FORTUNE — T. Rowe Price is still opposed to taking Dell Inc. private at $13.65 per share, even though the PC maker’s stock has fallen well below that mark since The Blackstone Group BX decided not to make a rival offer.

T. Rowe TROW staked out its original position on Feb. 12, when chairman and chief investment officer Brian Rogers said that the firm did “not intend to support the offer as put forward.” At the time, Dell DELL stock was trading at $13.79 per share — and it later would climb as high as $14.51 per share before reversing course.

Yesterday a T. Rowe spokesman reiterated the firm’s opposition, despite the change in circumstance.

T. Rowe was Dell’s second-largest shareholder at the time of its original statement, but the spokesman would not discuss if T. Rowe subsequently increased or decreased its holdings (there have been some market rumors suggesting the latter). It will report Q1 earnings tomorrow, but its next holdings disclosure is not due until the middle of next month.

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