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T. Rowe Price Mid-Cap Growth Adv PAMCX

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Morningstar’s Analysis

Will PAMCX outperform in future?

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T. Rowe Price Mid-Cap Growth Reopens to New Investors; Ratings Unaffected

Analyst Note

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T. Rowe Price Mid-Cap Growth and T. Rowe Price Institutional Mid-Cap Equity Growth will open to new investors beginning December 1, according to a recent filing. The funds had been closed to new investors since May 2010, but T. Rowe believes they now have additional capacity following heavy outflows. The funds collectively experienced outflows of roughly $11 billion since the beginning of 2020, according to Morningstar asset flow data, which is significant even for a strategy which had $78.6 billion in total assets as of June 30, 2021. Based on the firm’s September 30 estimates, investors are in line for larger-than-average capital gains distributions of around $11 per share, likely driven by increased selling activity to meet redemptions. The estimates are subject to change.

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