T. Rowe Price Small-Cap Value Fund I Class
PRVIX
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- T. Rowe Price Small-Cap Value Fund I Class (PRVIX) is an open-end mutual fund that seeks long-term capital growth by investing primarily in common stocks of small-cap companies believed to be undervalued, with at least 80% of net assets allocated to companies within or below the market capitalization range of the Russell 2000 Index; it employs a blend investment style focusing on small-cap value and blend equities across sectors such as financial services (27.15%), industrials (11.44%), consumer cyclical (10.38%), real estate (9.66%), and healthcare (8.52%). The fund offers exposure to approximately 357 equity holdings, including top positions like Pinnacle Financial Partners Inc., Columbia Banking System Inc., PennyMac Financial Services Inc., and Western Alliance Bancorp, with additional allocations to non-U.S. stocks (4.30%), cash (0.88%), and other assets; it features a net expense ratio of 0.66%-0.70%, a minimum initial investment of $500,000, daily pricing, and no front-end or deferred loads. Managed by J. Wagner since June 30, 2014, the fund operates within the U.S. small blend category, targets institutional investors, and maintains a portfolio turnover of 21%-32.40% with total net assets of approximately $10.12 billion and share class assets of $2.99 billion. Launched on August 28, 2015, PRVIX is domiciled in the United States and available for sale primarily to U.S. investors through T. Rowe Price, a global investment management firm headquartered in Baltimore, Maryland. The fund emphasizes bottom-up stock selection in undervalued small-cap names, with recent portfolio activity including purchases of Scorpio Tankers for its modern mid-size product tanker fleet and Grocery Outlet Holding amid attractive valuations, alongside ongoing positioning for improved market conditions in small-cap value investing. Geographically, it allocates 91.79% to U.S. stocks, with minor exposure to Canada, Europe ex-Eurozone, Latin America, emerging Asia, and other regions. In recent developments, T. Rowe Price, the fund's sponsor, has pursued strategic expansions including the launch of four new active fixed income ETFs in November 2025 covering short-term, long-term, high-yield municipal, and multi-sector income strategies; the introduction of Active Core U.S. Equity ETF (TACU) and Active Core International Equity ETF (TACN) on December 11, 2025, blending active management with low tracking error; and a partnership with Goldman Sachs Asset Management announced in December 2025 to offer joint multi-asset solutions combining both firms' funds for wealth channel distribution. These initiatives reflect T. Rowe Price's broader push into ETFs and collaborative products amid $1.79 trillion in assets under management as of November 2025, enhancing its offerings while PRVIX remains focused on its core small-cap value mandate with no reported fund-specific closures, mergers, or reorganizations.