Investment Approach

• Seeks long-term capital appreciation by investing primarily in common stocks. It may hold fixed income and other securities to help preserve value in uncertain and declining markets
  • Strive to minimize losses in difficult markets while providing solid risk-adjusted returns in rising markets.
  • Focus on avoiding risk is as important as seeking returns.
  • Use a broad range of securities (common stocks, fixed income, convertibles, and cash) to achieve fund objectives.
• Utilize Multiple Tools Seeking to Identify the Best Investment Ideas Across the Capital Structure
  • Employ the research and analytic expertise of T. Rowe Price’s global research platform.
  • Utilize quantitative inputs to compliment extensive fundamental bottom-up analysis.
  • Maintain valuation discipline and emphasize companies with strong balance sheets and significant free cash flow.^
    ~~Devote extensive time to meeting with management teams of current and potential holdings.
  • The portfolio’s value orientation carries the possibility that the market will not recognize a security’s intrinsic worth for an unexpectedly long time or that a stock judged to be undervalued may actually be appropriately priced. Because of the portfolio’s fixed-income holdings or cash position, it may not keep pace in a rapidly rising market.