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 Equity Fund

Formerly US Large-Cap Equity Fund

Style agnostic investing in larger US companies.

ISIN LU0429319774 Bloomberg TRUSLRI: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

31-Mar-2021 - Jeff Rottinghaus, Portfolio Manager ,
Over the past year, equity markets have staged a remarkable recovery, fuelled by unprecedented fiscal stimulus and an optimistic outlook for growth. Ongoing progress in vaccine distribution, low interest rates, and indications of significant pent-up consumer demand have created expectations for robust economic growth in the year ahead. However, we believe many of these tailwinds have already been priced-in and certain risks to the economic recovery have yet to be fully appreciated by the market.
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.



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

  • 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.

Performance (Class I)

Annualised Performance

  1 YR 3 YR
5 YR
10 YR
Since Manager Inception
Fund % 50.35% 15.29% 14.10% 12.99% 14.59%
Indicative Benchmark % 55.56% 16.12% 15.61% 13.21% 14.89%
Excess Return % -5.21% -0.83% -1.51% -0.22% -0.30%

Inception Date 26-Jun-2009

Manager Inception Date 26-Jun-2009

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

Data as of 31-Mar-2021

Performance figures calculated in USD

  1 YR 3 YR
5 YR
10 YR
Fund % 50.35% 15.29% 14.10% 12.99%
Indicative Benchmark % 55.56% 16.12% 15.61% 13.21%
Excess Return % -5.21% -0.83% -1.51% -0.22%

Inception Date 26-Jun-2009

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

Data as of 31-Mar-2021

Performance figures calculated in USD

Recent Performance

  Month to DateData as of 16-Apr-2021 Quarter to DateData as of 16-Apr-2021 Year to DateData as of 16-Apr-2021 1 MonthData as of 31-Mar-2021 3 MonthsData as of 31-Mar-2021
Fund % 4.64% 4.64% 11.09% 3.98% 6.16%
Indicative Benchmark % 5.39% 5.39% 11.78% 4.34% 6.05%
Excess Return % -0.75% -0.75% -0.69% -0.36% 0.11%

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.

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.

31-Mar-2021 - Jeff Rottinghaus, Portfolio Manager ,
U.S. equities recorded solid gains in March after weakness early in the month. Within the portfolio, communication services had the largest positive impact due to stock selection. Social media platform Facebook benefitted from the reopening trade amid resurgent economic optimism, which appeared to fuel expectations of a recovery in advertising spending. We believe that Facebook’s share of consumer time spent on mobile devices, coupled with its ad-monetisation and targetting capabilities, should help it capture a sizable chunk of the secular growth in online advertising. Within materials, stock selection also added value. Multinational chemical company Linde performed well. Conversely, the health care sector had the largest negative impact on relative results due to stock selection. Despite investor disappointment that FDA approval for its Alzheimer’s disease treatment, Donanemab, will take longer-than-expected, shares of pharmaceutical manufacturer Eli Lilly benefitted from the release of positive Donanemab trial results as well as an announced collaboration with Merus to develop bispecific antibody therapies. We believe the company has several late-stage assets with high probabilities of success that will benefit its visibility and revenue over the next 12 to 18 months.


Largest Holding Microsoft 6.16% Was (31-Dec-2020) 5.87%
Other View Full Holdings Quarterly data as of  31-Mar-2021
Top 10 Holdings 31.16% View Top 10 Holdings Monthly data as of  31-Mar-2021

Largest Top Contributor^

By 2.33%
% of fund 6.24%

Largest Top Detractor^
By -2.52%
% of fund 5.05%


Quarterly Data as of 31-Mar-2021

Top Purchase

Charter Communications (N)
Was (31-Dec-2020) 0%

Top Sale

Apple (E)
Was (31-Dec-2020) 2.53%

Quarterly Data as of 31-Mar-2021

31-Dec-2020 - Jeff Rottinghaus, Portfolio Manager ,

Within the portfolio, our positioning is mainly driven by fundamental, stock-specific views. During the quarter, we selectively added to high-quality names with attractive valuations and strong balance sheets. Conversely, we trimmed names where we did not have complete confidence in their balance sheets or where we found better risk/reward ideas. 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.

Industrials and Business Services

Within the industrials and business services sector, where many names are cyclically tied to either infrastructure or capital spending, we seek to invest in companies with exposure to diverse end markets that feature solid business models and strong cash flow generation. Our largest sector holdings are Union Pacific, Honeywell International, and Waste Connections.

  • We initiated a position in Howmet Aerospace, which provides advanced engineered solutions for the aerospace and transportation industries. We like the company's exposure to commercial aerospace, which we believe will see continued recovery over the next two years as travel demand increases and airlines purchase new aircraft to expand their fleets.
  • We initiated a stake in Caterpillar, a leading manufacturer of construction and mining equipment as well as engines and turbines, as we believe the construction market still has room for recovery. We like the company's high market share and durability created by the dealer network. Longer term, we are bullish on new management's strategy to shift toward a more value-added mix of products and services.
  • We eliminated Stanley Black & Decker, a manufacturer of industrial tools and household hardware and provider of security products and locks. The company saw a strong fundamental recovery in 2020 as consumers spent more money on do-it-yourself projects during the coronavirus pandemic and we believe it will face higher comps than industrial peers in 2021.


We are overweight financials given our constructive outlook on consumer credit as well as the property and casualty insurance market, which we believe is poised to benefit from rising policy premiums following several catastrophic events. Our focus is on owning high-quality companies that have strong balance sheets, leading industry positions, and diversified revenue streams. Our largest industry weights are in capital markets, including Morgan Stanley and Intercontinental Exchange, and insurance, including Marsh & McLennan and Chubb.

  • We initiated a position in global investment bank Goldman Sachs. The company is beginning to transition away from capital-intensive business lines in favor of consumer banking, private equity, and wealth management, which we believe will be beneficial to the stock over the long term. We are optimistic about management's ability to execute this transition and believe Goldman Sachs has attractive risk/reward potential.
  • We eliminated our position in PNC Financial Services Group on recent strength and reallocated the proceeds to higher-conviction bank names in the portfolio.

Consumer Discretionary

The sector is composed of a diverse group of industries, including retailers, auto manufacturers, and hotel and restaurant operators. We have exposure to the hotels, restaurants, and leisure industry through McDonald's and Yum! Brands. We also have a meaningful position in, which we believe is poised to benefit from growth in online shopping and is also a major player in the cloud computing space.

  • We added to our position in Dollar Tree, an operator of discount variety stores. We like management's plan to improve operations at Family Dollar through store renovations and talent recruitment and retention. We also like that discount variety stores are more insulated from e-commerce competition.

Communication Services

The communication services sector comprises a wide range of media and entertainment and telecommunication services companies. The sector is one of our largest underweight positions relative to the S&P 500 Index; we are most underweight the entertainment and media industries. Our largest sector holdings are in Alphabet and Facebook.

  • Verizon Communications features a leading U.S. wireless network. While we like the company's high-quality wireless network and strong management team, we believe the business faces threats from rising competitive intensity in the wireless space, and we utilized relative strength to reduce our position size.


Largest Sector Information Technology 23.69% Was (28-Feb-2021) 24.25%
Other View complete Sector Diversification

Monthly Data as of 31-Mar-2021

Indicative Benchmark: S&P 500 Index

Top Contributor^

Health Care
Net Contribution 0.32%
Selection 0.40%

Top Detractor^

Net Contribution -0.50%


Quarterly Data as of 31-Mar-2021

Largest Overweight

Industrials & Business Services
Fund 12.11%
Indicative Benchmark 8.87%

Largest Underweight

Communication Services
Fund 7.66%
Indicative Benchmark 10.93%

Monthly Data as of 31-Mar-2021

31-Mar-2021 - Jeff Rottinghaus, Portfolio Manager ,
The health care sector is one of our largest absolute and relative overweight positions, as we believe certain industries offer compelling, relatively stable growth potential that can perform well over the long term. It also has a strong secular tailwind from an aging U.S. population. We favour companies that offer relatively stable growth potential and/or that are well positioned to take advantage of long-term trends by offering highly innovative products. Our largest industry weight is in pharmaceuticals, including Johnson & Johnson and Eli Lilly. We also have a sizable position in health care equipment and supplies.

Team (As of 16-Apr-2021)

Jeff Rottinghaus

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.

Jeff’s investment experience began in 2001 when he joined T. Rowe Price, beginning in the U.S. Equity Division. Prior to this, Jeff was employed by Ernst & Young as a financial consultant. Jeff also was part owner of software consulting firm Kelly Levey & Associates.

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

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

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.