Invest in large US companies with hidden value and potential overlooked by the market majority.
Investment ObjectiveTo increase the value of its shares, over the long term, through growth in the value of its investments. The fund invests mainly in a diversified portfolio of stocks from large capitalization companies in the United States that are selling at discounted valuations relative to their historical average and/or the average of their industries.
- Focus on relative value relationships to opportunistically identify attractively valued companies.
- Fundamental research is key to uncovering companies with potential for stock price mean reversion.
- Integrate qualitative inputs to assess potential for improved investor perception.
- Verify relative valuation anomalies through quantitative analysis.
- Balance valuation analysis and qualitative overlay.
- Typically 70-80 stock portfolio
- Individual positions typically are below 3%, but higher conviction ideas can range to 5%
- Sector weights will typically vary from 0.5X to 2.0X of primary value sectors of the Russell 1000 Value Index
- Reserves will range from 0% to 2%
|1 YR||3 YR
|Indicative Benchmark %||-11.72%||0.66%||3.12%||7.74%|
|Excess Return %||-3.13%||-1.57%||-0.99%||-0.70%|
|1 YR||3 YR
|Indicative Benchmark %||-17.82%||-2.91%||1.14%||6.88%|
|Excess Return %||-0.83%||-0.74%||-0.52%||-0.26%|
|Month to DateData as of 01-Jun-2020||Quarter to DateData as of 01-Jun-2020||Year to DateData as of 01-Jun-2020||1 MonthData as of 30-Apr-2020||3 MonthsData as of 30-Apr-2020|
|Indicative Benchmark %||0.51%||15.47%||-15.57%||11.18%||-16.87%|
|Excess Return %||-0.51%||-4.23%||-4.27%||-2.10%||-3.33%|
Past performance is not a reliable indicator of future performance. Source for fund performance: T. Rowe Price. Fund performance is calculated using the official NAV with dividends reinvested, if any. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested. It will be affected by changes in the exchange rate between the base currency of the fund and the subscription currency, if different. Sales charges (up to a maximum of 5% for the A Class), taxes and other locally applied costs have not been deducted and if applicable, they will reduce the performance figures.
Where the base currency of the fund differs from the share class currency, exchange rate movements may affect returns.
Index returns shown with reinvestment of dividends after the deduction of withholding taxes.
Effective 1 June 2019, the "net" version of the indicative benchmark replaced the "gross" version of the indicative benchmark. The "net" version of the indicative benchmark assumes the reinvestment of dividends after the deduction of withholding taxes applicable to the country where the dividend is paid; as such, the returns of the new benchmark are more representative of the returns experienced by investors in foreign issuers. Historical benchmark performance has been restated accordingly.
Largest Top Contributor^
Largest Top Detractor^
Wells FargoBy -0.09%
Elanco Animal Health (N)0.57%
EnergyNet Contribution 1.05%
FinancialsNet Contribution -1.29%
John D. Linehan is the portfolio manager for the Equity Income Strategy and co-portfolio manager of the US Large-Cap Value Strategy. In addition, he is the chief investment officer of Equity and a member of the firm's U.S. Equity Steering and Equity Brokerage and Trading Control Committees. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.
Mr. Linehan has 30 years of investment experience, 21 of which have been at T. Rowe Price. From February 2009 to June 2014, Mr. Linehan was head of U.S. Equity and chairman of the U.S. Equity Steering Committee. From April 2003 to December 2009, he was the portfolio manager of the US Value Strategy. He started at the firm in 1998 as an equity analyst, covering the paper and forest products and airline industries. Prior to joining T. Rowe Price, between 1990 and 1996, he was an executive in the oil trading and consulting industry, first as vice president and managing director for Delaney Petroleum, then as vice president and managing director for E.T. Petroleum. Mr. Linehan began his investment career in 1987 at Bankers Trust NY Corporation, where he was an associate in mortgage-backed securities trading.
Mr. Linehan earned a B.A. in economics from Amherst College and an M.B.A. from Stanford Graduate School of Business, where he was a Henry Ford II Scholar, an Arjay Miller Scholar, and the winner of the Alexander A. Robichek Award in finance. Mr. Linehan also has earned the Chartered Financial Analyst designation.
- Fund manager2002
- Years at21
T. Rowe Price
- Years investment30
?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.
- Fund manager2010
- Years at29
T. Rowe Price
- Years investment22
Heather McPherson is a co-portfolio manager for the US Large-Cap Value Equity Strategy and an associate portfolio manager for the US Large-Cap Equity Income Strategy in the U.S. Equity Division. Heather is a member of the firm's U.S. Equity Steering Committee and is a vice president and an Investment Advisory Committee member of the US Large-Cap Equity Income, US Large-Cap Core Equity, US Quantitative Large, Global Natural Resources Equity, US Mid-Cap Value Equity, and US Large-Cap Value Equity Strategies. She is a trustee of the T. Rowe Price Foundation. Heather also is a vice president of T. Rowe Price Group, Inc.
Heather’s investment experience began in 2001, and she has been with T. Rowe Price since 2002, beginning in the U.S. Equity Division. Prior to this, Heather was employed by Salomon Smith Barney as a summer intern, covering the storage area networking industry. Heather also was employed by Putnam Lovell Securities, Inc., as a vice president of finance and administration.
Heather earned a B.S. in managerial economics from the University of California, Davis, and an M.B.A. from Duke University, The Fuqua School of Business.
- Fund manager2015
- Years at17
T. Rowe Price
- Years investment19
William D. Nolan 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. Nolan supports T. Rowe Price's large-cap value strategies, focusing on the US Large-Cap Equity Income and US Value Equity Strategies. He is a vice president of T. Rowe Price Associates, Inc.
Mr. Nolan has 26 years of investment experience. Before joining the firm, he was most recently a managing director of institutional equity sales for Wachovia Corporation where he also served as director of institutional research marketing. Prior to this, Mr. Nolan was director of equity institutional sales for Alex Brown and was the Washington, D.C., branch manager in the National Accounts Division of IBM.
Mr. Nolan earned a B.S. in social and behavioral sciences from Johns Hopkins University.
- Years at11
T. Rowe Price
- Years investment29
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
|Share Class||Minimum Initial Investment and Holding Amount (USD)||Minimum Subsequent Investment (USD)||Minimum Redemption Amount (USD)||Sales Charge (up to)||Investment Management Fee (up to)||Ongoing Charges|
|Class A||$1,000||$100||$100||5.00%||150 basis points||1.61%|
|Class I||$2,500,000||$100,000||$0||0.00%||65 basis points||0.70%|
|Class J||$10,000,000||$0||$0||0.00%||0 basis points||0.02%|
|Class Q||$1,000||$100||$100||0.00%||65 basis points||0.77%|
Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.