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Post by mrbilbobaggins on Jan 29, 2021 16:29:38 GMT
www.sec.gov/ix?doc=/Archives/edgar/data/918294/000091829421000003/trpiti-20201231.htmT. Rowe Price New America Growth Portfolio Supplement to Prospectus and Summary Prospectus Dated May 1, 2020 On May 1, 2021, the T. Rowe Price New America Growth Portfolio will change its name to the T. Rowe Price All-Cap Opportunities Portfolio. Accordingly, effective May 1, 2021, all references in the summary prospectus and prospectus to the T. Rowe Price New America Growth Portfolio will be replaced by reference to the T. Rowe Price All-Cap Opportunities Portfolio. In addition, effective March 1, 2021, the fund’s primary benchmark will change from the Russell 1000 Growth Index to the Russell 3000 Index. The Russell 3000 Index includes companies of all market capitalizations, which is more representative of the fund’s investment program. The date of this supplement is January 29, 2021.
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Post by anitya on Jan 30, 2021 2:43:24 GMT
www.sec.gov/ix?doc=/Archives/edgar/data/918294/000091829421000003/trpiti-20201231.htmT. Rowe Price New America Growth Portfolio Supplement to Prospectus and Summary Prospectus Dated May 1, 2020 On May 1, 2021, the T. Rowe Price New America Growth Portfolio will change its name to the T. Rowe Price All-Cap Opportunities Portfolio. Accordingly, effective May 1, 2021, all references in the summary prospectus and prospectus to the T. Rowe Price New America Growth Portfolio will be replaced by reference to the T. Rowe Price All-Cap Opportunities Portfolio. In addition, effective March 1, 2021, the fund’s primary benchmark will change from the Russell 1000 Growth Index to the Russell 3000 Index. The Russell 3000 Index includes companies of all market capitalizations, which is more representative of the fund’s investment program. The date of this supplement is January 29, 2021. PRWAX Strategy as stated at the fund site is below. Not sure why they needed to change the name unless they do not want to be limited by GROWTH in its strategy and allow the fund to become a stock style agnostic fund. Have the board and shareholders approved a change in the fund Strategy? I do not own the fund and did not readily see any additional info at the fund site. " The fund invests primarily in the common stocks of U.S. companies that operate in those sectors of the economy identified by T. Rowe Price as the fastest growing or having the greatest growth potential. Holdings range from large-cap to small companies and are selected on the basis of characteristics such as their earning's growth, fundamentals, management effectiveness, and valuations." www.troweprice.com/personal-investing/tools/fund-research/PRWAX#content-resources |
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Post by chang on Jan 30, 2021 3:23:44 GMT
I also don't know why they needed to change the name. Bad idea IMO, changing it from a good name with some zing to a bland, characterless name. I bought this fund for a Roth last summer, choosing it over TRBCX and TRGOX because of its lower AUM (and its manager has a degree in mathematics from Dartmouth).
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Post by anitya on Jan 30, 2021 3:44:14 GMT
I do not think they need to change the strategy for the new generic name but then why bother change the name. May be yogibearbull can shine some light on this. |
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Post by rhythmmethod on Jan 30, 2021 18:17:14 GMT
I wonder if the name change implies a change in strategy. Or lf the strategy dictated the name change. I exchanged it from TRBCX in my IRA for more active, lower AUM and more diversity. I’ll watch it closely. If it becomes more multi cap i don’t necessarily view that as bad. |
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Post by yogibearbull on Jan 30, 2021 19:00:24 GMT
Looking at the fund data and M* Analyst Report, it seems that the manager Justin White [2016- ] has drifted from LC-growth to all-cap growth with a good chunk in MC [19%]. So, may be rather than constantly explaining this drift to Price monitors, the name has been changed and benchmark also changed from R1000-growth to R3000. So, not much may change with fund's strategy but the new name may better reflect what he is doing.
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Post by anitya on Jan 30, 2021 19:17:41 GMT
Looking at the fund data and M* Analyst Report, it seems that the manager Justin White [2016- ] has drifted from LC-growth to all-cap growth with a good chunk in MC [19%]. So, may be rather than constantly explaining this drift to Price monitors, the name has been changed and benchmark also changed from R1000-growth to R3000. So, not much may change with fund's strategy but the new name may better reflect what he is doing. Thanks. Is not the fund benchmark (growth v value agnostic) now out of whack with the strategy? Should it have been Russell 3000 growth index? I am still confused what strategy he plans to implement with the new benchmark. He dropped the word Growth from name and benchmark but it is in strategy. |
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Post by yogibearbull on Jan 30, 2021 19:34:44 GMT
Looking at the fund data and M* Analyst Report, it seems that the manager Justin White [2016- ] has drifted from LC-growth to all-cap growth with a good chunk in MC [19%]. So, may be rather than constantly explaining this drift to Price monitors, the name has been changed and benchmark also changed from R1000-growth to R3000. So, not much may change with fund's strategy but the new name may better reflect what he is doing. Thanks. Is not the fund benchmark (growth v value agnostic) now out of whack with the strategy? Should it have been Russell 3000 growth index? I am still confused what strategy he plans to implement. He was an analyst before becoming fund manager. M* Analyst Report says that " he considers quality, valuation, how T. Rowe Price's expectations differ from Wall Street's, and whether firms' prospects are getting better or worse". Although he doesn't use the term, he seems to have GARP approach. He has lots of blends [42%]. So, that may be why the new benchmark is R3000 rather than R3000-growth. I don't think he is changing fund's strategy, but changed fund's name to fit his current strategy. Fund owners should think why they got into this fund - if for LC-growth, then it was/is not for them. |
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Post by anitya on Jan 30, 2021 21:26:35 GMT
Thanks, Yogi.
M* stock style weight box says the fund is invested 47% in growth, 41% in blend, and 8% in Value - somehow does not add to 100%, but gives us a sense that this can be a blend fund. Currently, only 18% in midcap and only 1% in small cap.
The benchmark a fund would like to measure themselves against is not important for me, but I pay attention to the strategy. I have lost interest in financial media commentary (Morningstar or not), except for any raw data I might get from them and hope that they are not blemishing the data - may be I am just getting old!
Is the name and benchmark change without changing the fund's stated strategy a sneaky admission that those were wrong previously - I will never know - but this made me recalibrate my expectations of TRP.
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