SICAV

US Large Cap Growth Equity Fund

Seeking to identify investments with the potential to deliver double-digit earnings growth.

ISIN LU0284523734 Bloomberg TRPLGEJ:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

19.75%
$2.7b

1YR Return
(View Total Returns)

Manager Tenure

20.91%
3yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.28
6.66%

Inception Date 20-Feb-2007

Performance figures calculated in USD

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Taymour Tamaddon, CFA
Taymour Tamaddon, CFA, Lead Portfolio Manager

Taymour Tamaddon is the portfolio manager of the US Large-Cap Growth Equity Strategy in the U.S. Equity Division. He is a vice president and member of the Investment Advisory Committees for the Health Sciences Equity, Global Growth Equity, US Multi-Cap Growth Equity, US Growth Stock, US Large-Cap Core Growth Equity, and US Capital Appreciation Strategies. He also is a vice president of the T. Rowe Price Institutional International Funds, Inc., and the T. Rowe Price International Funds, Inc. Taymour is a vice president of T. Rowe Price Group, Inc. 

 

Strategy

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 have the potential for above-average and sustainable rates of earnings growth.

Investment Approach

  • Scrutinize both company and industry- level fundamentals to identify companies with characteristics that support sustainable double-digit earnings growth.
  • Focus on high-quality earnings, strong free cash flow growth, shareholder-oriented management, and rational competitive environments.
  • Exploit differences between secular and cyclical trends.
  • Limit portfolio holdings to the most attractive growth opportunities across industries.

Portfolio Construction

  • Typically 60-75 stock portfolio
  • Individual position sizes typically range +/- 1.00% to 4.00% relative to Russell 1000 Growth Index
  • Sector weights will vary from 0.5X to 3.0X for primary sectors relative to Russell 1000 Growth Index

Performance (Class J)

Annualised Performance

  1 YR 3 YR
Annualised
5 YR
Annualised
10 YR
Annualised
Since Manager Inception
Annualised
Fund % 20.91% 19.75% 17.29% 18.55% 22.57%
Indicative Benchmark % 22.85% 18.55% 15.41% 16.71% 20.07%
Excess Return % -1.94% 1.20% 1.88% 1.84% 2.50%

Inception Date 20-Feb-2007

Manager Inception Date 31-Dec-2016

Indicative Benchmark: Russell 1000 Growth Net 30% Index

Data as of  30-Jun-2020

Performance figures calculated in USD

  1 YR 3 YR
Annualised
5 YR
Annualised
10 YR
Annualised
Fund % 20.91% 19.75% 17.29% 18.55%
Indicative Benchmark % 22.85% 18.55% 15.41% 16.71%
Excess Return % -1.94% 1.20% 1.88% 1.84%

Inception Date 20-Feb-2007

Indicative Benchmark: Russell 1000 Growth Net 30% Index

Data as of  30-Jun-2020

Performance figures calculated in USD

Recent Performance

  Month to DateData as of 09-Jul-2020 Quarter to DateData as of 09-Jul-2020 Year to DateData as of 09-Jul-2020 1 MonthData as of 30-Jun-2020 3 MonthsData as of 30-Jun-2020
Fund % 7.05% 7.05% 18.06% 3.52% 27.41%
Indicative Benchmark % 4.99% 4.99% 15.10% 4.33% 27.73%
Excess Return % 2.06% 2.06% 2.96% -0.81% -0.32%

Inception Date 20-Feb-2007

Indicative Benchmark: Russell 1000 Growth Net 30% Index

Indicative Benchmark: Russell 1000 Growth Net 30% Index

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. 

Please note that no management fees are charged to the S and J share classes. No administration agent fees are charged to the J class. Fee arrangements for the S and J classes are made directly with the investment manager. Please see the prospectus for further information.

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.

Holdings

Total
Holdings
63
Largest Holding Microsoft 9.14% Was (31-Dec-2019) 7.74%
Other View Full Holdings Quarterly data as of 30-Jun-2020
Top 10 Holdings 48.34% View Top 10 Holdings Monthly data as of 30-Jun-2020

Largest Top Contributor^

Microsoft
By 0.26%
% of fund 9.08%

Largest Top Detractor^

Alphabet
By -2.27%
% of fund 8.49%

^Absolute

Quarterly Data as of 31-Mar-2020

Top Purchase

MasterCard (N)
1.52%
Was (31-Dec-2019) 0.00%

Top Sale

Boeing
0.96%
Was (31-Dec-2019) 4.38%

Quarterly Data as of 31-Mar-2020

Sectors

Total
Sectors
8
Largest Sector Information Technology 34.71% Was (31-May-2020) 33.66%
Other View complete Sector Diversification

Monthly Data as of 30-Jun-2020

Indicative Benchmark: Russell 1000 Growth Index

Top Contributor^

Communication Services
Net Contribution 1.95%
Sector
-0.17%
Selection 2.12%

Top Detractor^

Health Care
Net Contribution -0.72%
Sector
-0.08%
Selection
-0.64%

^Relative

Quarterly Data as of 30-Jun-2020

Largest Overweight

Communication Services
By10.95%
Fund 22.10%
Indicative Benchmark 11.14%

Largest Underweight

Information Technology
By-9.19%
Fund 34.71%
Indicative Benchmark 43.90%

Monthly Data as of 30-Jun-2020

Team (As of 10-Jul-2020)

Taymour Tamaddon, CFA

Taymour Tamaddon is the portfolio manager of the US Large-Cap Growth Equity Strategy in the U.S. Equity Division. He is a vice president and member of the Investment Advisory Committees for the Health Sciences Equity, Global Growth Equity, US Multi-Cap Growth Equity, US Growth Stock, US Large-Cap Core Growth Equity, and US Capital Appreciation Strategies. He also is a vice president of the T. Rowe Price Institutional International Funds, Inc., and the T. Rowe Price International Funds, Inc. Taymour is a vice president of T. Rowe Price Group, Inc. 

Taymour’s investment experience began in 2003, and he has been with T. Rowe Price since 2004, beginning in the U.S. Equity Division. He also served as a summer intern with the firm in 2003. Prior to T. Rowe Price, Taymour was employed by Amazon.com in the areas of finance and merchandising. He also was a consultant with Booz Allen Hamilton, specializing in the energy industry.

Taymour earned a B.S., cum laude, in applied physics from Cornell University and an M.B.A. from Dartmouth College, Tuck School of Business, where he was an Edward Tuck Scholar with high distinction. Taymour also has earned the Chartered Financial Analyst® designation.

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

  • Fund manager
    since
    2017
  • Years at
    T. Rowe Price
    16
  • Years investment
    experience
    17
Larry Puglia

Larry J. Puglia is a portfolio manager in the U.S. Equity Division of T. Rowe Price. He is president of the Investment Advisory Committee of the US Large-Cap Core Growth Equity Strategy. He has been managing the US Large-Cap Core Growth Equity Strategy since 1993 and has had lead responsibility for all institutional accounts and other investment products within the strategy since 1997. Mr. Puglia is a vice president of T. Rowe Price Group, Inc.

Mr. Puglia has 30 years of investment experience, 29 of which have been with T. Rowe Price. He joined the firm in 1990 as an investment analyst specializing in financial services stocks. His coverage included banking, consumer finance, brokerage, investment management, and diversified financial companies. Mr. Puglia also served as an investment analyst covering the pharmaceutical industry. He began his career at Peat Marwick Main & Co. in 1982, ultimately serving as a senior manager.

Mr. Puglia earned a B.B.A., summa cum laude, in accounting from the University of Notre Dame and an M.B.A. in finance from the University of Virginia, Darden School of Business, where he was named a Shermet Scholar. He has earned the Chartered Financial Analyst designation and is a certified public accountant.

  • Years at
    T. Rowe Price
    29
  • Years investment
    experience
    30
Joseph Fath

Joe Fath is the portfolio manager for the U.S. Growth Stock Equity Strategy, including the Growth Stock Fund, in which he is chairman of the investment advisory committee.  He is a vice president and member of the investment advisory committee of the U.S. Quantitative US, U.S. Mid-Cap Growth Equity, U.S. Communications and Technology and U.S. Large-Cap Growth Equity Strategies.   He is vice president of T. Rowe Price Group. 

Joe’s investment experience began in 2000 and he has been with T. Rowe Price since 2002, beginning in the U.S. Equity Division after serving as a summer intern in 2001.   Prior to this, Joe was the chief financial officer and co-founder of Broadform, Inc., a start-up educational software company.  In addition, he worked as director of operations and analysis for Players International, a multi-jurisdictional gaming operator in the United States.  Joe was also employed by Coopers & Lybrand as a senior associate in the Business Assurance and Financial Advisory Services Group.  

Joe earned a B.S., with honors, in accounting from the University of Illinois at Urbana-Champaign.  He also earned an M.B. A., with honors, in finance and entrepreneurial management from The Wharton School, University of Pennsylvania.  He is a Certified Public Accountant.

  • Years at
    T. Rowe Price
    17
  • Years investment
    experience
    19
Ronald Taylor

Ron Taylor is a portfolio specialist in the Equity Division of T. Rowe Price. He is a member of the US Large-Cap Growth Equity Strategy team working closely with institutional clients, consultants, and prospects. Mr. Taylor is a vice president of T. Rowe Price Group, Inc.

Mr. Taylor has 31 years of investment experience, 16 of which have been at T. Rowe Price. Prior to joining the firm in 2003, he was employed by Zurich Scudder Investments as an equity product specialist and later as the director of Institutional Client Service. Mr. Taylor also previously worked for Chancellor Capital Management as an equity product specialist and at Putnam Investments as an equity analyst and later in new business development and client service. He began his career as a high yield bond analyst at Columbia Savings & Loan.

Mr. Taylor earned a B.A. in economics from the University of California at Los Angeles and an M.B.A. from Harvard Business School.

  • Years at
    T. Rowe Price
    16
  • Years investment
    experience
    31

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 1.58%
Class I $2,500,000 $100,000 $0 0.00% 65 basis points 0.69%
Class J $10,000,000 $0 $0 0.00% 0 basis points 0.02%
Class Q $1,000 $100 $100 0.00% 65 basis points 0.73%

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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