- The Fund is actively managed and invests mainly in a diversified portfolio of shares or related securities issued by companies in the United States of America.
- Investment in the Fund involves risks, including general investment risk, equity market risk, risks associated with depositary receipts, small and mid-capitalisation shares risk, geographic concentration risk, exclusion criteria risk and Renminbi (RMB) currency and conversion risks which may result in loss of a part or the entire amount of your investment.
- The Fund may use derivatives for hedging and efficient portfolio management and is subject to derivatives risk. Exposure to derivatives may lead to a risk of significant loss by the Fund.
- Dividend of certain share class(es) may be paid directly out of capital and/or effectively out of the capital which amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. Any such distribution may result in an immediate reduction of net asset value per share (Note 1).
- Investments in share class(es) with fixed annual percentage rate are not an alternative to a savings account or fixed interest paying investment. The fixed annual percentage rate may be subject to adjustment. The percentage of distributions paid is unrelated to the actual or expected income or returns of these share classes or the Fund. Distribution will continue even the Fund has negative returns or is making losses, which further reduces the net asset value. A positive distribution yield does not imply a high or positive return.
- The value of the Fund can be volatile and could go down substantially.
- Investors should not invest in the Fund solely based on this website.
US All-Cap Opportunities Equity Fund
Widen your horizons with a fund that offers diversification across all market caps and styles, identifying compelling US companies for long-term growth.
Key Features
All sectors, styles and market caps
- Flexibility to capitalise on any opportunities presented by the U.S. market.
- Nimbleness to adjust to changing market conditions.
Robust risk-adjusted return
Since inception, the Fund outperformed its Benchmark with a lower volatility profile.1
True-to-label stock pickers
- Excess return generated is primarily from stock selection.
- The investment framework provides a consistent and pragmatic approach to pursuing the team’s highest-conviction ideas.
Past performance is not a reliable indicator of future performance.
1 As of 30 September 2025. Fund Inception Date: 17 October 2022. Benchmark: Russell 3000 Net 30% Index. Statistics are annualized and based on monthly returns in Class A (USD). Annualised return of Class A (USD): 24.41% vs. Benchmark: 22.88%. Annualised volatility (defined as standard deviation) of Class A (USD): 12.56% vs. Benchmark: 13.38%.
Portfolio Manager Justin White explains our investment framework
The All-Cap Opportunities Strategy is a strategy where we can invest across the market cap spectrum and also across the style spectrum as opportunities arise in the market. So the primary benchmark is the Russell 3000, and our goal is to just try to consistently outperform that benchmark. Pivoting, zigging and zagging as opportunities shift. Sometimes getting growthier, sometimes tilting more towards value, sometimes being a little bit more up cap, sometimes being a little more down cap. The important thing to know about four pillars is that it's a framework I've been using to select stocks since around 2011. I use it as an analyst. I've used it as a fund manager. So it's got well over a decade of history under its belt and I believe in it pretty strongly. In terms of the way that the four pillars process works philosophically, I believe that stock prices over the short to medium term, call it 1 to 2 years, are a function of supply and demand. And what that means, you know, a high quality stock doesn't go up because it's high quality, a high quality stock goes up because somebody is buying it and somebody else who owns it doesn't want to sell it unless the price is a little bit higher. And so each of the four pillars represents an incremental reason for somebody like me, somebody doing fundamental research on an equity to be interested in buying it. And the goal is to stack together as many positive attributes, as many incremental reasons for somebody to want to buy a stock as you can, because the more things you have working in your favor, the higher the hit rate's going to be on that idea and the greater your probability of success if you follow the process systematically. A lot of people hear the four pillars framework and just think, this is an algorithm and I can just plug in the inputs into the algorithm and, so to replicate the model. And what I'd say is that it's actually in practice a lot harder to do that than you'd think. Each of the pillars has significant judgment overlay to it and scores are changing in real time. I'm updating them constantly, at least once a quarter for each stock I cover. And I think that the fact that it is so fluid and mercurial in a sense is what makes this hard to replicate.
Key takeaway
Justin White has been using the Four Pillars framework since he was an analyst in 2011. In his view, stocks move on four main factors:
- Quality
- Expectations
- Better or worse
- Valuation
Fund at a glance
US All-Cap Opportunities Equity Fund (Class A)
The Fund is actively managed and invests in a diversified portfolio of shares or related securities issued by companies in the United States of America.
| Inception date | 17 October 2022 |
| Base currency | USD |
| Annual management fee* | Up to 1.60% |
| ISIN code | Class A (USD): LU2531918303 Class A (HKD): LU3036572827 |
| Bloomberg code | Class A (USD): TRYSGHJ LX Class A (HKD): TRUAOAH LX |
| Benchmark^ | Russell 3000 Net 30% Index |
Documents
More about this fund
* Full details of the fees payable by investors are available within the offering document.
^ This benchmark is shown for comparison purposes only.
Why T. Rowe Price for equities?
Always on, because the world never stays still.
Markets are constantly changing, so we have built an equity investment ecosystem that's designed to evolve with them. Our broad range of equity products are driven by teams of experts applying their individual intellect while leveraging the collective wisdom of our global investment teams.
Latest equities insights
Market Update With Portfolio Manager Justin White
Finding clarity in a cloudy market
In a world of flux, fundamentals (and active stock picking) matter
Additional Disclosures
Source for Russell Index Data: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
Important Information
Unless otherwise stated, all data is sourced from T. Rowe Price. Certain numbers in this website may not add due to rounding and/or the exclusion of cash.
This website is being furnished for general informational purposes only. The website does not constitute or undertake to give advice of any nature, including fiduciary investment advice. Prospective investors are recommended to seek independent legal, financial and tax advice before making any investment decision. T. Rowe Price group of companies including T. Rowe Price Associates, Inc. and/or its affiliates receive revenue from T. Rowe Price investment products and services. Past performance is not a reliable indicator of future performance. 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.
The website does not constitute a distribution, an offer, an invitation, a personal or general recommendation or solicitation to sell or buy any securities in any jurisdiction or to conduct any particular investment activity. The website has not been reviewed by any regulatory authority in any jurisdiction.
Information and opinions presented have been obtained or derived from sources believed to be reliable and current; however, we cannot guarantee the sources’ accuracy or completeness. There is no guarantee that any forecasts made will come to pass.
Investment involves risks. Investors should refer to the offering documents for full details including the objectives, investment policies and risks factors.
4325100