management firm founded in 1937 and headquartered in Baltimore, Maryland, the fund operates within the firm's U.S. mutual fund product lineup, serving clients primarily in the United States through financial intermediaries and advisors. T. Rowe Price Group maintains additional offices across the U.S., Canada, Europe, and Asia, supporting a broad asset management platform focused on active growth equity strategies. In recent developments, the fund maintained its Morningstar Gold Medalist rating upgrade in July 2023, reflecting high conviction in manager Justin White's flexible approach amid market cycles, including strategic pruning of high-valuation growth stocks in 2021-2022 and selective re-entries during 2023 recoveries. On the parent company level, T. Rowe Price Group acquired alternative credit manager Oak Hill Advisors in early 2025 for up to $7.5 billion, enhancing its private markets capabilities and enabling co-development of new strategies for retail and wealth clients; additionally, in September 2025, Goldman Sachs committed up to $1 billion in equity investment while partnering on private-market products for retirement and high-net-worth investors.