The investment approach of one of T. Rowe Price's mutual funds is: "Reflecting a value approach to investing, the fund will seek the stocks of companies whose current stock prices do not appear to adequately reflect their underlying value as measured by assets, earnings, cash flow, or business franchises." This fund is a(n):

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The investment approach described indicates an active fund, as the manager is actively seeking undervalued stocks rather than simply tracking a market index (passive fund) or focusing on a specific asset class (asset fund). The term "market fund" is not a commonly used term in investment management.

The Investment Approach of One of T