T. Rowe Price QM U.S. Small-Cap Growth Equity Fund - I Class (TQAIX)
Ticker Symbol:
TQAIX
Fund Status:
Open to new Retail investors  /  Open to subsequent Retail investments
Minimum initial investment $1,000,000, certain exceptions may apply.
Minimum waived for I Classes offered through Workplace Retirement plans.
Fund Objective
Quick Stats
Fiscal Year End  December
Morningstar Category  Small Growth
Inception Date 03/23/2016
Tax ID 52-2044216
Investment Objective
The fund seeks long-term growth of capital by investing primarily in common stocks of small growth companies.
Strategy
The fund will normally invest at least 80% of net assets (including any borrowings for investment purposes) in equity securities issued by small-cap U.S. growth companies. The fund seeks to invest in a broadly diversified portfolio of securities and the top 25 holdings will not, under normal circumstances, constitute more than 50% of the fund's total assets. This broad diversification helps to minimize the effects of individual security selection on fund performance. The fund employs quantitative models developed by T. Rowe Price to help identify stocks that could be included in the portfolio. Based on these models and fundamental research, the portfolio is typically constructed in a bottomup manner which takes into consideration various stock characteristics, such as projected earnings and sales growth rates, valuation, capital allocation, and earnings quality. We also consider portfolio risk characteristics in the process of portfolio construction. Sector allocations are generally in line with those of the MSCI US Small Cap Growth Index, with occasional small overweights or underweights to a particular sector. As a result, the fund may at times invest significantly in technology stocks similar to the index. In building the investment models and adjusting them as needed, the fund draws on T. Rowe Price's experience in small-cap growth investing --quantitative and fundamental research, portfolio strategy, and trading.
Risk Potential**
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Small companies may offer greater opportunity for capital appreciation than larger, more established companies. Also, the fund's broad diversification may make it less volatile than small-cap growth funds that have more concentrated portfolios. In addition, portfolio turnover should be lower than in the average small-cap fund, which may reduce the investor's potential capital gains tax exposure.

The fund's share price can fall because of weakness in the broad market, a particular industry, or specific holdings. Investing in small companies involved greater risk than is customarily associated with larger companies. In addition, growth stocks can have steep price declines if their earnings disappoint investor's. Finally, the fund's investment approach could fall out of favor with the investing public, resulting in lagging performance versus other types of stock funds.
**This chart displays relative risk of each U.S. mutual fund listed using standard deviation of returns. Those values are provided in the bars at the top of the chart.

Methodology: We evaluate the standard deviation and its resulting placement within a specific risk/return category on an annual basis. A fund is generally placed in a risk/return category based on the 10-year standard deviation of its performance. If a fund is less than 10 years old, the actual fund performance history is supplemented with the primary prospectus benchmark history to obtain a full 10-year history, or longest time period available up to 10 years. For an Asset Allocation fund with less than 10 years of performance history, sub-strategy returns are used. When a sub-strategy is less than 10 years old, the actual sub-strategy performance history is supplemented with benchmark history to obtain a full 10-year history, or longest time period available up to 10 years.

Risk return categories overlap; a fund with a standard deviation in the overlap between two categories, denoted by a plus (+), is placed so that its risk categorization is better aligned with anticipated return characteristics an investor may experience going forward at the discretion of T Rowe Price.

When a fund has a cash-like benchmark, denoted by a double plus (++), its standard deviation is estimated using only available fund returns. If the fund is less than 10 years old, benchmark returns are not used to obtain a full 10-year history because they would artificially suppress the volatility estimate.

All investments are subject to market risk, including the possible loss of principal. Standard deviation of returns, a measure of price volatility, is one measure of risk. Please consult the funds' prospectuses for a more complete discussion of the funds' risks.
See Glossary for additional details on all data elements.