Brian Rogers' fund returned 5.36% in the first quarter versus 4.88% for the Lipper Equity Income Funds Index and 4.21% for the S&P 500 Stock Index. "Against a backdrop of somewhat slower growth and rising interest rates, we believe the stock market will continue to perform well, although not on the same level as in the late 1990s, before the technology crash in 2000. Stock valuations are reasonable-not low, but not at worrisome levels either. Corporate earnings remain strong, but the expensing of options is going to have a negative impact in some sectors, particularly on balance sheets. More companies are raising dividends, which is a healthy trend that should bolster total returns over time and benefit the kinds of stocks we seek in our portfolio."
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