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Investing Specialists

David Giroux: 'What Are the Market Inefficiencies We Can Exploit?'

A two-time Morningstar Fund Manager of the Year winner on the benefits of concentration, the attractions of utilities and BB bonds, and his team's focus on "return on time spent."

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Our guest today is David Giroux. David is chief investment officer of U.S. Equity and Multi-Asset at T. Rowe Price and co-chair of the Equity Research Advisory Committee. He also is the longtime lead manager of T. Rowe Price Capital Appreciation Fund, a strategy that invests in a mix of stocks and bonds. Since taking that fund's helm in June 2006, David has racked up an impressive track record, handily beating the fund's benchmark and peers. In recognition of those achievements, Morningstar analysts named David Fund Manager of the Year twice, in 2012 and 2017. David began his career at T. Rowe in 1998 after graduating from Hillsdale College, from which he received his bachelor's degree in finance and political economy.

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