T. Rowe Price Mid-Cap Value Fund I Class TRMIX

Increased confidence in T. Rowe Price Mid-Cap Value’s unique and assertive approach merits a Process Pillar upgrade to Above Average from Average, while its People Pillar remains at Above Average. Vincent DeAugustino faced a high bar when he took over this strategy from longtime steward David Wallack in 2022. Wallack had led with a contrarian approach, seeking value in companies others were quick to dismiss. It’s a strategy that demanded a great deal of focus, patience, and conviction, but four years in, DeAugustino has shown he can carry it forward. While his background is that of a financial analyst, DeAugustino has demonstrated sharp stock-picking abilities across a range of sectors, including technology, energy, and consumer discretionary. Much of that is because of his close relationship with members of the analyst team, whom he readily credits as core ingredients to his success. Even with his early achievements, he remains humble, reflecting on past mistakes and looking for areas of improvement.