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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 Blue Chip Equity Fund
An actively managed, broadly diversified portfolio of typically 75-125 stocks of large and medium sized US "blue chip" companies. We seek to identify "all-season" growth stocks that offer the potential to deliver sustainable returns through differing market cycles. The fund is categorised as Article 8 under Sustainable Finance Disclosure Regulation (SFDR).
ISIN LU0133088293
View more information on risks
FACTSHEET
KID
SFDR DISCLOSURE
30-Apr-2024 - Paul Greene, Portfolio Manager,
Despite some higher-than-hoped-for inflation readings, the US Federal Reserve’s reassurance around expected interest rate cuts later this year has driven markets higher through the first several months of 2024. Enthusiasm around artificial intelligence and strong earnings from select mega-cap technology companies has served as the backbone for this optimism.

Overview
Strategy
Fund Summary
Through fundamental analysis, we search for companies that can deliver strong growth in earnings and free cash flow on a durable basis. We want to invest in high-quality companies with leading market positions in fertile growth fields. We are attentive to valuations and aim to avoid overpaying for growth, while broadly diversifying the portfolio. 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
30-Apr-2024 - Paul Greene, 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. As measured by various Russell indices, large-caps fared best, followed by mid-caps and small-caps. Growth and value were essentially level in large-caps, while value outperformed growth in mid-caps and small-caps. Within the portfolio, stock selection in the health care sector contributed the most, led by the outperformance of a pharmaceutical company whose management team increased guidance for the second half of the year, driven by strength in the company’s GLP-1 franchise. Consumer discretionary also assisted returns due to our stock choices. Here, our position in a fast-casual restaurant chain added value as investors responded positively to its better-than-expected first-quarter earnings release and increased 2024 guidance. An overweight position in communication services, particularly in the interactive media and services industry, further boosted relative performance. Conversely, the portfolio’s underweight allocation to the consumer staples sector, which finished modestly lower but outperformed the broader market during the month, detracted from relative returns.
30-Sep-2022 - Paul Greene, Portfolio Manager,

Trading activity was relatively light in the third quarter, signaling just how confident we are in our current holdings. We decreased our exposure to certain names that face near-term headwinds or where our investment thesis had weakened. Our purchasing activity was focused on taking advantage of market weakness to add 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 we believe can take advantage of transformational change. We favor companies with durable business models that address large and growing markets, including internet search and advertising, social connectivity, and entertainment.

  • We eliminated our stake in Snap Inc. on an impaired investment thesis amid worsening near-term risk/reward. The company is weathering several headwinds, including a challenging economy, slowing demand for the company's online ad platform, the lingering impact of Apple's 2021 iOS privacy changes update, and rising competition. In response to these challenges, the company announced plans to slow its pace of hiring, invest in its advertising business, and find new sources of income. However, we are concerned that these moves will not adequately address the numerous challenges that the company faces.
  • We bought shares of Netflix on weakness as the stock continued to trade lower due to lingering concerns related to the company's decline in global subscribership during the first quarter. We are optimistic that the addition of an ad-supported subscription tier can help to extend the platform's growth runway and provide margin support. Going forward, we will be closely monitoring the company's trajectory of growth. We are mindful that the company faces high execution risk ahead of its advertising launch and password-sharing crackdown. While Netflix has produced an attractive content slate featuring both returning and new programs, the company will need to examine the historical correlation between content slate strength and gross subscriber adds.

Information Technology

Information technology remains our largest weight. Within the sector, we focus on innovative business models that can take advantage of transformational change. We favor companies with durable business models that address large and growing markets, including electronic payment processing, public cloud computing, and consumer technology.

  • Fortinet is the second-largest global network security provider to enterprise and telecom service providers. We sold shares on reduced near-term risk/reward due to a deteriorating macro environment and information technology spending outlook. Over the long term, we still view Fortinet as a share gainer in a high-growth industry with a technological advantage that should enable higher sustainable free cash flow and operating margins than peers.
  • We pared back our stake in Microsoft to manage our position size amid worsening macroeconomic conditions. An extended production shutdown in China, reduced operations in Russia, lower personal computer shipments, and foreign exchange headwinds had a negative impact on performance. We remain impressed by the outstanding performance of Microsoft's Azure cloud computing segment, which has become hugely additive to the company's overall business. Azure's strong performance has been complemented by an expansion in on-premises data center software. We continue to appreciate Microsoft's smart capital allocation and the potential of its push into analytics and artificial intelligence.
31-Jan-2024 - Paul Greene, Portfolio Manager,
From a positioning standpoint, we continue to refrain from taking a pronounced stance on macroeconomic implications, and instead, we are aiming for a balanced approach of ideas that can thrive if the skies continue to clear, as well as defensive positions that can provide downside support. Similarly, predicting election outcomes and subsequent market impacts is not an area of focus at this stage; however, as political agendas come into focus and the balance of political power crystalises, actionable idiosyncratic investment opportunities may present themselves.

Benchmark Data Source: Standard & Poor's. Copyright © 2023, S&P Global Market Intelligence (and its affiliates, as applicable). Reproduction of any information, data or material, including ratings (“Content”) in any form is prohibited except with the prior written permission of the relevant party. Such party, its affiliates and suppliers (“Content Providers”) do not guarantee the accuracy, adequacy, completeness, timeliness or availability of any Content and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such Content. In no event shall Content Providers be liable for any damages, costs, expenses, legal fees, or losses (including lost income or lost profit and opportunity costs) in connection with any use of the Content. A reference to a particular investment or security, a rating or any observation concerning an investment that is part of the Content is not a recommendation to buy, sell or hold such investment or security, does not address the suitability of an investment or security and should not be relied on as investment advice.

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.

Daily performance data is based on the latest available NAV.  

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.

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 © 2023 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.