Top-Performing T. Rowe Price Stock-Picker to Retire

Brian Berghuis, who has led T. Rowe Price Mid-Cap Growth RPMGX for more than 30 years, will relinquish his lead manager role at the end of September 2025 and retire at the end of the year.

The firm telegraphed this event in December 2024, though the exact timing was uncertain.

Berghuis compiled one of the best track records around during his tenure. He was the fund’s first manager. From its June 30, 1992 inception through the end of February 2025, the strategy gained a remarkable 12.5% annualized, comfortably beating the Russell Midcap Growth Index’s 10.4% and the average mid-cap growth Morningstar Category rival’s 9.5%. Berghuis' insights, perspective, and steady execution helped set the fund apart for many years.

Growth of $10,000 over Brian Berghuis' T. Rowe Price Mid-Cap Growth Tenure

Ashley Woodruff, who has worked alongside Berghuis as an associate manager since 2020 and as a named comanager since January 2025, will assume the lead role at the end of September. She’ll continue to collaborate with comanager Don Easley. Woodruff will take control during a rare trying time for the strategy. Its decision to avoid high-growth stocks with strong momentum, such as Palantir PLTR, caused it to lag far behind its typical peer and benchmark in 2024.

The fund’s long-term record remains superior on both an absolute and risk-adjusted basis, though. Given the news, Morningstar has placed the strategy’s Morningstar Medalist Rating under review to assess its prospects under Woodruff and Easley. Previously, it had High People and Process ratings.