T. Rowe Price
US Equities Conference
13 May 2025
- Navigating the Shifting US Economic Landscape
- Outlook for US Equities
- Digging deeper into US Structured Research
- Harvesting Hidden Value: The US Select Value Fund
- Investing with Purpose: Driving Change with the US Impact
- Unearthing growth: Discovering Opportunities in US Smaller Companies
Conference highlights
Navigating the Shifting US Economic Landscape
Tariffs create uneven outcomes, but they can also present opportunities
Tariffs create uneven outcomes, but policy changes present opportunities for active managers.
Trump’s tariffs are a wild card for the global economy
Trade wars do not produce winners.
Outlook for US Equities
Digging deeper into US Structured Research
- For over 25 years clients in the US have had the ability to access our US Structured Research strategy and are delighted to have launched this as a SICAV in 2023 and an OEIC in 2024 for our European and UK clients. US Structured Research is a fund where the investors closest to each company and best positioned to evaluate the stock is making the positioning decision; our US analysts.
- The T. Rowe Price Funds SICAV - US Structured Research Equity Fund is an actively managed, analyst-driven portfolio reflecting the team’s view of the most attractive risk-adjusted opportunities across the US equity market. The fund is designed to isolate our stock selection skill by maintaining risk factor exposures and portfolio characteristics similar to those of the S&P 500 Index.
- A team of around 30 US equity analysts, experts in their sector and industries each manage their own sleeves of the portfolio based on their stock coverage and these are pulled together to create US Structured Research.
- A key benefit of this portfolio construction process is that is ensures the long term performance of the strategy is not concentrated in a single sector or and the funds ability to outperform the index isn’t determined by getting a handful of the larger, mega cap names correct.
- The manager is constrained by the benchmark due to its use in portfolio construction - please see the prospectus for further information. The benchmark can also be used for performance comparison purposes.
US SRS with Alexa Gagliardi
Following our annual US Equity Conference, Portfolio Manager Alexa Gagliardi discusses the evolution and expansion of the US Structured Research strategy, underscoring the pivotal role of analysts in enhancing client outcomes.
How an investment strategy can blend the best of active and passive
A research-enhanced strategy can help clients get more from their portfolio’s core.
Risks - The following risks are materially relevant to the fund (refer to prospectus for further details): Equity, Geographic concentration, Small and mid-cap.
Harvesting Hidden Value: US Value
- T.Rowe Price has a long heritage of investing in value, dating back more than 40 years. Leveraging insights from our industry-leading global research platform remains the heartbeat of our business and the driver behind all our strategies.
- The T. Rowe Price Funds SICAV - US Large Cap Value Equity Fund is an actively managed portfolio which seeks high quality companies with solid balance sheets and durable earnings profiles that are inexpensive relative to history, sector or market. Building a diversified portfolio of holdings (typically 70-80 stocks) that we aim to hold for the long term in order to enable the full exploitation of valuation anomalies.
- The T. Rowe Price Funds SICAV - US Select Value Equity Fund is an actively managed high conviction portfolio (typically 30-40 stocks) seeking to invest in quality companies with compelling valuations and attractive long-term fundamentals. We employ a conservative, value-oriented investment approach and typically invest in quality companies with strong brands, franchises, or assets that we think are undervalued.
US Value with Caleb Fritz
Following our annual US Equity Conference, Portfolio Specialist Caleb Fritz shared compelling insights into US Value investing, highlighting attractive sectors and strategies to navigate market uncertainties. In the video, Caleb explores key questions such as the case for value today, promising areas like energy and healthcare, and how to adapt to and navigate levels of uncertainty..
Risks - The following risks are materially relevant to the funds (refer to prospectus for further details): Equity, Geographic concentration, Issuer concentration (US Select Value only), Small and mid-cap, Style .
Investing with Purpose: Driving Change with US Impact
- The T. Rowe Price Funds SICAV - US Impact Equity Fund is actively managed and has a dual mandate of delivering financial alpha whilst having a positive impact on the environment and society by investing primarily in sustainable investments. The result is a high conviction, diversified, long-duration portfolio.
- Incorporating our impact lens allows us to uncover attractive investment opportunities with durable financial characteristics, across the full investment style and market cap spectrum.
- US Impact Equity is a large-cap core portfolio aiming to outperform the S&P 500 Index Net 30% Withholding Tax, while thoughtfully incorporating factor and risk analysis.
- US Impact Equity leverages T. Rowe Price’s robust fundamental and responsible research capabilities, bringing a comprehensive approach to impact investing.
Why consider US Impact Equity?
In this short video, Portfolio Manager David Rowlett shares why US Impact Equity could be a valuable addition to your portfolio, the key criteria behind stock selection, and how he’s approaching today’s market challenges.
Meet the Manager
Q&A with David Rowlett, Portfolio Manager, on his professional and personal motivations in managing an impact equity strategy.
Risks - The following risks are materially relevant to the fund (refer to prospectus for further details): Equity, Geographic concentration, Issuer concentration, Sector concentration, Small/mid cap.
Unearthing growth: Discovering Opportunities in US Smaller Companies
- While large cap stocks have dominated the US equity market, and investor sentiment, for the past decade, that is not always the case. Smaller cap stocks have generated outsized returns in the past and generally lead the markets out of recessions. Data shows that timing the market can be a fool’s game, so it's important to always have a strategic allocation.
- Over the long term, small cap stocks – which make up 15-20% of the aggregate US equity market cap – present global investors with attractive diversification opportunities, incorporating a broader and more diverse mix of businesses vs large caps, with more focus on the US domestic economy. With typically greater dispersion of returns, they can provide active investment managers with better opportunities to add value.
- T. Rowe Price has maintained a leading commitment to small and mid cap research going back to 1960, and today has c. 50 analysts dedicated to finding the most compelling opportunities in the US small and mid-cap space. And the largest active manager of small and mid-cap portfolios, we are well placed to uncover hidden gems with many small and medium sized companies still less covered by traditional Wall Street analysts.
It's a smaller world—finding the winners in the new small-cap landscape
The shrinking U.S. stock market poses a challenge for investors.
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, risks and sustainability information are located in the prospectus which is available with the key investor information documents (KIID) 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.funds.troweprice.com. The Management Company reserves the right to terminate marketing arrangements.
General Fund Risks
To be read in conjunction with the fund specific risks above.
Conflicts of Interest risk – The investment manager's obligations to a fund may potentially conflict with its obligations to other investment portfolios it manages.
Counterparty risk – Counterparty risk may materialise if an entity with which the fund does business becomes unwilling or unable to meet its obligations to the fund.
Custody risk – In the event that the depositary and/or custodian becomes insolvent or otherwise fails, there may be a risk of loss or delay in return of certain fund's assets.
Cybersecurity risk – The fund may be subject to operational and information security risks resulting from breaches in cybersecurity of the digital information systems of the fund or its third-party service providers.
ESG risk – ESG integration as well as events may result in a material negative impact on the value of an investment and performance of the fund.
Investment fund risk – Investing in funds involves certain risks an investor would not face if investing in markets directly.
Inflation risk – Inflation may erode the value of the fund and its investments in real terms.
Market risk – Market risk may subject the fund to experience losses caused by unexpected changes in a wide variety of factors.
Market Liquidity risk – In extreme market conditions it may be difficult to sell the fund's securities and it may not be possible to redeem shares at short notice.
Operational risk – operational failures could lead to disruptions of portfolio operations or financial losses.
Sustainability risk - Funds that seek to promote environmental and/or social characteristics may not or only partially succeed in doing so.
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- Perspectives on Trump, tariffs and market impacts
- The outlook for US smaller companies
- Investing amid a dynamic US market environment
