T. Rowe Price US Large Cap Growth Equity Fund

Capital at risk. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.

The listed funds are not an exhaustive list of funds available. Visit www.funds.troweprice.com to see the full range of funds offered by T. Rowe Price, including those that consider environmental and social characteristics as part of their investment process. For up to date information regarding any T. Rowe Price fund's investment strategy, please see the relevant fund KID and prospectus.

Overview

Strategy

Fund Summary

We look to identify stocks with the potential to deliver sustainable, double-digit earnings growth, capitalising on both secular and cyclical growth. We are patient investors, aiming to invest in companies trading at attractive valuations relative to their long-term potential and taking advantage of cyclical opportunities to build positions in high conviction names. The promotion of environmental and/or social characteristics is achieved through the fund's commitment to maintain at least 10% of the value of its portfolio invested in Sustainable Investments, as defined by the SFDR. Additionally, we apply a proprietary responsible screen (exclusion list). The manager is not constrained by the fund’s benchmark, which is used for performance comparison purposes only.

Performance - Net of Fees

Past performance is not a reliable indicator of future performance.

30-Apr-2020 - Taymour Tamaddon, Portfolio Manager,

U.S. equities bounced off bear-market lows in April and marked their best monthly returns since 1987, as investors anticipated a partial reopening of the global economy. Within the portfolio, stock selection and an overweight position in communication services contributed to relative results. Facebook shares advanced following better-than-expected quarterly results due to a surge in usage of its platforms, particularly WhatsApp and Instagram. A lack of exposure to consumer staples, where attractive growth opportunities are difficult to find, boosted relative returns further. A favourable overweight in the consumer discretionary sector also added. Here, we favour businesses benefitting from the secular shift of consumer spending to online products and services. We believe industries such as physical retail and traditional media are secularly challenged; therefore, we plan to continue emphasising companies within the sector that we think are on the right side of change and disruption. Conversely, an overweight in utilities hurt relative results. We continue to maintain a small allocation to utilities stocks as we feel the deregulation of the sector has improved the opportunity for companies to achieve sustainable, long-term growth.

30-Jun-2022 - Taymour Tamaddon, Portfolio Manager,

In the second quarter, we took advantage of the broad market sell-off by adding to high-conviction ideas throughout the portfolio. We also found compelling investment opportunities that we believe stand to benefit from unique growth drivers.

Communication Services

Within the sector, we continue to find attractive opportunities in companies with innovative business models that can take advantage of transformational change. We favor companies with durable business models that address large and growing markets, including internet search and advertising and social connectivity.

We sold shares of Meta Platforms in order to moderate our position size after the security's weighting was significantly reduced as part of the Russell 1000 Growth Index rebalance. While we have confidence in the company's mitigation efforts, Meta's advanced, hyper-optimized advertising solutions mean that the company faces a deeper reset than others as it designs workarounds to restore the signal loss. Meta is one of two leading platforms that we expect to benefit from a multi-decade transition from offline to online advertising, and it offers investors a rare combination of scale, growth, and profitability at an attractive valuation with multiple catalysts that include a collection of under-monetized surfaces and social commerce initiatives.

Health Care

We remain focused on finding opportunities to take advantage of lasting trends such as managed care industry consolidation, innovations in medical equipment, and robotic technology. In therapeutics, we tend to focus on select companies that have strong fundamentals and the potential to bring additional new drugs to market in areas with large, unmet clinical needs.

We bought shares of Daiichi Sankyo, a Japanese pharmaceutical company with global operations. We are optimistic amid positive signs of the clinical utility of the company's breast cancer treatment, Enhertu, where quarterly sales came in ahead of expectations in April. We are attracted to the company's strong pipeline and leading-edge antibody-drug conjugate technology, which we believe will prove to be broadly applicable beyond the initial indication of late-stage breast cancer.

Consumer Discretionary

We are optimistic about stock-specific opportunities within the sector. We favor businesses benefiting from the secular shift of consumer spending to online products and services. We believe industries such as physical retail and traditional media are secularly challenged and will continue to emphasize companies within the sector that we think are on the right side of change and disruption.

We purchased shares of Carvana on weakness. Shares traded lower amid a challenging backdrop that included affordability concerns for consumers and negative sentiment around a capital raise and cost-cutting measures. Despite the near-term challenges, Carvana continues to grow and take market share, while at the same time making accretive infrastructure acquisitions that enhance inventory selection, propel faster delivery times, and lower unit costs. We believe that Carvana will leverage its online retail platform and vertically integrated supply chain to disrupt and gain share of a highly fragmented used car market as it provides customers with a superior value proposition based on price and convenience.

30-Apr-2020 - Taymour Tamaddon, Portfolio Manager,

Periods of stress and crisis often can often lead to meaningful changes. Many of the innovative technology companies that we prefer are operating in huge addressable markets but face ongoing inertia when it comes to persuading customers that pursuing new ways of doing things is worth the effort. Moments like the current crisis can push companies and consumers to embrace changes much faster than they would have done under normal circumstances. Broadly speaking, this should be supportive of the powerful secular trends that we tend to invest behind.

30-Jun-2022 - Taymour Tamaddon, Portfolio Manager,

We sold shares of Meta Platforms in order to moderate our position size after the security's weighting was significantly reduced as part of the Russell 1000 Growth Index rebalance. While we have confidence in the company's mitigation efforts, Meta's advanced, hyper-optimized advertising solutions mean that the company faces a deeper reset than others as it designs workarounds to restore the signal loss. Meta is one of two leading platforms that we expect to benefit from a multi-decade transition from offline to online advertising, and it offers investors a rare combination of scale, growth, and profitability at an attractive valuation with multiple catalysts that include a collection of under-monetized surfaces and social commerce initiatives.
We bought shares of Daiichi Sankyo, a Japanese pharmaceutical company with global operations. We are optimistic amid positive signs of the clinical utility of the company's breast cancer treatment, Enhertu, where quarterly sales came in ahead of expectations in April. We are attracted to the company's strong pipeline and leading-edge antibody-drug conjugate technology, which we believe will prove to be broadly applicable beyond the initial indication of late-stage breast cancer.
We purchased shares of Carvana on weakness. Shares traded lower amid a challenging backdrop that included affordability concerns for consumers and negative sentiment around a capital raise and cost-cutting measures. Despite the near-term challenges, Carvana continues to grow and take market share, while at the same time making accretive infrastructure acquisitions that enhance inventory selection, propel faster delivery times, and lower unit costs. We believe that Carvana will leverage its online retail platform and vertically integrated supply chain to disrupt and gain share of a highly fragmented used car market as it provides customers with a superior value proposition based on price and convenience.

SICAV III labelling represents the Select Investment Series III SICAV, a Luxembourg UCITS.

Please note that the Fund typically has a risk of high volatility.

Indicative Benchmark Data Source: Russell. Frank Russell Company (“Russell”) is the source and owner of the Russell Index data contained or reflected in these materials and all trademarks and copyrights related thereto. Russell® is a registered trademark of Russell. Russell is not responsible for the formatting or configuration of this materials or for any inaccuracy in T. Rowe Price Associates’ presentation thereof.

Past performance is not a reliable indicator of future performance.

Source for performance: T. Rowe Price. Fund performance is calculated using the official NAV with dividends reinvested, if any. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested. It will be affected by changes in the exchange rate between the base currency of the fund and the subscription currency, if different. Sales charges (up to a maximum of 5% for the A Class), taxes and other locally applied costs have not been deducted and if applicable, they will reduce the performance figures.

The Funds are sub-funds of the Select Investment Series III SICAV, a Luxembourg investment company with variable capital which is registered with Commission de Surveillance du Secteur Financier and which qualifies as an undertaking for collective investment in transferable securities (“UCITS”). Full details of the objectives, investment policies and risks are located in the prospectus which is available with the key investor information documents (KIID) and/or the key information document (KID) in English and in an official language of the jurisdictions in which the Funds are registered for public sale, together with the articles of incorporation and the annual and semi-annual reports (together “Fund Documents”). Any decision to invest should be made on the basis of the Fund Documents which are available free of charge from the local representative, local information/paying agent or from authorised distributors. They can also be found along with a summary of investor rights in English at www.troweprice.com. The Management Company reserves the right to terminate marketing arrangements.

Daily performance data is based on the latest available NAV.

The specific securities identified and described in this website do not represent all of the securities purchased, sold, or recommended for the sub-fund and no assumptions should be made that the securities identified and discussed were or will be profitable.

A full list of the currently issued Share Classes including Distributing, Hedged, and Accumulating Categories may be obtained, free of charge and upon request, from the registered office of the Company.

Communication Services

Health Care

Consumer Discretionary

Risks

Typical Investor