Large-Cap Value Fund

Invests in large-capitalization companies that appear to be undervalued but have good prospects for capital appreciation. Our in-house research team seeks to identify undervalued stocks by considering key financial ratios such as price/earnings, price/book value, price/sales, and price/cash flow.

There is the risk that the market will not recognize a security’s intrinsic value for a long time or that a stock judged to be undervalued may actually be appropriately priced. By investing in common stocks, the fund is subject to declines in the broad stock market.

Morningstar (Category)

Morningstar1

Large Value
N/A

Fund Manager Tenure2

Net Assets3
(USD)

6yrs
$4.0b

Data as of 05/31/2021

Data as of 05/31/2021

Price
(USD)

Daily Price Change

$27.03
$-0.57

Data as of 06/18/2021

Data as of 06/18/2021

Heather K. McPherson
Heather K. McPherson, Co-Portfolio Manager

Heather McPherson is a co-portfolio manager for the US Large-Cap Value Equity Strategy and an associate portfolio manager for the US Large-Cap Equity Income Strategy in the U.S. Equity Division. He...

John D.  Linehan, CFA
John D. Linehan, CFA, Co-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. Eq...

View more

Strategy

Investment Objective

The fund seeks to provide long-term capital appreciation by investing in common stocks believed to be undervalued. Income is a secondary objective.

Morningstar Equity Style

Large Value

Data as of 05/31/2021

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.

Average Annual Total Returns (Investor Class)

1 YR
N/A
Benchmark
N/A
Value
N/A 8.68%

Data as of 03/31/2021

3 YR
N/A
Benchmark
N/A
Value
N/A N/A

Data as of 03/31/2021

5 YR
N/A
Benchmark
N/A
Value
N/A N/A

Data as of 03/31/2021

Since Inception
53.47%
Benchmark
44.70%
Value
8.77% 8.64%

Data as of 03/31/2021

Benchmark: Russell 1000 Value Index

Fund Inception: 05/01/2020

Expense Ratio

Gross
0.80%
Net
0.70%
Limitation Type
Contractual
expires 04/30/2022

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.

Investors should note that short term returns greater than 40% are highly unusual and unlikely to be sustained.

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 (Investor Class)

Daily YTD
14.49%
Benchmark
13.86%
Value
0.63%

Data as of 06/18/2021

Monthly YTD
20.25%
Benchmark
18.41%
Value
1.84%

Data as of 05/31/2021

One Month
2.45%
Benchmark
2.33%
Value
0.12%

Data as of 05/31/2021

Three Months
12.61%
Benchmark
12.69%
Value
-0.08%

Data as of 05/31/2021

Benchmark: Russell 1000 Value Index

Fund Inception: 05/01/2020

Asset Allocation

Net Assets
(USD)
$4.0b

Data as of 05/31/2021

Largest US Stock 93.01% $3.7b
Other View complete

Holdings

Total
Holdings
86

Data as of 03/31/2021

Largest Holding GE 3.49% Was (12/31/2020) 3.16%
Other View complete Full Holdings
Top 10 Holdings 25.02% View the latest Top 10 Holdings
12-Month Portfolio Turnover 26.8% Data as of 05/31/2021

Largest Contributor

GE
3.49%

Largest Detractor

Qualcomm
2.00%

Data as of 03/31/2021

Purchase

Anthem
1.01%
Was 0.26%

Sale

DuPont de Nemours
0.82%
Was 2.24%

Data as of 03/31/2021

Sectors

Total
Sectors
11

Data as of 05/31/2021

Benchmark: Russell 1000 Value Index

Largest Sector Financials 23.77% Was (04/30/2021) 23.37%
Other View complete

Contributor

Financials
By 1.11%
Sector 0.12%
Selection 0.99%

Detractor

Health Care
By -0.36%
Sector -0.09%
Selection -0.27%

Data as of 03/31/2021

Over

Information Technology
By 2.47%
Fund 11.42%
Benchmark 8.95%

Under

Communication Services
By -4.23%
Fund 4.65%
Benchmark 8.89%

Data as of 05/31/2021

Team (As of )

Heather K. McPherson

Heather K. McPherson
Co-Portfolio Manager

Heather McPherson is a co-portfolio manager for the US Large-Cap Value Equity Strategy and an associate portfolio manager for the US Large-Cap Equity Income Strategy in the U.S. Equity Division. Heather is a member of the firm's U.S. Equity Steering Committee and is a vice president and an Investment Advisory Committee member of the US Large-Cap Equity Income, US Large-Cap Core Equity, US Quantitative Large, Global Natural Resources Equity, US Mid-Cap Value Equity, and US Large-Cap Value Equity Strategies. She is a trustee of the T. Rowe Price Foundation. Heather also is a vice president of T. Rowe Price Group, Inc. 

  • Fund manager
    since 2015
  • Years at
    T. Rowe Price 18
  • Years investment
    experience 20
John D.  Linehan, CFA

John D. Linehan, CFA
Co-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.

  • Years at
    T. Rowe Price 23
  • Years investment
    experience 32
Mark S.  Finn, CFA, CPA

Mark S. Finn, CFA, CPA
Co-Portfolio Manager

Mark Finn is the portfolio manager of the US Large-Cap Value Equity Strategy, which includes the Value Fund, and co-portfolio manager of the Large-Cap Value Fund in the U.S. Equity Division. He is chairman of the Investment Advisory Committee of the U.S. Large Cap Value Equity Strategy. Mark is also a vice president and an Investment Advisory Committee member of the US Large-Cap Equity Income, Global Natural Resources Equity, US Quantitative U.S., US Quantitative Large, US Mid-Cap Value Equity, and Retirement Strategies.

  • Years at
    T. Rowe Price 30
  • Years investment
    experience 23
Caleb N. Fritz, CFA

Caleb N. Fritz, CFA
Portfolio Specialist

Caleb Fritz is a portfolio specialist in the U.S. Equity Division. He acts as a proxy for equity portfolio managers with institutional clients, consultants, and prospects and supports the large-cap value strategies. Caleb also is a vice president of T. Rowe Price Group, Inc.

  • Years at
    T. Rowe Price 13
  • Years investment
    experience 20

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

How to Invest

View platform information
Share Class Min Initial Investment (USD) Min Subsequent Investment (USD) 12b-1 Fee Expense Ratio
Gross Net Limitation Type Limitation Expiration Date
Investor Class
Cusip 87283V205
$2,500 $100 0.00% 0.80% 0.70% Contractual 04/30/2022
I Class
Cusip 45775L200
$1,000,000* N/A 0.00% 0.57% 0.57% N/A
N/A

* Minimum initial investment $1,000,000. Minimum is generally waived for intermediaries, certain retirement plans, and certain institutional client accounts.

1

© 2021 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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