Strategy

US Mid-Cap Growth Equity

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.

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

Tracking Error
(5 Years)

11.48%
3.18%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

4.02%
-0.02

Inception Date 31-Dec-1995

Performance figures calculated in USD

Other Literature

Brian W. H. Berghuis, CFA
Brian W. H. Berghuis, CFA, Lead Portfolio Manager

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.

 

Strategy

Investment Approach

  • 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.

Portfolio Construction

  • Typically 120-160 securities
  • Position sizes typically range from 0.25% to 2.50%
  • Broad diversification among growth-oriented sectors and industries

Holdings

Total
Holdings
136
Largest Holding Teleflex 2.67% Was (31-Mar-2020) 2.76%
Other View Full Holdings Quarterly data as of 30-Jun-2020
Top 10 Holdings 20.14% View Top 10 Holdings Monthly data as of 30-Jun-2020

Top Purchase

Ross Stores (N)
0.44%
Was (31-Mar-2020) 0.00%

Top Sale

Willis Towers Watson
0.90%
Was (31-Mar-2020) 1.71%

Quarterly Data as of 30-Jun-2020

Sectors

Total
Sectors
10
Largest Sector Health Care 24.97% Was (31-Mar-2020) 23.62%
Other View complete Sector Diversification

Monthly Data as of 30-Jun-2020

Benchmark: Russell Midcap Growth Index

Top Contributor^

Communication Services
Net Contribution 1.04%
Sector
-0.06%
Selection 1.10%

Top Detractor^

Consumer Discretionary
Net Contribution -1.24%
Sector
0.04%
Selection
-1.28%

^Relative

Quarterly Data as of 30-Jun-2020

Largest Overweight

Industrials & Business Services
By5.75%
Portfolio 17.53%
Benchmark 11.78%

Largest Underweight

Information Technology
By-15.44%
Portfolio 21.44%
Benchmark 36.88%

Monthly Data as of 30-Jun-2020

Team (As of 01-Oct-2020)

Brian W. H. Berghuis, CFA

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 manager
    since
    1992
  • Years at
    T. Rowe Price
    35
  • Years investment
    experience
    37
John F.  Wakeman

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 manager
    since
    2000
  • Years at
    T. Rowe Price
    31
  • Years investment
    experience
    33
Brian Dausch, CFA

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 at
    T. Rowe Price
    21
  • Years investment
    experience
    22

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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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