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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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Past performance is not a reliable indicator of future performance.

Strategy

US Large-Cap Value Equity

The US Large-Cap Value Equity Composite seeks long-term capital appreciation primarily through investment in large companies that appear to be undervalued. Income is a secondary objective for this strategy.

3YR Return Annualised (Net)
(View Total Returns)

Tracking Error
(5 Years)

10.54%
2.49%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

42.27%
0.42

Inception Date 31-Mar-1990

Performance figures calculated in USD

Heather K. McPherson
Heather K. McPherson, Co-Portfolio Manager

Heather McPherson is a co-portfolio manager for the US Large-Cap Value Equity Strategy and an associate portfolio manager for the US Large-Cap Equity Income Strategy in the U.S. Equity Division. Heather is a member of the firm's U.S. Equity Steering Committee and is a vice president and an Investment Advisory Committee member of the US Large-Cap Equity Income, US Large-Cap Core Equity, US Quantitative Large, Global Natural Resources Equity, US Mid-Cap Value Equity, and US Large-Cap Value Equity Strategies. She is a trustee of the T. Rowe Price Foundation. Heather also is a vice president of T. Rowe Price Group, Inc. 

 

Strategy

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.

Portfolio Construction

  • Typically 70-80 stock portfolio
  • Individual positions typically are below 3%, but higher conviction ideas can range to 5.00%
  • 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%

Sectors

Total
Sectors
11
Largest Sector Financials 23.31% Was (30-Jun-2021) 22.81%
Other View complete Sector Diversification

Monthly Data as of 30-Sep-2021

Benchmark: Russell 1000 Value Index

Top Contributor^

Financials
Net Contribution 0.96%
Sector
0.07%
Selection 0.89%

Top Detractor^

Industrials & Business Services
Net Contribution -0.43%
Sector
0.00%
Selection
-0.44%

^Relative

Quarterly Data as of 30-Sep-2021

Largest Overweight

Financials
By1.88%
Portfolio 23.31%
Benchmark 21.43%

Largest Underweight

Communication Services
By-3.48%
Portfolio 4.81%
Benchmark 8.29%

Monthly Data as of 30-Sep-2021