Dec. 31, 2024 |
| T. Rowe Price Mid-Cap Growth Fund, Inc.
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| Mid-Cap Growth Fund
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Investment Objective(s)
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The fund seeks to provide
long-term capital appreciation by investing in mid-cap stocks with potential for above-average earnings
growth.
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| Fees and Expenses
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This table describes the fees and expenses that you may pay
if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges
when buying or selling shares of the fund, which are not reflected in the table or example below.
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| Shareholder
fees (fees paid directly from your investment)
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Shareholder Fees - T. Rowe Price Mid-Cap Growth Fund, Inc. - USD ($)
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Investor Class |
I Class |
Advisor Class |
R Class |
Z Class |
| Maximum account fee |
$ 20
|
[1] |
none
|
none
|
none
|
none
|
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| Annual
fund operating expenses (expenses that you pay each
year as a percentage of the value of your investment)
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|
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| Example
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| This example is intended to help you compare the cost of investing in the fund with the cost of investing
in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated
and then redeem all of your shares at the end of those periods, that your investment has a 5% return
each year, and that the fund’s operating expenses remain the same. The example also assumes that any
current expense limitation arrangement remains in place for the period noted in the previous table; therefore,
the figures have been adjusted to reflect fee waivers or expense reimbursements only in the periods for
which the expense limitation arrangement is expected
to continue. Although your actual costs may be higher or lower, based on these assumptions your costs
would be:
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Expense Example - T. Rowe Price Mid-Cap Growth Fund, Inc. - USD ($)
|
Investor Class |
I Class |
Advisor Class |
R Class |
Z Class |
| 1 Year |
$ 77
|
$ 64
|
$ 103
|
$ 131
|
none
|
| 3 Years |
240
|
202
|
322
|
409
|
none
|
| 5 Years |
417
|
351
|
558
|
708
|
none
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| 10 Years |
$ 930
|
$ 786
|
$ 1,236
|
$ 1,556
|
none
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| Portfolio Turnover
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Portfolio Turnover The fund pays transaction
costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A
higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when
the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund
operating expenses or in the example, affect the fund’s performance. During the most recent fiscal
year, the fund’s portfolio turnover rate was 22.6% of the average value of its portfolio.
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| Principal Investment Strategies
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The fund normally invests
at least 80% of its net assets (plus any borrowings for investment purposes) in a diversified portfolio
of common stocks of mid-cap companies whose earnings T. Rowe Price expects to grow at a faster rate
than the average company. Any derivatives that provide exposure to the investment focus suggested by
the fund’s name, or to one or more market risk factors associated with the investment focus suggested
by the fund’s name, are counted (as applicable) toward compliance with the fund’s 80% investment
policy. The
fund defines mid-cap companies as those whose market capitalization (number of shares outstanding multiplied
by share price) falls within the range of either the S&P MidCap 400® Index or the Russell
Midcap® Growth Index. As of December 31, 2024, the market capitalization ranges for
the S&P MidCap 400® Index and the Russell Midcap® Growth Index were approximately
$2.34 billion to $23.01 billion, and $0.93 billion to $164.92 billion, respectively. The market capitalization
of the companies in the indexes change over time and the indexes are periodically reconstituted to ensure
that they continue to accurately reflect the mid-cap equity market. The fund’s growth-oriented
approach to stock selection reflects the belief that when a company’s earnings grow faster than both
inflation and the overall economy, it will result in a higher stock price. In selecting investments,
the adviser generally favors companies with one or more of the following: · proven products or services; · a record of above-average earnings growth; · demonstrated
potential to sustain earnings growth; · connection
to an industry experiencing increasing demand; or · stock prices that appear to undervalue their growth prospects. The
fund may, to a limited extent, invest in privately held companies and companies that only recently began
to trade publicly. At times, the fund may have a significant portion of its assets invested in the
same economic sector.
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| Principal Risks
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Risk Table - T. Rowe Price Mid-Cap Growth Fund, Inc.
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Risk [Text Block] |
| Risk Lose Money [Member] |
The fund’s share price fluctuates, which means you could lose
money by investing in the fund.
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| Mid-cap stocks |
Mid-cap stocks: Investments in securities
issued by mid-cap companies are likely to be more volatile than investments in securities issued by large-cap
companies. Mid-cap companies may have less seasoned management, narrower product lines, and less capital
reserves and liquidity than large-cap companies, and are therefore more sensitive to economic, market,
and industry changes.
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| Growth investing |
Growth investing: The fund’s growth approach to investing could cause it
to underperform other stock funds that employ a different investment style. Growth stocks tend to be
more volatile than certain other types of stocks and their prices may fluctuate more dramatically than
the overall stock market. A stock with growth characteristics can have sharp price declines due to decreases
in current or expected earnings and may lack dividends that can help cushion its share price in a declining
market.
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| Stock investing |
Stock investing: Stocks generally fluctuate in value more than bonds and
may decline significantly over short time periods. There is a chance that stock prices overall will decline
because stock markets tend to move in cycles, with periods of rising and falling prices. The value of
stocks held by the fund may decline due to general weakness or volatility in the stock markets in which
the fund invests or because of factors that affect a particular company or industry.
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| Market conditions |
Market conditions:
The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors
affecting an issuer held by the fund, particular industries, or the overall securities markets. A variety
of factors can increase the volatility of the fund’s holdings and markets generally, including economic,
political, or regulatory developments, recessions, inflation, rapid interest rate changes, war, military
conflict, acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread
public health issues (such as the coronavirus pandemic) and related governmental and public responses
(including sanctions). Certain events may cause instability across global markets, including reduced
liquidity and disruptions in trading markets, while some events may affect certain geographic regions,
countries, sectors, and industries more significantly than others. Government intervention in markets
may impact interest rates, market volatility, and security pricing. These adverse developments
may cause broad declines in market value due to short-term market movements or for significantly longer
periods during more prolonged market downturns.
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| Sector exposure |
Sector exposure: Issuers in the same economic sector may
be similarly affected by economic or market events, making the fund more vulnerable to unfavorable developments
in that economic sector than funds that invest more broadly.
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| Private placements and IPOs |
Private placements and IPOs:
Investments in the stocks of privately held companies and in companies that only recently began to publicly
trade, such as initial public offerings or IPOs, involve greater risks than investments in stocks of
companies that have traded publicly on an exchange for extended time periods. There is significantly
less information available about these companies’ business models, quality of management, earnings
growth potential, and other criteria that are normally considered when evaluating the investment prospects
of a company. Private placements and other restricted securities held by the fund are typically considered
to be illiquid and tend to be difficult to value since there are no market prices and less overall financial
information available. The adviser evaluates a variety of factors when assigning a value to these holdings,
but the determination involves some degree of subjectivity and the value assigned for the fund may differ
from the value assigned by other mutual funds holding the same security.
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| Liquidity |
Liquidity: A
particular investment or an entire market segment may become less liquid or even illiquid, sometimes
abruptly, which could limit the fund’s ability to purchase or sell holdings in a timely manner at a
desired price. An inability to sell a portfolio holding can adversely affect the fund’s overall value
or prevent the fund from being able to take advantage of other investment opportunities. Liquidity risk
may be magnified during periods of substantial market volatility and unexpected episodes of illiquidity
may limit the fund’s ability to pay redemption proceeds without selling holdings at an unfavorable
time or at a suitable price. Large redemptions may also have a negative impact on the fund’s overall
liquidity.
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| Active management |
Active management: The fund’s overall investment program and holdings selected
by the fund’s investment adviser may underperform the broad markets, relevant indices, or other funds
with similar objectives and investment strategies.
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| Cybersecurity breaches |
Cybersecurity breaches: The fund could be
harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to
the fund’s assets, confidential information, or other proprietary information. In addition, a cybersecurity
breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized
data access, data corruption, or loss of operational functionality.
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|
| Performance
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The
following performance information provides some indication of the risks of investing in the fund. The
fund’s performance information represents only past performance (before and after taxes) and is not
necessarily an indication of future results. The following bar chart illustrates how much returns can differ
from year to year by showing calendar year returns and the best and worst calendar quarter returns during
those years for the fund’s Investor Class. Returns for other share classes vary since
they have different expenses.
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| Calendar Year Returns
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|
| | | | | | | | | | | | | Quarter Ended | Total Return | | | Quarter Ended | Total Return | | | | Best
Quarter | 6/30/20 | 27.81% | | Worst Quarter | 3/31/20 | -23.19% | |
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| Average
Annual Total Returns Periods
ended December 31, 2024
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The following table shows
the average annual total returns for each class of the fund that has been in operation for at least one
full calendar year. The fund’s performance information included in the table is compared with a regulatory
required index that represents an overall securities market (Regulatory Benchmark). In addition, the
table may also include one or more indexes that more closely aligns to the fund’s investment strategy
(Strategy Benchmark(s)). In addition, the table shows hypothetical after-tax returns to demonstrate how
taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical
highest individual federal marginal income tax rates and do not reflect the impact of state and local
taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown.
After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred
arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class
and will differ for other share classes.
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| Updated performance information
is available through troweprice.com.
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