The US Mid-Cap Growth Equity Composite seeks long-term capital appreciation primarily through investment in mid-cap companies with potential for above-average earnings growth.
- Focus on companies within the market cap range of the Russell MidCap Growth Index, generally between $4 billion and $35 billion (USD) at time of purchase.
- We target companies with an expected annual earnings growth rate equal to or greater than 12%.
- Require solid financial characteristics and financial flexibility to help hedge against the operational risk endemic to faster growing companies.
- Integrate fundamental research to identify companies with strong management and attractive business models that can deliver above-average earnings growth.
- Broadly diversify holdings to help manage portfolio risk profile.
- Integrate relative valuation assessment to weigh valuation versus expected growth.
- Stay focused on the long term — typically employ a low turnover, patient trading strategy.
- Mid-cap growth company stocks are generally more volatile than stocks of large, well-established companies. Diversification cannot assure a profit or protect against loss in a declining market.
- Typically 120-160 securities
- Position sizes typically range from 0.25% to 2.50%
- Broad diversification among growth-oriented sectors and industries
|1 YR||3 YR
|Composite Gross %||4.65%||12.14%||11.53%||15.84%|
|Composite Net %||4.02%||11.48%||10.87%||15.16%|
|Excess Return (Gross) %||-7.26%||-2.62%||-0.07%||0.96%|
|3 MonthsData as of 30-Jun-2020||Year to DateData as of 30-Jun-2020|
|Composite Gross %||28.19%||-1.58%|
|Composite Net %||28.01%||-1.87%|
|Excess Return (Gross) %||-2.07%||-5.74%|
Past performance is not a reliable indicator of future performance.
Returns for time periods greater than one year are annualised.
Gross performance returns are presented before management and all other fees, where applicable, but after trading expenses. Net of fees performance reflects the deduction of the highest applicable management fee that would be charged based on the fee schedule contained within this material, without the benefit of breakpoints. Gross and net performance returns reflect the reinvestment of dividends and are net of all non-reclaimable withholding taxes on dividends, interest income, and capital gains.
Effective 1 October 2013, the benchmark for the composite was changed to Russell Midcap Growth Index. Prior to 1 October 2013, the benchmark was the S&P MidCap 400 Index. The benchmark change was made because the firm viewed the new benchmark to be a better representation of the investment strategy of the composite. Historical benchmark representations have not been restated.
Ross Stores (N)0.44%
Willis Towers Watson0.90%
Communication ServicesNet Contribution 1.04%
Consumer DiscretionaryNet Contribution -1.24%
Industrials & Business Services
Brian W.H. Berghuis is the lead portfolio manager for the Mid-Cap Growth Equity Strategy, including the Mid-Cap Growth Fund, in the U.S. Equity Division. He also is chairman of the Investment Advisory Committee of the Mid-Cap Growth Fund. Additionally, Brian is a vice president and an Investment Advisory Committee member of the US Structured Active Mid-Cap Growth Equity, US Multi-Cap Growth Equity, and US Small-Cap Growth II Equity Strategies. Brian also is a member of the U.S. Equity Steering Committee. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Equity Funds, Inc.
Brian’s investment experience began in 1983, and he has been with T. Rowe Price since 1985, beginning as a research analyst following the retail sector in the U.S. Equity Division. In 1992, he became the lead portfolio manager for the US Mid-Cap Growth Equity Strategy. Prior to T. Rowe Price, Brian was a summer associate in research at Dominion Securities Pitfield. He also spent two years at Kidder, Peabody & Co. as a deferred admission associate in utility corporate finance.
Brian earned an A.B., cum laude from Princeton University, Woodrow Wilson School of Public and International Affairs, and an M.B.A. from Harvard Business School. He also has earned the Chartered Financial Analyst® designation. Brian is a former president of the Baltimore Security Analysts Society. He also was named "Manager of the Year" for 2004 by Morningstar.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Portfolio manager1992
- Years at35
T. Rowe Price
- Years investment37
John Wakeman is a portfolio manager in the U.S. Equity Division of T. Rowe Price. He is an executive vice president of the Mid-Cap Growth Strategy and a member of its Investment Advisory Committee. In addition, he is a vice president and an Investment Advisory Committee member of the Structured Research and Diversified Mid-Cap Growth Strategies. Mr. Wakeman is a vice president of T. Rowe Price Group, Inc.
Mr. Wakeman has 32 years of investment experience, 30 of which have been with T. Rowe Price. He joined the firm in 1989.
Mr. Wakeman earned a B.A. in economics, a B.B.A. in finance, and an M.S. in finance from the University of Wisconsin-Madison.
- Portfolio manager2000
- Years at31
T. Rowe Price
- Years investment33
Brian Dausch is a portfolio specialist in the U.S. Equity Division of T. Rowe Price. He is a member of the Global Natural Resources Equity, US Mid-Cap Growth Equity, US Small-Cap Growth Equity, QM US Small-Cap Growth Equity, and Health Sciences Strategy teams, working closely with institutional clients, consultants, and prospects. Mr. Dausch is a vice president of T. Rowe Price Group, Inc.
Mr. Dausch has 22 years of investment experience, 21 of which have been at T. Rowe Price. He joined the firm in 1998; prior to his current position, he managed the U.S. Equity Portfolio Analysis Group. Mr. Dausch also served as an associate research analyst in the U.S. Equity Division in health care, specializing in biotechnology and pharmaceutical company research.
Mr. Dausch earned a B.S. in business administration, with a concentration in finance, from the University of Delaware. He also has earned the Chartered Financial Analyst designation.
- Years at21
T. Rowe Price
- Years investment22