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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 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. 

T. Rowe Price US Large Cap Value Equity Fund
An actively managed, best ideas portfolio of around 70-80 US large cap companies with hidden value and upside potential that we believe are overlooked by the market. We look for high quality companies with effective management teams where we believe they can materially improve the business. The fund is categorised as Article 8 under Sustainable Finance Disclosure Regulation (SFDR).
ISIN LU2243341331
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30-Apr-2020 - Taymour Tamaddon, Portfolio Manager,
We do not pretend to know how long the current crisis will persist or how deep the economic fallout will be. But we will remain opportunistic and firmly focused on the ideas that we believe have the potential to create the most value when we emerge on the other side of this crisis. As always, we are keeping our pencils sharp and will look to add to our highest-conviction ideas.

Fund Summary
We focus on relative value, searching for companies with solid businesses, strong balance sheets, and durable earnings profiles that are inexpensive relative to their history, sector or the market. We balance our valuation analysis with qualitative factors to identify the most compelling valuation opportunities. 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 - Gabe Solomon, Portfolio Manager,

While the odds of a recession in the U.S. have grown, we want to remain balanced. In an effort to do so during the quarter, we applied a barbell approach to the portfolio by leaning into cyclical stocks that carry attractive valuations and upside potential over a longer time horizon while also continuing to lean into utilities and other defensive sectors in order to provide the portfolio ballast in an uncertain environment.

Real Estate

Within the sector, we typically hold real estate investment trusts (REITs), which own and frequently operate many different types of income-producing real estate properties. We value the attractive dividend yields that REITs tend to provide.

  • We added shares of real estate investment trust AvalonBay Communities throughout the period. Given the recent sell-off, we find the company's risk/reward attractive and continue to like the name due to its strong pricing power and well-located multifamily assets.

Health Care

We identified pockets of opportunity in the sector over the period that offered relatively attractive valuations.

  • We purchased shares of biopharmaceutical company Bristol-Myers Squibb. We find value in the company's improved exclusivity on select drugs within its pipeline, pending product approvals, and shareholder-friendly capital allocation plans.
  • We added to our positions in medical device companies Zimmer Biomet Holdings and Medtronic, as they should both benefit from the resumption of elective procedures in a more normalized, post-pandemic environment.


The financials sector represents a significant absolute weighting in the portfolio. We tend to prefer defensively positioned names with solid balance sheets and diversified revenue streams that are trading at attractive relative valuations.

  • We trimmed our exposure to property and casualty insurers that have been strong contributors in recent periods to lean into other names we felt carried more attractive valuations. We reduced our position in American International Group, and we eliminated MetLife from the portfolio.
  • We sold shares of multinational financial services company Charles Schwab to manage our position size. In our view, the stock's valuation suggests that many of the Federal Reserve's potential interest rate hikes have been priced in, but we continue to value Charles Schwab's scale advantage and asset growth.

Consumer Staples

We typically focus our efforts in the consumer staples sector on companies with strong brands that are trading at attractive valuations relative to their peers and/or history. Additionally, our focus has been on analyzing the impact of input cost inflation on the sector. We also like the stable earnings and dividend yields that consumer staples stocks tend to provide.

  • We sold shares of chicken, beef, and pork producer and processor Tyson Foods. We continue to appreciate the name but are concerned that increased feed costs will impact margins, particularly in chicken and beef.
  • We purchased shares of global retailer Wal-Mart on weakness. In our view, the company has an attractive relative valuation, and we appreciate the defensive nature of the stock and its multiple e-commerce revenue streams, which provide opportunity for value creation.
  • We added to consumer packaged goods company Conagra Brands. Despite recent low consumer confidence levels, demand for consumer staples goods remained strong. We appreciate the defensive nature of Conagra Brands and value its growth potential within the frozen foods space.
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.

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 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.  


Citywire Data Source: Citywire – where the fund manager is rated by Citywire, the rating is based on the manager’s 3-year risk adjusted performance. For further information on ratings methodology, please visit