T. Rowe Price US Large Cap Value Equity Fund

Capital en riesgo. El rendimiento pasado no es un indicador fiable de los resultados actuales o futuros y no debe ser el único factor a tener en cuenta a la hora de seleccionar un producto o una estrategia.

Los fondos listados no son una enumeración exhaustiva de los fondos disponibles. Visite www.funds.troweprice.com para acceder a la gama completa de fondos de T. Rowe Price, incluidos aquellos que tienen en cuenta características medioambientales y sociales en su proceso de inversión. Para obtener información actualizada sobre la estrategia de inversión de cualquier fondo de T. Rowe Price, consulte el KID y el folleto del respectivo fondo.

Descripción general

Estrategia

Resumen del fondo

Nos centramos en el valor relativo, buscando empresas con negocios sólidos, balances fuertes y perfiles de beneficios duraderos que sean baratos en relación con el histórico, su sector o el mercado. Equilibramos nuestro análisis de valoración con factores cualitativos para identificar las oportunidades de valoración más atractivas. La promoción de las características ambientales y/o sociales se logra a través del compromiso del fondo de mantener al menos el 10% del valor de su cartera invertido en Inversiones Sostenibles, tal como lo define el SFDR. Además, aplicamos una pantalla responsable de propiedad (lista de exclusión). El gestor no está limitado por el índice de referencia del fondo, que se utiliza únicamente a efectos de comparación de la rentabilidad.

Rentabilidad (después de comisiones)

30-abr.-2020 - Taymour Tamaddon, Gestor de carteras,

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-abr.-2020 - Taymour Tamaddon, Gestor de carteras,

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.

30-jun.-2022 - Gabe Solomon, Gestor de carteras,

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.
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.
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.
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-jun.-2022 - Gabe Solomon, Gestor de carteras,

Chubb shares fell but outpaced the sector for the quarter. While the stock was pressured throughout the period by macroeconomic concerns, the company delivered robust first-quarter results at the end of April, driven by strength in underwriting and growth in premiums. Later on, Chubb management announced a new share buyback program and a dividend increase. We continue to believe that Chubb has best-in-class operating results and is attractively valued. In our view, in addition to being positioned to continue benefiting from strength in property and casualty pricing, Chubb is uniquely positioned to grow market share, which should contribute to returns over time.
TotalEnergies shares benefited from a solid earnings report, helped along by a boost from trading liquefied natural gas (LNG) and high refining margins. The company also was selected to participate in a USD 29 billion LNG project, which will help TotalEnergies fill the production gap that could potentially result from abandoning its Russian assets. We believe TotalEnergies is an attractive long-term investment from these levels, as the company will benefit from higher natural gas prices, pays an attractive and sustainable dividend, and is among the best-positioned energy companies for the energy transition.
International Paper shares ended the quarter lower but outpaced the sector overall. The company continued to benefit from strong demand for its corrugated and containerboard packaging products, as well as from its ability to increase containerboard prices in recent periods. We continue to believe that International Paper stands to benefit from favorable long-term fundamentals and an elevated capital incentive curve.
International Flavors & Fragrances outpaced the sector but ended lower due to broad market weakness. Shares continued to benefit from the company's ability to push through costs and navigate the current inflationary environment. We continue to like the name, and in the long term, we expect synergies from the Nutrition & Biosciences business merger to help drive growth and durable demand in an uncertain economic environment.
Shares of News Corp fell. Despite the company reporting financial results that reflected strong growth, shares faced headwinds from News Corp's exposure to real estate, advertising, and streaming, all of which were impacted by rising rates, uncertainty around the economy, and high-profile misses from competitors, respectively. While we remain cognizant of the headwinds that News Corp faces, we appreciate the company's collection of high-quality assets with durable growth profiles. Further, we view News Corp's risk/reward ratio as attractive at current levels and believe that shares are trading at a discount to a sum-of-the-parts valuation.
Shares of Walt Disney fell and underperformed the sector. The company was impacted when a leading streaming competitor reported a loss in subscribers, causing investors to question the sustainability of growth within streaming video providers, including Disney+. Later, Walt Disney presented uneventful financial earnings, featuring a small Disney+ beat and strength in the parks segment, which were not enough to banish the overhang of negative streaming-related sentiment. We continue to appreciate the company's efforts to transition to global streaming and believe the market undervalues the durability of Disney+'s subscriber growth.
Shares of GE fell as the company delivered a mixed earnings report, with beats in its aviation and power segments but losses in its renewables segment. The aviation segment continued to be pressured by supply chain challenges, which were also reflected in management's forward guidance, and this negatively impacted sentiment. Despite this, we continue to favor GE for management's focus on streamlining the business and believe that there is substantial value in GE that will be unlocked as the company begins to split next year.

El rendimiento pasado no es un indicador fiable del rendimiento futuro.

Los Fondos son subfondos de T. Rowe Price Funds SICAV, una sociedad de inversión luxemburguesa con capital variable registrada en la Commission de Surveillance du Secteur Financier y que califica como un organismo de inversión colectiva en valores mobiliarios (“OICVM”). Los detalles completos de los objetivos, las políticas de inversión y los riesgos se encuentran en el folleto que está disponible con los documentos de información clave para el inversor y/o el documento de información clave (KID) en inglés y en un idioma oficial de las jurisdicciones en las que están registrados los Fondos. venta pública, junto con el contrato social y los informes anual y semestral (en conjunto, los “Documentos del Fondo”). Cualquier decisión de invertir debe tomarse sobre la base de los Documentos del Fondo que están disponibles de forma gratuita en el representante local, el agente de información/pagos local o los distribuidores autorizados. También se pueden encontrar junto con un resumen de los derechos de los inversores en inglés en www.troweprice.com. La Sociedad Gestora se reserva el derecho de rescindir los acuerdos de comercialización.

Las clases de acciones cubiertas (indicadas por 'h') utilizan técnicas de inversión para mitigar el riesgo cambiario entre la(s) moneda(s) de inversión subyacente del fondo y la moneda de la clase de acciones cubierta. Los costes de hacerlo correrán a cargo de la clase de acciones y no hay garantía de que dicha cobertura sea efectiva.

Antes de decidir invertir en el fondo, debe leer el documento/folleto de oferta (incluidos sus objetivos de inversión, políticas y cualquier advertencia de riesgo) que está disponible y puede obtenerse de cualquier distribuidor designado.
Los valores específicos identificados y descritos en este sitio web no representan todos los valores comprados, vendidos o recomendados para el subfondo y no se debe asumir que los valores identificados y discutidos fueron o serán rentables.

Puede obtenerse, de forma gratuita y previa solicitud, en el domicilio social de la Sociedad una lista completa de las Clases de Acciones actualmente emitidas, incluidas las Categorías de Distribución, Cobertura y Acumulación.

Índice de referencia: los inversores pueden utilizar el índice de referencia para comparar el rendimiento del fondo. Se ha seleccionado el índice de referencia porque es similar al universo de inversión utilizado por el gestor de inversiones y, por tanto, actúa como un comparador adecuado. El gestor de inversiones no está limitado por ningún país, sector y/o ponderaciones de valores individuales en relación con el índice de referencia y tiene total libertad para invertir en valores que no forman parte del índice de referencia.

La información sobre los índices de proveedores se puede encontrar aquí.

Riesgos

Inversor típico