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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 Structured Research Equity

The US Structured Research Equity Composite seeks sector- and industry-neutral exposure to the S&P 500 Index, with value added through stock selection skill. The strategy combines fundamental research with a disciplined portfolio construction process to achieve its investment objectives.

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

Tracking Error
(5 Years)

19.24%
1.11%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

42.59%
1.16

Inception Date 31-May-1999

Performance figures calculated in USD

Ann Holcomb, CFA
Ann Holcomb, CFA, Co-Portfolio Manager

Ann Holcomb is a director of research, North America, in the U.S. Equity Division. Ann is a member of the Equity Steering Committee, and she is co-portfolio manager of the U.S. Structured Research Equity Strategy.  She is also is cochair of the Investment Advisory Committee of the U.S. Structured Research Equity Strategy. Ann is a vice president of T. Rowe Price Group, Inc. 

 

Strategy

Investment Approach

  • Leverage the sophisticated research capabilities of T. Rowe Price.
  • Combine fundamental research with highly structured portfolio construction to isolate stock selection skills.
  • Analysts make all security-level decisions.
  • 30+ analysts are allocated capital in proportion to the weight of the stocks they follow within the S&P 500 Index.

Portfolio Construction

  • Typically 200-275 stock portfolio
  • Maximum active position size will typically range +/- 1.00% relative to the S&P 500 Index
  • Sector and industry neutral
  • Maximum portfolio weight in non-S&P 500 names is 10%
  • Expected tracking error of < 1.75%
  • Expect to generally remain fully invested

Holdings

Total
Holdings
248
Largest Holding Microsoft 5.84% Was (31-Mar-2021) 5.49%
Other View Full Holdings Quarterly data as of  30-Jun-2021
Top 10 Holdings 29.78% View Top 10 Holdings Monthly data as of  30-Jun-2021

Top Purchase

Dominion Energy (N)
0.34%
Was (31-Mar-2021) 0%

Top Sale

Micron Technology (E)
0.00%
Was (31-Mar-2021) 0.57%

Quarterly Data as of 30-Jun-2021

Sectors

Total
Sectors
11
Largest Sector Information Technology 26.67% Was (31-Mar-2021) 26.49%
Other View complete Sector Diversification

Monthly Data as of 30-Jun-2021

Benchmark: S&P 500 Index

Top Contributor^

Communication Services
Net Contribution 0.25%
Sector
0.01%
Selection 0.24%

Top Detractor^

Information Technology
Net Contribution -0.21%
Sector
-0.02%
Selection
-0.19%

^Relative

Quarterly Data as of 30-Jun-2021

Largest Overweight

Financials
By0.87%
Portfolio 12.15%
Benchmark 11.28%

Largest Underweight

Information Technology
By-0.76%
Portfolio 26.67%
Benchmark 27.42%

Monthly Data as of 30-Jun-2021

Team (As of 10-Sep-2021)

Ann Holcomb, CFA

Ann Holcomb is a director of research, North America, in the U.S. Equity Division. Ann is a member of the Equity Steering Committee, and she is co-portfolio manager of the U.S. Structured Research Equity Strategy.  She is also is cochair of the Investment Advisory Committee of the U.S. Structured Research Equity Strategy. Ann is a vice president of T. Rowe Price Group, Inc. 

Ann’s investment experience began in 1995, and she has been with T. Rowe Price since 1996, beginning in the Quantitative Equity Group as a quantitative analyst and database programmer in the Quantitative Equity Group.  She was a portfolio manager and member of the Investment Advisory Committee for the US Equity Index Strategies. 

Ann earned a B.A. in mathematics from Goucher College and an M.S. in finance from Loyola University Maryland. She also has earned the Chartered Financial Analyst® designation. Ann presently serves on the Board of Trustees of Calvert School and the Walters Art Museum.

  • Portfolio manager
    since
    2005
  • Years at
    T. Rowe Price
    25
  • Years investment
    experience
    25
Jason B.  Polun, CFA

Jason Polun is a director of equity research for North America and the head of M.B.A. recruiting and diversity, equity, and inclusion in the Equity Division. He is chair of the Equity Research Advisory Committee and a member of the Equity Steering Committee. In addition, he is a co-portfolio manager of the US Structured Research Equity Strategy, cochairman of the US Structured Research Equity Strategy's Investment Advisory Committee, and a member of the portfolio oversight team. Jason is a vice president of T. Rowe Price Group, Inc.

Jason’s investment experience began in 1999, and he has been with T. Rowe Price since 2003, beginning in the U.S. Equity Division as an investment analyst covering money center banks and specialty finance companies. Prior to this, Jason was employed by Wellington Management Company where he covered aerospace and defense, energy, packaged food, restaurants, and chemical companies.  

Jason earned a B.S. in business and finance from Mount St. Mary's College and an M.B.A. in finance and accounting from the University of Pennsylvania, The Wharton School, where he was a Palmer 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
    2015
  • Years at
    T. Rowe Price
    18
  • Years investment
    experience
    23
Thomas Watson, CFA

Thomas Watson is a director of Equity Research, North America. He is co-chair of the Equity Research Advisory Committee and a member of the Equity Steering Committee. In addition, Mr. Watson is co-portfolio manager of the US Structured Research Equity Strategy and is a member of the portfolio oversight team. He is also a member of the Investment Advisory Committees of the Global Technology, New America Growth, and Science & Technology Funds. He is a vice president of T. Rowe Price Group, Inc. 

Mr. Watson has 13 years of investment experience, all with T. Rowe Price. Prior to joining the firm in 2007, he was employed as a strategy analyst for Forrester Research.

Mr. Watson earned a B.A. in economics and English literature from the University of Virginia and an M.B.A. from the Tuck School of Business at Dartmouth. He also has earned the Chartered Financial Analyst designation.

  • Portfolio manager
    since
    2017
  • Years at
    T. Rowe Price
    14
  • Years investment
    experience
    14
Josh Nelson

Josh Nelson is a director of research for North America in the U.S. Equity Division. In addition, he is a co-portfolio manager of the US Structured Research Equity Strategy, cochairman of the US Structured Research Equity Strategy's Investment Advisory Committee, and a member of the Research Governance Oversight Committee. He also serves on the Equity Steering Committee. Josh is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Trust Company.

Josh’s investment experience began in 2003, and he has been with T. Rowe Price since 2007, beginning in the U.S. Equity Division as an investment analyst covering business services and education. Subsequently, he became an associate portfolio manager of the Global Focused Growth Equity Strategy from 2010 to 2018. Prior to this, Josh was employed by Citigroup as an investment banking analyst.   

Josh earned a B.S., with honors, in industrial and systems engineering from the University of Florida and an M.B.A., with honors, in finance from the University of Pennsylvania, The Wharton School.

  • Portfolio manager
    since
    2019
  • Years at
    T. Rowe Price
    14
  • Years investment
    experience
    19
Ira W. Carnahan, CFA

Ira Carnahan is a portfolio specialist working on the Capital Appreciation, Dividend Growth, and Large-Cap Core Funds in the U.S. Equity Division. He is a vice president of T. Rowe Price Group, Inc.

Ira has been with T. Rowe Price since 2005, beginning in the U.S. Equity Division as an investment analyst following consumer discretionary and consumer staples companies. Prior to this, Ira was employed by Forbes magazine as an associate editor covering investing, economics, and public policy and by The Public Interest, a quarterly journal of public policy, as the executive editor.

Ira earned a B.S., with honors, in economics from the University of Pennsylvania, The Wharton School, and an M.A. in political science from Harvard University. He 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
    16
  • Years investment
    experience
    17
Tamzin Manning

Tamzin Manning is a portfolio specialist in the Investment Specialist Group within the U.S. Equity Division. She provides North American support for the US Structured Research Equity and US Dividend Growth Equity Strategies. Tamzin is a vice president of T. Rowe Price Associates, Inc.  

Tamzin’s investment experience began in 2006, and she has been with T. Rowe Price since 2021, beginning in the Investment Specialist Group. Prior to this, Tamzin was employed by Epoch Investment Partners as a client portfolio manager supporting multiple equity strategies. Before that, Tamzin was employed by RBC Capital Markets as an equity sales professional responsible for many of the firm’s largest institutional relationships.  

Tamzin earned a master of marketing and management degree from Loughborough University in the UK and a B.Sc., with honors, in psychology from the University of Nottingham in the UK.

  • Years at
    T. Rowe Price
    <1 year
  • Years investment
    experience
    0