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A Star Manager Is Leaving T. Rowe Price

Gold-rated T. Rowe Price New Horizons is Under Review as Henry Ellenbogen is set to depart.

Henry Ellenbogen, T. Rowe Price's CIO for U.S. equity growth and the manager of T. Rowe Price New Horizons PRNHX, will leave the firm effective March 31, 2019. The fund's Morningstar Analyst Rating of Gold is Under Review.

Ellenbogen joined T. Rowe Price as a media and telecom analyst in 2001 and took over this fund in 2010 following a successful four-year stint comanaging T. Rowe Price Media & Telecommunications. His departure is a huge loss for the fund. Ellenbogen proved himself as a skilled manager, deftly investing the strategy's massive asset base across both public and private companies, leading to eye-popping results. He and his associate portfolio manager Barry Henderson will depart by March 31, though they haven't announced future plans.

Succeeding Ellenbogen is Joshua Spencer, manager of T. Rowe Price Global Technology PRGTX and a member of this strategy's 13-member investment advisory committee. Spencer joined the firm in 2004 and long-supported that fund as a technology analyst. His background and experience as a member of its advisory committee are helpful, but he has used a high-turnover, concentrated approach at T. Rowe Price Global Technology that will be impossible to replicate with T. Rowe Price New Horizons' massive, $25 billion asset base and small-cap focus.

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About the Author

Christopher Franz

Associate Director
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Christopher Franz is an associate director of equity strategies for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc.

Prior to rejoining Morningstar Research Services LLC in 2021, he spent two years with Morningstar Australasia in Sydney, where he served as a senior analyst and environmental, social, and governance strategist, conducting qualitative research on Australian and New Zealand fund managers and leading the team's ESG-related research. Franz initially joined Morningstar in Chicago in 2016, where he focused on U.S. small- and mid-cap strategies. Before joining Morningstar, Franz spent four years as a research analyst for Westwood Holdings Group, where he focused on external manager research and due diligence.

Franz holds a bachelor's degree in financial analysis from Creighton University. He also holds the Chartered Financial Analyst® designation.

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