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The article was published in the March 2021 issue of Morningstar FundInvestor. Download a complimentary copy of FundInvestor by visiting the website. In January, T. Rowe Price announced that manager Larry Puglia will retire from T. Rowe Price Blue Chip Growth (TRBCX) after a great run dating to 1993. After the announcement, we maintained our Above Average People and Process ratings and a Morningstar Analyst Rating of Silver. No, we weren’t downplaying Puglia’s role or skill. Rather, we saw this coming and were comfortable with the situation. T. Rowe Price generally maps out manager transitions over a two-year period, so the new manager has time to get up to speed and investors have time to research the change. ....