Integrated U.S. Small-Mid Cap Core Equity SMA

The representative portfolio is an account in the composite we believe most closely reflects current portfolio management style for the strategy. Performance is not a consideration in the selection of the representative portfolio. The characteristics of the representative portfolio shown may differ from those of other accounts in the strategy. Please see the GIPS^® Composite Report for additional information on the composite.

Figures may not total due to rounding.

The specific securities identified and described do not represent all of the securities purchased, sold, or recommended for advisory clients, and no assumptions should be made that the securities identified and discussed were or will be profitable.

Risk considerations: All investments are subject to market risk, including the possible loss of principal. Investments in securities issued by small and mid-cap companies are likely to be more volatile than investments in securities issued by larger companies. The strategy’s reliance on quantitative models and the analysis of specific metrics to construct the portfolio could cause the adviser to be unsuccessful in selecting companies for investment or determining the weighting of particular stocks in the portfolio.

Firmwide Assets Under Management includes assets managed by T. Rowe Price Associates, Inc. and its investment advisory affiliates, in addition to SMA Model Delivery.

The holdings shown are for the representative portfolio and may not necessarily reflect a client's actual holdings. T. Rowe Price uses the current MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. Effective 17 March 2023, the GICS structure changed. Sector/industry diversification data prior to that date have not been restated. Historical attribution data has been restated. The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc, ("MSCI") and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. ("S&P") and is licensed for use by T. Rowe Price. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any or such standard or classification, Without limiting any or the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages, representative portfolio and may not necessarily reflect a client's actual holdings.

Does not take into consideration the trades associated solely with the systematic re-balancing of the portfolio.

If fewer than 10 contributors or detractors are shown, those are all of the contributors or detractors for the period. 

Numbers may not total due to rounding.

Attribution analysis represents the total portfolio as calculated by the FactSet attribution model and is inclusive of other assets. Non-equity positions are excluded from the structure shown. Allocation and selection effects provide insight into the underlying securities and which factors impacted the portfolio's excess return relative to the benchmark shown. Performance, gross of fees, for each secuirty is obtained in the local currency and, if necessary, is converted to U.S. Dollars using an exchange rate-determined by an independent third party. Figures are shown with gross dividends reinvested.

Sources: Financial data and analytics provider FactSet. Copyright 2024 FactSet. All Rights Reserved. MSCI/S&P GICS Sectors; Analysis by T. Rowe Price.

GIPS^® Information

T.Rowe Price (“TRP”) claims compliance with the Global Investment Performance Standards (GIPS®). A complete list and description of the Firm’s composites and/or a presentation that adheres to the GIPS® standards are available upon request at advisorservices@troweprice.com. Additional information regarding the Firm’s policies and procedures for calculating and reporting performance results is available upon request at advisorservices@troweprice.com.