T. Rowe Price U.S. Equity Research Fund (PRCOX) is an open-end mutual fund that seeks long-term capital growth by investing primarily in U.S. large-capitalization common stocks using a disciplined portfolio construction process mirroring the sector and industry weights of the S&P 500 Index; it may include small- and mid-capitalization stocks as well as limited foreign exposure to align with its objectives. The fund offers no-load share classes with a minimum initial investment of $2,500, an expense ratio of 0.42% to 0.45%, and a portfolio turnover rate of 38%, maintaining approximately 310 holdings with top positions in leading technology and growth names such as Apple Inc. (7.24%), Microsoft Corp. (6.10%), and NVIDIA Corp. (5.48%). Managed within the large blend category by T. Rowe Price Group, Inc., a global asset management firm founded in 1937 and headquartered in Baltimore, Maryland, the fund operates for individual, institutional, retirement plan, and financial intermediary investors across the United States.
Recent portfolio updates as of late 2024 and into 2025 reflect dynamic position adjustments, including new entries (N), eliminations (E), and significant changes driven by market value fluctuations and strategic security purchases or sales. At the firm level, T. Rowe Price announced a strategic collaboration with Goldman Sachs in September 2025, involving up to $1 billion in open-market purchases of T. Rowe Price common stock to support up to a 3.5% ownership stake, alongside enhanced private market alternatives access through Oak Hill Advisors (OHA) for wealth and retirement clients. These developments underscore T. Rowe Price's focus on accelerating innovation, product expansion, and scalable growth amid evolving investor demands.