Over the years, low expenses also emerged as a long-term return booster. The firm offers a wide choice of municipal, government, and corporate bond funds. Price analysts and portfolio managers always have an eye peeled for risk.
Reasonable valuation is also a portfolio management concern, even for Price's more aggressive funds.
While the managers look for growth in funds with that mission, they're unlikely to pay top dollar for it. With a strong culture of risk control, it's rare that a Price fund lands at the top or bottom of its category in any single year. Still, like any family, this one has its black sheep. The returns of Price Capital Appreciation and Price Small Cap Value, for example, have lagged their peers over the last several years. Part of that solid long-term track record comes from low expenses.