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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. ....
Editor’s note:Read the latest on how the coronavirus is rattling the markets and what investors can do to navigate it. U.S. equity markets kept climbing in 2020’s fourth quarter, making for a strong close to a crazy year. The passage of a second coronavirus relief bill and rollout of COVID-19 vaccines strengthened expectations in a swift bounceback from the pandemic, boosting the S&P 500 index to 33 all-time highs. It ended the year at a record 3,756, up 12.2% in the final quarter and nearly 20% for the year. From the index’s March low, it gained 65.2%. Growth funds across the market-cap spectrum posted the biggest gains, while value continued to underperform. ....