We employ fundamental research and active, bottom-up stock selection to construct a portfolio of higher-quality companies, with a focus on stocks that generate above average income. We favor names featuring compelling valuations, attractive long-term fundamentals, and strong dividend yields.

• Employ a value-oriented investment approach.
• Focus on companies with an above-average dividend yield – always a positive component of total return. 
• Utilize a thorough "bottom-up" fundamental research evaluation of each holding.

Established and Consistent Investment Philosophy

We have adhered to our investment philosophy and process since we began investing in large‑cap value companies in 1985. We have successfully implemented large‑cap value investing through diverse market conditions.

Tenured Portfolio Management 

John Linehan, CFA, is an experienced portfolio manager with a solid track record of managing large‑cap value portfolios. He is also chief investment officer of equity for T. Rowe Price. Mr. Linehan has been with the firm since 1998 and has been a large‑cap value portfolio manager since 2000. His tenure and leadership promote consistency in investment style and performance. 

Global Research Resources

T.Rowe Price has one of the industry’s strongest commitments to in-house research. We aim to bring our clients better insights, which can lead to stronger long-term investment results. In our view, the quality and breadth of our research efforts provide a critical information edge that supports well‑informed investment choices. We have more than 245 equity research professionals 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.1

¹12 sector portfolio managers, 126 investment analysts, 71 associate research analysts, 11 quantitative analysts, and 25 specialty analysts as of December 31, 2021.

All investments are subject to risks, including the possible loss of principal. There is no assurance that the investment process will capture quality companies with attractive and sustainable dividend yields. Dividend‑paying stocks may lag shares of smaller, faster‑growing companies. Dividends are not guaranteed and are subject to change. Diversification cannot assure a profit or protect against loss in a declining market.

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.