Strategy

Financial Services Equity

The Financial Services Equity Composite seeks long-term capital appreciation and modest current income through investments in financial services companies primarily in the U.S. across all market capitalizations.

3YR Return Annualised (Net)
(View Total Returns)

Tracking Error
(5 Years)

0.77%
3.53%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

-12.27%
0.55

Inception Date 31-Oct-1996

Performance figures calculated in USD

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Gabriel Solomon
Gabriel Solomon, Portfolio Manager

Gabe Solomon is the portfolio manager of the Financial Services Equity Strategy in the U.S. Equity Division. He is also the chairman of its Investment Advisory Committee. In addition, he is a vice president and an Investment Advisory Committee member of the US Capital Appreciation, US Dividend Growth Equity, US Growth Stock, US Large-Cap Core Equity, US Large-Cap Value Equity, and US Mid-Cap Value Equity Strategies. He also is an Investment Advisory Committee member of the Global Focused Growth Equity, Global Growth Equity, and Global Value Equity Strategies. Gabe is a vice president of T. Rowe Price Group, Inc.

 

Strategy

Investment Approach

  • Invest primarily in U.S. common stocks of companies operating in, and servicing, the financial services industry.
  • Employ a bottom-up, fundamental process that leverages T. Rowe Price’s global financial services research platform.
  • Top-down portfolio monitoring process is utilized to help manage risk.
  • Focus on companies with strong fundamentals and attractive valuations where we have specific insights relative to the market.
  • Our long-term investment horizon and contrarian investment style aims to make opportunistic investments that have attractive upside and risk/reward profiles.

Portfolio Construction

  • Portfolio of typically 70-90 stocks
  • Individual position sizes are generally less than 5% of total assets
  • Broadly diversified across financial services industries
  • Bottom-up security selection dictates our industry positioning
  • Reserves will range from 1% to 3%

Holdings

Total
Holdings
90
Largest Holding Chubb 6.98% Was (31-Mar-2020) 6.14%
Other View Full Holdings Quarterly data as of 30-Jun-2020
Top 10 Holdings 31.68% View Top 10 Holdings Monthly data as of 30-Jun-2020

Top Purchase

Munich Re
2.75%
Was (31-Mar-2020) 0.26%

Top Sale

Citigroup (E)
0.00%
Was (31-Mar-2020) 2.28%

Quarterly Data as of 30-Jun-2020

Sectors

Total
Sectors
6
Largest Sector Insurance 38.60% Was (31-Mar-2020) 31.62%
Other View complete Sector Diversification

Monthly Data as of 30-Jun-2020

Benchmark: Lipper Financial Services Funds Index

Largest Overweight

Insurance
By18.99%
Portfolio 38.60%
Benchmark 19.61%

Largest Underweight

Banks
By-22.49%
Portfolio 17.45%
Benchmark 39.93%

Monthly Data as of 30-Jun-2020

Team (As of 01-Oct-2020)

Gabriel Solomon

Gabe Solomon is the portfolio manager of the Financial Services Equity Strategy in the U.S. Equity Division. He is also the chairman of its Investment Advisory Committee. In addition, he is a vice president and an Investment Advisory Committee member of the US Capital Appreciation, US Dividend Growth Equity, US Growth Stock, US Large-Cap Core Equity, US Large-Cap Value Equity, and US Mid-Cap Value Equity Strategies. He also is an Investment Advisory Committee member of the Global Focused Growth Equity, Global Growth Equity, and Global Value Equity Strategies. Gabe is a vice president of T. Rowe Price Group, Inc. 

Gabe’s investment experience began in 2002, and he has been with T. Rowe Price since 2004, beginning as a research analyst in the U.S. Equity Division. Prior to this, Gabe was employed by Wellington Management Company, LLP, as an equity analyst intern covering Indian information technology services companies. He also was a management consultant at Sibson Consulting Group.

Gabe earned a B.A., summa cum laude, in economics from the University of California, Los Angeles (UCLA), where he was a UCLA Regents Scholar and a member of Phi Beta Kappa. He also earned an M.B.A. in finance and accounting from the University of Pennsylvania, The Wharton School, where he was head fellow for the Wharton Investment Management Fund, a student-run small-cap value portfolio.

  • Portfolio manager
    since
    2014
  • Years at
    T. Rowe Price
    16
  • Years investment
    experience
    18

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GIPS® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®). TRP has been independently verified for the twenty one- year period ended June 30, 2017 by KPMG LLP. The verification report is available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

TRP is a U.S. investment management firm with various investment advisers registered with the U.S. Securities and Exchange Commission, the U.K. Financial Conduct Authority, and other regulatory bodies in various countries and holds itself out as such to potential clients for GIPS purposes. TRP further defines itself under GIPS as a discretionary investment manager providing services primarily to institutional clients with regard to various mandates, which include U.S, international, and global strategies but excluding the services of the Private Asset Management group.

A complete list and description of all of the Firm's composites and/or a presentation that adheres to the GIPS® standards are available upon request. Additional information regarding the firm's policies and procedures for calculating and reporting performance results is available upon request

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