US Large Cap Growth Equity Fund

Capital at risk. Past performance is not a reliable indicator of current or 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.

Overview

Strategy

Fund Summary

We look to identify stocks with the potential to deliver sustainable, double-digit earnings growth and free cash flow growth, capitalising on both disruptive high growth and durable secular growth. We are patient investors, using our research to generate differentiated insights to invest in companies trading at attractive valuations relative to their long-term potential with high conviction. 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.

Investment Association Sector:

North America

31-Jan-2024 - Taymour Tamaddon Portfolio Manager,

We remain largely satisfied with the positioning of the portfolio. We are aiming for a balanced approach of ideas that can provide upside as well as defensive positions that can provide downside support if markets reverse course into a downturn. We continue to refrain from taking a pronounced stance on macroeconomic implications. Similarly, predicting election outcomes and subsequent market impacts is not an area of focus at this stage; however, as political agendas come into focus and the balance of political power crystalises, actionable idiosyncratic investment opportunities may present themselves.

30-Jun-2017 - Taymour Tamaddon Portfolio Manager,

Shares of PayPal Holdings traded higher following its latest quarterly report, with total payment volume and active accounts coming in higher than expected. Incremental user engagement across their product suite (PayPal, Credit, One Touch, and Venmo), combined with expanding strategic partnerships (Google, Wells Fargo, and Visa) bodes well for the company's mobile-first strategy aimed at enabling consumers with more convenient and affordable payment options.
Shares of Alphabet traded higher after the company reported another strong quarter of earnings. The diversification of products contributing to revenue growth continues to increase as YouTube, hardware, Google Play, and cloud now make up 18% of total revenue. While the search business is still a significant driver of revenue, it is encouraging to see the breadth and depth of its product offering expanding, which should support long-term durable revenue and profit growth through diversification.
Amazon.com shares rose following its latest quarterly report, with top- and bottom-line results coming in ahead of consensus expectations. Expansion of its fulfilment and logistics networks has helped drive accelerated growth and allowed it to meet the needs of its increasing global footprint. Amazon Web Services, the company's highly profitable cloud computing business, also continues to grow at a rapid pace. In our view, Amazon.com remains well positioned to compound at a healthy rate for several years as it continues to disrupt the traditional retail business model. Its recent bid to acquire Whole Foods is a prime example, as it would allow Amazon to establish an omnichannel presence and extend into new product categories while also expanding its services and private label offerings.
Shares of Tesla continued to trade higher as the company remains on track to begin production of the Model 3 in July. The overwhelming demand for the Model 3, Tesla's first mass-market car, confirms the broad appeal of all-electric vehicles and helps support the company's mission to accelerate the world's transition to sustainable energy and transport. Based on the high level of differentiated innovation at Tesla, we continue to view the company as a dominant player in the shift to autonomous vehicles.
Intuitive Surgical's robotic da Vinci surgical system continues to see growing adoption, helping propel its shares higher. Procedure growth is the engine of the business model and its latest quarterly results confirm a sufficiently broad and deep accelerating trend in that area. Growth is likely to get an additional boost as the company plans to roll out its new and previously undisclosed surgical system, da Vinci X, by year-end.
Humana reported solid first-quarter earnings, primarily driven by prior-period development in its Medicare Advantage business, sending shares higher during the period. The company also reported that its Affordable Care Act individual exchange business performed better than expected and management raised its 2017 guidance. While its merger with Aetna was shelved, Humana remains a possible acquisition target given its focus on the fast-growing Medicare market.

Past performance is not a reliable indicator of future performance.

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.

Disclosure on Vendor Indices can be found here.

This product is based overseas and is not subject to UK sustainable investment labelling and disclosure requirements.

Risks

Typical Investor

Commentary for