T. Rowe Price US Large Cap Value Equity Fund

Capitale a rischio. I rendimenti passati non sono indicativi dei risultati presenti o futuri e non dovrebbero essere l'unico fattore considerato per selezionare un prodotto o una strategia.

I fondi elencati non rappresentano una lista esaustiva dei fondi disponibili. Si prega di visitare il sito internet www.funds.troweprice.com per accedere all’intera gamma di fondi offerta da T. Rowe Price, che include quei fondi che promuovono criteri ambientali e sociali nel loro processo di investimento. Per informazioni aggiornate su qualsiasi strategia di investimento di T. Rowe Price s prega di leggere il KID e il prospetto dello specifico fondo.

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Strategia

Riepilogo del fondo

Ci concentriamo su una strategia di tipo “relative value”, cercando società con attività solide, bilanci sani e utili sostenibili, che sono scambiate a prezzi convenienti in termini storici e in rapporto al settore e al mercato di appartenenza. Bilanciamo l'analisi delle valutazioni con quella dei fattori qualitativi al fine di identificare le migliori opportunità. La promozione delle caratteristiche ambientali e/o sociali si realizza attraverso l'impegno del fondo a mantenere almeno il 10% del valore del proprio portafoglio investito in Investimenti Sostenibili, come definiti dalla SFDR. Inoltre, applichiamo uno screening responsabile proprietario (lista di esclusione). Il fondo non è vincolato a benchmark, ma questo viene utilizzato solo a scopo di comparazione performance.

Performance - Al netto delle commissioni

I rendimenti passati non costituiscono una previsione di quelli futuri.

29-feb-2020 - Taymour Tamaddon Portfolio Manager,

U.S. stocks fell sharply in February, as fears over the coronavirus outbreak caused steep declines over the last six trading days of the month. Within the portfolio, the health care sector dragged the most from relative returns due to adverse stock selection, particularly within the health care equipment and supplies and biotechnology industries. On the positive side, stock picks in the communication services sector boosted relative results. For example, shares of Tencent Holdings rose as the company was seen by investors as a potential beneficiary from the coronavirus outbreak. With Chinese colleges postponing the start of the new school year and college students being the top user group for the company, games like Honor of Kings led charts. Overall, we feel Tencent is the best positioned company in Chinese mobile internet, with ample opportunity to further monetise its large, rapidly growing user base. Stock choices in the information technology (IT) sector also contributed to relative returns. An underweight to Apple added to relative results as shares plunged during the month due to the global spread of the coronavirus. The company is among the most exposed American companies in China, the epicentre of the virus, and relies on the region for assembly and sales.

30-apr-2020 - Taymour Tamaddon Portfolio Manager,

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.

31-dic-2021 - Heather McPherson Portfolio Manager,

We purchased shares of Fiserv. The company has an attractive valuation with significant growth prospects. Its Clover asset, a cloud-based point-of-sale platform, has also experienced robust growth, which is encouraging.
We sold shares of Applied Materials on relative strength. The company recovered from its pandemic bottom, and we appreciate the company's strong end markets and believe there will be very strong long-term foundry and logic demand.
Texas Instruments, semiconductor designer and manufacturer, has also performed well over recent periods. We sold shares on strength.
We sold shares of JPMorgan Chase and Morgan Stanley on recent strong performance. We continue to value the names but chose to shift our exposure into companies with more attractive valuations and risk/reward ratios.
We initiated a position in Citigroup. In our view, Citigroup is trading at an attractive valuation and has a compelling dividend yield. We also appreciate the company's plan to repurchase shares.
We purchased shares of Cummins. The valuation relative to its industrial peers is extremely attractive, and we believe there is a good amount of untapped value in the stock.
Caterpillar is an early-cycle stock, and as we've moved further into the cycle, we took the opportunity to rotate out of the company and redeploy the funds into names where we have higher conviction. We eliminated our position during the period.
We sold shares of Nielsen Holdings. We believe there are idiosyncratic secular concerns that this company faces and elected to move into investments with more compelling risk/reward characteristics.
Rockwell Automation is structurally and secularly well positioned around automation. However, we sold shares of the fully valued company and invested some of the assets in Siemens, which also has an automation platform and a more attractive sum-of-its-parts valuation.

31-dic-2021 - Heather McPherson Portfolio Manager,

Shares of Zimmer Biomet Holdings continued to struggle with the effects of COVID-19, slumping particularly after the company revised guidance lower on expectation of lingering pandemic-related headwinds and staffing shortages. Shares were also impacted by the uncertainty around the timeline for a return to normal in elective procedures. In our view, the market undervalues the company's fundamental improvement over the past several years. We believe that Zimmer Biomet Holdings is positioned to benefit from the ongoing normalization of the health care system.
Medtronic shares were pressured by investor uncertainty about the potential strength of the clinical trial data for the company's renal denervation system and as regulators flagged concerns in Medtronic's diabetes business. In our view, the company has a solid product pipeline, and we believe that new products, new markets, and improved execution should help to drive organic revenue growth over time.
Shares of International Paper fell, as the company contended with supply chain disruptions and heightened input costs, which negatively impacted reported financials. We continue to feel the company is well positioned to navigate a volatile backdrop while operating in an industry with favorable long-term fundamentals and consolidation potential. In our view, International Paper has a solid asset base, an improving balance sheet, and an attractive valuation.
Welltower is a diversified health care real estate investment trust. The stock traded lower due to seasonal effects as well as pressure on margins due to elevated labor costs.
Shares of Qualcomm rose over the period. Following a robust financials report, driven in part by increased chip supply, and raised guidance, investor sentiment boosted the stock higher. Additionally, the company has been taking market share in the Android ecosystem and broadening into the non-handset business. We continue to value Qualcomm's leading position within the industry and believe the company should benefit from its solid fundamentals as well as idiosyncratic tailwinds due to its strong position in 5G.� �
Microsoft shares benefited from ongoing enthusiasm for its products and services amid the acceleration toward cloud adoption. The company delivered impressive quarterly results across its business segments, led by continued strong performance in Azure's revenue growth as well as solid server product growth. We appreciate Microsoft's smart capital allocation, the growth prospects of its cloud business, and the potential of its push into analytics and artificial intelligence. We continue to believe the shift toward cloud adoption will be advantageous to the company's free cash flow generation.
Our underweight allocation to the communication services sector helped relative performance. Overall, we maintain a relatively small position in the sector, with a focus on areas where we believe there is attractive relative value with compelling risk/reward characteristics. As such, we continue to emphasize idiosyncratic, company-specific opportunities that we believe can drive meaningful growth in a variety of economic landscapes.

La performance passata non è un indicatore affidabile della performance futura.

I Fondi sono comparti della SICAV T. Rowe Price Funds, una società di investimento lussemburghese a capitale variabile registrata presso la Commission de Surveillance du Secteur Financier e qualificata come organismo di investimento collettivo in valori mobiliari (“OICVM”). I dettagli completi degli obiettivi, delle politiche di investimento e dei rischi si trovano nel prospetto disponibile con i documenti contenenti le informazioni chiave per gli investitori e/o i documenti contenenti le informazioni chiave (KID) in inglese e in una lingua ufficiale delle giurisdizioni in cui i Fondi sono registrati. vendita al pubblico, unitamente all'atto costitutivo e alle relazioni annuali e semestrali (collettivamente “Documenti del Fondo”). Qualsiasi decisione di investimento dovrà essere presa sulla base dei Documenti del Fondo, disponibili gratuitamente presso il rappresentante locale, l'agente di pagamento/informazione locale o presso i distributori autorizzati. Possono inoltre essere reperiti insieme a un riepilogo dei diritti degli investitori in inglese sul sito www.troweprice.com. La Società di Gestione si riserva il diritto di rescindere gli accordi di marketing.

Le classi di azioni con copertura (indicate con "h") utilizzano tecniche di investimento per mitigare il rischio valutario tra la valuta o le valute di investimento sottostanti del fondo e la valuta della classe di azioni con copertura. I relativi costi saranno a carico della classe di azioni e non vi è alcuna garanzia che tale copertura sia efficace.

Prima di decidere di investire nel fondo, è necessario leggere il documento/prospetto di offerta (compresi gli obiettivi di investimento, le politiche e le eventuali avvertenze sui rischi) che sono disponibili e possono essere ottenuti presso qualsiasi distributore nominato.

I titoli specifici identificati e descritti in questo sito web non rappresentano tutti i titoli acquistati, venduti o consigliati per il comparto e non si deve supporre che i titoli identificati e discussi siano stati o saranno redditizi.

Un elenco completo delle Classi di Azioni attualmente emesse, comprese le Categorie a distribuzione, con copertura e ad accumulazione, può essere ottenuto, gratuitamente e su richiesta, presso la sede legale della Società.

Benchmark: gli investitori possono utilizzare il benchmark per confrontare la performance del fondo. Il benchmark è stato selezionato perché è simile all'universo d'investimento utilizzato dal gestore degli investimenti e funge quindi da comparatore appropriato. Il gestore degli investimenti non è vincolato da alcun paese, settore e/o ponderazione dei singoli titoli rispetto al benchmark e ha completa libertà di investire in titoli che non fanno parte del benchmark.

L'informativa sugli indici dei fornitori può essere trovata qui.

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