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GIPS® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. T. Rowe Price has been independently verified for the twenty four-year period ended June 30, 2020, by KPMG LLP. The verification report is available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report.

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

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T. Rowe Price

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US Equity Fund

Formerly US Large-Cap Equity Fund

Style agnostic investing in larger US companies.

ISIN LU0429319774 WKN A0X87P

3YR Return Annualised
(View Total Returns)

Total Assets


1YR Return
(View Total Returns)

Manager Tenure


Information Ratio
(5 Years)

Tracking Error
(5 Years)


Inception Date 26-Jun-2009

Performance figures calculated in USD

Other Literature

31-Dec-2020 - Jeff Rottinghaus, Portfolio Manager ,
Rapid progress on the development of several vaccines is clearly the most positive sign for the year ahead. As the pandemic hopefully recedes and economies reopen, a broader economic recovery is likely to benefit many of the sectors that were most damaged by the virus. While this could also bring an accelerated earnings recovery, it might not translate into strong equity returns, with much of the recovery already priced into the markets.
Jeff Rottinghaus
Jeff Rottinghaus, Portfolio Manager

Jeff Rottinghaus is a portfolio manager in the U.S. Equity Division. He is president of the US Large-Cap Core Equity Strategy and chairman of its Investment Advisory Committee. In addition, he is a vice president and an Investment Advisory Committee member of the US Quantitative U.S. and US Dividend Growth Strategies. Jeff also is a vice president of T. Rowe Price Group, Inc.



Investment Objective

To increase the value of its shares, over the long term, through growth in the value of its investments. The fund invests mainly in a diversified portfolio of stocks from large capitalization companies in the United States.

Investment Approach

  • Carefully constructed portfolio of the portfolio manager’s highest conviction investment ideas supported by our deep pool of U.S. equity analysts.
  • Core style targeting attractive opportunities across the investable universe irrespective of growth or value style.
  • Investment process that:
    • leverages the stock selection capabilities of our global research team;
    • emphasizes fundamental bottom-up stock selection;
    • is combined with an in-depth valuation assessment;
    • has rigorous portfolio construction.
  • Active risk management process integrated throughout our analysis.
  • Focused Large-Cap approach with stock selection the primary source of value added.
  • High conviction portfolio takes meaningful bets based on rigorous proprietary research.

Portfolio Construction

  • Roughly 50-60 securities.
  • Invest in high conviction ideas over a two-year time horizon.
  • Typical position size range: +/- 4% relative to the benchmark.
  • Sector weights: Generally limited to +/- 10% relative to the benchmark.
  • Expected tracking error: targeting 400 basis points.
  • Expected active share: targeting 70% or greater.

Performance (Class I)

Annualised Performance

  1 YR 3 YR
5 YR
10 YR
Since Manager Inception
Fund % 14.54% 12.17% 12.63% 13.02% 14.33%
Indicative Benchmark % 17.75% 13.52% 14.53% 13.18% 14.65%
Excess Return % -3.21% -1.35% -1.90% -0.16% -0.32%

Inception Date 26-Jun-2009

Manager Inception Date 26-Jun-2009

Indicative Benchmark: S&P 500 Net 30% Withholding Tax

Data as of 31-Dec-2020

Performance figures calculated in USD

  1 YR 3 YR
5 YR
10 YR
Fund % 14.54% 12.17% 12.63% 13.02%
Indicative Benchmark % 17.75% 13.52% 14.53% 13.18%
Excess Return % -3.21% -1.35% -1.90% -0.16%

Inception Date 26-Jun-2009

Indicative Benchmark: S&P 500 Net 30% Withholding Tax

Data as of 31-Dec-2020

Performance figures calculated in USD

Recent Performance

  Month to DateData as of 22-Jan-2021 Quarter to DateData as of 22-Jan-2021 Year to DateData as of 22-Jan-2021 1 MonthData as of 31-Dec-2020 3 MonthsData as of 31-Dec-2020
Fund % 1.95% 1.95% 1.95% 2.41% 11.24%
Indicative Benchmark % 2.33% 2.33% 2.33% 3.80% 12.01%
Excess Return % -0.38% -0.38% -0.38% -1.39% -0.77%

Inception Date 26-Jun-2009

Indicative Benchmark: S&P 500 Net 30% Withholding Tax

Indicative Benchmark: S&P 500 Net 30% Withholding Tax

Performance figures calculated in USD

Past performance is not a reliable indicator of future performance.  Source for fund 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. 

Where the base currency of the fund differs from the share class currency, exchange rate movements may affect returns.

Index returns shown with reinvestment of dividends after the deduction of withholding taxes. 

Effective 1 June 2019, the "net" version of the indicative benchmark replaced the "gross" version of the indicative benchmark. The "net" version of the indicative benchmark assumes the reinvestment of dividends after the deduction of withholding taxes applicable to the country where the dividend is paid; as such, the returns of the new benchmark are more representative of the returns experienced by investors in foreign issuers. Historical benchmark performance has been restated accordingly.

31-Dec-2020 - Jeff Rottinghaus, Portfolio Manager ,
U.S. stocks posted gains in December as the rollout of the first highly effective vaccines against the coronavirus boosted sentiment. Within the portfolio, information technology had the largest negative impact due to stock selection. Shares of financial technology provider Fiserv declined after posting strong gains in November. We believe Fiserv is well positioned for above average organic growth as the penetration of mobile banking continues to increase. Within communication services, stock selection also hurt. Shares of wireless operator Verizon Communications declined slightly amid a continued muted customer switching environment in the company’s wireless business as well as higher expenses as it works to densify its network. While we like Verizon’s high-quality wireless network and strong management team, we recently reduced our position size. Conversely, health care had the largest positive impact due to stock selection. Pharmaceutical manufacturer Eli Lilly outperformed after it released positive results from late-stage trials of its type-2 diabetes treatment, announced a definitive agreement to purchase gene therapy company Prevail Therapeutics, and issued better-than-expected guidance for 2021. We believe the company has several late-stage assets with high probabilities of success that will benefit its visibility and revenue over the next 12 to 18 months.


Largest Holding Microsoft 5.87% Was (30-Sep-2020) 5.98%
Other View Full Holdings Quarterly data as of  31-Dec-2020
Top 10 Holdings 31.22% View Top 10 Holdings Monthly data as of  31-Dec-2020

Largest Top Contributor^

By 1.69%
% of fund 4.17%

Largest Top Detractor^

Waste Connections
By -0.06%
% of fund 1.39%


Quarterly Data as of 31-Dec-2020

Top Purchase

Broadridge Financial Solutions (N)
Was (30-Sep-2020) 0%

Top Sale

PNC Financial Services Group (E)
Was (30-Sep-2020) 1.36%

Quarterly Data as of 31-Dec-2020

30-Sep-2020 - Jeff Rottinghaus, Portfolio Manager ,

Within the portfolio, our positioning is mainly driven by fundamental, stock-specific views. During the quarter, we selectively added to high-quality names with attractive valuations and strong balance sheets. Conversely, we trimmed names where we did not have complete confidence in their balance sheets or where we found better risk/reward ideas. We will continue to look for high-quality companies that have opportunities to increase their market share or have barriers to entry around their business that will allow them to grow organically in a variety of market environments.

Information Technology

Information technology represents our largest absolute sector weight. Within the sector, we favor companies with durable business models that address large and growing markets, such as increasing demand for business technology solutions. Our largest exposure is to the software industry, where we hold Microsoft and Within the sector we also hold sizable positions in Apple, Fiserv, and Qualcomm.

  • We initiated a position in VeriSign, which operates a highly profitable business as the exclusive registry operator for all .com and .net domain names. We like the company's steady revenue growth as the base of domain names grows, its significant free cash flow, and commitment to returning cash flow to shareholders by buying back stock. In our view, an anticipated increase in the price of .com registrations could serve as a meaningful upside catalyst.
  • We initiated a position in TE Connectivity, a Switzerland-based global industrial technology supplier of connector sensor solutions for the auto, industrial equipment, and communications industries. We believe the company is positioned to benefit from sustainable growth trends in autonomous driving and electrical powertrains, which will make vehicles become more technology-rich and drive demand. While near-term headwinds from weak demand amid the pandemic are likely to put pressure on earnings, we view TE Connectivity as a high-quality business with strong long-term earnings power and exposure to attractive end markets.
  • We trimmed our position in tech giant Apple. The company has a strong and growing position in its market, solid fundamental underpinnings, and the potential for dividend growth and additional share repurchases. However, we have concerns about Apple's high valuation going into its upcoming iPhone cycle.

Industrials and Business Services

Within the industrials and business services sector, where many names are cyclically tied to either infrastructure or capital spending, we seek to invest in companies with exposure to diverse end markets that feature solid business models and strong cash flow generation. Our largest sector holdings are Honeywell International, Union Pacific, and Waste Connections.

  • We added to our position in Honeywell International, a top-tier, multi-industrial company with a technologically differentiated portfolio and a best-in-class operating framework. While the company faces some significant near-term pressures in several of its end markets, including commercial aerospace, oil and gas, and nonresidential construction, we believe the company's earnings growth will increase coming out of the recession, partly due to its strong balance sheet, which provides some downside protection and offers optionality when economic activity stabilizes/improves.
  • We eliminated Rockwell Automation, a provider of industrial automation and information products. While we believe that the company should benefit from any improvement in the industrial economy, we think that the risk/reward trade-off is becoming more balanced as growth is likely to step down over the next year.

Communication Services

The communication services sector comprises a wide range of media and entertainment and telecommunication services companies. The sector is one of our largest underweight positions relative to the S&P 500 Index; we are most underweight the entertainment and media industries. Our largest sector holdings are in Alphabet and Facebook.

  • We added to our position in Alphabet, the market share leader in global search. The firm is benefiting from strong growth in enterprise online search spending and continues to take share in the display advertising business. We also like the company's strong management team and its disciplined capital allocation program, which is expected to add near- and long-term shareholder value through share repurchases.

Health Care

The health care sector is one of our largest absolute positions, as we believe certain industries offer compelling, relatively stable growth potential that can perform well over the long term in multiple economic scenarios. It also has a strong secular tailwind from an aging population. We favor companies that offer relatively stable growth potential and/or that are well positioned to take advantage of long-term trends such as highly innovative product offerings. Our largest industry weight is in health care equipment and supplies, including Danaher and Medtronic. We also have a sizable position in pharmaceuticals, including Johnson & Johnson and Eli Lilly.

  • We added to our position in pharmaceutical company Eli Lilly. We believe the company has several late-stage assets with high probabilities of success that will benefit its visibility and revenue over the next 12 to 18 months. We also expect Eli Lilly's base business will remain stable against competition and drug pricing pressures, and we are encouraged by management's goal of increasing the company's operating margin percentage over the next five years.
  • We eliminated our position in leading drug maker Pfizer as we believe that the stock is trading near its fair valuation and there are more compelling opportunities elsewhere in health care. In our view, many of Pfizer's assets are underappreciated; however, management has damaged its credibility through poor business development decisions and its repeated failure to meet overly optimistic guidance.


Largest Sector Information Technology 24.39% Was (30-Nov-2020) 25.72%
Other View complete Sector Diversification

Monthly Data as of 31-Dec-2020

Indicative Benchmark: S&P 500 Index

Top Contributor^

Industrials & Business Services
Net Contribution 0.32%
Selection 0.28%

Top Detractor^

Communication Services
Net Contribution -0.36%


Quarterly Data as of 31-Dec-2020

Largest Overweight

Industrials & Business Services
Fund 10.80%
Indicative Benchmark 8.40%

Largest Underweight

Information Technology
Fund 24.39%
Indicative Benchmark 27.61%

Monthly Data as of 31-Dec-2020

31-Dec-2020 - Jeff Rottinghaus, Portfolio Manager ,
We are overweight financials given our constructive outlook on consumer credit as well as the property and casualty insurance market, which we believe is poised to benefit from rising policy premiums following several catastrophic events. Our focus is on owning high-quality companies with strong balance sheets, leading industry positions, and diversified revenue streams. Our largest industry weights are in capital markets, including Morgan Stanley and Intercontinental Exchange, and insurance, including Marsh & McLennan and Chubb.

Team (As of 15-Jan-2021)

Jeff Rottinghaus

Jeff Rottinghaus is a portfolio manager in the U.S. Equity Division. He is president of the US Large-Cap Core Equity Strategy and chairman of its Investment Advisory Committee. In addition, he is a vice president and an Investment Advisory Committee member of the US Quantitative U.S. and US Dividend Growth Strategies. Jeff also is a vice president of T. Rowe Price Group, Inc.

Jeff’s investment experience began in 2001 when he joined T. Rowe Price, beginning in the U.S. Equity Division. Prior to this, Jeff was employed by Ernst & Young as a financial consultant. Jeff also was part owner of software consulting firm Kelly Levey & Associates.

Jeff earned a B.S. in business administration from Bowling Green State University and an M.B.A. in finance from the University of Pennsylvania, The Wharton School. He is a certified public accountant.

  • Fund manager
  • Years at
    T. Rowe Price
  • Years investment
Eric Papesh, CFA, BA, MBA

Eric Papesh is a portfolio specialist based in London in the U.S. Equity Division. Eric supports the US Smaller Companies Equity and US Large-Cap Equity Income Strategies offered in the Europe, Middle East, and Africa and Asia-Pacific regions. Eric is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd. 

Eric’s investment experience began in 1994, and he has been with T. Rowe Price since 2014, beginning in the ISG division as a portfolio specialist. Prior to this, Eric was employed by Russell Investments where he focused on U.S. equity investment strategies.

Eric earned a B.A. in business administration, with concentrations in finance and information systems, and an M.B.A. in business administration from the University of Washington. Eric has earned the Chartered Financial Analyst® designation.

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

  • Years at
    T. Rowe Price
  • Years investment

Fee Schedule

Share Class Minimum Initial Investment and Holding Amount (USD) Minimum Subsequent Investment (USD) Minimum Redemption Amount (USD) Sales Charge (up to) Investment Management Fee (up to) Ongoing Charges
Class A $1,000 $100 $100 5.00% 150 basis points 1.62%
Class I $2,500,000 $100,000 $0 0.00% 65 basis points 0.70%
Class Q $1,000 $100 $100 0.00% 65 basis points 0.77%

Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.