Audience for the document: Share Class: Language of the document:


Share Class: Language of the document:

Change Details

If you need to change your email address please contact us.
You are ready to start subscribing.
Get started by going to our products or insights section to follow what you're interested in.

Products Insights

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

You have successfully subscribed.

Notify me by email when
regular data and commentary is available
exceptional commentary is available
new articles become available

Thank you for your continued interest

Please enter valid search characters


US Large-Cap Value Equity Fund

Invest in large US companies with hidden value and potential overlooked by the market majority.

ISIN LU0133100338 Bloomberg TRPULVI: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 27-Mar-2002

Performance figures calculated in USD

31-Jan-2020 - Heather McPherson, Portfolio Manager ,
Given the strength of the U.S market over the past year, we believe company valuations as a whole are unattractive and investors may be too complacent. Against this backdrop, opportunities are likely to be more idiosyncratic, and we continue to look for companies with improving fundamentals and compelling risk/reward profiles that have been overly discounted by the market. As always, we seek to look past the noise to make long-term investments in higher-quality companies.
John D.  Linehan, CFA
John D. Linehan, CFA, Co-Portfolio Manager

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.

Click for Manager Outlook


Manager's Outlook

While the delta variant has slowed economic activity, we believe the U.S. economy is in the early stages of an economic cycle, and we are cautiously optimistic about economic growth from here. The key risk for the equity market remains the amount of recovery priced in at current valuation levels, which look full in some sectors. We view the path for equity returns from here as murkier than usual, as we believe wage pressure, inflation, and supply chain issues will be more persistent compared with what the market currently expects. We also continue to believe the market will react meaningfully to coronavirus variants and Federal Reserve policy. In our view, however, the economy will likely be resilient enough to absorb the planned tapering, but the Federal Reserve will need to perform a delicate balancing act.

Despite full valuations at the headline level, the disparity between valuations for value and growth names continues to be large. We believe selectivity will be more important for returns going forward, and we continue to find opportunities tied to financials and health care. We are also optimistic about the U.S. consumer, which appears to be on solid financial footing due to fiscal stimulus and high wage growth in the middle and lower part of the income distribution. Our focus will remain on identifying companies trading at attractive relative or absolute valuation due to controversy or stress that we believe is addressable in the intermediate to 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 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.
  • 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

  • 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%

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 % -0.27% 0.12% 20.52% 3.11% 4.16%
Indicative Benchmark % 0.89% 2.18% 18.14% 5.04% 3.29%
Excess Return % -1.16% -2.06% 2.38% -1.93% 0.87%

Inception Date 27-Mar-2002

Indicative Benchmark: Russell 1000 Value Net 30% Index

Indicative Benchmark: Russell 1000 Value Net 30% Index

Performance figures calculated in USD


Largest Sector Financials 23.88% Was (30-Sep-2021) 23.42%
Other View complete Sector Diversification

Monthly Data as of 31-Oct-2021

Indicative Benchmark: Russell 1000 Value Index

Top Contributor^

Net Contribution 0.95%
Selection 0.88%

Top Detractor^

Industrials & Business Services
Net Contribution -0.44%


Quarterly Data as of 30-Sep-2021

Largest Overweight

Fund 23.88%
Indicative Benchmark 21.88%

Largest Underweight

Communication Services
Fund 4.64%
Indicative Benchmark 7.77%

Monthly Data as of 31-Oct-2021

31-Oct-2021 - Heather McPherson, Portfolio Manager ,
In October, we identified pockets of opportunity in the health care sector as relative valuations appeared attractive, particularly within managed care names, which offered solid valuation cases. We sold shares of certain companies to reinvest in other stocks in which we have a stronger conviction. We also added to names that we believe are exposed to several idiosyncrasies that are poised to improve and add value over time.

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 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.