TROW · News · 20260808N

ETF Portfolio Positioning

PRICE T ROWE GROUP INC · 2026-08-08 · Importance 23 · Surprise 24

The T. Rowe Price Capital Appreciation Equity ETF (TCAF), launched in June 2023, has underperformed market indices amid a performance slump for manager David Giroux. The portfolio team is trimming technology exposure and increasing biotech holdings while continuing to target companies with higher earnings growth at reasonable valuations. The strategy is positioned as a lower-risk approach than the overall market, despite its recent shortfall.

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