June 3, 2002 — T.Rowe Price Group (TROW) said portfolio manager Marc Baylin has left the company.
Robert Smith replaced Baylin as the head of the team that oversees the T Rowe Price New America Growth Fund (PRWAX) on May 29, according to a regulatory filing. Smith also is the lead manager of the T Rowe Price Growth Stock Fund (PRGFX). Both funds invest in growth stocks of large companies.
Smith, like Baylin, who had run New America Growth since March 2000, invests in growth stocks that are selling for “reasonable” prices, said Price spokesman Steven Norwitz.
The New America Growth fund, which had total assets of $1.1 billion at the end of the first quarter, was down 15.4% this year through Monday. The fund lost 11.9% last year, while the average large-cap growth fund was off 21.9%.
The Growth Stock Fund, which had $4.6 billion in assets at the end of March, was down 10.6% this year through Monday. It lost 9.8% in 2001