Strategy

US Value Equity

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.

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

Tracking Error
(5 Years)

2.91%
3.04%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

-7.22%
-0.28

Inception Date 31-Dec-1995

Performance figures calculated in USD

Other Literature

Mark S.  Finn, CFA, CPA
Mark S. Finn, CFA, CPA, Portfolio Manager

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.

 

Strategy

Investment Approach

  • 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.

Portfolio Construction

  • 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%

Holdings

Total
Holdings
120
Largest Holding Microsoft 5.31% Was (31-Mar-2020) 5.19%
Other View Full Holdings Quarterly data as of 30-Jun-2020
Top 10 Holdings 32.12% View Top 10 Holdings Monthly data as of 30-Jun-2020

Top Purchase

Morgan Stanley
3.25%
Was (31-Mar-2020) 1.74%

Top Sale

NextEra Energy
3.53%
Was (31-Mar-2020) 4.87%

Quarterly Data as of 30-Jun-2020

Sectors

Total
Sectors
11
Largest Sector Information Technology 20.91% Was (31-Mar-2020) 19.47%
Other View complete Sector Diversification

Monthly Data as of 30-Jun-2020

Benchmark: Russell 1000 Value Index

Top Contributor^

Information Technology
Net Contribution 2.47%
Sector
0.49%
Selection 1.98%

Top Detractor^

Industrials & Business Services
Net Contribution -1.24%
Sector
-0.17%
Selection
-1.06%

^Relative

Quarterly Data as of 30-Jun-2020

Largest Overweight

Information Technology
By10.69%
Portfolio 20.91%
Benchmark 10.22%

Largest Underweight

Communication Services
By-6.58%
Portfolio 2.75%
Benchmark 9.33%

Monthly Data as of 30-Jun-2020

Team (As of 01-Oct-2020)

Mark S.  Finn, CFA, CPA

?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 manager
    since
    2009
  • Years at
    T. Rowe Price
    29
  • Years investment
    experience
    22
Caleb N. Fritz, CFA

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 at
    T. Rowe Price
    12
  • Years investment
    experience
    20
Eric Papesh, CFA, BA, MBA

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 at
    T. Rowe Price
    5
  • Years investment
    experience
    25

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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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