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Form N-CSR T. Rowe Price Equity For: Dec 31

February 22, 2024 10:27 AM EST

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-07639

T. Rowe Price Equity Funds, Inc.

 

(Exact name of registrant as specified in charter)

100 East Pratt Street, Baltimore, MD 21202

 

(Address of principal executive offices)

David Oestreicher

100 East Pratt Street, Baltimore, MD 21202

 

(Name and address of agent for service)

Registrant’s telephone number, including area code: (410) 345-2000

Date of fiscal year end: December 31 

Date of reporting period: December 31, 2023


Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1


Annual
REPORT
December
31,
2023
Institutional
Large-Cap
Core
Growth
Fund
T.
ROWE
PRICE
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
Highlights
and
Market
Commentary
Management’s
Discussion
of
Fund
Performance
Performance
and
Expenses
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
T.
ROWE
PRICE
Institutional
Large-Cap
Core
Growth
Fund
HIGHLIGHTS
The
Institutional
Large-Cap
Core
Growth
Fund
generated
a
positive
absolute
return
in
the
12-month
period
ended
December
31,
2023.
The
fund
outperformed
its
benchmark,
the
S&P
500
Index,
and
also
outpaced
the
style-specific
Russell
1000
Growth
Index.
The
fund
also
outperformed
its
peer
group,
the
Lipper
Large-Cap
Growth
Funds
Index.
Major
U.S.
stock
indexes
produced
strong
gains
in
2023,
as
the
equity
market
rebounded
from
poor
performance
in
2022.
Thanks
in
part
to
generally
favorable
corporate
earnings,
a
resilient
economy,
and
increased
investor
interest
in
artificial
intelligence,
equities
climbed
the
proverbial
wall
of
worry,
led
by
a
relatively
small
group
of
high-growth,
technology-oriented
mega-cap
companies.
The
fund’s
top
sector
allocations
are
in
information
technology,
communication
services,
and
consumer
discretionary.
Given
the
equity
market’s
impressive
performance
in
2023,
aided
in
large
part
by
multiple
expansion,
returns
in
the
coming
year
may
be
more
subdued.
An
additional
move
higher
will
likely
hinge
on
the
ability
of
companies
to
demonstrate
meaningful
earnings
and
free
cash
flow
growth,
an
environment
that
we
believe
would
be
suitable
to
our
focus
on
fundamental
research
and
active,
bottom-up
stock
selection.
Log
in
to
your
account
at
troweprice.com
for
more
information.
*
An
account
service
fee
will
be
charged
annually
for
each
T.
Rowe
Price
mutual
fund
account
unless
you
meet
criteria
for
a
fee
waiver.
Go
to
troweprice.
com/personal-investing/help/fees-and-minimums.html
to
learn
more
about
this
account
service
fee,
including
other
ways
to
waive
it.
T.
ROWE
PRICE
Institutional
Large-Cap
Core
Growth
Fund
Market
Commentary
1
Dear
Investor
Global
stock
and
bond
indexes
were
broadly
positive
during
2023
as
most
economies
managed
to
avoid
the
recession
that
was
widely
predicted
at
the
start
of
the
year.
Technology
companies
benefited
from
investor
enthusiasm
for
artificial
intelligence
developments
and
led
the
equity
rally,
while
fixed
income
benchmarks
rebounded
late
in
the
year
amid
falling
interest
rates.
For
the
12-month
period,
the
technology-oriented
Nasdaq
Composite
Index
rose
about
43%,
reaching
a
record
high
and
producing
the
strongest
result
of
the
major
benchmarks.
Growth
stocks
outperformed
value
shares,
and
developed
market
stocks
generally
outpaced
their
emerging
markets
counterparts.
Currency
movements
were
mixed
over
the
period,
although
a
weaker
dollar
versus
major
European
currencies
was
beneficial
for
U.S.
investors
in
European
securities.
Within
the
S&P
500
Index,
which
finished
the
year
just
short
of
the
record
level
it
reached
in
early
2022,
the
information
technology,
communication
services,
and
consumer
discretionary
sectors
were
all
lifted
by
the
tech
rally
and
recorded
significant
gains.
A
small
group
of
tech-oriented
mega-cap
companies
helped
drive
much
of
the
market’s
advance.
Conversely,
the
defensive
utilities
sector
had
the
weakest
returns
in
the
growth-focused
environment,
and
the
energy
sector
also
lost
ground
amid
declining
oil
prices.
The
financials
sector
bounced
back
from
the
failure
of
three
large
regional
banks
in
the
spring
and
was
one
of
the
top-
performing
segments
in
the
second
half
of
the
year.
The
U.S.
economy
was
the
strongest
among
the
major
markets
during
the
period,
with
gross
domestic
product
growth
coming
in
at
4.9%
in
the
third
quarter,
the
highest
since
the
end
of
2021.
Corporate
fundamentals
were
also
broadly
supportive.
Year-over-year
earnings
growth
contracted
in
the
first
and
second
quarters
of
2023,
but
results
were
better
than
expected,
and
earnings
growth
turned
positive
again
in
the
third
quarter.
Markets
remained
resilient
despite
a
debt
ceiling
standoff
in
the
U.S.,
the
outbreak
of
war
in
the
Middle
East,
the
continuing
conflict
between
Russia
and
Ukraine,
and
a
sluggish
economic
recovery
in
China.
Inflation
remained
a
concern,
but
investors
were
encouraged
by
the
slowing
pace
of
price
increases
as
well
as
the
possibility
that
the
Federal
Reserve
was
nearing
the
end
of
its
rate-hiking
cycle.
The
Fed
held
rates
steady
after
raising
its
short-term
lending
benchmark
rate
to
a
target
range
of
5.25%
to
5.50%
in
July,
the
highest
level
since
March
2001,
and
at
its
final
meeting
of
the
year
in
December,
the
central
bank
indicated
that
there
could
be
three
25-basis-point
rate
cuts
in
2024.
The
yield
of
the
benchmark
10-year
U.S.
Treasury
note
briefly
reached
5.00%
in
October
for
the
first
time
since
late
2007
before
falling
back
to
3.88%
by
period-end,
the
same
level
where
it
started
the
year,
amid
cooler-than-expected
inflation
readings
and
less-hawkish
Fed
rhetoric.
Fixed
income
benchmarks
were
lifted
late
in
the
year
by
falling
yields.
Investment-grade
and
high
yield
corporate
bonds
produced
solid
returns,
supported
by
the
higher
coupons
that
have
become
available
over
the
past
year,
as
well
as
increasing
hopes
that
the
economy
might
be
able
to
avoid
a
recession.
Global
economies
and
markets
showed
surprising
resilience
in
2023,
but
considerable
uncertainty
remains
as
we
look
ahead.
Geopolitical
events,
the
path
of
monetary
policy,
and
the
impact
of
the
Fed’s
rate
hikes
on
the
economy
all
raise
the
potential
for
additional
volatility.
We
believe
this
environment
makes
skilled
active
management
a
critical
tool
for
identifying
risks
and
opportunities,
and
our
investment
teams
will
continue
to
use
fundamental
research
to
help
identify
securities
that
can
add
value
to
your
portfolio
over
the
long
term.
Thank
you
for
your
continued
confidence
in
T.
Rowe
Price.
Sincerely, 
Robert
Sharps
CEO
and
President
T.
ROWE
PRICE
Institutional
Large-Cap
Core
Growth
Fund
Management’s
Discussion
of
Fund
Performance
2
INVESTMENT
OBJECTIVE 
The
fund
seeks
to
provide
long-term
capital
growth
through
investments
in
the
common
stocks
of
large-cap
growth
companies.
FUND
COMMENTARY
How
did
the
fund
perform
in
the
past
12
months?
The
Institutional
Large-Cap
Core
Growth
Fund
returned
49.60%
in
the
12-month
period
ended
December
31,
2023.
The
fund
outperformed
its
benchmark,
the
S&P
500
Index,
and
also
outpaced
the
style-specific
Russell
1000
Growth
Index.
The
fund
also
outperformed
its
peer
group,
the
Lipper
Large-Cap
Growth
Funds
Index.
(Past
performance
cannot
guarantee
future
results.
Investors
should
note
that
the
short-
term
performance
for
the
fund
is
highly
unusual
and
unlikely
to
be
sustained.)
What
factors
influenced
the
fund’s
performance?
Major
U.S.
stock
indexes
produced
strong
gains
in
2023,
as
the
equity
market
rebounded
from
poor
performance
in
2022.
Thanks
in
part
to
generally
favorable
corporate
earnings,
a
resilient
economy,
and
increased
investor
interest
in
artificial
intelligence
(AI),
equities
climbed
the
proverbial
wall
of
worry,
led
by
a
relatively
small
group
of
high-growth,
technology-
oriented
mega-cap
companies.
While
many
of
our
highest-
conviction
investments
were
top
performers,
a
handful
of
our
more
idiosyncratic
ideas
also
provided
important
contributions.
The
information
technology
sector
led
the
way
during
the
year,
contributing
the
most
to
relative
returns.
A
burgeoning
secular
growth
theme
in
the
form
of
AI
provided
significant
support
for
the
group,
particularly
benefiting
names
in
the
software
and
semiconductors
industries.
Our
stake
in
NVIDIA
was
a
bright
spot
for
the
fund.
Shares
traded
higher
in
a
sharp
move
following
improved
visibility
around
future
demand
for
advanced
graphics
processing
units
(GPUs)
that
are
critical
for
the
buildout
of
AI
infrastructure.
NVIDIA’s
dominant
position
in
state-of-the-art
GPUs,
combined
with
its
embedded
software,
has
created
an
expanding
moat
behind
which
the
chipmaker
should
be
able
to
continue
to
innovate
and
grow
earnings.
Microsoft,
which
represents
the
fund’s
largest
position,
also
outperformed
during
the
year.
The
market
responded
positively
to
reacceleration
in
the
company’s
cloud
business
as
headwinds
from
information
technology
(IT)
spending
constraints
began
to
fade.
AI
tailwinds
also
provided
a
boost
for
the
stock;
Microsoft’s
investments
in
the
space
began
to
produce
tangible
gains,
with
contributions
from
AI
services
starting
to
move
the
needle
on
Azure
growth.
Our
position
in
ServiceNow
further
assisted
performance
as
the
company
presented
strong
execution
amid
a
difficult
IT
spending
environment
and
gained
early
traction
with
newly
launched
generative
AI-driven
solutions.
(Please
refer
to
the
portfolio
of
investments
for
a
complete
list
of
holdings
and
the
amount
each
represents
in
the
portfolio.)
The
fund’s
second-largest
sector
allocation
is
in
communication
services,
where
a
handful
of
names
in
digital
advertising
bounced
back
following
disappointing
performances
in
2022.
Shares
of
social
media
giant
Meta
Platforms
surged
over
the
past
12
months,
driven
by
(1)
the
company’s
continued
focus
on
cost
discipline,
(2)
a
rebound
in
digital
ad
spending,
and
(3)
improving
monetization
trends
within
short-form
video.
Alphabet
also
added
value
as
shares
were
driven
higher
by
a
reacceleration
in
advertising
spending
for
both
its
search
and
YouTube
segments,
encouraging
engagement
and
monetization
signals
from
AI
efforts,
and
some
modest
improvement
on
cost
control
efforts.
Robust
consumer
spending
guided
the
consumer
discretionary
sector
higher.
Shares
of
Amazon.com,
one
of
our
largest
holdings,
gained
due
to
improving
profitability
in
its
North
American
e-commerce
segment
and
better-than-expected
results
from
Amazon
Web
Services
as
cloud
optimization
headwinds
began
to
abate.
Our
exposure
to
Tesla
also
assisted.
Shares
of
the
electric
vehicle
manufacturer
outperformed
in
the
first
half
of
the
year,
recovering
ground
early
in
the
period
after
management
assuaged
concerns
about
the
low
end
of
margin
structures
following
price
cuts
and
reaffirmed
strong
levels
of
demand.
The
stock
also
received
a
boost
from
a
wave
of
positive
sentiment
around
AI
and
speculation
that
the
company
would
be
a
significant
AI
beneficiary.
While
our
favorable
positioning
in
a
narrow
group
of
market-
leading
names
was
a
notable
source
of
strength
for
the
fund,
we
were
also
rewarded
for
being
right
on
some
high-
conviction
ideas
within
health
care,
where
our
investment
theses
played
out
nicely.
Shares
of
Eli
Lilly
traded
significantly
higher,
buoyed
by
impressive
sales
across
its
product
portfolio;
better-than-expected
clinical
data
for
its
developmental
Alzheimer’s
drug;
and
surging
attention
and
optimism
around
the
GLP-1
agonist
drug
class,
which
several
of
Lilly’s
most
significant
diabetes
and
weight
loss
treatments
belong
to.
Our
position
in
Intuitive
Surgical
also
contributed.
Despite
facing
some
concerns
that
GLP-1
drugs
may
have
a
negative
impact
on
its
bariatrics
business,
the
stock
finished
the
year
higher,
driven
by
better-than-anticipated
procedure
growth—the
engine
of
the
robot-assisted
surgery
company’s
business
model.
PERFORMANCE
COMPARISON
Total
Return
Periods
Ended
12/31/23
6
Months
12
Months
Institutional
Large-Cap
Core
Growth
Fund
10.74‌%
49.60‌%
S&P
500
Index
8.04‌
26.29‌
Russell
1000
Growth
Index
10.59‌
42.68‌
Lipper
Large-Cap
Growth
Funds
Index
10.64‌
42.03‌
T.
ROWE
PRICE
Institutional
Large-Cap
Core
Growth
Fund
3
No
subsectors
hurt
relative
performance
during
the
period.
However,
from
an
absolute
perspective,
Dollar
General
and
Charles
Schwab,
a
discount
retailer
and
a
leading
wealth
management
platform,
respectively,
were
two
of
the
largest
detractors
from
the
fund’s
performance.
How
is
the
fund
positioned?
We
are
largely
satisfied
with
the
positioning
of
the
fund.
During
the
year,
fundamentally
driven
selling
was
limited,
and
we
trimmed
a
handful
of
our
best-performing
ideas
on
strength
in
order
to
maintain
our
desired
position
size.
Purchasing
activity
was
also
finite,
but
in
an
effort
to
cast
a
wider
net
across
sectors
and
add
some
defensive
exposure
on
the
margins,
we
identified
a
few
opportunities
within
consumer
staples,
energy,
and
utilities
that
meet
our
earnings
growth
criteria.
Information
technology
continues
to
be
our
largest
sector
allocation,
where
powerful
secular
growth
themes
such
as
cloud
computing
and
generative
AI
represent
massive
profit
opportunities;
however,
the
sector
was
a
significant
source
of
sales
in
2023.
We
sold
shares
of
Microsoft
on
strength.
We
maintain
a
positive
view
of
the
company
as
Microsoft’s
broad-
based
success
in
cloud
computing
with
Office
365
and
Azure,
along
with
its
early
leadership
in
AI,
have
made
it
a
singularly
advantaged
and
valuable
enterprise
technology
business
that
we
believe
will
be
able
to
deliver
above-average
growth
over
the
long
term.
We
also
sold
shares
of
a
handful
of
semiconductors
and
semiconductor
equipment
names
that
benefited
from
a
groundswell
of
enthusiasm
around
AI,
sparked
by
recent
advancements
in
the
technology,
including
NVIDIA,
Advanced
Micro
Devices,
ASML
Holding,
and
Marvell
Technology—which
we
eliminated
late
in
the
year.
We
were
also
net
sellers
in
communication
services,
mainly
driven
by
Alphabet,
which
we
trimmed
into
strength;
however,
the
internet
search
giant
remains
a
top-five
holding
in
the
fund.
With
dominant
positions
across
everyday
use
internet
utilities,
combined
with
world-class
computing
infrastructure
and
talent,
Alphabet
remains
well
positioned
to
extract
value
from
the
economy
as
the
world
becomes
more
digital.
Furthermore,
we
believe
the
company
stands
to
benefit
as
it
productizes
its
considerable
AI
research
into
practical,
market-
leading
services
across
its
user
base.
On
the
other
hand,
we
were
able
to
identify
a
few
opportunities
within
the
utilities
and
consumer
staples
sectors
that
meet
our
earnings
growth
criteria.
During
the
period,
we
initiated
a
position
in
Constellation
Energy,
which
is
the
United
States’
largest
producer
of
clean,
carbon-free
energy,
as
well
as
a
leader
in
nuclear
power
and
a
predominant
supplier
of
energy
products
and
services
to
homes,
businesses,
and
the
public
sector.
We
believe
Constellation
will
likely
benefit
from
margin
expansion
given
our
expectations
that
overall
energy
prices
are
likely
to
rise,
while
the
input
costs
for
nuclear
remain
unchanged.
We
also
initiated
a
stake
in
Mondelez
International,
a
leading
manufacturer
of
snacks,
which
is
well
managed
and
is
undergoing
a
portfolio
transformation
that
should
boost
sales
growth
and
profitability.
Similarly,
within
the
energy
sector
we
initiated
a
position
in
Schlumberger—a
global
leader
in
oil
field
services
with
a
revenue
mix
that
primarily
skews
international.
We
bought
shares
of
the
company,
which
is
widely
regarded
as
the
technology
leader
in
oil
field
services,
as
we
expect
Schlumberger
to
be
a
primary
beneficiary
of
the
international
and
offshore
capital
expenditure
upcycle.
SECTOR
DIVERSIFICATION
Percent
of
Net
Assets
6/30/23
12/31/23
Information
Technology
43.2‌%
41.3‌%
Communication
Services
15.1‌ 
15.5‌ 
Consumer
Discretionary
14.5‌ 
14.8‌ 
Health
Care
12.6‌ 
12.2‌ 
Financials
10.2‌ 
9.7‌ 
Industrials
and
Business
Services
2.1‌ 
2.2‌ 
Consumer
Staples
0.6‌ 
1.4‌ 
Materials
1.0‌ 
0.9‌ 
Utilities
0.2‌ 
0.5‌ 
Energy
0.0‌ 
0.3‌ 
Real
Estate
0.0‌ 
0.0‌ 
Other
and
Reserves
0.5‌ 
1.2‌ 
Total
100.0‌%
100.0‌%
Historical
weightings
reflect
current
industry/sector
classifications.
T.
ROWE
PRICE
Institutional
Large-Cap
Core
Growth
Fund
4
What
is
portfolio
management’s
outlook?
Continued
trends
in
disinflation,
alongside
a
handful
of
benign
jobs
reports,
have
widened
the
runway
for
a
soft
landing.
The
Federal
Reserve’s
dovish
pivot—and
implied
rate
cut
cadence—has
encouraged
risk-on
behavior
as
the
probability
of
a
recession
continues
to
decline.
We
believe
equity
returns
are
likely
to
be
more
subdued
in
2024;
an
additional
move
higher
will
likely
hinge
on
the
ability
of
companies
to
demonstrate
meaningful
earnings
and
free
cash
flow
growth
following
the
significant
move
up
in
the
last
12
months,
which
was
aided
in
large
part
by
multiple
expansion.
From
a
positioning
standpoint,
we
continue
to
refrain
from
taking
a
pronounced
stance
on
macroeconomic
implications,
and
instead,
we
are
aiming
for
a
balanced
approach
of
offensive
ideas
that
can
thrive
if
the
skies
continue
to
clear,
as
well
as
defensive
positions
that
can
provide
downside
support.
Similarly,
predicting
election
outcomes
and
subsequent
market
impacts
is
not
an
area
of
focus
at
this
stage;
however,
as
political
agendas
come
into
focus
and
the
balance
of
political
power
crystalizes,
actionable
idiosyncratic
investment
opportunities
may
present
themselves.
The
views
expressed
reflect
the
opinions
of
T.
Rowe
Price
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic,
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
T.
ROWE
PRICE
Institutional
Large-Cap
Core
Growth
Fund
5
RISKS
OF
INVESTING
IN
THE
FUND
RISKS
OF
STOCK
INVESTING
The
fund’s
share
price
can
fall
because
of
weakness
in
the
stock
markets,
a
particular
industry,
or
specific
holdings.
Stock
markets
can
decline
for
many
reasons,
including
adverse
political
or
economic
developments,
changes
in
investor
psychology,
or
heavy
institutional
selling.
The
prospects
for
an
industry
or
company
may
deteriorate
because
of
a
variety
of
factors,
including
disappointing
earnings
or
changes
in
the
competitive
environment.
In
addition,
the
investment
manager’s
assessment
of
companies
held
in
a
fund
may
prove
incorrect,
resulting
in
losses
or
poor
performance
even
in
rising
markets.
RISKS
OF
GROWTH
INVESTING
Growth
stocks
tend
to
be
more
volatile
than
other
types
of
stocks,
and
their
prices
may
fluctuate
more
dramatically
than
the
overall
stock
markets.
Growth
stocks
are
typically
priced
higher
than
other
stocks
because
investors
believe
they
have
more
growth
potential,
which
may
or
may
not
be
realized.
Since
these
companies
usually
invest
a
high
portion
of
earnings
in
their
businesses,
they
may
lack
the
dividends
that
can
cushion
stock
prices
in
a
falling
market.
In
addition,
earnings
disappointments
often
lead
to
sharply
falling
prices
for
growth
stocks.
BENCHMARK
INFORMATION
Note:
Portions
of
the
mutual
fund
information
contained
in
this
report
was
supplied
by
Lipper,
a
Refinitiv
Company,
subject
to
the
following:
Copyright
2024
©
Refinitiv.
All
rights
reserved.
Any
copying,
republication
or
redistribution
of
Lipper
content
is
expressly
prohibited
without
the
prior
written
consent
of
Lipper.
Lipper
shall
not
be
liable
for
any
errors
or
delays
in
the
content,
or
for
any
actions
taken
in
reliance
thereon.
Note:
London
Stock
Exchange
Group
plc
and
its
group
undertakings
(collectively,
the
“LSE
Group”).
©
LSE
Group
2024.
FTSE
Russell
is
a
trading
name
of
certain
of
the
LSE
Group
companies.  “Russell
®
” is/are
a
trademark(s)
of
the
relevant
LSE
Group
companies
and
is/are
used
by
any
other
LSE
Group
company
under
license.
All
rights
in
the
FTSE
Russell
indexes
or
data
vest
in
the
relevant
LSE
Group
company
which
owns
the
index
or
the
data.
Neither
LSE
Group
nor
its
licensors
accept
any
liability
for
any
errors
or
omissions
in
the
indexes
or
data
and
no
party
may
rely
on
any
indexes
or
data
contained
in
this
communication.
No
further
distribution
of
data
from
the
LSE
Group
is
permitted
without
the
relevant
LSE
Group
company’s
express
written
consent.
The
LSE
Group
does
not
promote,
sponsor
or
endorse
the
content
of
this
communication.
The
LSE
Group
is
not
responsible
for
the
formatting
or
configuration
of
this
material
or
for
any
inaccuracy
in
T.
Rowe
Price’s
presentation
thereof.
Note:
The
S&P
500
Index
is
a
product
of
S&P
Dow
Jones
Indices
LLC,
a
division
of
S&P
Global,
or
its
affiliates
(“SPDJI”)
and
has
been
licensed
for
use
by
T.
Rowe
Price.
Standard
&  Poor’s
®
and
S&P
®
 are
registered
trademarks of
Standard
&
Poor’s
Financial
Services
LLC,
a
division
of
S&P
Global (“S&P”);
Dow
Jones
®
is
a
registered
trademark
of
Dow
Jones
Trademark
Holdings
LLC
(“Dow
Jones”);
T.
Rowe
Price
is
not
sponsored,
endorsed,
sold
or
promoted
by
SPDJI,
Dow
Jones,
S&P,
or
their
respective
affiliates,
and
none
of
such
parties
make
any
representation
regarding
the
advisability
of
investing
in
such
product(s)
nor
do
they
have
any
liability
for
any
errors,
omissions,
or
interruptions
of
the
S&P
500
Index.
TWENTY-FIVE
LARGEST
HOLDINGS
Percent
of
Net
Assets
12/31/23
Microsoft
13.9‌%
Apple
10.0‌ 
Amazon.com
8.1‌ 
Alphabet
7.9‌ 
NVIDIA
6.2‌ 
Meta
Platforms
5.0‌ 
Visa
3.2‌ 
UnitedHealth
Group
3.2‌ 
Eli
Lilly
2.9‌ 
Mastercard
2.6‌ 
Tesla
2.5‌ 
ServiceNow
2.4‌ 
Intuitive
Surgical
1.5‌ 
Netflix
1.5‌ 
Synopsys
1.2‌ 
Intuit
1.2‌ 
Thermo
Fisher
Scientific
1.2‌ 
ASML
Holding
1.1‌ 
Chubb
1.0‌ 
T-Mobile
U.S.
1.0‌ 
Chipotle
Mexican
Grill
0.9‌ 
Booking
Holdings
0.9‌ 
Roper
Technologies
0.7‌ 
Advanced
Micro
Devices
0.7‌ 
Shopify
0.6‌ 
Total
81.4‌%
Note:
The
information
shown
does
not
reflect
any
exchange-traded
funds
(ETFs),
cash
reserves,
or
collateral
for
securities
lending
that
may
be
held
in
the
portfolio.
T.
ROWE
PRICE
Institutional
Large-Cap
Core
Growth
Fund
6
GROWTH
OF
$1
MILLION 
This
chart
shows
the
value
of
a
hypothetical
$1
million
investment
in
the
fund
over
the
past
10
fiscal
year
periods
or
since
inception
(for funds
lacking
10-year
records).
The
result
is
compared
with
benchmarks,
which
include
a
broad-based
market
index
and
may
also
include
a
peer
group
average
or
index.
Market
indexes
do
not
include
expenses,
which
are
deducted
from
fund returns
as
well
as
mutual fund
averages
and
indexes.
INSTITUTIONAL
LARGE-CAP
CORE
GROWTH
FUND
AVERAGE
ANNUAL
COMPOUND
TOTAL
RETURN
EXPENSE
RATIO
FUND
EXPENSE
EXAMPLE
As
a
mutual
fund
shareholder,
you
may
incur
two
types
of
costs:
(1)
transaction
costs,
such
as
redemption
fees
or
sales
loads,
and
(2)
ongoing
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
fund
expenses.
The
following
example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
fund
and
to
compare
these
costs
with
the
ongoing
costs
of