Morningstar Report 11-21-09
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Rating and Risk
T. Rowe Price Capital Appreciation  PRWCX
 Morningstar Rating (Relative to Category)10-31-09 
 Morningstar ReturnMorningstar RiskMorningstar RatingTM
3-YearAbove AverageAbove Average4 stars
5-YearHighAbove Average4 stars
10-YearHighAbove Average5 stars
OverallHighAbove Average5 stars
Morningstar Category: Moderate AllocationClick here to see our Methodology
 Volatility Measurements Trailing 3-Yr through 10-31-09 | *Trailing 5-Yr through 10-31-09 
Standard Deviation16.88 Sharpe Ratio-0.08
Mean1.08 Bear Market Decile Rank*2
 Modern Portfolio Theory StatisticsTrailing 3-Yr through 10-31-09 
 Standard Index
Morningstar Moderate Target Risk		Best Fit Index
Morningstar Mid Cap TR
R-Squared9394
Beta1.240.68
Alpha-0.012.98
Total Returns
T. Rowe Price Capital Appreciation  PRWCX
 Growth of $10,00010-31-09 
Fund: T. Rowe Price Capital AppreciationCategory: Moderate AllocationIndex: Morningstar Moderate Target Risk
 
 Performance History11-20-09 
 2002200320042005200620072008 YTD
Total Return %0.525.515.36.914.54.6-27.230.3
+/- Index---------------------9.8
+/- Category12.65.16.41.73.3-1.40.812.2
% Rank in Category211219969417
Fund CategoryMAMAMAMAMAMAMAMA
See fund category codes
         
 Trailing Total Returnsthrough 11-20-09 
 Total Return %+/- Morningstar Moderate Target Risk+/- Morningstar Moderately Aggr Target Risk% Rank in Cat
1-Day-0.160.751.0816
1-Week0.00-0.54-0.5512
1-Month0.390.741.2414
3-Month6.44-1.04-2.5956
Year-to-date30.329.754.917
1-Year56.6225.5317.414
3-Year Annualized0.24-0.921.3815
5-Year Annualized4.61-0.210.236
10-Yr Annualized8.964.174.952
     
 Historical Quarterly Returns 
Q1Q2Q3Q4
2009-3.7318.5411.06---
2008-3.870.47-6.97-18.94
20071.505.83-1.08-1.59
20063.99-0.864.885.94
2005-0.411.393.761.99
20042.912.171.747.78
2003-2.8913.041.9912.06
Investor Returns
T. Rowe Price Capital Appreciation  PRWCX
What are Investor Returns?
Morningstar investor returns (also known as dollar-weighted returns) measure how the typical investor in a fund fared over various time periods, incorporating the impact of cash inflows and outflows from all investors' purchases and sales. If investors bought a fund after it had posted big gains and sold at a low ebb, investor returns will be lower than the fund's total returns. If investors bought and sold at more opportune times, however, investor returns will be higher than the fund's total returns. (For more details, please click here.)
 Performance History
 2002200320042005200620072008
Investor Return %-1.126.115.76.813.23.5-27.8
Total Return %0.525.515.36.914.54.6-27.2
+/- Category *10.34.46.02.12.2-1.30.9
% Rank in Category *318718176945
        
 Investor Returns vs Total Returnsthrough 10-31-09 
 Investor Return %Total Return %Investor Return
% Rank in Category
1-Year21.4823.06---
3-Year Annualized-2.05-0.35---
5-Year Annualized2.574.67---
10-Yr Annualized4.548.62---
 
*Data refers to Investor Returns
Tax Analysis
T. Rowe Price Capital Appreciation  PRWCX
 Tax Analysis10-31-09 
 3-Yr Avg %5-Yr Avg %10-Yr Avg %
Pretax Return-0.354.678.62
Tax-adjusted Return-2.003.276.89
% Rank in Category1562
Tax Cost Ratio1.661.341.59
    
Potential Cap Gains Exposure %-6.6
Sec Filing
T. Rowe Price Capital Appreciation  PRWCX
Portfolio
T. Rowe Price Capital Appreciation  PRWCX
  Style Box Details for Stock Holdings09-30-09 
Size 
Average Mkt Cap $Mil25,831
  
Market Capitalization% of
Portfolio
Giant31.07
Large50.07
Medium18.86
Small0.00
Micro0.00
  
 
Ownership Zone
 
 
Fund centroid represents weighted average of domestic stock holdings
  
Zone represents 75% of fund's domestic stock holdings
   
Investment Style History (as of 12-31)
2009
2008
2007
Valuations and Growth RatesStock PortfolioRel to Morningstar Moderate Target RiskRel to Category
Price/Prospective Earnings15.7---1.1
Price/Book1.9---1.1
Price/Sales0.9---1.1
Price/Cash Flow6.6---1.2
Dividend Yield 2.8---0.9
Long-Term Earnings9.3--- 0.9
Historical Earnings9.4----3.1
Sales Growth7.7---5.8
Cash-Flow Growth12.2---6.0
Book-Value Growth0.2---0.0
     
Style Box Detail calculations do not include the fund´s short positions (if any).
 Style Box Details for Bond Holdings- 
Average Credit Quality---
Average Duration---
 
Investment Style History (as of 12-31)
 
 Asset Allocation09-30-09 
 % Long% Short% Net Assets
Cash13.70.0 13.7
Stocks61.10.0 61.1
Bonds16.10.0 16.1
Other9.10.09.1
Foreign Stocks1.90.01.9
(as a % of assets)
 Sector Weightings 09-30-09 
 % of StocksRel to Morningstar Moderate Target RiskRel to Cat Avg
Information
Software1.77---0.45
Hardware3.46---0.42
Media7.07---3.06
Telecommunications1.69---0.24
Service
Healthcare14.36---1.23
Consumer Services6.49---0.77
Business Services2.34---0.52
Financial Services14.48---0.85
Manufacturing
Consumer Goods14.24---1.33
Industrial Materials11.49---0.96
Energy12.74---1.18
Utilities9.88---2.83
     
Sector weighting calculations do not include the fund´s short positions (if any).
  
 Bond Quality-  
% of Bond % of Bond
AAA--- BB---
AA--- B---
A--- Below B---
BBB--- Not Rated---
Holdings
T. Rowe Price Capital Appreciation  PRWCX
 Top 25 Holdings    Get Price Quotes09-30-09 
Number of Stock Holdings (Long)69 Annual Turnover %94
Number of Bond Holdings (Long)108 Yield %2.15
Number of Stock Holdings (Short)--- % Assets in Top 10 Holdings20.97
Number of Bond Holdings (Short)---
     
Top 25 HoldingsSectorP/EYTD Return %% Net Assets
T. Rowe Price Reserve---------11.56
Covidien, Ltd.*13.3927.792.57
ExxonMobil Corporation*9.18-4.752.57
Time Warner, Inc.*---44.212.31
T. Rowe Price Instl Floating Rate------31.922.29
Danaher Corporation*14.3326.782.24
Philip Morris International Inc*13.1118.112.13
Spectra Energy Corporation*8.7027.701.91
J.P. Morgan Chase & Co.*11.2736.351.69
Williams Companies, Inc.*6.4139.361.66
Kellogg Company*14.6624.401.60
Cablevision Systems A*---54.391.59
Aon*22.17-13.241.58
The Western Union Company*11.5631.311.43
PepsiCo, Inc.*17.0615.771.41
Lockheed Martin Corporation*10.70-7.461.41
Linear Tech Cv 3%---------1.39
Entergy Corporation*13.40-2.811.36
Goodrich Corporation*6.9466.401.34
Procter & Gamble Company*16.562.751.32
C.R. Bard, Inc.20.75-3.421.25
Lowe's Companies Inc.*13.000.841.23
White Mountains Insurance Group, Inc.*---17.971.22
Wyeth------1.13
3M Company*11.7636.741.11
YTD Return through 11-20-09
Portfolio Holdings as of 09-30-09
Top 25 holdings account for the fund's short positions (if any), which appear shaded.
Management
T. Rowe Price Capital Appreciation  PRWCX
 Management
Manager NameDavid R. Giroux
Manager Start Date06-30-06
Biography
Giroux is vice president of T. Rowe Price Group, Inc. He is also a portfolio manager and research analyst in the equity division following automotive, electrical equipment, industrial manufacturing, and building materials/products industries．Prior to joining the firm in 1998, he worked as a Commercial Credit Analyst with Hillsdale National Bank. Giroux holds the Charted Financial Analyst designation.
 
Fund Inception06-30-86
Fund Advisor(s)
T. Rowe Price Associates, Inc.
Fund Subadvisor(s)
Fees & Expenses
T. Rowe Price Capital Appreciation  PRWCX
 Fees and Expenses05-01-09 
Maximum Sales Fees %
Initial None
Deferred None
  
Redemption Fees % None
  
Maximum Fees %
Administrative 0.00
Management0.61
  
Total Cost ProjectionsCost per $10,000
3-Year $237
5-Year $411
10-Year $918
  
 
Actual Fees %
12b-1 0.00
Management0.61
Net Expense Ratio: Annual Report 0.72
(As of 12-31-08)
Net Expense Ratio: Prospectus 0.74
   
Expense Waivers:
   
Purchase Info
T. Rowe Price Capital Appreciation  PRWCX
 Purchase Information  
Minimum InvestmentsBrokerage Availability
Initial $2500
Additional $100
Initial IRA $1000
Additional IRA $50
Initial AIP $0
Additional AIP $50
Address

100 East Pratt Street

Baltimore,  MD  21202
USA

800-638-5660
410-547-2308
http://www.troweprice.com

 
Ameriprise Brokerage
Ameriprise SPS Advantage
Bear Stearns
Bear Stearns No-Load Transaction Fee
CommonWealth PPS
CommonWealth Universe
DailyAccess Corporation FRIAG
DailyAccess Corporation RTC
DATALynx
DATALynx IMS
Diversified 401(k)
DWS Retirement Sevs Investment Offerings
E TRADE Financial
ETrade No Load Fee
Federated TrustConnect
Fidelity Institutional FundsNetwork
Fidelity Retail FundsNetwork
Financial Network PAM and Prime Approved
Firstrade
FTJ FundCHOICE
H&R Block Financial Advisors Inc
Hartford CPS
Hartford RK Plus
HDVest - Wells Fargo
HSBC Brokerage (USA) Inc
ING Financial Advisers - SAS Funds
ING Financial Ptnrs PAM and PRIME Approv
JP Morgan
JP MORGAN NO-LOAD TRANSACTION FEE
JPMorgan INVEST
LPL SAM Approved
Matrix Financial Solutions
Met Life Resources MFSP Alliance List
Mony Securities Corp
Morgan Stanley - Ntwk/Rdm Only-Brokerage
Morgan Stanley SB (All Fund )
Multi-Financial Sec PAM and PRIME Approv
Nationwide Retirement Clear Adva
Nationwide Retirement Resource
Northwestern Mutual Inv Srvc, LLC
NYLIM 401(k) Complete
Pershing FundCenter
Pershing FundVest NTF
Principal Advantage
Protected Investors of America
Raymond James
Raymond James WRAP Eligible
RBC Wealth Management-Advisory Eligible
RBC Wealth Management-Network Eligible
Robert W. Baird & Co.
Royal Alliance
Schwab Institutional
Schwab Retail
Schwab RPS All
Schwab RPS SDE
Scottrade TF
Securities America Advisors
Standard Retirement Services, Inc.
Sterne, Agee & Leach, Inc.,
Sun Life CPS
Sun Life Recordkeeper Plus
SunAmerica Securities Premier / Pinnacle
SunGard Transaction Network
T. Rowe Price
TD Ameritrade Institutional
TD Ameritrade Institutional Services
TD Ameritrade Retail
Td Ameritrade, Inc.
Thrivent – Advisory Eligible
TIAA-CREF Brokerage Services
Trade PMR Transaction Fee
TRUSTlynx
UBS Financial Services Inc.
Vanguard
Wachovia CustomChoice & Asset Adv
Wachovia PIM
Wells Fargo Advisors CustomChoice
Analyst Report Archive
T. Rowe Price Capital Appreciation  PRWCX
 Analyst Report Archive 
DateAnalyst Report Analyst
08-27-09This mutual fund has been more bold and contrarian lately, but it's still a solid choice. Greg Carlson
03-24-09Its shareholders have been rocked, but we'd stick with this mutual fund. Greg Carlson
10-28-08Its winning streak will likely end, but we'd stick with this fund. Greg Carlson
05-26-08Despite a subpar 2007, this fund remains an excellent choice. Greg Carlson
12-21-07Despite a subpar 2007, this fund remains an excellent choice. Greg Carlson
07-30-07We think this mutual fund is in good hands. Greg Carlson
04-11-07Despite some upheaval, this mutual fund remains a fine core holding. Greg Carlson
03-01-07This mutual fund is a solid choice. Greg Carlson
12-28-06Despite its new managers' lack of experience, we're comfortable recommending this fund. Greg Carlson
04-28-06A well-handled transition of power bodes well for this mutual fund's prospects. Greg Carlson
11-30-05A looming change at the helm of this mutual fund shouldn't scare investors away. Greg Carlson
06-30-05This mutual fund is a solid choice, but investors should keep their expectations in check. Greg Carlson
01-05-05The managers here are still playing defense. Kunal Kapoor, CFA
08-31-04Uneasy about valuations? Look here. Kunal Kapoor, CFA
03-31-04Uneasy about valuations? Look here. Kunal Kapoor, CFA
10-29-03Uneasy about valuations? Look here. Kunal Kapoor, CFA
06-01-03A remarkable streak of positive returns. Kunal Kapoor, CFA
12-05-02Its approach is a little unorthodox, but it has produced a great risk/reward profile. Brian Lund
07-31-02T. Rowe Price Capital Appreciation retains significant appeal. Brian Lund
02-28-02It's still a keeper, but new investors should wait until this fund's new manager proves himself. Catherine Hickey
09-24-01This fund is still a keeper, but the loss of its manager takes away a bit of its shine. Catherine Hickey
03-23-01Shareholders who have stuck with this fund are surely thanking themselves now. Catherine Hickey
09-15-00This fund is the life of the party this year, but huge returns aren't usually part of its appeal. Catherine Hickey
01-18-00This low-tech portfolio is still quietly living up to its purpose. Catherine Hickey
04-08-99T. Rowe Price Capital Appreciation Fund is for those looking to avoid a spicy diet. Jeff McConnell
11-06-98The benefits of T. Rowe Price Capital Appreciation Fund's cautious nature have become more apparent of late. Jeff McConnell
05-27-98T. Rowe Price Capital Appreciation Fund is a good security blanket for those who are wary of the surging stock market. Jon Hale
12-19-97It hasn't been as obvious lately, but T. Rowe Price Capital Appreciation Fund's low-risk profile retains its appeal. Jon Hale
08-01-97T. Rowe Price Capital Appreciation Fund's uncommon profile has produced uncommonly good results. Jon Hale
08-02-96T. Rowe Price Capital Appreciation Fund may not resemble its peers, but it has maintained a respectable position among them. Kevin Kresnicka
03-15-96T. Rowe Price Capital Appreciation Fund is particularly uncommon. Kevin Kresnicka
10-27-95T. Rowe Price Capital Appreciation Fund might not fit into any established fund objectives, but could fit well in a portfolio. Patricia Brady
06-09-95This year is proving again that T. Rowe Price Capital Appreciation Fund isn't built for speed. Patricia Brady
01-06-95T. Rowe Price Capital Appreciation Fund keeps its helmet on, two hands on the wheel, and rarely races the engine. Patricia Brady
08-19-94T. Rowe Price Capital Appreciation Fund's safety-first outlook has kept it safe and dry during 1994's market storms. Patricia Brady
06-11-93T. Rowe Price Capital Appreciation Fund stands apart from its siblings. Pamela Farrell
01-22-93T. Rowe Price Capital Appreciaton Fund is cautious, but not to a fault. Anthony Mayorkas
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