TPLGX
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Equity Funds, Inc.
Expense ratio1
0.56%
Net assets2
$2.44B
Holdings2
73
Category
US Equity
2025 return3
19.10%

Investment objective & strategy

As of Feb. 25, 2026 · prospectus

Objective. The fund seeks to provide long-term capital growth through investments in the common stocks of large-cap growth companies.

Strategy. The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in securities of large-cap companies with growth characteristics. For purposes of the funds 80% investment policy, the fund considers a company to have growth characteristics if the companys securities are represented in an appropriate third-party growth-oriented index. 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 a large-cap company as a company whose market capitalization falls above the minimum market capitalization in the MSCI USA … The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in securities of large-cap companies with growth characteristics. For purposes of the funds 80% investment policy, the fund considers a company to have growth characteristics if the companys securities are represented in an appropriate third-party growth-oriented index. 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 a large-cap company as a company whose market capitalization falls above the minimum market capitalization in the MSCI USA Large Cap Index or MSCI World Large Cap Index (after systematically removing any companies that cannot reasonably be considered a large-cap company from the low end of the range of each index). The market capitalizations of the companies in the indexes change over time and the indexes are periodically reconstituted to ensure that they continue to accurately reflect the large-cap equity market. As of December 31, 2025, the smallest market capitalization represented across these indexes (after removing any outlier companies) was $18 billion. The fund follows a growth-oriented approach to stock selection and expects to normally invest in stocks of approximately 100 to 150 companies. The fund targets companies that, in the investment advisers view, are well established in their industries and have the potential for above-average earnings growth. The fund focuses on companies with leading market positions, seasoned management, and strong financial fundamentals. The funds investment approach reflects its belief that solid company fundamentals (with emphasis on strong growth in earnings per share or operating cash flow) combined with a positive industry outlook should ultimately reward investors with strong investment performance. Generally, the adviser seeks out companies with strong free cash flow growth, good balance sheets, high returns on capital, and above-average earnings growth and profit margins. The adviser makes an effort to avoid overpaying for a companys growth prospects by examining a companys stock valuation relative to its own history, its industry peers, and the overall equity market. Once stocks are selected for inclusion in the funds portfolio, the adviser monitors each company and may build positions carefully over time and scale back positions when the adviser believes valuations have become less compelling. The adviser will eliminate holdings for various reasons, including a loss of faith in management, a change in the advisers assessment of a companys fundamentals, an overextension in share price valuations, or to replace stocks with potentially better investment opportunities. At times, the fund may have a significant portion of its assets invested in the same economic sector, such as the information technology sector. 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
SecurityTickerValue% of fund
NVIDIA CORP $365.13M 14.95%
MICROSOFT CORP $246.78M 10.11%
APPLE INC $228.21M 9.35%
AMAZON.COM INC $159.05M 6.51%
ALPHABET INC CL C $139.76M 5.72%
BROADCOM INC $122.26M 5.01%
META PLATFORMS INC CL A $118.47M 4.85%
CARVANA CO CL A $84.03M 3.44%
LILLY ELI and CO $71.37M 2.92%
VISA INC-CLASS A $67.16M 2.75%
View all holdings →

Allocation by sector

As of March 31, 2026 · N-PORT
View portfolio breakdown →

Portfolio moves

Dec 31, 2025 → Mar 31, 2026
Opened
1
Exited
1
Increased
2
Decreased
56
Unchanged
14

How 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.

View portfolio moves →

Similar funds

Funds whose portfolios most overlap this one, by weight
FundOverlapNet exp.
T. Rowe Price Blue Chip Growth Fund, Inc. · TRBCX, PABGX, RRBGX, TBCIX, TRZBX 99% 0.00%
T. Rowe Price Blue Chip Growth Portfolio · QAAAJX, QAAGXX 99% 0.74%
MML Blue Chip Growth Fund 96% 0.77%
View all similar funds →

Advisers

As of December 31, 2025 · N-CEN
FirmRole
T. Rowe Price Associates, Inc. Adviser

Footnotes

  1. Expense ratio as of February 25, 2026, from the fund's prospectus.
  2. Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
  3. Total return for calendar year 2025, before tax and after fund expenses. As reported in the fund's prospectus performance bar chart.

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