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Financial Intermediary / All Funds / US All-Cap Opportunities Equity Fund
Fund Range Documents

Capital at risk. Past performance is not a guarantee or a reliable indicator of 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 All-Cap Opportunities Equity Fund
An actively managed, all-cap portfolio of typically 80-100 stocks. The fund is designed to capture our best US equity ideas spanning market caps (small, mid and large) and styles (growth and value). The fund is categorised as Article 8 under Sustainable Finance Disclosure Regulation (SFDR).
ISIN LU2531918485
View more information on risks
FACTSHEET
KID
SFDR DISCLOSURE
31-Oct-2025 - Justin White Portfolio Manager,
US equities continue to defy gravity, overcoming stretched valuations, elevated levels of inflation, and a higher interest rate environment (for now). Recent meetings with company management teams in the financials sector all point to accelerating loan growth and improving animal spirits amongst business leaders, while the arrival of substantial policy-driven stimulus should further boost consumer and corporate spending.

Overview
Strategy
Fund Summary
The investment approach is guided by a flexible and pragmatic investment framework that seeks to identify companies that we believe offer the highest outperformance probability across a broad investable universe. Unconstrained by investment style or market cap, we are able to nimbly pivot as opportunities arise. 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.
31-Oct-2025 - Justin White Portfolio Manager,
Stocks generally rose in October, with several major indices reaching all-time highs as investors largely focused on favourable corporate earnings, business deals and partnerships involving artificial intelligence (AI), and an expected interest rate cut, rather than uncertainty around US-China trade relations, concerns about credit issues in certain pockets of the market, and the federal government shutdown. Within the portfolio, stock selection in consumer discretionary detracted as key holdings faced concerns over their growth trajectories. In communication services, our stock choices hampered relative returns as a large holding in the segment missed earnings expectations due to a large, one-time tax payment that impacted margins. Stock selection in utilities detracted due to end market weakness for one of our holdings. Conversely, stock selection in industrials and business services boosted relative returns. A company we hold in the sector demonstrated strong organic order growth and sales outperformance, leading to improved margins. In materials, stock choices added value as our holdings in the copper segment benefited from rising prices as the base metal continues to rebound from September’s supply shock, with supply projections adjusted downwards for the remainder of 2025 and continuing into 2026.
31-Jul-2022 - Taymour Tamaddon Portfolio Manager,
As interest rates continue to rise, asset returns are likely to remain uneven across many industries and companies; continued earnings gains will be needed to support positive returns, but higher wages and input costs, along with softer demand in some end markets, could pressure margins for many companies in the coming months. We will continue to be opportunistic and capitalise on select discounted opportunities, which we believe should set up the portfolio for eventual outperformance once economic conditions improve and fundamentals take centre stage. As always, we maintain a disciplined adherence to our rigorous investment process, which is rooted in bottom-up, fundamental research.

Past performance is not a guarantee or a reliable indicator of future results

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.

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.

Before deciding to invest in the fund, you should read the offering document/prospectus (including its investment objectives, policies and any risk warnings) which are available and may be obtained from any appointed distributors.

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.  

Benchmark: Investors may use the benchmark to compare the fund’s performance. The benchmark has been selected because it is similar to the investment universe used by the investment manager and therefore acts as an appropriate comparator. The investment manager is not constrained by any country, sector and/or individual security weightings relative to the benchmark and has complete freedom to invest in securities that do not form part of the benchmark.

Disclosure on Vendor Indices can be found here.