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US Equity Fund

Formerly US Large-Cap Equity Fund

Style agnostic investing in larger US companies.

ISIN LU0429319345 Bloomberg TRUSLRA:LX

3YR Return Annualised
(View Total Returns)

Total Assets


1YR Return
(View Total Returns)

Manager Tenure


Information Ratio
(5 Years)

Tracking Error
(5 Years)


Inception Date 26-Jun-2009

Performance figures calculated in USD

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30-Sep-2019 - Jeff Rottinghaus, Portfolio Manager ,
U.S. economic data remains largely positive as consumers continue to benefit from record-low unemployment and rising wages. However, we remain cautious as market volatility will likely persist until there is more clarity in the ongoing U.S.-China trade conflict. We are concerned that global trade policy uncertainty may continue to dampen business capital spending and other growth efforts. That said, recent volatility has created compelling buying opportunities within more cyclical areas of the market and in higher-quality, traditionally defensive names.
Jeff Rottinghaus
Jeff Rottinghaus, Portfolio Manager

Jeff Rottinghaus is a portfolio manager in the U.S. Equity Division of T. Rowe Price. He is president of the US Large-Cap Core Equity and Growth & Income Strategies and chairman of the strategies' Investment Advisory Committees. In addition, he is a vice president and an Investment Advisory Committee member of the Dividend Growth and Capital Appreciation Strategies. Mr. Rottinghaus is a vice president of T. Rowe Price Group, Inc.



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.

Investment Approach

  • Carefully constructed portfolio of the portfolio manager’s highest conviction investment ideas supported by our deep pool of U.S. equity analysts.
  • Core style targeting attractive opportunities across the investable universe irrespective of growth or value style.
  • Investment process that:
    • leverages the stock selection capabilities of our global research team;
    • emphasizes fundamental bottom-up stock selection;
    • is combined with an in-depth valuation assessment;
    • has rigorous portfolio construction.
  • Active risk management process integrated throughout our analysis.
  • Focused Large-Cap approach with stock selection the primary source of value added.
  • High conviction portfolio takes meaningful bets based on rigorous proprietary research.

Portfolio Construction

  • 50 or fewer securities.
  • Invest in high conviction ideas over a two-year time horizon.
  • Typical position size range: +/- 4% relative to the benchmark.
  • Sector weights: Generally limited to +/- 10% relative to the benchmark.
  • Expected tracking error: targeting 400 basis points.
  • Expected active share: targeting 70% or greater.

Performance (Class A)

Annualised Performance

  1 YR 3 YR
5 YR
10 YR
Since Manager Inception
Fund % 4.88% 10.77% 9.72% 11.79% 12.78%
Indicative Benchmark % 3.62% 12.71% 10.15% 12.54% 13.78%
Excess Return % 1.26% -1.94% -0.43% -0.75% -1.00%

Inception Date 26-Jun-2009

Manager Inception Date 26-Jun-2009

Indicative Benchmark: S&P 500 Net 30% Withholding Tax

Data as of  30-Sep-2019

  1 YR 3 YR
5 YR
10 YR
Fund % 4.88% 10.77% 9.72% 11.79%
Indicative Benchmark % 3.62% 12.71% 10.15% 12.54%
Excess Return % 1.26% -1.94% -0.43% -0.75%

Inception Date 26-Jun-2009

Indicative Benchmark: S&P 500 Net 30% Withholding Tax

Data as of  30-Sep-2019

Performance figures calculated in USD

Recent Performance

  Month to DateData as of 15-Oct-2019 Quarter to DateData as of 15-Oct-2019 Year to DateData as of 15-Oct-2019 1 MonthData as of 30-Sep-2019 3 MonthsData as of 30-Sep-2019
Fund % -0.20% -0.20% 18.53% 0.56% 1.15%
Indicative Benchmark % 0.69% 0.69% 20.83% 1.83% 1.55%
Excess Return % -0.89% -0.89% -2.30% -1.27% -0.40%

Inception Date 26-Jun-2009

Indicative Benchmark: S&P 500 Net 30% Withholding Tax

Indicative Benchmark: S&P 500 Net 30% Withholding Tax

Performance figures calculated in USD

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.

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.

30-Sep-2019 - Jeff Rottinghaus, Portfolio Manager ,
Major U.S. stock indices advanced in September, as some conciliatory trade-related gestures from U.S. and Chinese officials helped ease tensions. Within the portfolio, the information technology sector had the most negative impact on relative performance due to stock selection. Shares of payment network Visa declined as investors rotated out of high-performing financial technology companies into traditional bank stocks trading at lower valuations. Security selection in the consumer discretionary sector also weighed on relative results. Following strong performance for most of the year, shares of Yum! Brands, the parent company of Taco Bell, KFC, and Pizza Hut, pulled back during the month. We believe Yum! Brands’ recent refranchising initiatives can lead to higher margins, a more stable cash flow stream, and increased capital being returned to shareholders. Conversely, the industrials and business services sector had the largest positive impact on relative performance due to stock selection. Shares of industrial conglomerate GE performed well on renewed optimism about the company’s long-term turnaround plan after management raised guidance for its industrial cash flow. An underweight to communication services was also beneficial.


Largest Holding Microsoft 4.37% Was (30-Jun-2019) 3.87%
Other View Full Holdings Quarterly data as of 30-Sep-2019
Top 10 Holdings 28.84% View Top 10 Holdings Monthly data as of 30-Sep-2019

Largest Top Contributor^

By 0.29%
% of fund 4.39%

Largest Top Detractor^

By -1.67%
% of fund 3.54%


Quarterly Data as of 30-Sep-2019

Top Purchase

Wells Fargo (N)
Was (30-Jun-2019) 0.00%

Top Sale

Northrop Grumman (E)
Was (30-Jun-2019) 1.57%

Quarterly Data as of 30-Sep-2019

30-Jun-2019 - Jeff Rottinghaus, Portfolio Manager ,

Within the portfolio, our positioning is mainly driven by fundamental, stock-specific views. During the quarter, we took advantage of select buying opportunities, as we identified high-quality companies trading at compelling valuations. We also sold shares of certain holdings following their strong performance. We will continue to look for high-quality companies that have opportunities to increase their market share or have barriers to entry around their business that will allow them to grow organically in a variety of market environments.


Many companies in the materials sector have faced challenges due to large swings in raw materials cost. Our focus is on owning companies that are undertaking initiatives to create additional shareholder value as well as those with leading industry positions. Our largest sector positions are Air Products & Chemicals and Linde.

  • We initiated a position in pulp and paper company International Paper on cyclical weakness. We think the company operates in an industry with favorable long-term fundamentals driven by consolidation, forward integration, and an elevated capital-incentive curve. We like International Paper's strong position within the market and management's continued focus on growth in Europe and Latin America.
  • We added to our holding in Linde, a multinational chemical company formed by the merger of Linde AG of Germany and U.S. chemical company Praxair. We like the potential for Linde to drive margin expansion as the combined company realizes projected cost synergies. Additionally, we believe increasing capacity utilization along with consolidation within the gas industry could lead to a pricing inflection.
  • We trimmed our position in industrial gas company Air Products & Chemicals on recent strength. Shares outperformed during the quarter, driven by a strong project backlog, better industry pricing, and a more defensive business model compared with sector peers. We think that Air Products & Chemicals can drive growth through increasing margins and improving capital allocation.

Health Care

The health care sector continues to play a significant role in the portfolio, as we believe it offers an attractive combination of solid fundamentals and reasonable valuations. It also has a strong secular tailwind from an aging population. We favor companies that offer compelling, relatively stable growth potential and/or that are well positioned to take advantage of long-term industry trends such as highly innovative product offerings. Our largest industry weight is in health care equipment and supplies, including Medtronic, Danaher, and Becton, Dickinson & Company. We also maintain a sizable position in pharmaceuticals, including Johnson & Johnson and Pfizer.

  • We initiated a position in Boston Scientific, which manufactures medical devices used in interventional medical specialties. We like the management team and believe the company is well positioned to accelerate organic growth over the next few years.
  • We trimmed our position in diversified managed care company UnitedHealth Group ahead of the upcoming 2020 U.S. election cycle. We believe the overhang of democratic proposals for a single-payer health care system is a threat that is unlikely to be realized but will cause a disconnect between fundamentals and trading activity.

Information Technology

The information technology sector represents our largest absolute weighting but is our smallest relative position, largely due to underweight positions in the software industry and Apple. Within the sector, we favor companies with durable business models that address large and growing markets, such as increasing demand for business technology solutions. Within the sector, our largest exposure is to the IT services industry, including Visa, Fiserv, and Fidelity National Information. We also hold sizable positions in Microsoft, Cisco Systems, and Apple.

  • We initiated a position in IT services firm Cognizant Technology Solutions on weakness. Share prices slumped during the quarter as the company experienced margin compression driven by a slowdown in revenue growth within its financial services and health care segments. Longer term, we believe that Cognizant Technology Solutions remains well positioned to outgrow its industry peers. In our view, the company's above-average dividend yield and the new CEO's ground-up rebuild reaffirms management's focus on long-term value creation and improved accountability.
  • We initiated a position in Micron Technology, one of the world's largest producers of memory chips. In our view, bearish investor sentiment and the prospect of large customers eventually working through their excess memory inventories create a compelling risk/reward profile. Over the long term, we expect Micron Technology to benefit from industry consolidation and robust demand related to the growing importance of big data and artificial intelligence in a wide range of industries.
  • We trimmed our position in Apple on recent strength as the stock recovered from concerns that heightened trade tensions between the U.S. and China and the institution of new tariffs could pressure smartphone demand in both countries. Valuation and hopes for positive news flow regarding U.S.-China trade discussions at the Group of 20 Summit likely also aided this outperformance.


The sector remains one of our smaller weights, as we see challenging supply/demand dynamics for energy. We continue to expect that over the long term, energy prices will remain low as strong crude oil production growth in North America and non-OPEC countries continues. During the period, we eliminated Occidental Petroleum amid corporate governance concerns and added to our position in EOG Resources, which is one of the best exploration and production operators in the Permian Basin.

  • We initiated a position in oilfield services company Halliburton. Shares were down due to weakness in the company's core pressure pumping market. We believe Halliburton should benefit from another OPEC production cut as lost production will be backfilled by U.S. shale. We also think the company has an opportunity to improve pricing amid a seasonal slowdown and a faltering demand environment.
  • We eliminated our holding in global energy exploration and production company Occidental Petroleum after the firm pursued a debt-fueled takeover of Anadarko Petroleum, outbidding Chevron and offering a significant premium for the acquisition.


Largest Sector Information Technology 20.32% Was (31-Aug-2019) 18.95%
Other View complete Sector Diversification

Monthly Data as of 30-Sep-2019

Indicative Benchmark: S&P 500 Index

Top Contributor^

Net Contribution 0.24%
Selection 0.25%

Top Detractor^

Net Contribution -0.36%


Quarterly Data as of 30-Sep-2019

Largest Overweight

Fund 6.39%
Indicative Benchmark 3.59%

Largest Underweight

Fund 1.95%
Indicative Benchmark 4.52%

Monthly Data as of 30-Sep-2019

30-Sep-2019 - Jeff Rottinghaus, Portfolio Manager ,
Financials remains one of our larger absolute sector weights, as we continue to seek to invest in high-quality companies that are well-capitalised, have strong industry positions, and have diversified revenue streams. Our largest industry weights are in banks and insurance. Our top holding within the sector is leading global bank JPMorgan Chase. We like the company’s market-leading core businesses and experienced management team, and we see value in the bank’s scale advantages, technology investments, and product pipeline.

Team (As of 31-Aug-2019)

Jeff Rottinghaus

Jeff Rottinghaus is a portfolio manager in the U.S. Equity Division of T. Rowe Price. He is president of the US Large-Cap Core Equity and Growth & Income Strategies and chairman of the strategies' Investment Advisory Committees. In addition, he is a vice president and an Investment Advisory Committee member of the Dividend Growth and Capital Appreciation Strategies. Mr. Rottinghaus is a vice president of T. Rowe Price Group, Inc.

Mr. Rottinghaus has 18 years of investment experience, all of which have been with T. Rowe Price. Prior to joining the firm in 2001, he was a financial consultant with Ernst & Young. Mr. Rottinghaus is a former part owner of software consulting firm Kelly-Levey & Associates.

Mr. Rottinghaus earned a B.S. in business administration from Bowling Green State University and an M.B.A. in finance from The Wharton School, University of Pennsylvania. He also is a certified public accountant.

  • Fund manager
  • Years at
    T. Rowe Price
  • Years investment
Eric Papesh

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 at
    T. Rowe Price
  • Years investment

Fee Schedule

Share Class Minimum Initial Investment and Holding Amount Minimum Subsequent Investment Minimum Redemption Amount Sales Charge (up to) Investment Management Fee (up to) Ongoing Charges
Class A $15,000 $100 $100 5.00% 150 basis points 1.67%
Class I $2,500,000 $100,000 $0 0.00% 65 basis points 0.72%
Class Q $15,000 $100 $100 0.00% 65 basis points 0.82%

Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.

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GIPS® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®). TRP has been independently verified for the twenty one- year period ended June 30, 2017 by KPMG LLP. The verification report is available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

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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