T. Rowe Price Equity Income Fund
Figures last verified October 31, 2026
Active large-value investing in established dividend payers trading below intrinsic value.
PRFDX is classic Old Wall Street value: buy sturdy dividend-paying companies when they're out of favor, collect the income, wait for sentiment to revert. Brian Rogers ran it that way for three decades; his successors run it the same way. It does what it promises — a value-tilted, income-generating large-cap portfolio with below-market downside in most drawdowns.
The question is the same one every competent active fund faces: VVIAX delivers the large-value style for 0.05%, VHYAX delivers the dividend screen for 0.08%, and PRFDX charges 0.67% to deliver a human-curated blend of both. Over most trailing periods the index pair has been the better deal after fees. The fund isn't bad — it's priced for an edge the category rarely sustains.
Traditional dividend-value investors who want a human at the wheel.
PRFDX alternatives & comparable funds
If you’re weighing PRFDX against the field, these are the funds most investors line it up against — same job, different provider, slightly different terms.
| Fund | Family | Expense Ratio | Minimum |
|---|---|---|---|
| PRFDX — T. Rowe Price Equity Income Fund | T. Rowe Price | 0.69% | $2,500 |
| VVIAX — Vanguard Value Index Fund … | Vanguard | 0.05% | $3,000 |
| VHYAX — Vanguard High Dividend Yie… | Vanguard | 0.08% | $3,000 |
| DODGX — Dodge & Cox Stock Fund | Dodge & Cox | 0.51% | $2,500 |
Frequently asked questions
What is the expense ratio of PRFDX?
PRFDX (T. Rowe Price Equity Income Fund) has an expense ratio of 0.69%, which works out to roughly $69 per year for every $10,000 invested. That is high relative to index alternatives, and it compounds against you every year, so the fund needs to outperform just to break even versus a cheaper option.
What is the minimum investment for PRFDX?
PRFDX requires a minimum initial investment of $2,500.
What does PRFDX invest in?
Active large-value investing in established dividend payers trading below intrinsic value. It falls in the large value category and is an actively managed fund.
What are good alternatives to PRFDX?
The funds most often compared with PRFDX are VVIAX, VHYAX, DODGX — broadly similar exposure from different providers, with small differences in fee, minimum, and portability that usually come down to which brokerage holds your account.
Expense ratio and minimum for PRFDX drawn from T. Rowe Price fund documentation; last verified October 31, 2026. Figures change — confirm against the official prospectus before investing. This review is editorial opinion, not investment advice.