T. Rowe Price Capital Appreciation Fund I Class
TRAIX
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- T. Rowe Price Capital Appreciation Fund I Class (TRAIX) is an actively managed mutual fund that seeks long-term capital appreciation through a diversified portfolio consisting primarily of common stocks, supplemented by corporate and government debt securities, including mortgage- and asset-backed securities, bank loans, and up to 25% in foreign securities; at least 50% of total assets are normally invested in equity securities. The fund invests across large-cap blend strategies with key holdings such as Microsoft Corp, NVIDIA Corp, Apple Inc, Amazon.com Inc, and Alphabet Inc Class A, alongside U.S. Treasury notes and cash equivalents like T. Rowe Price Government Reserve Fund. Managed by David Giroux, CFA, since 2006, TRAIX targets individual, institutional, and retirement plan investors seeking balanced growth and principal preservation within the moderate allocation category. Launched on December 17, 2015, as the I Class share of the broader Capital Appreciation strategy that dates to June 30, 1986, the fund operates under T. Rowe Price Group, Inc., founded in 1937 and headquartered in Baltimore, Maryland, with global operations serving clients in 55 countries across 17 international offices. T. Rowe Price Group manages a broad range of equity, fixed income, multi-asset, and alternative investment products for individuals, advisors, institutions, and retirement sponsors worldwide. In recent developments, the fund's strategy has maintained its position as closed to new investors since 2014, with portfolio manager David Giroux receiving the 2025 Morningstar Outstanding Portfolio Manager Award in the allocation category and achieving a record 17 consecutive years of outperformance against Morningstar peers as of year-end 2024. At the parent company level, T. Rowe Price announced a $7.5 billion acquisition of Oak Hill Advisors in early 2025 to bolster its private credit and alternative capabilities, alongside a strategic partnership with Goldman Sachs Asset Management in December 2025 to launch co-branded model portfolios. These moves enhance T. Rowe Price's offerings in private markets and collaborative active strategies, aligning with client demand for diversified income and growth solutions.