For most of the past 15 years, it felt like David Giroux had a cheat code to investing success, but since T. Rowe Price Capital Appreciation Equity launched in June 2023, it’s as if the game has patched him out. Performance over the exchange-traded fund’s first three years has fallen short of expectations. Even so, investors would be wise to stick with this strategy as Giroux and his team navigate their first extended period of underperformance, because the solid leadership and strong underlying approach remain intact.
Process Pillar
The Process Pillar is our assessment of how sensible, clearly defined, and repeatable TCAF’s performance objective and investment process is for both security selection and portfolio construction.
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