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GIPS® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®). TRP has been independently verified for the twenty one- year period ended June 30, 2017 by KPMG LLP. The verification report is available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

TRP is a U.S. investment management firm with various investment advisers registered with the U.S. Securities and Exchange Commission, the U.K. Financial Conduct Authority, and other regulatory bodies in various countries and holds itself out as such to potential clients for GIPS purposes. TRP further defines itself under GIPS as a discretionary investment manager providing services primarily to institutional clients with regard to various mandates, which include U.S, international, and global strategies but excluding the services of the Private Asset Management group.

A complete list and description of all of the Firm's composites and/or a presentation that adheres to the GIPS® standards are available upon request. Additional information regarding the firm's policies and procedures for calculating and reporting performance results is available upon request

Other Literature

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Past performance is not a reliable indicator of future performance.

Strategy

US Mid-Cap Value Equity

The US Mid-Cap Value Equity Composite seeks long-term capital appreciation primarily through investment in mid-cap companies that appear to be undervalued.

3YR Return Annualised (Net)
(View Total Returns)

Tracking Error
(5 Years)

1.03%
3.95%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

-1.45%
0.35

Inception Date 31-Jul-1996

Performance figures calculated in USD

Other Literature

David J. Wallack
David J. Wallack, Portfolio Manager

David J. Wallack is the lead portfolio manager for the US Mid-Cap Value Equity Strategy in the U.S. Equity Division. He is chairman of the Investment Advisory Committee of the US Mid-Cap Value Equity Strategy and an Investment Advisory Committee member of the Global Natural Resources Equity and International Value Equity Strategies. David also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Funds.

 

Strategy

Investment Approach

  • Utilize a bottom-up approach to identify mid-cap companies that are inefficiently priced.
  • Focus on companies with established franchises, strong market position, seasoned management team, healthy financial position, room for improved financial performance, and hidden assets.
  • Leverage T. Rowe Price’s proprietary fundamental research to evaluate investment risks and opportunities.
  • Determine valuation – both on an absolute basis and relative to peers and company history.
  • Ensure that each investment’s potential rewards outweigh risks.
  • Employ a patient, long-term approach to fully exploit valuation anomalies.

Portfolio Construction

  • Typically 110-160 stock portfolio
  • Individual position sizes typically range from 0.30% to 2.00%
  • Sector weights typically vary from 0.33X to 2.5X for primary value sectors relative to Russell Midcap Value Index

Holdings

Total
Holdings
98
Largest Holding Bunge Limited 2.79% Was (30-Jun-2020) 2.57%
Other View Full Holdings Quarterly data as of 30-Sep-2020
Top 10 Holdings 23.05% View Top 10 Holdings Monthly data as of 30-Sep-2020

Top Purchase

FirstEnergy
1.62%
Was (30-Jun-2020) 1.83%

Top Sale

Barrick Gold
0.96%
Was (30-Jun-2020) 2.07%

Quarterly Data as of 30-Sep-2020

Sectors

Total
Sectors
11
Largest Sector Financials 17.08% Was (30-Jun-2020) 16.85%
Other View complete Sector Diversification

Monthly Data as of 30-Sep-2020

Benchmark: Russell Midcap Value Index

Top Contributor^

Real Estate
Net Contribution 0.80%
Sector
0.26%
Selection 0.54%

Top Detractor^

Consumer Discretionary
Net Contribution -1.72%
Sector
-0.72%
Selection
-1.00%

^Relative

Quarterly Data as of 30-Sep-2020

Largest Overweight

Health Care
By8.96%
Portfolio 16.87%
Benchmark 7.91%

Largest Underweight

Consumer Discretionary
By-9.20%
Portfolio 2.79%
Benchmark 11.99%

Monthly Data as of 30-Sep-2020

Team (As of 01-Oct-2020)

David J. Wallack

David J. Wallack is the lead portfolio manager for the US Mid-Cap Value Equity Strategy in the U.S. Equity Division. He is chairman of the Investment Advisory Committee of the US Mid-Cap Value Equity Strategy and an Investment Advisory Committee member of the Global Natural Resources Equity and International Value Equity Strategies. David also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Funds.

David’s investment experience began in 1989, and has been with T. Rowe Price since 1990, beginning as a research analyst covering energy, natural resources, and utilities in the U.S. Equity Division. He was appointed to the Portfolio Management team for the Global Natural Resources Equity Strategy in 1996 before assuming his current role in 2001. Prior to T. Rowe Price, David was employed by Citibank in the Private Banking Group. He also was responsible for fundraising and project management at the J Paul Getty Trust and at Harvard University. 

David earned a B.A. in history from Connecticut College and an M.B.A. in industrial administration from Carnegie Mellon University, Graduate School of Industrial Administration. He also was named "Domestic Fund Manager of the Year" for 2016 by Morningstar.

Consider the investment objectives, risks, and charges and expenses carefully before investing. For a U.S. mutual fund prospectus or, if  available, a summary prospectus containing this and other information, call 1-800-638-7890 or visit troweprice.com . Read it carefully.

All investing is subject to risk, including the possible loss of principal.

Past performance cannot guarantee future results.

Established in 1988, the Morningstar Fund Manager of the Year award recognizes portfolio managers who demonstrate excellent investment skill and the courage to differ from the consensus to benefit investors. The Fund Manager of the Year award winners are chosen based on research and in-depth qualitative evaluation by Morningstar's Manager Research Group. To qualify for the award, managers' funds must have not only posted impressive returns for the year, but the managers also must have a record of delivering outstanding long-term risk-adjusted performance and of aligning their interests with shareholders'. Managers' funds must currently have a Morningstar Analyst RatingTM of Gold or Silver. David Wallack won the award for Domestic-Stock Funds in 2016.

Morningstar's Manager Research Group consists of various wholly owned subsidiaries of Morningstar, Inc., including, but not limited to, Morningstar Research Services LLC. Morningstar's Manager Research Group produces various ratings including the Morningstar Analyst Rating for funds and the Morningstar Quantitative Rating for funds. The Analyst Rating is derived from a qualitative assessment process performed by a manager research analyst, whereas the Morningstar Quantitative Rating uses a machine-learning model based on the decision-making processes

of Morningstar's analysts, their past ratings decisions, and the data used to support those decisions. In both cases, the ratings are forward-looking assessments and include assumptions of future events, which may or may not occur or may differ significantly from what was assumed. The Analyst Ratings and Quantitative Ratings are statements of opinions, subject to change, are not to be considered as guarantees, and should not be used as the sole basis for investment decisions.

©2020 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

T. Rowe Price Investment Services, Inc. ,Distributor, T. Rowe Price mutual funds.

  • Portfolio manager
    since
    2000
  • Years at
    T. Rowe Price
    30
  • Years investment
    experience
    31
Michele A. Ward, CFA

Michele Ward is a portfolio specialist in the U.S. Equity Division. She acts as a proxy for equity portfolio managers with institutional clients, consultants, and prospects and supports the U.S. small- and mid-cap equity strategies and the Global Real Estate Equity and US Real Estate Equity Strategies. She also is a vice president of T. Rowe Price Group, Inc.  

Michele’s investment experience began in 1983, and she has been with T. Rowe Price since 2014, beginning in the U.S. Equity Division. Prior to this, Michele was employed by Hewitt EnnisKnupp as an associate partner, where she advised and educated plan sponsor investment committees on investment policy, plan structure, and regulatory and fiduciary issues.  

Michele earned a B.A., magna cum laude, in political science from Yale University and an M.B.A. from the Yale School of Management. She also has earned the Chartered Financial Analyst® designation. 

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

  • Years at
    T. Rowe Price
    6
  • Years investment
    experience
    37