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Strategy

Investment Approach

  • We seek to provide a growing level of dividend income, long-term capital appreciation, and a reasonable level of current income.
  • The strategy will normally invest 65% of total assets in common stocks of dividend-paying companies that we expect to increase their dividends over time and also provide long-term capital appreciation.
  • The strategy employs a conservative, growth-at-a-discount investment approach with an emphasis on dividend growth. We identify companies with a sustainable competitive advantage that are likely to show consistent growth of earnings and dividends.
  • We particularly favor companies that generate excess cash flow with attractive valuations and solid cash flow to support future dividend increases.

Portfolio Construction

  • Constructed from the bottom up
  • Maintains a broad diversification and managing position sizes to control our risk profile
  • Typically holds 100-125 names in the portfolio
  • Position sizes that range from 0.25% to 6.00%
  • Maintains broad sector diversification and typically holds sector positions that are 0.5x to 2.0x the weight of the S&P 500 Index’s sectors
  • Portfolio turnover ranges from 10%-20%.

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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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