An impending lead-manager change creates uncertainty for this otherwise strong healthcare strategy, prompting a downgrade of the People Pillar to Average from Above Average. Longtime lead manager Ziad Bakri announced in December 2025 that he will leave T. Rowe Price in July 2026 after a decade at the helm. His departure is certainly a loss, but incoming lead manager Jeff Holford knows the process well and plans to stick with it, supporting the decision to maintain an Above Average Process rating.
Process Pillar
The Process Pillar is our assessment of how sensible, clearly defined, and repeatable PRHSX’s performance objective and investment process is for both security selection and portfolio construction.
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