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)

12.82%
1.15%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

15.92%
0.86

Inception Date 31-May-1999

Performance figures calculated in USD

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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
240
Largest Holding Apple 6.81% Was (30-Jun-2020) 5.97%
Other View Full Holdings Quarterly data as of 30-Sep-2020
Top 10 Holdings 30.92% View Top 10 Holdings Monthly data as of 30-Sep-2020

Top Purchase

Bank of America
0.91%
Was (30-Jun-2020) 0.06%

Top Sale

JPMorgan Chase
0.10%
Was (30-Jun-2020) 1.07%

Quarterly Data as of 30-Sep-2020

Sectors

Total
Sectors
11
Largest Sector Information Technology 29.18% Was (30-Jun-2020) 28.12%
Other View complete Sector Diversification

Monthly Data as of 30-Sep-2020

Benchmark: S&P 500 Index

Top Contributor^

Information Technology
Net Contribution 0.54%
Sector
0.05%
Selection 0.49%

Top Detractor^

Consumer Discretionary
Net Contribution -0.14%
Sector
0.04%
Selection
-0.18%

^Relative

Quarterly Data as of 30-Sep-2020

Largest Overweight

Information Technology
By1.03%
Portfolio 29.18%
Benchmark 28.15%

Largest Underweight

Consumer Staples
By-0.84%
Portfolio 6.18%
Benchmark 7.02%

Monthly Data as of 30-Sep-2020

Team (As of 01-Oct-2020)

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
    24
  • Years investment
    experience
    24
Jason B.  Polun

Jason Polun is a director of equity research for North America, 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 U.S. Structured Research Equity Strategy, cochairman of the U.S. Structured Research Equity Strategy's Investment Advisory Committee, and a member of the portfolio oversight team. Previously, Mr. Polun was a research analyst following money center banks and specialty finance companies and a member of the Investment Advisory Committee of the U.S. Large-Cap Equity Income Strategy and the Financial Services Strategy. He is a vice president of T. Rowe Price Group, Inc.

Mr. Polun has 21 years of investment experience, 16 of which have been with T. Rowe Price. Before rejoining the firm in 2007, he was an equity analyst at Wellington Management Company, where he covered aerospace and defense, energy, packaged food, restaurant, and chemical companies.

Mr. Polun 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 Wharton School at the University of Pennsylvania, where he was a Palmer Scholar. He has also earned the Chartered Financial Analyst designation.

  • Portfolio manager
    since
    2015
  • Years at
    T. Rowe Price
    17
  • Years investment
    experience
    22
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 12 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
    13
  • Years investment
    experience
    13
Josh Nelson

Josh Nelson is a director of research in the U.S. Equity Division of T. Rowe Price. Previously, he was an associate portfolio manager for the Global Focused Growth Equity Strategy. He is an Investment Advisory Committee member of the Global Stock Strategy. He also serves on the Equity Steering Committee. Mr. Nelson is a vice president of T. Rowe Price Group, Inc.

Mr. Nelson has 17 years of investment experience, 12 of which have been with T. Rowe Price. He served as a summer intern with T. Rowe Price in 2006, covering agricultural commodities and ethanol companies. Prior to joining the firm in 2007, he was an investment banker for Citigroup Global Markets, Inc.

Mr. Nelson earned a B.S., with honors, in industrial systems and engineering from the University of Florida. He also earned 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
    13
  • Years investment
    experience
    18
Jennifer O'Hara Martin

Jennifer O'Hara Martin is a global equity portfolio specialist in the U.S. Equity Division of T. Rowe Price. She is a member of the Global Growth Equity, Global Focused Growth Equity, Global Technology Equity, Communications & Technology Equity, Science & Technology Equity, and US Structured Research Equity Strategy teams. Ms. Martin is a vice president of T. Rowe Price Group, Inc.

Ms. Martin has 23 years of investment experience, 14 of which have been at T. Rowe Price. She joined the firm in 2005 as an equity research analyst covering food retailing and discount stores and had portfolio management responsibilities for the firm's US Structured Research Equity Strategy. Prior to joining the firm, she was an equity research analyst at Northern Trust, following telecommunications and business services companies. Ms. Martin was also employed by Merrill Lynch, where she was an investment banking analyst.

Ms. Martin earned a B.S. in agricultural economics from the University of Illinois at Urbana-Champaign and an M.B.A. from Northwestern University, Kellogg School of Management. She presently serves on the Board of Trustees of the Baltimore Museum of Art and as a committee member for the Northwestern University, Kellogg School of Management, Asset Management Practicum.

  • Years at
    T. Rowe Price
    15
  • Years investment
    experience
    24

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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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