Past performance is not a reliable indicator of future performance.
Strategy
US Smaller Companies Equity
The US Smaller Companies Equity Composite seeks long-term capital growth primarily through investment in stocks of smaller U.S. companies (small and mid-cap) believed to offer growth potential or be under-valued.
Important Information: Read the 11/19/2020 press release regarding a proposal to launch a new investment advisor.
3YR Return Annualised (Net)
(View Total Returns)
Tracking Error
(5 Years)
1YR Return (Net)
(View Total Returns)
Information Ratio
(5 Years)
Inception Date 31-Jul-2001
Performance figures calculated in USD
Strategy
Investment Approach
- Focus on companies within the market cap range of the Russell 2500 Index at time of purchase.
- Assess valuation using relevant sector/industry metrics — absolute and relative price to earnings, price to cash flow, and price to assets.
- Integrate fundamental research by a dedicated Small-Cap research team to discover underfollowed companies possessing clear business plans, financial flexibility, and proven management teams.
- Identification of a “value creation” catalyst is key.
- Broadly diversify holdings to manage portfolio risk profile.
- Employ a low turnover and patient trading strategy to promote full value realization.
Portfolio Construction
- Typically 200-250 securities
- Position sizes typically range from 0.15% to 2.50%
- Primary sector weights generally vary from 0.5X to 2.0X the Russell 2500 Index weights
Performance
Annualised Performance
Quarterly| 1 YR | 3 YR Annualised |
5 YR Annualised |
10 YR Annualised |
|
|---|---|---|---|---|
| Composite Gross % | 14.27% | 14.14% | 15.40% | 15.67% |
| Composite Net % | 13.43% | 13.30% | 14.55% | 14.82% |
| Benchmark % | 1.75% | 3.98% | 8.47% | 10.33% |
| Excess Return (Gross) % | 12.52% | 10.16% | 6.93% | 5.34% |
Recent Performance
| 3 MonthsData as of 30-Sep-2020 | Year to DateData as of 30-Sep-2020 | |
|---|---|---|
| Composite Gross % | 7.67% | 6.65% |
| Composite Net % | 7.47% | 6.06% |
| Benchmark % | 5.78% | -6.14% |
| Excess Return (Gross) % | 1.89% | 12.79% |
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 June 2019, the benchmark for the composite changed from gross- to net- of withholding taxes. The change was made because the firm viewed the new benchmark to be more consistent with the tax impacts of the portfolios in the composite. Historical benchmark representations have been restated.
Holdings
Total
Holdings
170
Top Purchase
Reliance Steel & Aluminum (N)
0.40%Top Sale
Twilio
0.60%Sectors
Total
Sectors
11
Top Contributor^
Industrials & Business Services
Net Contribution 0.67%Top Detractor^
Consumer Discretionary
Net Contribution -0.44%Largest Overweight
Industrials & Business Services
Largest Underweight
Financials
Team (As of 08-Jan-2021)
Curt Organt is the portfolio manager of the US Smaller Companies Equity Strategy and an associate portfolio manager of the US Small-Cap Core Equity Strategy in the U.S. Equity Division. Curt is a vice president and an Investment Advisory Committee member of the US Small-Cap Core Equity, US Diversified Small-Cap Value Equity, and US Small-Cap Growth Equity Strategies. He also is a vice president of T. Rowe Price Group, Inc.
Curt’s investment experience began in 1993, and he has been with T. Rowe Price since 1995, beginning in the U.S. Equity Division. Prior to this, Curt was employed by DAP Products, Inc., as a financial and marketing analyst.
Curt earned a B.S. in finance and philosophy from LaSalle University and an M.B.A. from Wake Forest University. Curt also has earned the Chartered Financial Analyst® designation.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Portfolio manager2019
since - Years at25
T. Rowe Price - Years investment29
experience
Eric Papesh is a portfolio specialist based in London in the U.S. Equity Division. Eric supports the US Smaller Companies Equity and US Large-Cap Equity Income Strategies offered in the Europe, Middle East, and Africa and Asia-Pacific regions. Eric is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.
Eric’s investment experience began in 1994, and he has been with T. Rowe Price since 2014, beginning in the ISG division as a portfolio specialist. Prior to this, Eric was employed by Russell Investments where he focused on U.S. equity investment strategies.
Eric earned a B.A. in business administration, with concentrations in finance and information systems, and an M.B.A. in business administration from the University of Washington. Eric has earned the Chartered Financial Analyst® designation.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Years at6
T. Rowe Price - Years investment26
experience
Curt Organt is the portfolio manager of the US Smaller Companies Equity Strategy and an associate portfolio manager of the US Small-Cap Core Equity Strategy in the U.S. Equity Division. Curt is a vice president and an Investment Advisory Committee member of the US Small-Cap Core Equity, US Diversified Small-Cap Value Equity, and US Small-Cap Growth Equity Strategies. He also is a vice president of T. Rowe Price Group, Inc.