T. Rowe Price Health Sciences Fund (PRHSX) is an actively managed open-end mutual fund that seeks long-term capital growth by investing primarily in common stocks of companies engaged in the health sciences discipline. The fund's portfolio emphasizes healthcare-related sectors, including biotechnology, pharmaceuticals, medical devices, healthcare services, and life sciences; it typically holds 60 to 100 stocks, with significant allocations to large-cap growth companies alongside select mid- and small-cap positions for diversification. Managed by T. Rowe Price Group, Inc., a global investment management firm founded in 1937 and headquartered in Baltimore, Maryland, the fund operates worldwide, targeting U.S. and international health sciences equities across developed and emerging markets, serving individual and institutional investors focused on thematic healthcare exposure.
The fund offers daily liquidity through its no-load share class structure, with a minimum initial investment of $2,500 for retail investors and $15,000 for retirement accounts; it maintains an expense ratio of approximately 0.82%, benchmarked against the S&P Health Care Select Sector Index and the Russell 3000 Health Care Index for performance evaluation. In recent developments, as of late 2025, the fund has undergone portfolio adjustments amid market volatility in biotechnology and pharmaceuticals, including increased exposure to innovative gene therapy and precision medicine firms following successful clinical trial outcomes; T. Rowe Price Group announced strategic enhancements to its health sciences research team in Q3 2025, bolstering analyst coverage of AI-driven drug discovery platforms. No major acquisitions, funding rounds, or name changes have occurred within the past two years, though the firm expanded its ESG integration into health sciences investing to address sustainability in healthcare supply chains.