That's not good, since even though TROW has a depth of talent, some of their managers are clearly standouts--Smith being one(as is Rogers, and Athey, and the guy who runs the mid-cap value fund). I think(know) Puglia is overated. I've been investing in individual stocks for many years and my performance has equaled or bested the very best fund managers(whitman,Tilinghast,Miller etc)--I'm really impressed with the top ten picks Smith has in this fund right now--kudos to him, and people in this fund should expect to do well.
Well, the new manager sounds very, very good from what I'm hearing(he did very well managing the Media and Telecommunications Fund). Heh, who knows, the new manager might be even better than Smith? I moved a bunch of money from Dodge and Cox Stock Fund(DODGX) into this fund because DODGX has gotten too big and the market is going to favor growth over value for the next few years at least. Going forward it is going to be a "Stock Pickers" type of market where the key is to find the relatively few strong Co's that can best weather economic turbulence, and having less money in a fund allows managers to operate more efficiently in that type of market.
I think he is leaving in october and my investment in the fund will likely follow him out the door. In my mind its not worth the risk under new management with so many other funds available with long track records. I was dissappointed with the news because smith was very solid over time.