Investment objective & strategy
As of Feb. 25, 2026 · prospectusObjective. The fund seeks to provide long-term growth through a combination of capital appreciation and current income.
Strategy. The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in the equity securities of real estate companies. The funds definition of real estate companies is broad and includes any company that derives at least 50% of its revenues or profits from, or commits at least 50% of assets to, real estate activities. Any derivatives that provide exposure to the investment focus suggested by the funds name, or to one or more market risk factors associated with the investment focus suggested by the funds name, are counted (as applicable) toward compliance with the funds 80% investment policy. The fund defines the real estate industry broadly. It includes (but is not limited to) the … The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in the equity securities of real estate companies. The funds definition of real estate companies is broad and includes any company that derives at least 50% of its revenues or profits from, or commits at least 50% of assets to, real estate activities. Any derivatives that provide exposure to the investment focus suggested by the funds name, or to one or more market risk factors associated with the investment focus suggested by the funds name, are counted (as applicable) toward compliance with the funds 80% investment policy. The fund defines the real estate industry broadly. It includes (but is not limited to) the following: ? Real estate investment trusts (REITs); ? real estate operating companies; ? brokers, developers, and builders of residential, commercial, and industrial properties; ? property management firms; ? finance, mortgage, and mortgage servicing firms; ? construction supply and equipment manufacturing companies; and ? firms dependent on real estate holdings for revenues and profits, including lodging, leisure, timber, mining, and agriculture companies. The fund is likely to maintain a significant portion of assets in REITs. REITs pool money to invest in properties (equity REITs) or mortgages (mortgage REITs). The fund generally invests in equity REITs. The fund will not own real estate directly and will have no restrictions on the size of companies selected for investment. Up to 20% of the funds total assets may be invested in assets that are unrelated to the real estate business. Stock selection is based on fundamental, bottom-up analysis that generally seeks to identify high-quality companies with both good appreciation prospects and income-producing potential. Factors considered by the portfolio manager in selecting real estate companies include one or more of the following: relative valuation; free cash flow; undervalued assets; quality and experience of management; type of real estate owned; and the nature of a companys real estate activities. The fund is nondiversified, which means it may invest a greater percentage of its assets in a particular issuer than is permissible for a diversified fund.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| EQUINIX INC | — | $68.48M | 11.01% |
| WELLTOWER INC | — | $66.69M | 10.72% |
| PROLOGIS INC REIT | — | $48.12M | 7.74% |
| AMERICAN TOWER CORP | — | $43.93M | 7.06% |
| PUBLIC STORAGE | — | $31.20M | 5.02% |
| VENTAS INC REIT | — | $25.98M | 4.18% |
| SIMON PROPERTY | — | $25.59M | 4.11% |
| REGENCY CENTERS CORP REIT | — | $23.90M | 3.84% |
| ESSEX PROPERTY TRUST INC | — | $22.98M | 3.70% |
| REXFORD INDUSTRIAL REALTY INC | — | $19.09M | 3.07% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| iShares Select U.S. REIT ETF · ICF | 64% | 0.32% |
| Goldman Sachs Real Estate Securities Fund · GREIX, GRESX, GREAX, GRECX, GRERX, GRETX, GREUX, GMJPX | 63% | 0.84% |
| Real Estate Securities Account | 62% | 0.79% |
Advisers
| Firm | Role |
|---|---|
| T. Rowe Price Associates, Inc. | Adviser |
Footnotes
- Expense ratio as of February 25, 2026, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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