Equity Income Portfolio II

Invests at least 80% in common stocks, with an emphasis on large-capitalization stocks that have a strong track record of paying dividends or that are believed to be undervalued. Broadly diversify sector exposure to minimize volatility.

By investing in common stocks, the fund is subject to declines in stock prices. The value approach carries the risk that the market may not realize a security's value for a long time, or that a stock judged to be undervalued is actually appropriately priced.

CUSIP 77954T860
Prospectus

Morningstar (Category)

Morningstar
(Overall Rating)1

Large Value
  (1,124 funds)

Data as of 10/31/2020

Data as of 10/31/2020

Fund Manager Tenure2

Net Assets3
(USD)

5yrs
$562.6m

Data as of 10/31/2020

Data as of 10/31/2020

Price
(USD)

Daily Price Change

$26.15
$-0.21

Data as of 11/25/2020

Data as of 11/25/2020

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

John D.  Linehan, CFA
John D. Linehan, CFA, Portfolio Manager

John D. Linehan is the portfolio manager for the U.S. Large Cap Equity Income Strategy, U.S. Select Value Strategy and co-portfolio manager for the US Large-Cap Value Equity Strategy in the U.S. Equity Division. In addition, he is the chief investment officer of Equity and a member of the firm's U.S. Equity Steering and Equity Brokerage and Trading Control Committees. He also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

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Strategy

Investment Objective

The fund seeks a high level of dividend income and long-term capital growth primarily through investments in stocks.

Morningstar Equity Style

Large Value

Data as of 10/31/2020

The Morningstar Style Box™, a proprietary Morningstar data point, is a 9-square grid that provides a graphical representation of the "investment style" of stocks and mutual funds. See disclaimer at bottom of page for more information.

Morningstar Rating

Period Rating Funds In Category (Large Value)
Overall 1,124
3 Years 1,124
5 Years 988
10 Years 709

The Morningstar Rating™ for funds, or "star rating", is calculated for funds with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics.

Average Annual Total Returns (N/A)

1 YR
-10.70%
Benchmark
-5.03%
Value
-5.67% -4.10%

Data as of 09/30/2020

3 YR
0.06%
Benchmark
2.63%
Value
-2.57% -2.49%
5 YR
6.69%
Benchmark
7.66%
Value
-0.97% -0.91%
10 YR
8.02%
Benchmark
9.95%
Value
-1.93% -1.80%

Expense Ratio

Gross
1.10%
Net
0.99%
Limitation Type
Contractual
expires 04/30/2021

Benchmark: Russell 1000 Value Index

Fund Inception: 04/30/2002

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when you sell your shares. Average annual total return figures include changes in principal value, reinvested dividends, and capital gain distributions.

The gross expense ratio reflects the fund expenses as stated in the fee table of the fund's prospectus prior to the deduction of any waiver or reimbursement. The net expense ratio reflects fund expenses after the deduction of any waiver or reimbursement.  If a fund has an active contractual expense limitation, the expiration date is shown below the gross and net expense ratio values above.  Expense ratios are as of the most recent prospectus.

Current Year Performance (N/A)

Daily YTD
-1.50%
Benchmark
0.17%
Value
-1.67%

Data as of 11/25/2020

Monthly YTD
-16.83%
Benchmark
-12.74%
Value
-4.09%

Data as of 10/31/2020

One Month
-0.50%
Benchmark
-1.31%
Value
0.81%
Three Months
-1.25%
Benchmark
0.24%
Value
-1.49%

Benchmark: Russell 1000 Value Index

Fund Inception: 04/30/2002

Holdings

Total
Holdings
114
Largest Holding Qualcomm 3.47% Was (06/30/2020) 2.93%
Other View complete Full Holdings
Top 10 Holdings 23.97%

Data as of 09/30/2020

Largest Contributor

Qualcomm
3.47%

Largest Detractor

Wells Fargo
2.53%

Data as of 09/30/2020

Purchase

Coca-Cola (N)
0.58%
Was 0.00%

Sale

JPMorgan Chase
0.90%
Was 1.33%

Data as of 09/30/2020

Team (As of )

John D.  Linehan, CFA

John D. Linehan, CFA
Portfolio Manager

John D. Linehan is the portfolio manager for the U.S. Large Cap Equity Income Strategy, U.S. Select Value Strategy and co-portfolio manager for the US Large-Cap Value Equity Strategy in the U.S. Equity Division. In addition, he is the chief investment officer of Equity and a member of the firm's U.S. Equity Steering and Equity Brokerage and Trading Control Committees. He also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

  • Fund manager
    since 2015
  • Years at
    T. Rowe Price 22
  • Years investment
    experience 31
William D. Nolan

William D. Nolan
Portfolio Specialist

William D. Nolan is a portfolio specialist in the U.S. Equity Division of T. Rowe Price. He acts as a proxy for equity portfolio managers with institutional clients, consultants, and prospects. Mr. Nolan supports T. Rowe Price's large-cap value strategies, focusing on the US Large-Cap Equity Income and US Value Equity Strategies. He is a vice president of T. Rowe Price Associates, Inc.

  • Years at
    T. Rowe Price 11
  • Years investment
    experience 29

For a complete list of the members of the fund's Investment Advisory Committee, please refer to the fund's prospectus.

How to Invest

Shares of the Variable Insurance Portfolios are designed to be offered to insurance company separate accounts established for the purpose of funding variable annuity and variable life insurance contracts. The annuity and life contract holders or participants are not the shareholders of the funds. Rather, the separate account of the insurance company is the shareholder. The variable annuity and variable life contracts are described in separate prospectuses issued by the insurance companies. The funds assume no responsibility for such prospectuses, or variable annuity or variable life contracts.

Shares of the funds are sold and redeemed without the imposition of any sales commissions or redemption charges. However, certain other charges may apply to annuity or life contracts. Those charges are disclosed in the insurance contract prospectus. Your ability to exchange from these funds into any other T. Rowe Price fund that serves as an investment option under your insurance contract is governed by the terms of that contract and the insurance contract prospectus, as well as the funds’ excessive and short-term trading policy described in this section.

1

© 2020 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

2

Number of years managing the fund.  In the case of co-portfolio management, the longer tenure is displayed.

3

Figure applies to all share classes.

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