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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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T. Rowe Price

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Past performance is not a reliable indicator of future performance.

Strategy

US Smaller Companies Equity

The US Smaller Companies Equity Composite seeks long-term capital growth primarily through investment in stocks of smaller U.S. companies (small and mid-cap) believed to offer growth potential or be under-valued.

Important Information: For updated information regarding a proposal to launch a new investment adviser, read 8/9/2021 statement.

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

Tracking Error
(5 Years)

20.99%
5.09%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

46.83%
0.88

Inception Date 31-Jul-2001

Performance figures calculated in USD

Curt J. Organt, CFA
Curt J. Organt, CFA, Portfolio Manager

Curt Organt is the portfolio manager of the US Smaller Companies Equity Strategy in the U.S. Equity Division. Curt is a vice president and an Investment Advisory Committee member of the US Small-Cap Core Equity and US Diversified Small-Cap Value Equity Strategies. He is a vice president of T. Rowe Price Group, Inc.

 

Strategy

Investment Approach

  • Focus on companies within the market cap range of the Russell 2500 Index at time of purchase.
  • Assess valuation using relevant sector/industry metrics — absolute and relative price to earnings, price to cash flow, and price to assets.
  • Integrate fundamental research by a dedicated Small-Cap research team to discover underfollowed companies possessing clear business plans, financial flexibility, and proven management teams.
  • Identification of a “value creation” catalyst is key.
  • Broadly diversify holdings to manage portfolio risk profile.
  • Employ a low turnover and patient trading strategy to promote full value realization.

Portfolio Construction

  • Typically 200-250 securities
  • Position sizes typically range from 0.15% to 2.50%
  • Primary sector weights generally vary from 0.5X to 2.0X the Russell 2500 Index weights

Holdings

Total
Holdings
183
Largest Holding Avery Dennison 1.58% Was (31-Mar-2021) 1.53%
Other View Full Holdings Quarterly data as of  30-Jun-2021
Top 10 Holdings 12.82% View Top 10 Holdings Monthly data as of  30-Jun-2021

Top Purchase

Option Care Health (N)
0.36%
Was (31-Mar-2021) 0%

Top Sale

Proofpoint
0.51%
Was (31-Mar-2021) 1.2%

Quarterly Data as of 30-Jun-2021

Sectors

Total
Sectors
11
Largest Sector Industrials & Business Services 23.25% Was (31-Mar-2021) 25.10%
Other View complete Sector Diversification

Monthly Data as of 30-Jun-2021

Benchmark: Russell 2500 Index

Top Contributor^

Information Technology
Net Contribution 0.63%
Sector
-0.03%
Selection 0.65%

Top Detractor^

Industrials & Business Services
Net Contribution -0.91%
Sector
-0.16%
Selection
-0.75%

^Relative

Quarterly Data as of 30-Jun-2021

Largest Overweight

Industrials & Business Services
By7.45%
Portfolio 23.25%
Benchmark 15.81%

Largest Underweight

Consumer Discretionary
By-3.95%
Portfolio 8.78%
Benchmark 12.73%

Monthly Data as of 30-Jun-2021

Team (As of 10-Sep-2021)

Curt J. Organt, CFA

Curt Organt is the portfolio manager of the US Smaller Companies Equity Strategy in the U.S. Equity Division. Curt is a vice president and an Investment Advisory Committee member of the US Small-Cap Core Equity and US Diversified Small-Cap Value Equity Strategies. He is a vice president of T. Rowe Price Group, Inc.

Curt’s investment experience began in 1993, and he has been with T. Rowe Price since 1995, beginning in the U.S. Equity Division. Prior to this, Curt was employed by DAP Products, Inc., as a financial and marketing analyst. 

Curt earned a B.S. in finance and philosophy from La Salle University and an M.B.A. from Wake Forest University. Curt also has earned the Chartered Financial Analyst® designation.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

  • Portfolio manager
    since
    2019
  • Years at
    T. Rowe Price
    25
  • Years investment
    experience
    29
Eric Papesh, CFA, BA, MBA

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 at
    T. Rowe Price
    6
  • Years investment
    experience
    26