If you've been stuck searching for Large Cap Growth funds, you might want to consider passing on by T. Rowe Price All-Cap Opportunities Fund (PRWAX Quick QuotePRWAX - Free Report) as a possibility. PRWAX bears a Zacks Mutual Fund Rank of 5 (Strong Sell), which is based on various forecasting factors like size, cost, and past performance.

Objective

PRWAX is classified in the Large Cap Growth segment by Zacks, an area full of possibilities. Companies are usually considered to be large-cap if their stock market valuation is more than $10 billion. Large Cap Growth mutual funds invest in many large U.S. firms that are projected to grow at a faster rate than their large-cap peers.

History of Fund/Manager

PRWAX is a part of the T. Rowe Price family of funds, a company based out of Baltimore, MD. T. Rowe Price All-Cap Opportunities Fund debuted in September of 1985. Since then, PRWAX has accumulated assets of about $7.22 billion, according to the most recently available information. Justin White is the fund's current manager and has held that role since April of 2016.

Performance

Investors naturally seek funds with strong performance. This fund carries a 5-year annualized total return of 9.75%, and is in the middle third among its category peers. But if you are looking for a shorter time frame, it is also worth looking at its 3-year annualized total return of 17.86%, which places it in the bottom third during this time-frame.

It is important to note that the product's returns may not reflect all its expenses. Any fees not reflected would lower the returns. Total returns do not reflect the fund's [%] sale charge. If sales charges were included, total returns would have been lower.

When looking at a fund's performance, it is also important to note the standard deviation of the returns. The lower the standard deviation, the less volatility the fund experiences. PRWAX's standard deviation over the past three years is 12.23% compared to the category average of 12.53%. Over the past 5 years, the standard deviation of the fund is 15.05% compared to the category average of 14.61%. This makes the fund more volatile than its peers over the past half-decade.

Risk Factors

Investors should note that the fund has a 5-year beta of 0.96, so it is likely going to be less volatile than the market at large. Alpha is an additional metric to take into consideration, since it represents a portfolio's performance on a risk-adjusted basis relative to a benchmark, which in this case, is the S&P 500. With a negative alpha of -3.24, managers in this portfolio find it difficult to pick securities that generate better-than-benchmark returns.

Holdings

Investigating the equity holdings of a mutual fund is also a valuable exercise. This can show us how the manager is applying their stated methodology, as well as if there are any inherent biases in their approach. For this particular fund, the focus is principally on equities that are traded in the United States.

Right now, 77.35% of this mutual fund's holdings are stocks, with an average market capitalization of $500.90 billion. The fund has the heaviest exposure to the following market sectors:

• Technology
• Finance
• Industrial Cyclical

This fund's turnover is about 84.8%, so the fund managers are making more trades in a given year than the average of comparable funds.

Expenses

Costs are increasingly important for mutual fund investing, and particularly as competition heats up in this market. And all things being equal, a lower cost product will outperform its otherwise identical counterpart, so taking a closer look at these metrics is key for investors. In terms of fees, PRWAX is a no load fund. It has an expense ratio of 0.81% compared to the category average of 0.94%. Looking at the fund from a cost perspective, PRWAX is actually cheaper than its peers.

While the minimum initial investment for the product is $2,500, investors should also note that each subsequent investment needs to be at least $100.

Fees charged by investment advisors have not been taken into consideration. Returns would be less if those were included.

Bottom Line

Overall, T. Rowe Price All-Cap Opportunities Fund ( PRWAX ) has a low Zacks Mutual Fund rank, and in conjunction with its comparatively similar performance, average downside risk, and lower fees, T. Rowe Price All-Cap Opportunities Fund ( PRWAX ) looks like a somewhat weak choice for investors right now.

For additional information on the Large Cap Growth area of the mutual fund world, make sure to check out www.zacks.com/funds/mutual-funds. There, you can see more about the ranking process, and dive even deeper into PRWAX too for additional information. If you are more of a stock investor, make sure to also check out our Zacks Rank, and our full suite of tools we have available for novice and professional investors alike.