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GIPS® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. T. Rowe Price has been independently verified for the twenty four-year period ended June 30, 2020, by KPMG LLP. The verification report is available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report.

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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Past performance is not a reliable indicator of future performance.

Strategy

US Mid-Cap Value Equity

The US Mid-Cap Value Equity Composite seeks long-term capital appreciation primarily through investment in mid-cap companies that appear to be undervalued.

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

Tracking Error
(5 Years)

9.51%
4.45%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

40.30%
0.13

Inception Date 31-Jul-1996

Performance figures calculated in USD

David J. Wallack
David J. Wallack, Portfolio Manager

David J. Wallack is the lead portfolio manager for the US Mid-Cap Value Equity Strategy in the U.S. Equity Division. He is chairman of the Investment Advisory Committee of the US Mid-Cap Value Equity Strategy and an Investment Advisory Committee member of the Global Natural Resources Equity and International Value Equity Strategies. David also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Funds.

 

Strategy

Investment Approach

  • Utilize a bottom-up approach to identify mid-cap companies that are inefficiently priced.
  • Focus on companies with established franchises, strong market position, seasoned management team, healthy financial position, room for improved financial performance, and hidden assets.
  • Leverage T. Rowe Price’s proprietary fundamental research to evaluate investment risks and opportunities.
  • Determine valuation – both on an absolute basis and relative to peers and company history.
  • Ensure that each investment’s potential rewards outweigh risks.
  • Employ a patient, long-term approach to fully exploit valuation anomalies.

Portfolio Construction

  • Typically 110-160 stock portfolio
  • Individual position sizes typically range from 0.30% to 2.00%
  • Sector weights typically vary from 0.33X to 2.5X for primary value sectors relative to Russell Midcap Value Index