T. Rowe Price U.S. Equity Research Fund
RRCOX
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- T. Rowe Price U.S. Equity Research Fund (RRCOX) is an open-end mutual fund that seeks long-term capital growth by investing primarily in a diversified portfolio of U.S. common stocks selected through a disciplined, bottom-up research process; it weights each sector and industry according to its contribution to the fund's benchmark, the Russell 3000 Index, while emphasizing high-conviction stock picks across large-, mid-, and small-cap companies. The fund offers share classes including R Class (RRCOX), with total net assets of approximately $15.98 billion across the fund family and a net expense ratio of 1.17% for the R Class; minimum initial investment stands at $2,500, with subsequent investments of $100. Top holdings typically include leading technology firms such as NVIDIA Corp (7.84%), Microsoft Corp (7.14%), Apple Inc (6.65%), Amazon.com Inc (4.05%), and Meta Platforms Inc (3.13%), representing about 28.81% of the portfolio, with heavy sector allocations to technology (35.15%), financial services (13.73%), and consumer cyclical (10.74%). Managed by a team led by Ann Holcomb and Jason Polun since 2015, with Jay Nogueira added in October 2021, the fund employs daily pricing and focuses on U.S. equities (98.69% allocation), supplemented by minimal non-U.S. stocks (1.14%) and cash (0.18%). Launched on December 31, 2004, for the R Class (with the flagship PRCOX inception in 1994), it is domiciled in the United States and available for sale exclusively to U.S. investors through financial intermediaries. The fund operates within the large blend category per Morningstar, mirroring the broad U.S. equity market while aiming to outperform through proprietary research. Operated by T. Rowe Price Associates, Inc., headquartered in Baltimore, Maryland and founded in 1937, the fund benefits from the parent firm's global asset management platform serving individual, institutional, and retirement investors. Recent strategic developments at T. Rowe Price include a September 2025 agreement with Goldman Sachs Asset Management, under which Goldman will invest up to $1 billion in T. Rowe Price stock and collaborate on private-market products; in December 2025, the firms launched their first co-branded model portfolios. Additionally, T. Rowe Price formed a strategic relationship with a major U.S. life insurance and annuity company in early 2025 to manage its public and private assets, and expanded its ETF offerings in November 2025 with four new active fixed-income funds, including municipal bond strategies. These initiatives reflect T. Rowe Price's push into alternatives, ETFs, and partnerships amid ongoing equity fund outflows.