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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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US Equity Fund

Style agnostic investing in larger US companies.

ISIN LU1438969518 Bloomberg TRUSLAE: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 30-Jun-2016

Performance figures calculated in EUR

31-Jan-2020 - Jeff Rottinghaus, Portfolio Manager ,
U.S. economic data remain largely positive as consumers continue to benefit from record low unemployment and rising wages. However, we remain relatively cautious as we are mindful that unresolved global trade issues and the upcoming U.S. presidential election could cause headlines that adversely affect markets. That said, an accommodative U.S. Federal Reserve, along with easing monetary policy around the globe, should be supportive to the asset class as we begin 2020.
Jeff Rottinghaus
Jeff Rottinghaus, Portfolio Manager

Jeff Rottinghaus is a portfolio manager in the U.S. Equity Division. He is president of the US Large-Cap Core Equity Strategy and chairman of its Investment Advisory Committee. In addition, he is a vice president and an Investment Advisory Committee member of the US Quantitative U.S. and US Dividend Growth Strategies. Jeff also is a vice president of T. Rowe Price Group, Inc.

Click for Manager Outlook


Manager's Outlook

The past few months have brought several negative surprises, including the rapid spread of the delta variant of the coronavirus and the regulatory crackdown in China, the driver of much of the global economy's growth in recent years. Nevertheless, growth appears likely to continue in most of the world's major economies over the coming months. Indeed, the delta variant seems likely to have only delayed rather than derailed the global recovery?perhaps making growth over the coming quarters modestly more robust than it would have been. However, we are monitoring some key factors, including the pace and longevity of inflationary pressures as the economy gains steam, Federal Reserve monetary policy decisions around the timing of tapering asset purchases and interest rate hikes, as well as the progression of Democratic initiatives around infrastructure spending and corporate tax reform.�

Going forward, it will be critical to continue seeking out companies that appear well positioned with lasting competitive advantages in any market environment while avoiding firms that face longer-term secular challenges. We believe careful fundamental research will be necessary to find opportunities, and we will continue to search for investment opportunities in select areas of the market, utilizing our bottom-up stock selection approach. As always, we rely on our global research team of industry specialists to uncover fundamentally sound companies and remain committed to providing quality, risk-adjusted returns over the long term.

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.
  • Environmental, social and governance ("ESG") factors with particular focus on those considered most likely to have a material impact on the performance of the holdings or potential holdings in the funds’ portfolio are assessed. These ESG factors, which are incorporated into the investment process alongside financials, valuation, macro-economics and other factors, are components of the investment decision. Consequently, ESG factors are not the sole driver of an investment decision but are instead one of several important inputs considered during investment analysis.

Portfolio Construction

  • Roughly 50-60 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.

Recent Performance

  Month to DateData as of 03-Dec-2021 Quarter to DateData as of 03-Dec-2021 Year to DateData as of 03-Dec-2021 1 MonthData as of 31-Oct-2021 3 MonthsData as of 31-Oct-2021
Fund % -0.49% 5.82% 29.71% 3.88% 4.32%
Indicative Benchmark % -0.82% 8.44% 32.29% 7.14% 7.62%
Excess Return % 0.33% -2.62% -2.58% -3.26% -3.30%

Inception Date 30-Jun-2016

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

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

Performance figures calculated in EUR


Largest Sector Information Technology 25.03% Was (30-Sep-2021) 24.86%
Other View complete Sector Diversification

Monthly Data as of 31-Oct-2021

Indicative Benchmark: S&P 500 Index

Top Contributor^

Net Contribution 0.11%
Selection 0.10%

Top Detractor^

Industrials & Business Services
Net Contribution -0.18%


Quarterly Data as of 30-Sep-2021

Largest Overweight

Industrials & Business Services
Fund 10.52%
Indicative Benchmark 8.03%

Largest Underweight

Information Technology
Fund 25.03%
Indicative Benchmark 27.94%

Monthly Data as of 31-Oct-2021

31-Oct-2021 - Jeff Rottinghaus, Portfolio Manager ,
The information technology sector represents our largest absolute sector weight. Within the sector, we favour companies with durable business models that address large and growing markets, such as increasing demand for business technology solutions. Our largest exposures are to the software and IT services industries.

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 1.62%
Class I $2,500,000 $100,000 $0 0.00% 65 basis points 0.70%
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.