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Financial Intermediary / All Funds / US Smaller Companies Equity Fund
Fund Range Documents

Capital at risk. Past performance is not a guarantee or a reliable indicator of future results and should not be the sole factor of consideration when selecting a product or strategy.

The listed funds are not an exhaustive list of funds available. Visit www.funds.troweprice.com to see the full range of funds offered by T. Rowe Price, including those that consider environmental and social characteristics as part of their investment process.  For up to date information regarding any T. Rowe Price fund's investment strategy, please see the relevant fund KID and prospectus. 

SICAV
US Smaller Companies Equity Fund
An actively managed, widely diversified portfolio of around 150 to 200 smaller capitalisation companies (below US$18 billion market cap) in the US. We have a core style orientation that maintains broad exposure to both growth and value stocks. The fund is categorised as Article 8 under Sustainable Finance Disclosure Regulation (SFDR).
ISIN LU0133096981
View more information on risks
FACTSHEET
KID
SFDR DISCLOSURE
30-Nov-2025 - Matt Mahon Portfolio Manager,
Our portfolio performed well during November, as steady compounders that we favour, particularly within the health care sector, produced strong returns. Despite challenges for much of the year, we have taken the opportunity to invest in companies with strong business models and durable growth capabilities that trade at highly attractive valuations.

Overview
Strategy
Fund Summary
We utilise the full opportunity set from deep value to aggressive growth companies; out-of-favour companies with strong potential for improvement, or companies that may appear fully valued, but whose long-term growth potential is underappreciated. Identification of a value creation catalyst is key. The promotion of environmental and/or social characteristics is achieved through the fund's commitment to maintain at least 10% of the value of its portfolio invested in Sustainable Investments, as defined by the SFDR. Additionally, we apply a proprietary responsible screen (exclusion list). The manager is not constrained by the fund’s benchmark, which is used for performance comparison purposes only.
Performance - Net of Fees

Past performance is not a reliable indicator of future performance.
30-Nov-2025 - Matt Mahon Portfolio Manager,
Major stock indexes were mostly positive in November amid conflicting economic signals and shifting expectations for Federal Reserve policy. At the portfolio level, stock selection paired with an overweight to health care contributed to relative outperformance. Shares of a medtech company focused on hematology products surged after an early-month earnings beat, as strong performance in plasma, blood management, and blood center segments more than offset continued soft vascular closure results. Industrials and business services also contributed to relative performance due to stock picks. Shares of a company that specializes in fire protection installation and inspection rose after an end-of-October earnings beat, which highlighted strong organic growth, improved operational efficiency, and an increase in revenue guidance. Conversely, an underweight allocation to real estate hindered relative results. Real estate tends to act like a bond proxy and the sector benefited from the current market backdrop. Our underweight proved detrimental.
31-Jan-2024 - Matt Mahon Portfolio Manager,
Industrials and business services, information technology, health care, and financials remain the dominating sectors in the portfolio, all with greater than 10% of the equity allocation. During the month, we found opportunities across the various sectors, including materials. Within the space, we look for well-managed, solidly positioned companies with attractive balance sheets relative to the valuation being paid and prefer growing end markets.

Past performance is not a guarantee or a reliable indicator of future results

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 and risks are located in the prospectus which is available with the key investor information documents 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.troweprice.com. The Management Company reserves the right to terminate marketing arrangements.

Hedged share classes (denoted by 'h') utilise investment techniques to mitigate currency risk between the underlying investment currency(ies) of the fund and the currency of the hedged share class.  The costs of doing so will be borne by the share class and there is no guarantee that such hedging will be effective.

Before deciding to invest in the fund, you should read the offering document/prospectus (including its investment objectives, policies and any risk warnings) which are available and may be obtained from any appointed distributors.

The specific securities identified and described in this website do not represent all of the securities purchased, sold, or recommended for the sub-fund and no assumptions should be made that the securities identified and discussed were or will be profitable.

A full list of the currently issued Share Classes including Distributing, Hedged, and Accumulating Categories may be obtained, free of charge and upon request, from the registered office of the Company.  

Benchmark: Investors may use the benchmark to compare the fund’s performance. The benchmark has been selected because it is similar to the investment universe used by the investment manager and therefore acts as an appropriate comparator. The investment manager is not constrained by any country, sector and/or individual security weightings relative to the benchmark and has complete freedom to invest in securities that do not form part of the benchmark.

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