T. Rowe Price Mid-Cap Value Fund I Class
TRMIX
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- T. Rowe Price Mid-Cap Value Fund I Class (TRMIX) is an open-end equity mutual fund managed by T. Rowe Price Associates, Inc. that seeks long-term capital appreciation by investing primarily in common stocks of mid-cap companies exhibiting value characteristics. The fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in securities of companies whose market capitalization at the time of purchase falls within the range of those in the S&P MidCap 400 Index or the Russell Midcap Value Index; it employs fundamental research to select stocks with attractive operating margins, undervalued relative to intrinsic worth, and potential for capital growth. Key portfolio holdings as of recent data include Corning Inc. (2.03%), Zimmer Biomet Holdings Inc. (1.88%), Keysight Technologies Inc. (1.78%), Lamb Weston Holdings Inc. (1.68%), and Teradyne Inc. (1.63%), with sector allocations emphasizing technology, healthcare, consumer defensive, and industrials; the fund benchmarks its performance against the Russell Midcap Value Index, S&P MidCap 400 Index, and Lipper Mid-Cap Value Funds Index. Launched on August 28, 2015 as an I Class share of the broader T. Rowe Price Mid-Cap Value Fund established in 1996, TRMIX features a net expense ratio of 0.71%, total net assets exceeding $15 billion, and a minimum initial investment of $500,000; it maintains a portfolio turnover rate of approximately 52.9% and approximately 2% in cash equivalents. Recent management changes include the appointment of Vincent DeAugustino as lead portfolio manager effective May 1, 2022, followed by David J. Wallack, reflecting T. Rowe Price's continued emphasis on experienced teams supported by deep analyst resources; no major acquisitions, funding rounds, or structural reorganizations specific to the fund have been reported in the last 1-2 years, though the parent firm T. Rowe Price Group, Inc., founded in 1937 and headquartered in Baltimore, Maryland, manages $1.48 trillion in assets under management as of late 2024 with global operations serving clients in 55 countries. The fund targets individual and institutional investors seeking mid-cap value exposure, primarily in U.S. equities (over 92% allocation) with minor non-U.S. stock (4.35%) and cash positions; it operates within the mid-cap value category, prioritizing socially conscious companies that promote environmental responsibility alongside value investing principles.