Henry Ellenbogen had a tough act to follow when he took over the T. Rowe Price New Horizons Fund in March 2010. His predecessor, John Laporte, had beaten three-fourths of peers in his 22-year tenure as manager.
Ellenbogen is doing even better so far. T. Rowe Price Group Inc.’s New Horizons had the highest total return over the past three years and the best risk-adjusted performance among small-cap funds that buy U.S. stocks, according to the BLOOMBERG RISKLESS RETURN RANKING. The $12.2 billion fund, which has more than doubled in size since Ellenbogen became its manager, had about average volatility among 57 small-cap funds with at least $2 billion in assets.