• Focus on relative value relationships.
• Employ fundamental research to identify large and medium sized companies with improving financial outlook.
• Integrate qualitative inputs to assess potential for improved investor perception.
• Verify relative valuation anomalies through quantitative analysis. 
• Balance valuation analysis and qualitative assessment.

• Employs fundamental research and active, bottom-up stock selection to identify securities within the U.S. large-cap value universe trading at attractive relative valuations with the potential for stock price mean reversion. Stocks are selected by an experienced portfolio manager with a history of managing value equities.
• Our investment approach favors high-quality companies that have promising financial outlooks and the potential for improved investor perception as they address issues that caused their valuations to become temporarily depressed. The subsequent portfolio represents our highest-conviction ideas within the U.S. large-cap value universe while also managing risk through diversification and rigorous fundamental research at the individual company level.
• The process results in a more concentrated portfolio benchmarked to the Russell 1000 Value Index. Our patient, long-term approach seeks to minimize portfolio turnover.
• Outperformance will be sought primarily through effective security selection. 

Established and Consistent Investment Philosophy and Process

We have adhered to our investment philosophy and process since we began managing U.S. large-cap value portfolios in 1985. Our large-cap value portfolios have a history of strong risk-adjusted performance through diverse market conditions.

Global Research Resources

T.Rowe Price has one of the industry’s strongest commitments toin-house research. We aim to bring our clients better insights, whichcan lead to stronger long-term investment results. In our view, thequality andbreadth of our research efforts provide a criticalinformation edge thatsupports well-informed investment choices.Over 260+ equity research analysts arelocated in six differentcountries around theworld, providing a uniquelevel of insight andgiving us the ability to“connect the dots globally”on many of ourinvestment theses.

All investments are subject to risks, including the possible loss of principal. The strategy’s value approach to investing could cause it to underperform other stock strategies that employ a different investment style. The intrinsic value of a stock with value characteristics may not be fully recognized by the market for a long time or a stock judged to be undervalued may actually be appropriately priced at a low level. 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.