The US Value Equity Composite seeks long-term capital appreciation by investing primarily in common stocks believed to be undervalued. Income is a secondary objective.
- Focus on relative value relationships.
- Employ fundamental research to identify large and medium sized companies with improving financial outlook.
- Integrate qualitative inputs to assess potential for improved investor perception.
- Verify relative valuation anomalies through quantitative analysis.
- Balance valuation analysis and qualitative assessment.
- Typically 80 -125 stock portfolio
- Core positions usually are 0.50% to 1.50%, with high conviction ideas ranging from 3% to 5%.
- Individual industry weights less than 25% of portfolio assets
- Reserves will range from 1% to 5%
|1 YR||3 YR
|Composite Gross %||-6.77%||3.40%||5.60%||12.03%|
|Composite Net %||-7.22%||2.91%||5.11%||11.50%|
|Excess Return (Gross) %||2.07%||-0.30%||-0.85%||0.26%|
|3 MonthsData as of 30-Jun-2020||Year to DateData as of 30-Jun-2020|
|Composite Gross %||15.62%||-13.37%|
|Composite Net %||15.49%||-13.59%|
|Excess Return (Gross) %||1.33%||2.89%|
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 March 2018, the benchmark for the composite changed to Russell 1000 Value Index. Prior to this change, the primary benchmark for the composite was the S&P 500 Index. The changes were made because the firm viewed the new benchmark to be a better representation of the investment strategy of the composite. Historical benchmark representations have not been restated.
Information TechnologyNet Contribution 2.47%
Industrials & Business ServicesNet Contribution -1.24%
?Mark Finn is the portfolio manager of the US Large-Cap Value Equity Strategy, which includes the Value Fund, and co-portfolio manager of the Large-Cap Value Fund in the U.S. Equity Division. He is chairman of the Investment Advisory Committee of the U.S. Large Cap Value Equity Strategy. Mark is also a vice president and an Investment Advisory Committee member of the US Large-Cap Equity Income, Global Natural Resources Equity, US Quantitative U.S., US Quantitative Large, US Mid-Cap Value Equity, and Retirement Strategies.
Mark’s investment experience began in 1998, and he has been with T. Rowe Price since 1990, beginning as controller of Investment Services in the Finance department. After that, he was principal accounting officer for the firm’s realty income strategies and an equity research analyst. Prior to T. Rowe Price, Mark was employed by Price Waterhouse LLP as an auditor, working on engagements for both public and private companies.
Mark earned a B.S. in accounting from the University of Delaware. He also has earned the Chartered Financial Analyst® designation.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Portfolio manager2009
- Years at29
T. Rowe Price
- Years investment22
Caleb Fritz is a portfolio specialist in the U.S. Equity Division of T. Rowe Price. He acts as a proxy for equity portfolio managers with institutional clients, consultants, and prospects. Mr. Fritz supports T. Rowe Price's large-cap value strategies. He is a vice president of T. Rowe Price Group, Inc.
Mr. Fritz has 19 years of investment experience, 12 of which have been with T. Rowe Price. Prior to his current position, he was a lead portfolio analyst providing analytical support to investment, client service, and marketing staff for the firm's large-cap value and health sciences portfolios. Prior to joining the firm in 2007, Mr. Fritz served as an associate analyst for Legg Mason Capital Management, covering the health care sector.
Mr. Fritz earned a B.A. and an M.A. from the University of South Florida, and he also has earned the Chartered Financial Analyst designation.
- Years at12
T. Rowe Price
- Years investment20
Eric Papesh is a portfolio specialist in the U.S. Equity Division of T. Rowe Price. He is based in London and serves as a proxy for equity portfolio managers with institutional clients, consultants and prospects. Mr. Papesh supports T. Rowe Price's US Smaller Companies Equity and US Large-Cap Equity Strategies offered in the Europe, Middle East and Africa (EMEA) and Asia-Pacific (APAC) regions. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.
Mr. Papesh has 22 years of financial services experience, two of which have been with T. Rowe Price. Before joining the firm in 2014, he was a senior research analyst with Russell Investments, where he focused on US equity investment strategies.
Mr. Papesh earned a B.A. in business administration and an M.B.A. from the University of Washington. He has also earned the Chartered Financial Analyst designation.
- Years at5
T. Rowe Price
- Years investment25