SICAV
US Large-Cap Value Equity Fund
Invest in large US companies with hidden value and potential overlooked by the market majority.
3YR Return Annualised
(View Total Returns)
Total Assets
(USD)
1YR Return
(View Total Returns)
Manager Tenure
Information Ratio
(5 Years)
Tracking Error
(5 Years)
Inception Date 27-Mar-2002
Performance figures calculated in USD
Strategy
Investment Objective
To 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.Investment Approach
- 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.
Portfolio Construction
- 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%
Performance (Class I)
Annualised Performance
1 YR | 3 YR Annualised |
5 YR Annualised |
10 YR Annualised |
|
---|---|---|---|---|
Fund % | 1.34% | 4.07% | 8.49% | 9.56% |
Indicative Benchmark % | 2.01% | 5.26% | 8.91% | 9.69% |
Excess Return % | -0.67% | -1.19% | -0.42% | -0.13% |
1 YR | 3 YR Annualised |
5 YR Annualised |
10 YR Annualised |
|
---|---|---|---|---|
Fund % | 1.34% | 4.07% | 8.49% | 9.56% |
Indicative Benchmark % | 2.01% | 5.26% | 8.91% | 9.69% |
Excess Return % | -0.67% | -1.19% | -0.42% | -0.13% |
Recent Performance
Month to DateData as of 14-Jan-2021 | Quarter to DateData as of 14-Jan-2021 | Year to DateData as of 14-Jan-2021 | 1 MonthData as of 31-Dec-2020 | 3 MonthsData as of 31-Dec-2020 | |
---|---|---|---|---|---|
Fund % | 6.07% | 6.07% | 6.07% | 2.60% | 19.27% |
Indicative Benchmark % | 3.77% | 3.77% | 3.77% | 3.78% | 16.05% |
Excess Return % | 2.30% | 2.30% | 2.30% | -1.18% | 3.22% |
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.
Holdings
Total
Holdings
87
Largest Top Contributor^
Morgan Stanley
By 0.01%Largest Top Detractor^
Ameren
By -0.02%Top Purchase
Citrix Systems (N)
0.74%Top Sale
Verizon Communications (E)
0.00%Sectors
Total
Sectors
11
Top Contributor^
Financials
Net Contribution 1.46%Top Detractor^
Energy
Net Contribution -0.16%Largest Overweight
Information Technology
Largest Underweight
Communication Services
Team (As of 08-Jan-2021)

John D. Linehan is the portfolio manager for the U.S. Large Cap Equity Income Strategy, U.S. Select Value Strategy and co-portfolio manager for the US Large-Cap Value Equity Strategy in the U.S. Equity Division. 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 also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.
John’s investment experience began in 1987, and he has been with T. Rowe Price since 1998, beginning as an investment analyst, covering paper and forest products and the airline industry, in the U.S. Equity Division. From 2003 to 2009, he was the portfolio manager of the US Value Strategy, and from 2009 to 2014, he was head of U.S. Equity and chairman of the U.S. Equity Steering Committee. Prior to T. Rowe Price, John 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. He also was an associate in mortgage-backed securities trading at Banker Trust NY.
John earned a B.A. in economics from Amherst College and an M.B.A. from Stanford Graduate School of Business, where he was the Henry Ford II Scholar, an Arjay Miller Scholar, and the winner of the Alexander A. Robichek Award in finance. John also has earned the Chartered Financial Analyst® designation.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Fund manager2002
since - Years at22
T. Rowe Price - Years investment31
experience

?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
since - Years at30
T. Rowe Price - Years investment23
experience

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
since - Years at18
T. Rowe Price - Years investment20
experience

Caleb Fritz is a portfolio specialist in the U.S. Equity Division. He acts as a proxy for equity portfolio managers with institutional clients, consultants, and prospects and supports the large-cap value strategies. Caleb also is a vice president of T. Rowe Price Group, Inc.
Caleb’s investment experience began in 2000. He was with T. Rowe Price from 2000 to 2003, beginning in the Participant Service Center, and returned in 2010 until the present. 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 returning to the firm, Caleb was employed by Legg Mason Capital Management as an associate analyst covering the health care sector.
Caleb earned a B.A. and an M.A. from the University of South Florida. He also has earned the Chartered Financial Analyst® designation.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Years at13
T. Rowe Price - Years investment20
experience

Eric Papesh is a portfolio specialist based in London in the U.S. Equity Division. Eric supports the US Smaller Companies Equity and US Large-Cap Equity Income Strategies offered in the Europe, Middle East, and Africa and Asia-Pacific regions. Eric is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.
Eric’s investment experience began in 1994, and he has been with T. Rowe Price since 2014, beginning in the ISG division as a portfolio specialist. Prior to this, Eric was employed by Russell Investments where he focused on U.S. equity investment strategies.
Eric earned a B.A. in business administration, with concentrations in finance and information systems, and an M.B.A. in business administration from the University of Washington. Eric has earned the Chartered Financial Analyst® designation.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Years at6
T. Rowe Price - Years investment26
experience
Fee Schedule
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.
John D. Linehan is the portfolio manager for the U.S. Large Cap Equity Income Strategy, U.S. Select Value Strategy and co-portfolio manager for the US Large-Cap Value Equity Strategy in the U.S. Equity Division. 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 also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.