US Impact 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

Rentabilidad (después de comisiones)

30-nov.-2022 - Shawn T. Driscoll, Gestor de carteras,

U.S. stocks rose in November, supported by a lower-than-expected inflation reading for October and indications that the Federal Reserve could slow the pace of its rate increases. At the portfolio level, the information technology sector contributed the most to relative performance due to favourable stock choices. Shares of a certain semiconductor company benefitted from ongoing positive sentiment around consensus-beating quarterly earnings and positive guidance reported at the end of October. The consumer discretionary sector supported results further due to stock selection and an underweight allocation. Our lack of exposure to the energy sector also contributed to relative results, as energy was one of the worst-performing sectors for the month. Conversely, the industrials and business services sector detracted the most from relative performance due to stock selection, notably within the professional services industry, although an overweight allocation to the sector tempered losses. The financials sector also held back relative results thanks to unfavourable security choices and an underweight position.

30-nov.-2022 - Shawn T. Driscoll, Gestor de carteras,

Within the portfolio, our positioning is mainly driven by fundamental, stock-specific views. The turbulent environment has offered us the opportunity to upgrade the quality of our holdings within certain sectors. Over the month, we sold some shares of consumer staples, which represents one of our largest absolute sector weightings. One of our largest holdings in this space is a consumer goods company that specialises in a wide range of personal care and hygiene products. We also purchased shares of multi-utilities companies within utilities, one of our smaller absolute sector weightings.

30-jun.-2022 - Shawn T. Driscoll, Gestor de carteras,

HCA Healthcare is the largest publicly traded hospital operator in the U.S. We sold out of our holding, as we saw the lucrative benefits that HCA had derived from the coronavirus pandemic begin to wane, and we wanted to book profits and reinvest in a higher conviction name, albeit another COVID beneficiary, Quest Diagnostics.
Quest Diagnostics is one of the largest independent clinical laboratories and diagnostic testing companies in the U.S. Given its scale, Quest was and is a central player in COVID testing. We appreciate management's focus on sustaining growth rates while transitioning the business to a post-COVID environment. We believe Quest has opportunities to leverage their advanced diagnostic capabilities as well as to grow their direct consumer testing franchise.
Within biotechnology, we eliminated our position in AbbVie in favor of Regeneron Pharmaceuticals. Regeneron is a commercial-stage biotechnology company with an attractive biologic treatment portfolio and drug pipeline anchored by blockbusters: retinal disease treatment Eylea and Dupixent, a monoclonal antibody used to treat allergic diseases. Recently, the firm reached an agreement with Sanofi to acquire the full global rights to Libtayo, another promising immuno-oncology drug franchise that Regeneron hopes to extend.
We bought Progressive, a property and casualty insurance carrier and major player in the personal auto insurance market. We believe that Progressive's competitive advantages, including its low expense ratio, superior data and analytics, and excellent management systems, provide it with higher underwriting leverage and stronger margin potential that, in our view, should drive consistent return growth and a deserved premium valuation versus peers.
We view swapping out our position in Bank of New York Mellon for a new holding in JPMorgan Chase as a quality upgrade at an attractive risk/reward trade-off within financials. JPMorgan Chase is one of the four largest money center banks in the U.S. with an even mix of retail and wholesale businesses. We favor JPMorgan's scale, robust loan growth, attractive fee businesses, relatively conservative underwriting, and experienced management team in an uncertain macro backdrop.
On a recent pullback in June, we initiated a position in Ameren, an electric and gas utility company serving Missouri and Illinois. We think that Ameren is a high-quality utility with a long runway for growth, as it has a solid management team, constructive�regulatory jurisdictions, multiple areas for upside optionality including renewables, and a top-tier balance sheet, and, in our view, is well-positioned for an inflationary environment.
We substantially sold down our holding in XCEL Energy and used the funds to purchase Ameren, which we view as an upgrade in quality in the utility space.
We eliminated Charter Communications in favor of other ideas with more upside potential. We felt that Charter may struggle to grow its subscriber base as competition in the space increases.

30-jun.-2022 - Shawn T. Driscoll, Gestor de carteras,

Shares of discount retailer Dollar General advanced double digits this quarter, bucking the downward spiral of consumer discretionary stocks overall. The company, known for its rural neighborhood footprint, broad selection of merchandise, and value-based off-price strategy, released solid earnings in May that exceeded expectations for topline revenue and earnings. Same-store sales increased as consumers, squeezed by inflation and higher gas prices, depended more on shopping at their local Dollar General. We continue to like the company's below-average cyclicality, strong value proposition of low prices and convenience, and shareholder-friendly capital deployment.
Despite a pullback in April?after releasing disappointing first-quarter earnings facing tough year-ago comparables?shares of specialty retailer O'Reilly Automotive outperformed the overall consumer discretionary sector over the period. Given the firm's pricing power, competitively advantaged supply chain and distribution capabilities, and strong positioning in the nondiscretionary auto parts market, we think that O'Reilly should benefit as consumers are keeping their existing vehicles longer, and we believe that the firm has the potential to enhance its competitive position by gaining market share through its recently introduced pricing initiative.
Broadridge Financial Solutions is a technology solutions provider that manages mandated investor communications, such as proxy distribution and voting, for corporate issuers, institutional investors, and broker-dealers. Amid the volatile macro backdrop, Broadridge delivered steady growth and fiscal third-quarter earnings that beat expectations. Management stated that the firm is on track to deliver full-year earnings toward the higher end of its target range and�reiterated its ability to drive continued margin expansion along with topline growth. In our view, Broadridge is set up well to benefit from secular tailwinds in bank/brokerage outsourcing, which should support ongoing business momentum.
KLA is a capital equipment company that provides testing and control systems for the semiconductor industry. Shares of KLA held up better than pure semiconductor names through the current sell-off, as the firm was able to navigate through supply chain issues and a challenging backdrop to deliver margins and earnings ahead of consensus. We believe that KLA remains well positioned given that the ever-rising complexity in the space should continue to drive the need for KLA's systems to enhance productivity.

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.

Riegos

Typical Investor