T. Rowe Price Capital Appreciation Fund

Fund Profile

Fund profile

Tickers

PRWCX, PACLX, TRAIX

Fund manager

T. Rowe Price Capital Appreciation Fund Advisor Class

Total assets

$71.35 bn

Liabilities

$759.04 mm

Net assets

$70.59 bn

Number of holdings

225.00

Top 200 of 225 Holdings

As of Dec 2025

Security	$Holding	Balance	% of Fund	Category	Position	Country
MSFT Microsoft Corporation	3.14 bn	6.50 mm shares	4.45	Common equity	Long	USA
NVDA NVIDIA Corporation	2.98 bn	16.00 mm shares	4.23	Common equity	Long	USA
AAPL Apple Inc.	2.73 bn	10.03 mm shares	3.86	Common equity	Long	USA
GOOG Alphabet Inc.	2.64 bn	8.42 mm shares	3.73	Common equity	Long	USA
UNITED STATES TREASURY NOTE/BOND - WHEN ISSUED	2.51 bn	2.52 bn principal	3.56	Debt	Long	USA
AMZN Amazon.com, Inc.	2.49 bn	10.78 mm shares	3.52	Common equity	Long	USA
UNITED STATES TREASURY NOTE/BOND	2.35 bn	2.37 bn principal	3.33	Debt	Long	USA
UNITED STATES TREASURY NOTE/BOND	2.24 bn	2.22 bn principal	3.17	Debt	Long	USA
T. Rowe Price Government Reserve Fund	1.83 bn	1.83 bn shares	2.60	Short-term investment vehicle	Long	USA
BDX Becton, Dickinson and Company	1.74 bn	8.96 mm shares	2.46	Common equity	Long	USA
RVTY Revvity, Inc.	1.39 bn	14.37 mm shares	1.97	Common equity	Long	USA
ABT Abbott Laboratories	1.39 bn	11.06 mm shares	1.96	Common equity	Long	USA
CNP CenterPoint Energy, Inc.	1.36 bn	35.47 mm shares	1.93	Common equity	Long	USA
NI NiSource Inc.	1.31 bn	31.35 mm shares	1.85	Common equity	Long	USA
PTC PTC Inc.	1.23 bn	7.06 mm shares	1.74	Common equity	Long	USA
META Meta Platforms, Inc.	1.14 bn	1.73 mm shares	1.62	Common equity	Long	USA
Broadcom Pte. Ltd.	1.14 bn	3.29 mm shares	1.61	Common equity	Long	USA
UNITED STATES TREASURY NOTE/BOND	1.12 bn	1.13 bn principal	1.59	Debt	Long	USA
UNITED STATES TREASURY NOTE/BOND	1.12 bn	1.12 bn principal	1.59	Debt	Long	USA
AMD Advanced Micro Devices, Inc.	1.11 bn	5.19 mm shares	1.57	Common equity	Long	USA
SBUX Starbucks Corporation	1.01 bn	11.97 mm shares	1.43	Common equity	Long	USA
T ROWE PR INST FLTNG RT-INST	975.12 mm	103.52 mm shares	1.38	Common equity	Long	USA
AEE Ameren Corporation	964.78 mm	9.66 mm shares	1.37	Common equity	Long	USA
COR Cencora, Inc.	921.09 mm	2.73 mm shares	1.30	Common equity	Long	USA
UNITED STATES TREASURY NOTE/BOND	877.63 mm	879.00 mm principal	1.24	Debt	Long	USA
MA Mastercard Incorporated	876.11 mm	1.53 mm shares	1.24	Common equity	Long	USA
APPLIED SYSTEMS INC	869.72 mm	865.21 mm principal	1.23	Loan	Long	USA
PPL PPL Corporation	859.41 mm	24.54 mm shares	1.22	Common equity	Long	USA
AJG Arthur J. Gallagher & Co.	844.02 mm	3.26 mm shares	1.20	Common equity	Long	USA
UNH UnitedHealth Group Incorporated	829.64 mm	2.51 mm shares	1.18	Common equity	Long	USA
V Visa Inc.	819.38 mm	2.34 mm shares	1.16	Common equity	Long	USA
HUB INTERNATIONAL LTD	813.01 mm	809.18 mm principal	1.15	Loan	Long	USA
YUM Yum! Brands, Inc.	790.92 mm	5.23 mm shares	1.12	Common equity	Long	USA
LLY Eli Lilly and Company	706.78 mm	657.66 k shares	1.00	Common equity	Long	USA
CNQ Canadian Natural Resources Limited	706.72 mm	20.88 mm shares	1.00	Common equity	Long	Canada
IR Ingersoll Rand Inc.	705.55 mm	8.91 mm shares	1.00	Common equity	Long	USA
HOCKEY PARENT HLDS DBA HUB INTL UNITS PP	702.00 mm	552.17 k shares	0.99	Common equity	Long	USA
UNITED STATES TREASURY NOTE/BOND	701.25 mm	708.00 mm principal	0.99	Debt	Long	USA
KKR KKR & Co. Inc.	655.95 mm	5.15 mm shares	0.93	Common equity	Long	USA
WILLIS TOWERS WATSON PLC	632.94 mm	1.93 mm shares	0.90	Common equity	Long	Ireland
HUB INTERNATIONAL LTD	616.32 mm	587.67 mm principal	0.87	Debt	Long	USA
Aurora Innovation, Inc.	603.78 mm	157.23 mm shares	0.86	Common equity	Long	USA
ETHOS LP DBA BROADSTREET STR PP	578.07 mm	578.07 mm shares	0.82	Common equity	Long	USA
UNITED STATES TREASURY NOTE/BOND - WHEN ISSUED	540.87 mm	546.34 mm principal	0.77	Debt	Long	USA
WAYMO LLC SER C-2 CVT PFD UNITS PP	540.24 mm	3.58 mm shares	0.77	Preferred equity	Long	USA
APH Amphenol Corporation	497.61 mm	3.68 mm shares	0.70	Common equity	Long	USA
TMO Thermo Fisher Scientific Inc.	474.18 mm	818.32 k shares	0.67	Common equity	Long	USA
SPGI S&P Global Inc.	457.46 mm	875.38 k shares	0.65	Common equity	Long	USA
KDP Keurig Dr Pepper Inc.	446.43 mm	15.94 mm shares	0.63	Common equity	Long	USA
BROADSTREET PARTNERS INC	416.73 mm	415.53 mm principal	0.59	Loan	Long	USA
TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD	390.41 mm	1.28 mm shares	0.55	Common equity	Long	Taiwan
AMWINS GROUP INC	380.73 mm	379.78 mm principal	0.54	Loan	Long	USA
WDAY Workday, Inc.	366.41 mm	1.71 mm shares	0.52	Common equity	Long	USA
HUB INTERNATIONAL LTD	343.53 mm	327.39 mm principal	0.49	Debt	Long	USA
WAYMO LLC SER A-2 CVT PFD UNITS PP	332.34 mm	2.14 mm shares	0.47	Preferred equity	Long	USA
MCKESSON CORP	323.70 mm	394.61 k shares	0.46	Common equity	Long	USA
FILTRATION GROUP CORP	320.77 mm	319.30 mm principal	0.45	Loan	Long	USA
ANTHROPIC PBC SER F-1 CVT PFD PP	312.02 mm	1.23 mm shares	0.44	Preferred equity	Long	USA
TRANSDIGM INC	284.83 mm	284.06 mm principal	0.40	Loan	Long	USA
CRM Salesforce, Inc.	262.39 mm	990.50 k shares	0.37	Common equity	Long	USA
TRANSDIGM INC	249.38 mm	239.68 mm principal	0.35	Debt	Long	USA
ROP Roper Technologies, Inc.	247.48 mm	555.97 k shares	0.35	Common equity	Long	USA
KEURIG DR PEPPER SER A CVT PIPE COMMIT P	237.54 mm	237.54 k shares	0.34	Preferred equity	Long	USA
CYTK Cytokinetics, Incorporated	215.25 mm	3.39 mm shares	0.30	Common equity	Long	USA
HILTON DOMESTIC OPERATIN	213.55 mm	212.36 mm principal	0.30	Loan	Long	USA
ASCEND LEARNING LLC	206.21 mm	205.73 mm principal	0.29	Loan	Long	USA
MDLN Medline Inc.	191.11 mm	4.55 mm shares	0.27	Common equity	Long	USA
TRANSDIGM INC	190.96 mm	184.96 mm principal	0.27	Debt	Long	USA
NI NiSource Inc.	182.50 mm	181.09 mm principal	0.26	Debt	Long	USA
ICON PARENT INC	180.67 mm	180.47 mm principal	0.26	Loan	Long	USA
TRANSDIGM INC	180.07 mm	175.52 mm principal	0.26	Debt	Long	USA
ACLX Arcellx, Inc.	179.89 mm	2.76 mm shares	0.25	Common equity	Long	USA
LOIRE FINCO LUXEMBOURG	179.58 mm	179.84 mm principal	0.25	Loan	Long	Luxembourg
CPI HOLDCO B LLC	174.92 mm	174.60 mm principal	0.25	Loan	Long	USA
VARSITY BRANDS INC	174.19 mm	173.65 mm principal	0.25	Loan	Long	USA
BENDING SPOONS SP CL C COMMON PP	174.15 mm	1.94 mm shares	0.25	Common equity	Long	Italy
UKG INC	174.08 mm	174.01 mm principal	0.25	Loan	Long	USA
BENDING SPOONS US INC	167.79 mm	173.42 mm principal	0.24	Loan	Long	USA
USI INC/NY	166.75 mm	166.52 mm principal	0.24	Loan	Long	USA
USI INC/NY	166.44 mm	166.11 mm principal	0.24	Loan	Long	USA
ELLUCIAN HOLDINGS INC	148.50 mm	147.76 mm principal	0.21	Loan	Long	USA
DHR Danaher Corporation	145.69 mm	636.42 k shares	0.21	Common equity	Long	USA
AH PARENT,INC. SER A PREFERRED SHARES PP	143.63 mm	142.53 k shares	0.20	Preferred equity	Long	USA
KFC HOLDING CO/PIZZA HUT HOLDINGS LLC/TACO BELL OF AMERICA LLC	138.65 mm	138.79 mm principal	0.20	Debt	Long	USA
BNTX BioNTech SE	137.44 mm	1.44 mm shares	0.19	Common equity	Long	Germany
USI INC/NY	136.42 mm	130.07 mm principal	0.19	Debt	Long	USA
HILTON DOMESTIC OPERATING CO INC	132.92 mm	138.88 mm principal	0.19	Debt	Long	USA
BROADSTREET PARTNERS GROUP LLC	129.33 mm	129.52 mm principal	0.18	Debt	Long	USA
YUM Yum! Brands, Inc.	123.21 mm	121.51 mm principal	0.17	Debt	Long	USA
APPLIED SYSTEMS INC	123.01 mm	121.23 mm principal	0.17	Loan	Long	USA
TRANSDIGM INC	118.13 mm	113.34 mm principal	0.17	Debt	Long	USA
TRANSDIGM INC	111.35 mm	106.17 mm principal	0.16	Debt	Long	USA
SBAC SBA Communications Corporation	109.71 mm	114.81 mm principal	0.16	Debt	Long	USA
SPAC LOKV TEAMSHARES INC PIPE PP	107.88 mm	11.64 mm shares	0.15	Common equity	Long	USA
EPICOR SOFTWARE CORP	106.87 mm	106.58 mm principal	0.15	Loan	Long	USA
HILTON DOMESTIC OPERATING CO INC	106.60 mm	114.95 mm principal	0.15	Debt	Long	USA
ETR Entergy Corporation	102.58 mm	102.55 mm principal	0.15	Debt	Long	USA
SBA SENIOR FINANCE II LLC	101.58 mm	101.21 mm principal	0.14	Loan	Long	USA
SBAC SBA Communications Corporation	101.14 mm	102.07 mm principal	0.14	Debt	Long	USA
YUM Yum! Brands, Inc.	101.00 mm	103.00 mm principal	0.14	Debt	Long	USA
ICAPITAL INC COMMON STOCK PP	98.80 mm	7.06 mm shares	0.14	Common equity	Long	USA
APGE Apogee Therapeutics, Inc.	98.24 mm	1.30 mm shares	0.14	Common equity	Long	USA
MARINER LLC	97.12 mm	96.69 mm principal	0.14	Loan	Long	USA
PCVX Vaxcyte, Inc.	96.64 mm	2.09 mm shares	0.14	Common equity	Long	USA
CNP CenterPoint Energy, Inc.	93.00 mm	92.39 mm principal	0.13	Debt	Long	USA
ARES COINVEST LP DBA EP WEALTH PP	91.88 mm	91.88 mm shares	0.13	Common equity	Long	USA
MSCI MSCI Inc.	91.62 mm	90.89 mm principal	0.13	Debt	Long	USA
HILTON DOMESTIC OPERATING CO INC	91.10 mm	93.69 mm principal	0.13	Debt	Long	USA
HILTON DOMESTIC OPERATING CO INC	85.32 mm	85.07 mm principal	0.12	Debt	Long	USA
HILTON DOMESTIC OPERATING CO INC	83.00 mm	81.11 mm principal	0.12	Debt	Long	USA
YUM Yum! Brands, Inc.	81.61 mm	84.18 mm principal	0.12	Debt	Long	USA
FILTRATION GROUP CORP	77.75 mm	65.34 mm principal	0.11	Loan	Long	USA
HUB INTERNATIONAL LTD	74.97 mm	74.89 mm principal	0.11	Debt	Long	USA
ETR Entergy Corporation	69.50 mm	69.54 mm principal	0.10	Debt	Long	USA
SIX FLAGS ENTERTAINMENT CORP / CANADA'S WONDERLAND CO / MAGNUM MANAGEMENT CORP	68.44 mm	68.76 mm principal	0.10	Debt	Long	USA
RYAN SPECIALTY LLC	67.44 mm	65.95 mm principal	0.10	Debt	Long	USA
STORABLE INC	65.09 mm	64.84 mm principal	0.09	Loan	Long	USA
Six Flags Entertainment Corp	63.53 mm	63.76 mm principal	0.09	Debt	Long	USA
HILTON DOMESTIC OPERATING CO INC	58.77 mm	58.32 mm principal	0.08	Debt	Long	USA
DASH DoorDash, Inc.	57.64 mm	254.51 k shares	0.08	Common equity	Long	USA
ICON PARENT INC	56.93 mm	56.93 mm principal	0.08	Loan	Long	USA
CCC INTELLIGENT SOLUTION	56.38 mm	56.23 mm principal	0.08	Loan	Long	USA
YUM Yum! Brands, Inc.	55.43 mm	58.62 mm principal	0.08	Debt	Long	USA
SIX FLAGS ENTERTAINMENT CORP / CANADA'S WONDERLAND CO / MAGNUM MANAGEMENT CORP	53.16 mm	54.24 mm principal	0.08	Debt	Long	USA
FICO Fair Isaac Corporation	47.95 mm	46.76 mm principal	0.07	Debt	Long	USA
TRANSDIGM INC	47.29 mm	47.59 mm principal	0.07	Debt	Long	USA
YUM Yum! Brands, Inc.	47.03 mm	46.93 mm principal	0.07	Debt	Long	USA
HILTON DOMESTIC OPERATING CO INC	46.21 mm	45.18 mm principal	0.07	Debt	Long	USA
ELLUCIAN HOLDINGS INC	45.64 mm	44.66 mm principal	0.06	Debt	Long	USA
IQVIA INC	42.95 mm	42.95 mm principal	0.06	Debt	Long	USA
MTN Vail Resorts, Inc.	42.34 mm	40.77 mm principal	0.06	Debt	Long	USA
PTC PTC Inc.	40.49 mm	41.12 mm principal	0.06	Debt	Long	USA
YUM Yum! Brands, Inc.	40.24 mm	36.51 mm principal	0.06	Debt	Long	USA
AMWINS GROUP INC	39.97 mm	38.95 mm principal	0.06	Debt	Long	USA
HILTON WORLDWIDE FINANCE LLC / HILTON WORLDWIDE FINANCE CORP	38.61 mm	38.61 mm principal	0.05	Debt	Long	USA
KKR KKR & Co. Inc.	37.31 mm	719.79 k shares	0.05	Preferred equity	Long	USA
WYNDHAM HOTELS & RESORTS	36.48 mm	36.41 mm principal	0.05	Loan	Long	USA
QUARTZ ACQUIRECO LLC	36.23 mm	36.32 mm principal	0.05	Loan	Long	USA
BOOZ ALLEN HAMILTON INC	36.15 mm	34.61 mm principal	0.05	Debt	Long	USA
LIFE TIME INC	34.87 mm	34.10 mm principal	0.05	Debt	Long	USA
SCI Service Corporation International	34.76 mm	34.09 mm principal	0.05	Debt	Long	USA
AVANTOR FUNDING INC	33.96 mm	34.15 mm principal	0.05	Debt	Long	USA
KORN FERRY	32.91 mm	32.92 mm principal	0.05	Debt	Long	USA
CAPSTONE BORROWER INC	31.27 mm	30.35 mm principal	0.04	Debt	Long	USA
MISTER CAR WASH HOLDINGS IN	29.58 mm	29.50 mm principal	0.04	Loan	Long	USA
TRANSDIGM INC	29.01 mm	28.46 mm principal	0.04	Debt	Long	USA
IQVIA INC	28.42 mm	27.39 mm principal	0.04	Debt	Long	USA
WAYMO LLC SER B-2 CVT PFD UNITS PP	27.79 mm	177.51 k shares	0.04	Preferred equity	Long	USA
SURGERY CENTER HOLDINGS INC	27.72 mm	27.37 mm principal	0.04	Debt	Long	USA
HOLX Hologic, Inc.	26.39 mm	26.77 mm principal	0.04	Debt	Long	USA
RYAN SPECIALTY LLC	24.32 mm	24.81 mm principal	0.03	Debt	Long	USA
SCI Service Corporation International	23.98 mm	25.62 mm principal	0.03	Debt	Long	USA
BOOZ ALLEN HAMILTON INC	22.93 mm	23.44 mm principal	0.03	Debt	Long	USA
DOMINO'S PIZZA MASTER ISSUER LLC	22.12 mm	22.25 mm principal	0.03	ABS-other	Long	USA
MTN Vail Resorts, Inc.	20.88 mm	20.54 mm principal	0.03	Debt	Long	USA
EP WEALTH ADVISORS INC	20.81 mm	20.76 mm principal	0.03	Loan	Long	USA
DOMINO'S PIZZA MASTER ISSUER LLC	17.11 mm	17.78 mm principal	0.02	ABS-other	Long	USA
BENDING SPOONS US INC	12.74 mm	13.16 mm principal	0.02	Loan	Long	USA
TRANSDIGM INC	12.28 mm	11.84 mm principal	0.02	Debt	Long	USA
DTE DTE Energy Company	8.69 mm	67.35 k shares	0.01	Common equity	Long	USA
RYAN SPECIALTY	8.23 mm	8.22 mm principal	0.01	Loan	Long	USA
AVANTOR FUNDING INC	7.92 mm	8.28 mm principal	0.01	Debt	Long	USA
MARINER LLC	6.99 mm	6.96 mm principal	0.01	Loan	Long	USA
CPI HOLDCO B LLC	6.49 mm	6.48 mm principal	0.01	Loan	Long	USA
CRWD CrowdStrike Holdings, Inc.	5.49 mm	5.72 mm principal	0.01	Debt	Long	USA
SCI Service Corporation International	5.24 mm	5.26 mm principal	0.01	Debt	Long	USA
SBA TOWER TRUST	2.64 mm	2.58 mm principal	0.00	Debt	Long	USA
CMS-PB Consumers Energy Company	542.69 k	23.96 k shares	0.00	Preferred equity	Long	USA
MIRANT CORP 144A ESCROW	0	16.00 mm shares	0.00	Common equity	Long	USA
MSFT US 01/16/26 C590	-689.50	-1.38 k contracts	-0.00	Equity derivative	N/A	USA
MSFT US 01/16/26 C565	-1.38 k	-1.38 k contracts	-0.00	Equity derivative	N/A	USA
SBUX US 01/16/26 C125	-1.48 k	-2.96 k contracts	-0.00	Equity derivative	N/A	USA
META US 01/16/26 C810	-4.83 k	-1.38 k contracts	-0.00	Equity derivative	N/A	USA
WDAY US 01/16/26 C270	-6.90 k	-2.76 k contracts	-0.00	Equity derivative	N/A	USA
META US 01/16/26 C775	-10.34 k	-1.38 k contracts	-0.00	Equity derivative	N/A	USA
MA US 01/16/26 C620	-11.99 k	-685.00 contracts	-0.00	Equity derivative	N/A	USA
V US 01/16/26 C400	-13.45 k	-2.07 k contracts	-0.00	Equity derivative	N/A	USA
V US 01/16/26 C390	-13.55 k	-2.26 k contracts	-0.00	Equity derivative	N/A	USA
YUM US 01/16/26 C165	-13.82 k	-1.38 k contracts	-0.00	Equity derivative	N/A	USA
ABT US 01/16/26 C145	-13.86 k	-3.08 k contracts	-0.00	Equity derivative	N/A	USA
SBUX US 01/16/26 C100	-16.55 k	-5.52 k contracts	-0.00	Equity derivative	N/A	USA
MA US 01/16/26 C640	-24.86 k	-1.38 k contracts	-0.00	Equity derivative	N/A	USA
AMZN US 01/16/26 C260	-32.75 k	-3.45 k contracts	-0.00	Equity derivative	N/A	USA
SBUX US 01/16/26 C105	-32.78 k	-13.11 k contracts	-0.00	Equity derivative	N/A	USA
MA US 01/16/26 C610	-33.94 k	-1.33 k contracts	-0.00	Equity derivative	N/A	USA
V US 01/16/26 C370	-36.21 k	-2.07 k contracts	-0.00	Equity derivative	N/A	USA
V US 01/16/26 C380	-41.44 k	-2.07 k contracts	-0.00	Equity derivative	N/A	USA
ABT US 01/16/26 C140	-48.26 k	-3.45 k contracts	-0.00	Equity derivative	N/A	USA
WDAY US 01/16/26 C260	-75.85 k	-2.76 k contracts	-0.00	Equity derivative	N/A	USA
AMZN US 01/16/26 C250	-106.86 k	-3.45 k contracts	-0.00	Equity derivative	N/A	USA
WTW US 01/16/26 C340	-118.57 k	-668.00 contracts	-0.00	Equity derivative	N/A	USA
YUM US 01/16/26 C160	-136.17 k	-4.54 k contracts	-0.00	Equity derivative	N/A	USA
DHR US 01/16/26 C330	-180.44 k	-3.44 k contracts	-0.00	Equity derivative	N/A	USA
IR US 01/16/26 C100	-180.98 k	-4.83 k contracts	-0.00	Equity derivative	N/A	USA
CNQ US 01/16/26 C70	-206.84 k	-10.34 k contracts	-0.00	Equity derivative	N/A	USA
IR US 01/16/26 C95	-229.24 k	-4.83 k contracts	-0.00	Equity derivative	N/A	USA
V US 01/16/26 C360	-233.70 k	-2.06 k contracts	-0.00	Equity derivative	N/A	USA
ABT US 01/16/26 C130	-243.95 k	-6.18 k contracts	-0.00	Equity derivative	N/A	USA
MA US 01/16/26 C585	-302.14 k	-1.33 k contracts	-0.00	Equity derivative	N/A	USA
WTW US 01/16/26 C330	-327.32 k	-668.00 contracts	-0.00	Equity derivative	N/A	USA