• Identify high-quality companies with leading market positions in fertile growth fields. 
• Integrate fundamental research — emphasize sustainable growth, not momentum growth. 
• Focus on high-quality earnings, strong free cash flow growth, shareholder-oriented management, and rational competitive environments. 
• Avoid overpaying for growth, while broadly diversifying portfolios, to help manage portfolio risk. 

• Emphasizes fundamental research and active, bottom-up stock selection to construct a portfolio of reasonably priced stocks that tend to exhibit solid revenue growth, attractive free cash flow, consistent earnings growth, and above-average return on invested capital. 
• Seeks secular growth companies on the right side of change that possess attractive business models, operational and financial flexibility, and seasoned management teams with a history of thoughtful capital allocation. 
• Stocks are selected by a portfolio manager utilizing a time-tested philosophy in investing in growth equities. The process results in a portfolio of 45 to 60 stocks that represent our highest-conviction names within the U.S. large-cap growth universe.
• Outperformance will be sought primarily through effective security selection over a full market cycle of three to five years.

Growth Investing Heritage

With nearly seven decades of experience managing growth stock strategies, we have developed a deep understanding of the fundamental factors that drive performance in this segment of the market. In addition to style consistency and in-depth, firmwide research capabilities, we offer our clients a long and successful history of managing growth products that demonstrates our expertise and track record of success.

Global Research Resources

We aim to bring our clients better insights that can lead to stronger long-term investment results. T. Rowe Price has made one of the industry’s strongest commitments to in-house research, and we continually invest in the expansion and development of our research capabilities. In our view, the quality and breadth of our research effort gives our portfolio managers a critical informational edge when making investment decisions. Over 260 equity research analysts1 are located in six different countries around the world, providing a unique level of insight and giving us the ability to “connect the dots globally” on many of our investment theses. 

¹12 sector portfolio managers, 130 investment analysts, 75 associate analysts, 11 quantitative analysts, and 37 specialist as of December 31, 2022.

All investments are subject to risks, including the possible loss of principal. The strategy’s growth approach to investing could cause it to underperform other stock portfolios that employ a different investment style. Growth stocks tend to be more volatile than value stocks and their prices usually fluctuate more dramatically than the overall stock market. Diversification cannot assure a profit or protect against loss in a declining market. There is no assurance the investment objectives will be met.

T. Rowe Price's separately managed accounts offer access to our firm’s expertise to identify opportunities and pursue solid, long term results through our disciplined approach to investing. We are focused on helping our clients invest confidently. Backed by our experience over many investment cycles, our SMAs provide one more way to access T. Rowe Price's established active management approach.

T. Rowe Price uses the current MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. 

Numbers may not total due to rounding; all numbers are percentages.

Please note that holdings are released 15 days after the period end. From time to time, certain securities held may not be listed. This is done to prevent potential harm to the portfolio while the manager completes a buying or selling program in those securities. 

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 investments in the securities identified and discussed were or will be profitable. 

The information shown does not reflect any ETFs that may be held in the portfolio. 

The representative portfolio is an account in the composite we believe most closely reflects the current portfolio management style for this 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® Disclosure  for additional information on the composite.

We would be pleased to discuss our solutions, products, and capabilities with you. Call 1-877-561-7670 to learn more about SMAs and model portfolios, and more specifically, about which T. Rowe Price SMAs may be suitable for your clients.