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T. Rowe Price Capital Appreciation Annual Report PRWCX/TRAIX

Roy
in Fund Discussions
Link to the annual report.

https://prospectus-express.broadridge.com/summary.asp?doctype=ann&clientid=trowepll&fundid=77954M105

Giroux discusses AI and utilities.

Sees value in:

1) GARP stocks.
2) Utilities
3) High quality high yield and loans.
4) Software.
5) Healthcare.
6) Energy. (Unusual for the fund)

Does not see value in:

1) Growth & tech that does not benefit from AI.
2) Staples. He REALLY dislikes staples.

Comments

  • WABACWABAC
    re 2) I guess he isn't owning the Berkshire, and other, utilities that are being sued.
  • Sven
    Thank you. Good read. Giruox wrote more on this than previous annual report.

    Not sure why he called his portfolio “garpy” when many of them are growth stocks including Microsoft, Amazon, NVIDA, Apple (reduced now) and Amazon. Sure he also invests in healthcare and utility sectors.

    Hope his statement on AI is appropriate.
  • MikeMMikeM
    Not sure why he called his portfolio “garpy”
    @Sven, I think he made the case very well that most of those companies (Microsoft, NVIDA, Amazon) are growth-at-a-reasonable-price given they will lead the way for AI in coming years. Sounds "garpy" to me.

    Great read. Thanks @Roy.
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