T. Rowe Price Tax-Efficient Equity Fund
PREFX
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- T. Rowe Price Tax-Efficient Equity Fund (PREFX) is an open-end mutual fund managed by T. Rowe Price Group, Inc., a global investment management firm founded in 1937 and headquartered in Baltimore, Maryland. The fund seeks long-term capital growth by investing primarily in a portfolio of common stocks of companies with strong growth potential; it employs tax management strategies including tax-loss harvesting, purchase and sale discipline to minimize capital gains distributions, and a focus on securities with low dividend yields to enhance after-tax returns for taxable accounts. It targets large-cap U.S. equities across diverse sectors such as technology, healthcare, financials, consumer discretionary, and industrials; the fund maintains a non-diversified portfolio emphasizing high-quality growth stocks with competitive advantages and capable management. T. Rowe Price Group oversees approximately $1.5 trillion in assets under management as of late 2025, with operations spanning North America, Europe, Asia, and other regions, serving individual, institutional, and retirement plan investors worldwide. The fund's core offerings include institutional share classes (PREFX), investor shares, and retirement-targeted variants, with an expense ratio of around 0.65% and a minimum initial investment of $2,500 for investor shares; it benchmarks performance against the S&P 500 Index while aiming to outperform on a tax-adjusted basis. Recent developments include T. Rowe Price's strategic expansion into ESG-integrated equity strategies in 2024, with PREFX incorporating select sustainable criteria into its stock selection process amid growing demand for responsible investing. In 2025, the firm announced a partnership with BlackRock to enhance ETF distribution channels for tax-efficient products like PREFX, alongside a $500 million acquisition of an alternative data analytics provider to bolster quantitative tax optimization models; these moves support ongoing portfolio rebalancing and a shift toward AI-driven risk management.