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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 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. 

SICAV
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 LU0133100338
View more information on risks
FACTSHEET
KID
SFDR DISCLOSURE
30-Apr-2024 - John Linehan, Co-Portfolio Manager,
Investors seem to be pricing in a continuation of recent upward momentum in US stocks, so while overall valuations are not stretched, we see risks to being either too pessimistic or optimistic in the current environment. While our outlook for the market is one of cautious optimism, we believe the set-up is favourable for the value universe.

Overview
Strategy
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-2024 - John Linehan, Co-Portfolio Manager,
US equities were broadly lower in April on signs that progress in reducing inflation had stalled, raising concerns that interest rates would remain higher for longer. Within the portfolio, stock selection in the energy sector added the most value to relative performance, led by our position in an integrated energy and petroleum company. Its shares traded higher after the company reported a better-than-expected quarterly profit as a strong oil market offset weaker natural gas prices and affirmed its intention to buy back US$2 billion in shares. Security choices in financials also contributed to relative results. Here, shares of a financial services company benefitted from an increase in fee revenue, particularly tied to its investment banking business, although net interest income came in slightly below expectations due to higher costs on interest-bearing deposits. An overweight exposure and our stock holdings in consumer staples further supported. Conversely, security choices and an overweight allocation to the health care sector detracted the most from relative performance, led by our position in an animal pharmaceuticals company, whose shares fell on little news. In the materials sector, stock selection also hindered relative returns.
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 help 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.

Financials

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.
31-Jan-2024 - John Linehan, Co-Portfolio Manager,
Looking forward, we remain focused on our valuation discipline. We will continue to re-evaluate each stock in the portfolio and keep an eye out for new companies to ensure we are identifying the most compelling opportunities. Financials, health care and information technology are our largest sector allocations. In January, we sold shares of companies in the financials sector, notably within the banking and insurance industries. We also sold shares of consumer staples businesses, particularly of a global beverage company and a household and personal care product manufacturer.

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 T. Rowe Price Funds 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 and/or 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.  

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

Hedged share classes (denoted by 'h') utilise investment techniques to mitigate currency risk between the underlying investment currency(ies) of the fund and the currency of the hedged share class.  The costs of doing so will be borne by the share class and there is no guarantee that such hedging will be effective.

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.

Attribution Data: Analysis represents the total performance of the portfolio as calculated by the FactSet attribution model and is inclusive of other assets that that will not receive a classification assignment in the detailed structure shown. Returns will not match official T. Rowe Price performance because FactSet uses different exchange rate sources and does not capture intra-day trading. Performance for each security is obtained in the local currency and, if necessary, is converted to U.S. dollars using an exchange rate determined by an independent third party. Figures are shown with gross dividends reinvested.

Sources: Copyright © 2021 FactSet Research Systems Inc. All rights reserved. MSCI/S&P GICS Sectors; Analysis by T. Rowe Price Associates, Inc. T. Rowe Price uses the MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. Each year, MSCI and S&P make changes to the GICS structure. The last change occurred on September 28, 2018. T. Rowe Price will adhere to all future updates to GICS for prospective reporting.

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc, ("MSCI") and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. ("S&P") and is licensed for use by [Licensee]. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or impIied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any or such standard or classification, Without limiting any or the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

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.  

 

©2023 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.

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 www.aboutcitywire.com.