You’ve probably heard the term "blue chip" tossed around like it’s some kind of magic shield for your money. Honestly, it kind of is, but not in the way most people think. When you look at the T. Rowe Price Blue Chip Growth Fund (TRBCX), you aren't just buying a basket of "safe" stocks. You're making a bet on the giants that are still hungry enough to act like startups.
It’s a weird middle ground.
Most investors assume blue chips are boring. They think of Grandpa’s favorite utility company or a bank that hasn't changed its logo since the 70s. But TRBCX, currently steered by Paul Greene, flips that script. As of early 2026, the fund is still heavily leaning into the "Magnificent" crowd, with names like NVIDIA, Microsoft, and Amazon taking up massive chunks of the pie.
The Reality of the T. Rowe Price Blue Chip Growth Fund
A lot of folks get confused about what "Blue Chip" actually means in this context. T. Rowe Price defines it as companies with leading market positions, seasoned management, and—this is the big one—strong financial fundamentals.
Basically, they want the winners.
But winners change. If you looked at this fund ten years ago, the top holdings would have looked different. Today, it’s an AI and tech powerhouse. NVIDIA alone recently sat at over 15% of the portfolio. That is a massive concentration. If NVIDIA sneezes, the whole fund catches a cold.
Why the High Concentration Matters
Some people hate this. They want diversification. They want 500 stocks so that no single company can ruin their retirement.
TRBCX isn't that fund.
It’s "non-diversified," which is a fancy legal way of saying they can put a lot of eggs in a few very sturdy baskets. Specifically, the top 10 holdings often make up more than 60% of the total assets.
Is that risky? Sorta.
If you’re looking for a broad market index, go buy an S&P 500 tracker. But if you’re paying for active management—and you are, with an expense ratio around 0.69%—you’re paying for Paul Greene and his team to pick the specific horses they think will win the race.
Performance: Luck or Skill?
Performance is where things get spicy. In 2023 and 2024, the fund absolutely crushed it, posting returns well above 30%. But then 2022 happened, and the fund dropped nearly 39%.
Ouch.
That’s the "growth" part of the name biting back. When interest rates go up or tech takes a breather, this fund feels it more than a standard index fund.
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- 1-Year Return (2025): Roughly 18.78%
- 3-Year Annualized: Around 31.45%
- 10-Year Annualized: Approximately 16.51%
These numbers look great on paper, but you've got to have the stomach for the swings. The fund has a beta of 1.16 compared to the S&P 500, meaning it’s about 16% more volatile than the broader market.
The Paul Greene Era
Greene took over from the legendary Larry Puglia in late 2021. That was a tough act to follow. Puglia ran the fund for nearly three decades and turned it into a cornerstone of the industry.
Greene isn't just a clone, though. He brought a background in media and services, and he’s been vocal about looking at private companies too. Since companies are staying private longer, he wants the fund to be able to snag a piece of them before they even hit the IPO market.
Costs and the "Index vs. Active" Debate
Let’s talk about the 0.69% expense ratio. In a world where you can get an index fund for 0.03%, that feels expensive.
Is it worth it?
If the fund beats the index by 2% every year, then yeah, it’s a bargain. If it lags behind, you’re just lighting money on fire. Historically, TRBCX has had long stretches of outperformance, but recent years have seen it struggle to keep up with the Russell 1000 Growth Index specifically because that index is also heavily weighted toward the same tech giants Greene likes.
It’s a tough game.
You also have to watch out for the turnover. The fund’s turnover rate is actually quite low—usually around 15% to 20%. This means they aren't day-trading. They buy companies they believe in and they sit on them. That’s good for your tax bill if you hold this in a taxable account, though most people keep it in a 401(k) or IRA.
What Most People Get Wrong
The biggest misconception is that this is a "safe" fund because of the "Blue Chip" label.
It's not.
It is a high-conviction growth fund. It’s aggressive. It’s heavy on tech (nearly 50-60% of the portfolio depending on the month). If you are two years away from retirement and you can’t handle a 30% drop, this might not be your primary vehicle.
But if you have a 10-year horizon? It’s hard to bet against the companies in this portfolio. We’re talking about the businesses that literally run the modern world.
Actionable Steps for Your Portfolio
If you're considering the T. Rowe Price Blue Chip Growth Fund, don't just jump in because the 3-year chart looks like a mountain range.
- Check your overlap. If you already own a lot of QQQ or a standard S&P 500 fund, you might be doubling down on the exact same stocks (Apple, Microsoft, NVIDIA). You might not be as diversified as you think.
- Look at the share class. TRBCX is the "Investor" class. If you have access to TBCIX (the I-class) through a workplace plan, the expense ratio is lower (usually around 0.57%). Always go for the cheaper version if it's available.
- Mind the minimum. The initial investment for the retail class is usually $2,500. Not huge, but not nothing either.
- Balance it out. Since this fund is so tech-heavy, consider pairing it with a value-oriented fund or some international exposure.
The bottom line is that TRBCX is a tool for capital appreciation. It’s designed to grow your wealth, not provide a steady stream of dividends. If you can handle the rollercoaster, it remains one of the most respected active growth funds in the business.
Check your current asset allocation today to see if you're over-concentrated in large-cap tech before adding more. Compare the historical "capture ratios" of this fund against a simple growth ETF to see if the active management fee is actually delivering alpha for your specific timeline.