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Fund Times

T. Rowe Price Blue Chip Growth's Manager to Retire

Larry Puglia will step away after leading the fund for 28 years, but its future is still bright in the hands of successor Paul Greene.

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Larry Puglia, manager of T. Rowe Price Blue Chip Growth (TRBCX) since its 1993 inception, will retire at year-end 2021. A well-telegraphed transition has been in the works since Paul Greene became associate portfolio manager in January 2020, and he'll officially take over on Oct. 1, 2021. With a smooth handoff setting the stage for continued success, the strategy retains its Above Average Process and People ratings, and its Morningstar Analyst Rating stays Silver for all but the most expensive share class, which is Bronze.

Puglia will leave behind a remarkable record at one of the industry's biggest actively run strategies. Its 12.0% annualized gain during his tenure through 2020 beat the Russell 1000 Growth Index's 10.8% and held up well on a risk-adjusted basis. The strategy remained competitive in recent years amid its burgeoning size and threats from cheaper passively managed offerings, which took the shine off many of the industry's actively managed U.S. large-cap funds. T. Rowe Price Blue Chip Growth previously held an Analyst Rating of Gold, reflecting Puglia's skillful execution and consistently strong results, only dropping to Silver in 2020 in anticipation of his eventual retirement. 

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Katie Rushkewicz Reichart does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.