T. Rowe Price Associates

large-active, lo

Quarters 52

2025-12-31 $927.46B

Positions 3,090

2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30

Quarter Analysis

13F change notes for T. Rowe Price Associates in 2025-12-31.

Quiet T. Rowe quarter — all top positions persistence-flagged with small trims (-4 to -9% in shares each), book down modestly to $927B. Pre-trim baseline for the Q1-2026 picture; the pattern is already in motion (the larger trims happen in Q1) but Q4 looks like the calm.

★ HELD
NVIDIA CORPORATION NVDA
Top weight 7.50%, +617% unrealized after 51 quarters.
★ HELD
MICROSOFT CORP MSFT
51 quarters at +394% unrealized, cut -5% shares — Q1 cut accelerates this further.
★ HELD
APPLE INC AAPL
51 quarters at +183% unrealized, share change -4%.
★ HELD
ALPHABET INC GOOGL
Weight 2.22% → 2.83% from price + small trim; +291% unrealized over 41 quarters.
• CONTEXT

Across-the-board -4 to -9% share trims — the trimming has already begun but at a more modest pace than Q1.