Strategy

US Capital Appreciation

The US Capital Appreciation Composite seeks long-term capital appreciation with relatively low volatility by investing primarily in common stocks. The strategy may also invest in fixed-income and other securities to help preserve value in uncertain and declining markets.

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

Tracking Error
(5 Years)

11.21%
6.19%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

12.03%
-0.28

Inception Date 31-Dec-1995

Performance figures calculated in USD

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David R.  Giroux
David R. Giroux, Portfolio Manager

David Giroux is a portfolio manager in the U.S. Equity Division. He manages the Capital Appreciation Strategy including the Capital Appreciation Fund . He also is head of Investment Strategy, chief investment officer for Equity and Multi-Asset, and cochair of the Equity Research Advisory Committee. 

 

Strategy

Investment Approach

  • Focus on Capital Preservation
    • Strive to minimize losses in difficult markets while providing solid risk-adjusted returns in rising markets.
    • Focus on avoiding risk is as important as seeking returns.
    • Use a broad range of securities (common stocks, fixed income, convertibles, and cash) to achieve fund objectives.
  • Utilize Multiple Tools to Identify the Best Investment Ideas Across the Capital Structure
    • Employ the research and analytic expertise of T. Rowe Price’s global research platform.
    • Utilize quantitative inputs to compliment extensive fundamental bottom-up analysis.
    • Maintain valuation discipline and emphasize companies with strong balance sheets and significant free cash flow.
    • Devote extensive time to meeting with management teams of current and potential holdings.

Portfolio Construction

  • Mandate requires a minimum of 50% equities. Equity exposure normally ranges from 50% to 70%.
  • Investment reserves normally range between 5% and 25% of assets.

Holdings

Total
Holdings
256
Largest Holding Microsoft 5.28% Was (30-Jun-2020) 5.04%
Other View Full Holdings Quarterly data as of 30-Sep-2020
Top 10 Holdings 33.18% View Top 10 Holdings Monthly data as of 30-Sep-2020

Top Purchase

PNC Financial Services Group
2.62%
Was (30-Jun-2020) 0.47%

Top Sale

Fortive (E)
0.00%
Was (30-Jun-2020) 2.43%

Quarterly Data as of 30-Sep-2020

Sectors

Total
Sectors
9
Largest Sector Information Technology 24.18% Was (30-Jun-2020) 21.32%
Other View complete Sector Diversification

Monthly Data as of 30-Sep-2020

Benchmark: S&P 500 Index

Top Contributor^

Health Care
Net Contribution 0.99%
Sector
-0.19%
Selection 1.19%

Top Detractor^

Information Technology
Net Contribution -1.22%
Sector
-0.17%
Selection
-1.06%

^Relative

Quarterly Data as of 30-Sep-2020

Largest Overweight

Utilities
By9.63%
Portfolio 12.60%
Benchmark 2.97%

Largest Underweight

Consumer Staples
By-5.22%
Portfolio 1.81%
Benchmark 7.02%

Monthly Data as of 30-Sep-2020

Team (As of 01-Oct-2020)

David R.  Giroux

David Giroux is a portfolio manager in the U.S. Equity Division. He manages the Capital Appreciation Strategy including the Capital Appreciation Fund . He also is head of Investment Strategy, chief investment officer for Equity and Multi-Asset, and cochair of the Equity Research Advisory Committee. David is a five-time nominee and two-time winner of Morningstar's Fund Manager of the Year award1 in the allocation category. David’s fund has also won 13 "Best Fund" awards2 from Lipper. He is a vice president of T. Rowe Price Group, Inc.

David’s investment experience began in 1998 when he joined T. Rowe Price, beginning as research analyst in the U.S. Equity Division. He had analytical responsibility for the firm's investments in the industrials, building products, and automotive sectors until 2006.

David earned a B.A., magna cum laude, in finance and political economy from Hillsdale College. He also has earned the Chartered Financial Analyst® designation.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

_________________________________

Call 1-800-638-7780 to request a prospectus, which includes risks, fees, expenses, and other information that you should read and consider carefully before investing.

All investing is subject to risk, including the possible loss of principal.

Past performance cannot guarantee future results.

(1) Established in 1988, the Morningstar Fund Manager of the Year award recognizes portfolio managers who demonstrate excellent investment skill and the courage to differ from the consensus to benefit investors. The Fund Manager of the Year award winners are chosen based on research and in-depth qualitative evaluation by Morningstar's Manager Research Group. To qualify for the award, managers' funds must have not only posted impressive returns for the year, but the managers also must have a record of delivering outstanding long-term risk-adjusted performance and of aligning their interests with shareholders'. Managers' funds must currently have a Morningstar Analyst Rating™ of Gold or Silver. David Giroux won the award for Allocation Funds in 2012 and Allocation/Alternative Funds in 2017.

Morningstar's Manager Research Group consists of various wholly owned subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC. Morningstar's Manager Research Group produces various ratings including the Morningstar Analyst Rating for funds and the Morningstar Quantitative Rating for funds. The Analyst Rating is derived from a qualitative assessment process performed by a manager research analyst, whereas the Morningstar Quantitative Rating uses a machine-learning model based on the decision-making processes of Morningstar's analysts, their past ratings decisions, and the data used to support those decisions. In both cases, the ratings are forward-looking assessments and include assumptions of future events, which may or may not occur or may differ significantly from what was assumed. The Analyst Ratings and Quantitative Ratings are statements of opinions, subject to change, are not to be considered as guarantees, and should not be used as the sole basis for investment decisions. This press release is for informational purposes only; references to securities should not be considered an offer or solicitation to buy or sell the securities.

©2020 Morningstar, Inc. All Rights Reserved.

(2) The Capital Appreciation Fund received the 2018 Lipper Fund Classification Award for Best Mixed-Asset Target Allocation Growth Fund over the 10-year period ended 12/31/2017, and the 2017 Lipper Fund Classification Award for Best Mixed-Asset Target Allocation Growth Fund over the 10-year period ended 12/31/2016, and the 2016 Lipper Fund Classification Award for Best Mixed-Asset Target Allocation Growth Fund over the 3-year, 5-year and 10-year period ended 12/31/2015, and the 2015 Lipper Fund Classification Award for Best Mixed-Asset Target Allocation Growth Fund over the 10-year period ended 12/31/04, and the 2014 Lipper Fund Classification Award for Best Mixed-Asset Target Allocation Growth Fund over the 10-year period ended 12/31/2013, and the 2013 Lipper Fund Classification Award for Best Mixed-Asset Target Allocation Growth Fund over the 10-year period ended 12/31/2012, and the 2012 Lipper Fund Classification Award for Best Mixed-Asset Target Allocation Growth Fund over the 10-year period ended 12/31/2011, and the 2011 Lipper Fund Classification Award for Best Mixed-Asset Target Allocation Growth Fund over the 10-year period ended 12/31/2010. and the 2010 Lipper Fund Classification Award for Best Mixed-Asset Target Allocation Growth Fund over the 5-year and 10-year period ended 12/31/2009, and the 2009 Lipper Fund Classification Award for Best Mixed-Asset Target Allocation Growth Fund over the 10-year period ended 12/31/2008.

Rankings for other periods differ.  For Lipper Best Individual Funds, the calculation periods extend over 36, 60 and 120 months. The highest Lipper Leader for Consistent Return (Effective Return) value within each eligible classification determines the fund classification winner over 3, 5 or 10 years as of the period end and no other time periods. Only one share class (the one with the best Lipper Leader score) is used for each portfolio in determining asset class and overall awards.  A high Lipper rating does not necessarily imply that a fund had the best total performance or that the fund achieved positive results for that period. Lipper ratings and Lipper Fund Awards are not intended to predict future results. For detailed explanation, please review the Lipper Leaders Methodology document on www.lipperalpha.financial.thomsonreuters.com/lipper

From Thomson Reuters Lipper Awards, © 2018 Thomson Reuters. All rights reserved. Used by permission and protected by the Copyright Laws of the United States. The printing, copying, redistribution, or retransmission of this Content without express written permission is prohibited.

T. Rowe Price Investment Services, Inc.

  • Portfolio manager
    since
    2006
  • Years at
    T. Rowe Price
    22
  • Years investment
    experience
    22
William D. Nolan

William D. Nolan is a portfolio specialist in the U.S. Equity Division of T. Rowe Price. He acts as a proxy for equity portfolio managers with institutional clients, consultants, and prospects. Mr. Nolan supports T. Rowe Price's large-cap value strategies, focusing on the US Large-Cap Equity Income and US Value Equity Strategies. He is a vice president of T. Rowe Price Associates, Inc.

Mr. Nolan has 26 years of investment experience. Before joining the firm, he was most recently a managing director of institutional equity sales for Wachovia Corporation where he also served as director of institutional research marketing. Prior to this, Mr. Nolan was director of equity institutional sales for Alex Brown and was the Washington, D.C., branch manager in the National Accounts Division of IBM.

Mr. Nolan earned a B.S. in social and behavioral sciences from Johns Hopkins University.

  • Years at
    T. Rowe Price
    11
  • Years investment
    experience
    29

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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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