Strategy

US Multi-Cap Growth Equity

The US Multi-Cap Growth Equity Composite seeks to provide long-term growth of capital by investing primarily in the common stocks of companies operating in sectors T. Rowe Price believes will be the fastest growing in the United States.

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

Tracking Error
(5 Years)

22.72%
4.01%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

38.96%
0.43

Inception Date 31-Dec-1995

Performance figures calculated in USD

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Justin P. White, CFA
Justin P. White, CFA, Portfolio Manager

Justin White is the portfolio manager of the US Multi-Cap Growth Equity Strategy, including the New America Growth Fund, in the U.S. Equity Division. He is chairman of the Investment Advisory Committee of the US Multi-Cap Growth Equity Strategy and a vice president and an Investment Advisory Committee member of the US Large-Cap Core Equity, US Structured Research Equity, US Growth Stock, US Large-Cap Core Growth Equity, US Mid-Cap Growth Equity, US Mid-Cap Value Equity, and Communications and Technology Equity Strategies. Justin also is a vice president of T. Rowe Price Group, Inc.

 

Strategy

Investment Approach

  • Bottom up portfolio emphasizing fundamental research.
  • Identify companies that are market share gainers or leaders in attractive growth industries.
  • Think independently and be skeptical of herd mentality - not benchmark focused.
  • Focus on growth companies with favorable company fundamentals, such as a strong balance sheet, sound business strategy, and promising competitive positioning.
  • Manage risk by having a high quality bias with reasonable valuations while being broadly diversified.
  • The portfolio may entail above-average risk since growth companies pay few dividends and are typically more volatile than slower-growing companies with high dividends. Diversification cannot assure a profit or protect against loss in a declining market.

Portfolio Construction

  • Typically 85-100 stock portfolio
  • U.S. centric, maximum international is 15% and historically below 5%
  • Initial purchase size will range from 0.25%-0.50%; full position size typically ranges between 0.50% and 3.00%

Holdings

Total
Holdings
84
Largest Holding Amazon.com 9.11% Was (30-Jun-2020) 9.97%
Other View Full Holdings Quarterly data as of 30-Sep-2020
Top 10 Holdings 40.27% View Top 10 Holdings Monthly data as of 30-Sep-2020

Top Purchase

Visa
3.10%
Was (30-Jun-2020) 1.11%

Top Sale

Teladoc Health (E)
0.00%
Was (30-Jun-2020) 1.58%

Quarterly Data as of 30-Sep-2020

Sectors

Total
Sectors
10
Largest Sector Information Technology 37.36% Was (30-Jun-2020) 35.49%
Other View complete Sector Diversification

Monthly Data as of 30-Sep-2020

Benchmark: Russell 1000 Growth Index

Top Contributor^

Communication Services
Net Contribution 0.17%
Sector
-0.12%
Selection 0.29%

Top Detractor^

Information Technology
Net Contribution -0.64%
Sector
-0.20%
Selection
-0.44%

^Relative

Quarterly Data as of 30-Sep-2020

Largest Overweight

Communication Services
By4.94%
Portfolio 15.79%
Benchmark 10.86%

Largest Underweight

Information Technology
By-7.16%
Portfolio 37.36%
Benchmark 44.52%

Monthly Data as of 30-Sep-2020

Team (As of 01-Oct-2020)

Justin P. White, CFA

Justin White is the portfolio manager of the US Multi-Cap Growth Equity Strategy, including the New America Growth Fund, in the U.S. Equity Division. He is chairman of the Investment Advisory Committee of the US Multi-Cap Growth Equity Strategy and a vice president and an Investment Advisory Committee member of the US Large-Cap Core Equity, US Structured Research Equity, US Growth Stock, US Large-Cap Core Growth Equity, US Mid-Cap Growth Equity, US Mid-Cap Value Equity, and Communications and Technology Equity Strategies. Justin also is a vice president of T. Rowe Price Group, Inc.

Justin has been with T. Rowe Price since 2008, beginning as an analyst, covering internet infrastructure companies and cable/satellite and U.S. telecom companies, in the U.S. Equity Division. Justin also was an equity summer intern with the firm in 2007. Prior to T. Rowe Price, he was a senior analyst at the Analysis Group in Washington, D.C.

Justin earned an A.B., magna cum laude, in applied mathematics and economics from Dartmouth College and an M.B.A., with highest distinction, from Dartmouth College, Tuck School of Business, where he was a member of Phi Beta Kappa and an Edward Tuck Scholar. He also has earned the Chartered Financial Analyst® designation.

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

  • Portfolio manager
    since
    2016
  • Years at
    T. Rowe Price
    12
  • Years investment
    experience
    12
Craig Watson, CPA

Craig Watson is a portfolio specialist in the U.S. Equity Division. He is a member of the U.S. Large-Cap Growth team, working closely with institutional clients, consultants, and prospects. Craig also is a vice president of T. Rowe Price Group, Inc., and a trustee on the T. Rowe Price Foundation, Inc.

Craig’s investment experience began in 1995, and he has been with T. Rowe Price since 2007, beginning in the U.S. Equity Division. Prior to this, Craig was employed by HSBC Securities as a senior vice president of global equity sales and by UBS as the director of institutional equity sales.

Craig earned a B.S., magna cum laude, in accounting from Hampton University and an M.B.A. from the University of Pennsylvania, The Wharton School. He is a certified public accountant.

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

  • Years at
    T. Rowe Price
    13
  • Years investment
    experience
    13

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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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