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T. Rowe Price Mid-Cap Value Fund reopens to new investors

TheShadowTheShadow
in Fund Discussions
https://www.sec.gov/Archives/edgar/data/1012678/000174177320000799/c497.htm

497 1 c497.htm

T. Rowe Price Mid-Cap Value Fund
Supplement to Prospectus Dated May 1, 2020

Effective June 5, 2020, the T. Rowe Price Mid-Cap Value Fund will resume accepting new accounts and purchases from most investors who invest directly with T. Rowe Price.

Accordingly, effective June 5, 2020, the first sentence under “Purchase and Sale of Fund Shares” in Section 1, and the first four paragraphs under “More Information About the Fund and Its Investment Risks” in Section 3, are deleted in their entirety from the prospectus.

Financial intermediaries and other institutional clients should contact T. Rowe Price Financial Institution Services or their relationship manager to determine eligibility to open new accounts and purchase shares of the fund.

The date of this supplement is May 5, 2020.

F115-041 5/5/20

Comments

  • msf
    edited May 2020
    M* analysis dated March 30, 2020: "Despite its burgeoning asset base of over $19 billion as of December 2019, the portfolio’s characteristics have not strayed. The fund closed to new investors at $9 billion in assets in May 2010, so it’s unlikely to reopen anytime soon."

    I count $13B from four share classes as of Dec 2019 from the Annual Report ($9B in TRMCX, $3B in TRMIX, and a couple of classes with small amounts). So I'm not sure how accurate the $19B figure is. According to M*, the fund is now back down to $9.8B.

    So it's curious that M* wrote just one month ago that the fund was unlikely to open soon.
  • LewisBraham
    Mid-cap value is an interesting space right now as it's reasonably priced and the companies are larger and more resilient than small-caps. I think NMAVX and JNVSX are good options.
  • TheShadowTheShadow
    edited May 2020
    The May 1 prospectus reflects the total assets that you calculated. I was not able to find anything on T Rowe's website concerning the reopening Mid-Cap Value fund reopening, but it may be posted there tomorrow or the next day.

    https://www.sec.gov/Archives/edgar/data/1012678/000174177320000690/c485bpos.htm


    I wonder whether the Mid-Cap Growth fund will re-open next?
  • msf
    TRMCX is now open. A spot check suggests that it remains closed at most brokerages.

    Closed: Fidelity, Schwab, TD Ameritrade, Vanguard
    Open: Merrill Edge (according to its website)

    Here's TRP's page showing funds that are closed, and funds that while open may be closed at brokerages. RPMGX is still on the former (closed) list, while TRMCX has moved to the restricted (closed at brokerages) list.

    https://www.troweprice.com/financial-intermediary/us/en/investments/capacity-constrained-funds.html
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