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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 Diversified Small-Cap Value Equity

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

Important Information: For updated information regarding a proposal to launch a new investment adviser, read 8/9/2021 statement.

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

Tracking Error
(5 Years)

12.39%
5.46%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

59.40%
0.42

Inception Date 31-Dec-1995

Performance figures calculated in USD

David Wagner, CFA
David Wagner, CFA, Portfolio Manager

David Wagner is the lead portfolio manager for the US Diversified Small-Cap Value Equity Strategy in the U.S. Equity Division. He is a vice president and member of the Investment Advisory Committees of the Mid-Cap Value, New Horizons, and Small-Cap Stock Strategies. David is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Trust Company.

 

Strategy

Investment Approach

  • Invest in small-capitalization stocks with an emphasis on stocks with a market capitalization that is within or below the range of companies in the Russell 2000 Index. The strategy is the broadest product offering to focus on the small-cap value space.
  • Employ a long-term focused, contrarian bottom-up approach.
  • Rely on fundamentally driven, valuation conscious research to identify companies that are under-appreciated by the market.
  • Broadly diversify holdings to manage portfolio risk profile.
  • Employ a low turnover and patient trading strategy to promote full value realization.

Portfolio Construction

  • Typically 275-325 securities
  • Position sizes typically range between 0.25% to 2.50%
  • Benchmark aware – sector diversification is the result of opportunistic relative valuation opportunities
  • Fully invested strategy, reserves typically 5% or less

Holdings

Total
Holdings
382
Largest Holding Western Alliance Bancorp 1.37% Was (31-Mar-2021) 1.50%
Other View Full Holdings Quarterly data as of  30-Jun-2021
Top 10 Holdings 9.24% View Top 10 Holdings Monthly data as of  30-Jun-2021

Top Purchase

Washington Real Estate Investment Trust
0.40%
Was (31-Mar-2021) 0.05%

Top Sale

Alcoa
0.10%
Was (31-Mar-2021) 0.57%

Quarterly Data as of 30-Jun-2021

Sectors

Total
Sectors
11
Largest Sector Financials 25.39% Was (31-Mar-2021) 28.13%
Other View complete Sector Diversification

Monthly Data as of 30-Jun-2021

Benchmark: Russell 2000 Value Index

Top Contributor^

Health Care
Net Contribution 0.58%
Sector
0.07%
Selection 0.51%

Top Detractor^

Communication Services
Net Contribution -1.14%
Sector
-0.33%
Selection
-0.81%

^Relative

Quarterly Data as of 30-Jun-2021

Largest Overweight

Consumer Discretionary
By2.26%
Portfolio 10.59%
Benchmark 8.33%

Largest Underweight

Real Estate
By-2.47%
Portfolio 8.64%
Benchmark 11.10%

Monthly Data as of 30-Jun-2021

Team (As of 10-Sep-2021)

David Wagner, CFA

David Wagner is the lead portfolio manager for the US Diversified Small-Cap Value Equity Strategy in the U.S. Equity Division. He is a vice president and member of the Investment Advisory Committees of the Mid-Cap Value, New Horizons, and Small-Cap Stock Strategies. David is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Trust Company.

David’s investment experience began in 1999, and he has been with T. Rowe Price since 2000, beginning in the U.S. Equity Division as an analyst covering financial services after serving as a summer intern with T. Rowe Price in 1999. Prior to this, David was employed by National Economic Research Associates as an associate analyst. 

David earned a B.A., summa cum laude, in economics from the College of William & Mary and an M.B.A. from the University of Virginia, Darden School of Business. He also has earned the Chartered Financial Analyst® designation.

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

  • Portfolio manager
    since
    2014
  • Years at
    T. Rowe Price
    21
  • Years investment
    experience
    22
Frank M. Alonso

Frank Alonso is the portfolio manager for the US Small-Cap Core Equity Strategy, including the Small-Cap Stock Fund, in U.S. Equity Division. He is chairman of the Investment Advisory Committee of the Small-Cap Stock Fund and a member of the Investment Advisory Committees of the US Small-Cap Growth II Equity and Balanced Strategies. In addition, he is vice president of the Spectrum strategies. Frank is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Trust Company.

Frank has been with T. Rowe Price since 2000, beginning in the U.S. Equity Division. Prior to this, Frank was employed by Morgan Stanley as an assistant to several financial advisors.  

Frank earned a B.S. in economics from Miami University of Ohio.

  • Portfolio manager
    since
    2016
  • Years at
    T. Rowe Price
    21
  • Years investment
    experience
    21
Michele A. Ward, CFA

Michele Ward is a portfolio specialist in the U.S. Equity Division. She acts as a proxy for equity portfolio managers with institutional clients, consultants, and prospects and supports the U.S. small- and mid-cap equity strategies and the Global Real Estate Equity and US Real Estate Equity Strategies. She also is a vice president of T. Rowe Price Group, Inc.  

Michele’s investment experience began in 1983, and she has been with T. Rowe Price since 2014, beginning in the U.S. Equity Division. Prior to this, Michele was employed by Hewitt EnnisKnupp as an associate partner, where she advised and educated plan sponsor investment committees on investment policy, plan structure, and regulatory and fiduciary issues.  

Michele earned a B.A., magna cum laude, in political science from Yale University and an M.B.A. from the Yale School of Management. She also has earned the Chartered Financial Analyst® designation. 

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

  • Years at
    T. Rowe Price
    7
  • Years investment
    experience
    38