PREFX Performance — T. Rowe Price Tax-Efficient Equity Fund
Data updated: 2026-07-28
PREFX returned +8.21% year to date and +24.93% over one year to May 2026. Annualised returns are +24.90% over 3 years and +12.79% over 5 years. The fund beat its US Large Growth category average: $100 invested three years ago grew to $195, against $187 for the category, and to $125 over one year, against $125. Volatility over the past three years was 16.40% a year. In the 12 months to May 2026 the fund lost a net $9.4M, and assets reached $1.54B.
PREFX Growth of $100
What $100 invested in T. Rowe Price Tax-Efficient Equity Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the US Large Growth category average over the same months.
| Period | PREFX | Category average |
|---|---|---|
| 1 year (Jun 2025 – May 2026) | $125 | $125 |
| 3 years (Jun 2023 – May 2026) | $195 | $187 |
| 5 years (Jun 2021 – May 2026) | $183 | $176 |
| Since data start (Sep 2019 – May 2026) | $283 | $274 |
PREFX Trailing Returns
Total returns to May 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +8.21% |
| 1 year | +24.93% |
| 3 years (annualised) | +24.90% |
| 5 years (annualised) | +12.79% |
PREFX Annual Returns
Calendar-year total returns of T. Rowe Price Tax-Efficient Equity Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–May) | +8.21% |
| 2025 | +16.31% |
| 2024 | +32.38% |
| 2023 | +36.97% |
| 2022 | −30.50% |
| 2021 | +22.23% |
| 2020 | +35.31% |
| 2019 (Sep–Dec) | +7.84% |
PREFX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | −1.1% | −3.1% | −5.5% | +12.2% | +6.6% | — | — | — | — | — | — | — |
| 2025 | +2.7% | −3.9% | −8.2% | +2.1% | +8.9% | +6.2% | +3.0% | +0.8% | +4.2% | +3.2% | −1.8% | −0.9% |
| 2024 | +3.2% | +7.3% | +1.9% | −4.4% | +5.7% | +6.2% | −1.6% | +2.5% | +2.5% | −0.1% | +6.8% | −0.8% |
| 2023 | +7.7% | −1.7% | +5.9% | +1.0% | +3.5% | +6.7% | +2.8% | −1.0% | −5.4% | −1.5% | +11.0% | +4.1% |
| 2022 | −10.5% | −4.0% | +2.7% | −12.2% | −2.2% | −7.7% | +12.1% | −4.6% | −9.4% | +5.6% | +5.1% | −7.4% |
| 2021 | −1.0% | +1.9% | −0.1% | +7.0% | −1.5% | +6.2% | +3.0% | +3.3% | −5.5% | +7.5% | −0.9% | +1.1% |
| 2020 | +1.8% | −6.5% | −13.0% | +15.4% | +8.5% | +3.7% | +7.1% | +8.0% | −3.7% | −2.0% | +10.7% | +4.2% |
| 2019 | — | — | — | — | — | — | — | — | −1.3% | +2.2% | +4.8% | +1.9% |
PREFX Risk
Risk measures from monthly returns over Jun 2023 – May 2026.
- 3-year volatility (annualised): 16.40%
- 3-year Sharpe ratio: 1.24 (vs 4.5% risk-free rate)
- Best month: +12.15% (Apr 2026)
- Worst month: −8.21% (Mar 2025)
PREFX Fund Flows
Monthly money in and out of T. Rowe Price Tax-Efficient Equity Fund, from SEC Form N-PORT.
- 12-month net flow: −$9.4M
- 12-month gross sales (incl. reinvestments): $266.1M
- Sales ÷ redemptions: 0.97×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| May 2026 | $3.5M | $5.4M | −$1.9M |
| Apr 2026 | $4.1M | $6.1M | −$2.0M |
| Mar 2026 | $8.5M | $8.2M | $316K |
| Feb 2026 | $8.1M | $10.3M | −$2.2M |
| Jan 2026 | $9.2M | $9.4M | −$201K |
| Dec 2025 | $73.7M | $70.7M | $3.1M |
| Nov 2025 | $12.1M | $15.4M | −$3.3M |
| Oct 2025 | $65.3M | $67.7M | −$2.3M |
| Sep 2025 | $6.5M | $5.8M | $696K |
| Aug 2025 | $10.8M | $9.1M | $1.8M |
| Jul 2025 | $58.2M | $59.9M | −$1.8M |
| Jun 2025 | $6.1M | $7.6M | −$1.5M |
PREFX Assets Under Management
Net assets of T. Rowe Price Tax-Efficient Equity Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-05-31 | $1.54B |
| 2026-02-28 | $1.37B |
| 2025-11-30 | $1.44B |
| 2025-08-31 | $1.37B |
| 2025-05-31 | $1.24B |
| 2025-02-28 | $1.23B |
| 2024-11-30 | $1.24B |
| 2024-08-31 | $1.14B |
| 2024-05-31 | $1.06B |
| 2024-02-29 | $1.03B |
| 2023-11-30 | $880.76M |
| 2023-08-31 | $852.66M |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.