A (EUR) | T. Rowe Price

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.

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 A | EUR)

Annualised Performance

Calculated:

	1 YR	3 YR Annualised	5 YR Annualised	Since Inception Annualised
Fund %	2.88%	7.47%	N/A	8.66%
Indicative Benchmark %	8.35%	10.64%	N/A	11.50%
Excess Return %	-5.47%	-3.17%	N/A	-2.84%

	1 YR	3 YR Annualised	5 YR Annualised	Since Inception Annualised
Fund %	2.88%	7.47%	N/A	8.66%
Indicative Benchmark %	8.35%	10.64%	N/A	11.50%
Excess Return %	-5.47%	-3.17%	N/A	-2.84%

Recent Performance

	Month to DateData as of 07-Aug-2020	Quarter to DateData as of 07-Aug-2020	Year to DateData as of 07-Aug-2020	1 MonthData as of 30-Jun-2020	3 MonthsData as of 30-Jun-2020
Fund %	2.61%	4.23%	-3.00%	-0.29%	12.60%
Indicative Benchmark %	2.79%	3.10%	-0.43%	0.96%	17.59%
Excess Return %	-0.18%	1.13%	-2.57%	-1.25%	-4.99%

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.

30-Jun-2020 - Jeff Rottinghaus, Portfolio Manager ,

U.S. equities produced positive returns in June, capping a robust but volatile second quarter. Within the portfolio, financials had the most negative impact on relative performance due to stock selection. Shares of PNC Financial Services trailed the broader sector during the month. We believe PNC Financial Services is a high-quality bank with growth attributes and a deposit strategy that should allow it to still compound value through a variety of market conditions. Our overweight allocation to utilities, the worst-performing sector in the index, also dragged on relative returns. We like the utilities sector because many of the companies offer durable earnings growth potential, strong dividend yields, and exposure to longer-term trends such as the proliferation of renewable energy. Conversely, the materials sector had the most positive impact on relative performance due to stock selection. Shares of multinational chemical company Linde performed well. Recently, the company reported solid quarterly results and a decent outlook. We believe there is opportunity for the company to generate margin improvement through rising prices and better capacity utilisation.

Holdings

Total
Holdings

Largest Holding Apple 6.02% Was (31-Mar-2020) 4.68%

Other View Full Holdings Quarterly data as of 30-Jun-2020

Top 10 Holdings 33.00% View Top 10 Holdings Monthly data as of 30-Jun-2020

Largest Top Contributor^

Microsoft

By 0.00%

% of fund 5.89%

Largest Top Detractor^

Becton, Dickinson & Company

By -0.06%

% of fund 1.42%

Top Purchase

Becton, Dickinson & Company (N)

1.29%

Was (31-Mar-2020) 0.00%

Top Sale

JPMorgan Chase

0.68%

Was (31-Mar-2020) 1.77%

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

Within the portfolio, our positioning is mainly driven by fundamental, stock-specific views. During the quarter, we added gradually to cyclicality in high-quality names with strong balance sheets that we think have very attractive reward/risk profiles over the intermediate to longer term. Conversely, we trimmed names where we did not have complete confidence in their balance sheets or where we found better reward/risk 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.

Materials

The cyclical industries within the materials sector have faced challenges due to lower commodity prices and industrial output. Our focus is on owning companies with leading industry positions as well as those that are undertaking initiatives to create additional shareholder value. Our largest sector positions are Linde, Air Products & Chemicals, and PPG Industries.

We initiated a position in PPG Industries, a top player across its end markets and geographies in the attractive coatings industry. We believe PPG is a high-quality company with a strong management team, good balance sheet, best-in-class efficiency metrics and consistent returns on invested capital. Recovery in the company's large China business should also benefit future growth.
We initiated a position in pulp and paper company International Paper on cyclical weakness as low old corrugated container prices, depressed operating rates, elevated inventories, and weak demand growth have provided an attractive risk/reward profile. We think the company operates in an industry with favorable long-term fundamentals driven by consolidation, forward integration, and an elevated capital-incentive curve. Current cyclical weakness in the form of low OCC prices, depressed operating rates, elevated inventories, and weak demand growth combine to provide an attractive risk-reward in the stock Current cyclical weakness in the form of low OCC prices, depressed operating rates, elevated inventories, and weak demand growth combine to provide an attractive risk-reward in the stock

Health Care

The health care sector continues to play a significant role in the portfolio, as we believe certain industries offer compelling, relatively stable growth potential that can perform well over the long term in multiple economic scenarios. The sector also has a strong secular tailwind from an aging population. We favor companies that offer relatively stable growth potential and/or that are well positioned to take advantage of long-term trends such as highly innovative product offerings. Our largest industry weight is in health care equipment and supplies, including Danaher and Medtronic. We also maintain a sizable position in pharmaceuticals, including Johnson & Johnson and Pfizer.

We initiated a position in managed care company UnitedHealth Group, as the downturn in equities resulted in shares trading at compelling prices. We believe UnitedHealth Group is a well-diversified company that should see accelerated earnings growth over the long term as a result of improving Medicare performance, continued growth in its Medicaid business, its exit from insurance exchanges, and disruption among peers due to deal-related distractions.
We initiated a position in Elanco Animal Health, which provides products and services designed to enhance the health of animals and pets. We bought shares around the company's recent equity financing, which we believe should be accretive to earnings. Longer term, we expect the stock to benefit from the dissipation of several overhangs and headwinds.

Communication Services

The communication services sector comprises a wide range of media and entertainment and telecommunication services companies. The sector is our largest underweight position relative to the S&P 500 Index, as we are most underweight the media and entertainment industries. Our largest sector holdings are in Alphabet and Verizon Communications.

We eliminated our position in communications and digital entertainment services provider AT&T. In recent periods, shares appreciated amid improved performance from the company's business wireline segment. Investors also reacted positively to news of activist activity in the stock, which they hoped could prompt management to sell off AT&T's non-core assets. However, we are concerned about the increasingly competitive U.S. mobile carrier landscape. Additionally, we are not confident that activist involvement will materially improve AT&T's risk/reward profile.
We trimmed our position in media conglomerate Walt Disney as the stock has held its value relatively well in recent periods. While we acknowledge that the coronavirus outbreak poses a particular threat to the company's Parks and Resorts segment in the near term, we continue to believe the segment is an underappreciated longer-term growth story with durable pricing power. We also remain optimistic that the Disney+ streaming service will enable the company to leverage its diverse collection of assets and will continue to drive the share price higher.

Financials

Financials remains one of our larger absolute sector weights, as we continue to seek to invest in high-quality companies that have strong balance sheets, strong industry positions, and diversified revenue streams, as we are mindful of the adverse impact of lower interest rates on bank lending margins. Our largest industry weights are in capital markets, including Morgan Stanley and CME Group, and in insurance, including Marsh & McLennan and Willis Towers Watson.

We initiated a position in CME Group, the world's largest derivatives exchange by market capitalization and volume. We believe the company benefits from a monopoly-like business with improved dividend visibility and is well positioned for long-duration growth as market controversy remains higher than in the recent past and company-specific initiatives accelerate over the next few years.
We eliminated our position in banking company Wells Fargo in favor of more attractive opportunities within the financials sector as pessimism from the recent fake account scandal and related ongoing issues have lessened our conviction in the stock's future growth potential.

Sectors

Total
Sectors

Largest Sector Information Technology 24.63% Was (31-May-2020) 24.04%

Other View complete Sector Diversification

Top Contributor^

Financials

Net Contribution 0.20%

Sector

0.04%

Selection 0.16%

Top Detractor^

Information Technology

Net Contribution -0.44%

Sector

-0.19%

Selection

-0.26%

Largest Overweight

Industrials & Business Services

By1.79%

Fund 9.78%

Indicative Benchmark 7.99%

Largest Underweight

Communication Services

By-3.08%

Fund 7.70%

Indicative Benchmark 10.78%

30-Jun-2020 - Jeff Rottinghaus, Portfolio Manager ,

Information technology 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 exposure is to the software industry, where we hold Microsoft and Salesforce.com. Within the sector, we also hold sizable positions in Apple, Visa, and Fiserv.

Team (As of 05-Aug-2020)

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.

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
since
2016
Years at
T. Rowe Price
19
Years investment
experience
20

Eric Papesh
Portfolio Specialist

Eric Papesh is a portfolio specialist in the U.S. Equity Division of T. Rowe Price. He is based in London and serves as a proxy for equity portfolio managers with institutional clients, consultants and prospects. Mr. Papesh supports T. Rowe Price's US Smaller Companies Equity and US Large-Cap Equity Strategies offered in the Europe, Middle East and Africa (EMEA) and Asia-Pacific (APAC) regions. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

Mr. Papesh has 22 years of financial services experience, two of which have been with T. Rowe Price. Before joining the firm in 2014, he was a senior research analyst with Russell Investments, where he focused on US equity investment strategies.

Mr. Papesh earned a B.A. in business administration and an M.B.A. from the University of Washington. He has also earned the Chartered Financial Analyst designation.

Years at
T. Rowe Price
5
Years investment
experience
25

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.

Portfolio Characteristics

as of 30-Jun-2020

Characteristic	Fund	Indicative Benchmark
Projected Earnings Growth Rate - IBES (3-5 years)	6.2%	8.2%
Price to Earnings (12 Months Forward)	25.5x	27.4x
Return on Equity (Last 12 Months excl. charges)	22.1%	23.0%
Price to Book	6.0x	6.2x
Investment Weighted Median Market Cap (EUR mm)	104,662	123,531
Investment Weighted Average Market Cap (EUR mm)	365,666	348,313
Number of Holdings	70	500
Top 20 Holdings as % of Total	48.4%	37.3%
Portfolio Holdings Turnover (12 Months)	85.5%	N/A
Percent of Portfolio in Cash	3.7%	0.0%
Active Share Percentage	55.92%	N/A

Statistics are Investment Weighted Median unless otherwise noted.

These statistics are based on the portfolio's underlying holdings and are not a projection of future portfolio performance. Actual results may vary.

Risks

The following risks are materially relevant to the fund (refer to prospectus for further details):

Capital risk
Equity risk
Geographic concentration risk
Hedging risk
Investment fund risk
Management risk
Market risk
Operational risk

Risk/Return Characteristics

as of 30-Jun-2020

Risk/Return (3 Years)	Fund	Indicative Benchmark
Alpha	-2.06%	0.00%
Beta	0.90	1.00
R-Squared	0.92	1.00
Annualized Std. Deviation	15.67%	16.24%
Information Ratio	-0.65	0.00
Sharpe Ratio	0.33	0.51
Tracking Error	4.90%	0.00%

Past performance is not a reliable indicator of future performance.

Statistics based on monthly net returns of the Fund's Class I shares.

Returns shown with reinvestment of dividends after the deduction of withholding taxes.

Calendar Year Performance (Class A | EUR)

2016^	2017	2018	2019
11.70%	3.76%	-0.86%	30.37%	Fund
13.20%	6.37%	-0.15%	33.10%	Indicative Benchmark
-1.50%	-2.61%	-0.71%	-2.73%	Value added

Fund
Indicative Benchmark

Purchases - 10 Largest (30-Jun-2020)

Quarterly as of:

Major Purchases	% of Fund	Previous Quarter Change	Industry	Country
Becton, Dickinson & Company (N)	1.29%	1.29%	Health Care Equipment & Supplies	United States
Coca-Cola (N)	1.23%	1.23%	Beverages	United States
Honeywell International (N)	1.26%	1.26%	Industrial Conglomerates	United States
Apple	5.34%	0.66%	Technology Hardware, Storage & Peripherals	United States
Microsoft	5.34%	-0.67%	Software	United States
Amazon.com	4.97%	-0.11%	Internet & Direct Marketing Retail	United States
Entergy (N)	0.85%	0.85%	Electric Utilities	United States
Alphabet Class C	3.34%	-0.38%	Interactive Media & Services	United States
Eli Lilly And (N)	0.84%	0.84%	Pharmaceuticals	United States
Chubb (N)	0.75%	0.75%	Insurance	United States

(N) New Position.

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

We initiated a position in PPG Industries, a top player across its end markets and geographies in the attractive coatings industry. We believe PPG is a high-quality company with a strong management team, good balance sheet, best-in-class efficiency metrics and consistent returns on invested capital. Recovery in the company's large China business should also benefit future growth.
We initiated a position in pulp and paper company International Paper on cyclical weakness as low old corrugated container prices, depressed operating rates, elevated inventories, and weak demand growth have provided an attractive risk/reward profile. We think the company operates in an industry with favorable long-term fundamentals driven by consolidation, forward integration, and an elevated capital-incentive curve. Current cyclical weakness in the form of low OCC prices, depressed operating rates, elevated inventories, and weak demand growth combine to provide an attractive risk-reward in the stock Current cyclical weakness in the form of low OCC prices, depressed operating rates, elevated inventories, and weak demand growth combine to provide an attractive risk-reward in the stock
We initiated a position in managed care company UnitedHealth Group, as the downturn in equities resulted in shares trading at compelling prices. We believe UnitedHealth Group is a well-diversified company that should see accelerated earnings growth over the long term as a result of improving Medicare performance, continued growth in its Medicaid business, its exit from insurance exchanges, and disruption among peers due to deal-related distractions.
We initiated a position in Elanco Animal Health, which provides products and services designed to enhance the health of animals and pets. We bought shares around the company's recent equity financing, which we believe should be accretive to earnings. Longer term, we expect the stock to benefit from the dissipation of several overhangs and headwinds.
We eliminated our position in communications and digital entertainment services provider AT&T. In recent periods, shares appreciated amid improved performance from the company's business wireline segment. Investors also reacted positively to news of activist activity in the stock, which they hoped could prompt management to sell off AT&T's non-core assets. However, we are concerned about the increasingly competitive U.S. mobile carrier landscape. Additionally, we are not confident that activist involvement will materially improve AT&T's risk/reward profile.
We trimmed our position in media conglomerate Walt Disney as the stock has held its value relatively well in recent periods. While we acknowledge that the coronavirus outbreak poses a particular threat to the company's Parks and Resorts segment in the near term, we continue to believe the segment is an underappreciated longer-term growth story with durable pricing power. We also remain optimistic that the Disney+ streaming service will enable the company to leverage its diverse collection of assets and will continue to drive the share price higher.
We initiated a position in CME Group, the world's largest derivatives exchange by market capitalization and volume. We believe the company benefits from a monopoly-like business with improved dividend visibility and is well positioned for long-duration growth as market controversy remains higher than in the recent past and company-specific initiatives accelerate over the next few years.
We eliminated our position in banking company Wells Fargo in favor of more attractive opportunities within the financials sector as pessimism from the recent fake account scandal and related ongoing issues have lessened our conviction in the stock's future growth potential.

Sales - 10 Largest (30-Jun-2020)

Major Sales	% of Fund	Previous Quarter Change	Industry	Country
JPMorgan Chase	0.68%	-1.09%	Banks	United States
American Water Works (E)	0.00%	-0.84%	Water Utilities	United States
Microsoft	5.34%	-0.67%	Software	United States
Danaher	1.56%	-0.72%	Health Care Equipment & Supplies	United States
Walt Disney (E)	0.00%	-1.00%	Entertainment	United States
Amazon.com	4.97%	-0.11%	Internet & Direct Marketing Retail	United States
Target (E)	0.00%	0.00%	Multiline Retail	United States
PepsiCo	1.43%	-0.55%	Beverages	United States
Pfizer	1.33%	-1.00%	Pharmaceuticals	United States
American International Group (E)	0.00%	-0.83%	Insurance	United States

(E) Eliminated.

Major Purchases/Sales represent the highest to lowest total cost (purchases) and proceeds (sales) for the time period indicated.

The information shown does not reflect any ETFs that may be held in the portfolio.

Contributors (30-Jun-2020)

Quarterly as of:

Contributors	% of Fund	Industry	Country
Apple	5.88%	Technology Hardware, Storage & Peripherals	United States
Amazon.com	5.47%	Internet & Direct Marketing Retail	United States
Microsoft	5.89%	Software	United States
Alphabet	3.67%	Interactive Media & Services	United States
Facebook	2.06%	Interactive Media & Services	United States
Morgan Stanley	1.61%	Capital Markets	United States
Danaher	1.72%	Health Care Equipment & Supplies	United States
AbbVie	1.84%	Biotechnology	United States
Linde	1.90%	Chemicals	United States
Qualcomm	1.40%	Semiconductors & Semiconductor Equipment	United States

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

Shares of property and casualty insurance broker Willis Towers Watson declined during the quarter due to concerns about the coronavirus and an economic slowdown but held up better than sector peers. In March, Willis Towers Watson and Aon announced a definitive agreement to merge and create the largest international insurance broker. While we believe the deal makes strategic sense, we believe it is ill-timed. We trimmed our position in Willis Towers Watson during the period.
Intercontinental Exchange operates global electronic futures and over-the-counter market exchanges. While shares of the company declined during the broad sell-off, losses were not as steep as sector peers. In the near-term, we believe the company is positioned to benefit from sustained revenue in its IDC bond pricing data business, while over the long term, Intercontinental Exchange's strong balance sheet and management will allow the company to deliver value to shareholders by pursuing acquisitive opportunities.
Shares of Amphenol, a supplier of sensors and connectors to a broad array of end markets, declined after the company announced it didn't expect to meet its first-quarter guidance due to supply chain disruptions in China caused by the coronavirus outbreak. We like Amphenol for its growing secular penetration of connector content, recovery in its cyclically weak end markets, and strong capital allocation. We also believe it is well positioned to benefit from autonomous and electric trends in autos and the internet of things.
Shares of aerospace and defense company Boeing declined as the coronavirus pandemic led airlines to defer jet deliveries amid a collapse in travel demand. The outbreak in Washington state also forced the closure of the company's production operations in Puget Sound. We trimmed our position during the quarter.
Shares of global and domestic passenger air carrier United Airlines plummeted as air-travel demand sharply declined amid the coronavirus outbreak and the company, along with other airlines, was forced to cut capacity drastically. We eliminated our position during the quarter.

Detractors (30-Jun-2020)

Detractors	% of Fund	Industry	Country
GE	0.92%	Industrial Conglomerates	United States
American International Group	0.00%	Insurance	United States
CME Group	0.75%	Capital Markets	United States
Elanco Animal Health	0.00%	Pharmaceuticals	United States
Coca-Cola	1.36%	Beverages	United States
Charles Schwab	0.61%	Capital Markets	United States
Becton, Dickinson & Company	1.42%	Health Care Equipment & Supplies	United States
Philip Morris International	0.70%	Tobacco	United States
Boeing	0.00%	Aerospace & Defense	United States
Entergy	0.94%	Electric Utilities	United States

The information shown does not reflect any ETFs that may be held in the portfolio.

N/A indicates Not Available.

Holdings (30-Jun-2020)

Quarterly as of:

Company	% of Fund	Previous Qtr Change	Value (USD)	Shares	Sector	Industry	Country
Apple	6.02%	1.34	$48,892,595.92	134,372	Information Technology	Technology Hardware, Storage & Peripherals	United States
Microsoft	5.87%	-0.14	$47,685,518.50	238,726	Information Technology	Software	United States
Amazon.com	5.47%	0.39	$44,426,025.60	16,368	Consumer Discretionary	Internet & Direct Marketing Retail	United States
Alphabet Class C	3.67%	-0.05	$29,798,778.80	21,448	Communication Services	Interactive Media & Services	United States
Johnson & Johnson	2.41%	-0.16	$19,555,780.26	141,483	Health Care	Pharmaceuticals	United States
Facebook	2.03%	0.42	$16,455,776.50	74,765	Communication Services	Interactive Media & Services	United States
Verizon Communications	2.01%	-0.06	$16,298,025.81	299,541	Communication Services	Diversified Telecommunication Services	United States
Linde	1.91%	-0.13	$15,520,553.75	73,925	Materials	Chemicals	United States
AbbVie	1.83%	-0.11	$14,875,591.12	154,648	Health Care	Biotechnology	United States
Visa	1.78%	-0.40	$14,426,833.25	75,395	Information Technology	IT Services	United States
Danaher	1.70%	-0.57	$13,842,345.22	80,306	Health Care	Health Care Equipment & Supplies	United States
Morgan Stanley	1.61%	0.16	$13,075,929.27	275,689	Financials	Capital Markets	United States
Fiserv	1.60%	-0.19	$12,954,449.50	134,243	Information Technology	IT Services	United States
PepsiCo	1.56%	-0.42	$12,685,450.40	96,394	Consumer Staples	Beverages	United States
Marsh & McLennan	1.55%	0.12	$12,590,675.24	118,982	Financials	Insurance	United States
Salesforce.com	1.50%	0.36	$12,217,739.16	66,099	Information Technology	Software	United States
American Tower	1.50%	0.30	$12,194,832.54	47,806	Real Estate	Equity Real Estate Investment Trusts (REITs)	United States
PNC Financial Services Group	1.49%	0.06	$12,113,900.59	116,783	Financials	Banks	United States
Pfizer	1.47%	-0.86	$11,925,184.88	369,544	Health Care	Pharmaceuticals	United States
Qualcomm	1.42%	-0.05	$11,543,385.60	126,240	Information Technology	Semiconductors & Semiconductor Equipment	United States
Cigna	1.42%	-0.31	$11,511,753.66	62,182	Health Care	Health Care Providers & Services	United States
NextEra Energy	1.41%	-0.51	$11,448,965.84	47,996	Utilities	Electric Utilities	United States
Becton, Dickinson & Company	1.39%	N/A	$11,310,562.93	48,863	Health Care	Health Care Equipment & Supplies	United States
Honeywell International	1.39%	N/A	$11,264,576.18	79,222	Industrials & Business Services	Industrial Conglomerates	United States
Mondelez International	1.37%	-0.63	$11,152,649.76	220,234	Consumer Staples	Food Products	United States
Fidelity National Information Services	1.37%	-0.31	$11,125,894.86	84,614	Information Technology	IT Services	United States
Coca-Cola	1.37%	N/A	$11,120,789.16	251,147	Consumer Staples	Beverages	United States
UnitedHealth Group	1.36%	0.15	$11,009,271.06	38,097	Health Care	Health Care Providers & Services	United States
Union Pacific	1.34%	0.27	$10,904,813.46	66,174	Industrials & Business Services	Road & Rail	United States
Waste Connections	1.33%	-0.14	$10,823,910.27	117,869	Industrials & Business Services	Commercial Services & Supplies	United States
Willis Towers Watson	1.33%	-0.08	$10,781,031.04	55,276	Financials	Insurance	United States
Medtronic	1.29%	-0.62	$10,497,973.80	117,427	Health Care	Health Care Equipment & Supplies	United States
Colgate-Palmolive	1.29%	-0.11	$10,491,967.70	144,418	Consumer Staples	Household Products	United States
PACCAR	1.22%	0.14	$9,898,564.28	134,711	Industrials & Business Services	Machinery	United States
Intercontinental Exchange	1.22%	0.06	$9,867,766.24	109,012	Financials	Capital Markets	United States
Sempra Energy	1.21%	-0.50	$9,856,984.45	84,515	Utilities	Multi-Utilities	United States
McDonald's	1.20%	0.27	$9,704,634.06	53,083	Consumer Discretionary	Hotels Restaurants & Leisure	United States
Vertex Pharmaceuticals	1.09%	-0.10	$8,835,933.73	30,769	Health Care	Biotechnology	United States
Accenture	1.06%	0.00	$8,631,315.48	40,477	Information Technology	IT Services	United States
Amphenol	1.06%	-0.09	$8,628,028.46	90,602	Information Technology	Electronic Equip, Instr & Cmpts	United States
Boston Scientific	1.06%	-0.24	$8,586,701.44	249,904	Health Care	Health Care Equipment & Supplies	United States
Air Products & Chemicals	1.04%	-0.26	$8,437,914.64	35,564	Materials	Chemicals	United States
Texas Instruments	1.00%	-0.09	$8,148,928.80	64,266	Information Technology	Semiconductors & Semiconductor Equipment	United States
American Electric Power	0.99%	-0.41	$8,069,098.96	101,218	Utilities	Electric Utilities	United States
Deere	0.95%	-0.02	$7,745,119.47	50,831	Industrials & Business Services	Machinery	United States
Eli Lilly And	0.93%	N/A	$7,588,196.72	46,622	Health Care	Pharmaceuticals	United States
Yum! Brands	0.93%	-0.05	$7,567,142.94	87,674	Consumer Discretionary	Hotels Restaurants & Leisure	United States
Entergy	0.92%	N/A	$7,441,484.40	79,810	Utilities	Electric Utilities	United States
GE	0.92%	-0.91	$7,431,432.30	1,109,169	Industrials & Business Services	Industrial Conglomerates	United States
PPG Industries	0.89%	0.00	$7,231,339.00	68,975	Materials	Chemicals	United States
UPS	0.86%	N/A	$6,958,442.40	63,722	Industrials & Business Services	Air Freight & Logistics	United States
Dollar Tree	0.83%	-0.06	$6,730,430.52	73,014	Consumer Discretionary	Multiline Retail	United States
CME Group	0.81%	-0.44	$6,597,798.96	40,532	Financials	Capital Markets	United States
EOG Resources	0.81%	0.15	$6,570,805.16	133,174	Energy	Oil, Gas & Consumable Fuels	United States
Chubb	0.78%	N/A	$6,344,599.32	50,426	Financials	Insurance	United States
Applied Materials	0.76%	N/A	$6,159,059.57	102,259	Information Technology	Semiconductors & Semiconductor Equipment	United States
JPMorgan Chase	0.76%	-1.01	$6,142,863.34	65,678	Financials	Banks	United States
Philip Morris International	0.74%	-0.68	$5,984,362.40	85,552	Consumer Staples	Tobacco	United States
ConocoPhillips	0.72%	0.38	$5,875,079.35	145,243	Energy	Oil, Gas & Consumable Fuels	United States
Stanley Black & Decker	0.67%	N/A	$5,478,989.04	40,263	Industrials & Business Services	Machinery	United States
NVIDIA	0.64%	N/A	$5,177,655.61	13,661	Information Technology	Semiconductors & Semiconductor Equipment	United States
Parker-Hannifin	0.59%	0.37	$4,771,682.50	26,650	Industrials & Business Services	Machinery	United States
Marriott	0.58%	0.11	$4,704,360.12	55,548	Consumer Discretionary	Hotels Restaurants & Leisure	United States
Charles Schwab	0.58%	N/A	$4,701,346.80	142,985	Financials	Capital Markets	United States
Micron Technology	0.54%	-0.23	$4,375,193.13	84,807	Information Technology	Semiconductors & Semiconductor Equipment	United States
Rockwell Automation	0.51%	0.17	$4,120,670.75	19,655	Industrials & Business Services	Electrical Equipment	United States
TJX	0.50%	N/A	$4,061,277.84	81,112	Consumer Discretionary	Specialty Retail	United States
Las Vegas Sands	0.40%	0.14	$3,283,236.70	74,315	Consumer Discretionary	Hotels Restaurants & Leisure	United States
HCA Healthcare	0.23%	N/A	$1,841,472.60	19,470	Health Care	Health Care Providers & Services	United States
Costco Wholesale	0.20%	N/A	$1,612,918.00	5,350	Consumer Staples	Food & Staples Retailing	United States

N/A indicates Not Available.

Numbers may not add due to rounding and/or the exclusion of reserves and other assets.

Sector Diversification (30-Jun-2020)

Monthly as of:

Sector Diversification	% of Fund	% of Indicative Benchmark
Industrials & Business Services	9.78%	7.99%
Health Care	16.18%	14.63%
Utilities	4.53%	3.07%
Materials	3.84%	2.45%
Financials	10.13%	10.08%
Consumer Staples	6.53%	7.05%
Consumer Discretionary	9.91%	10.83%
Energy	1.53%	2.83%
Real Estate	1.50%	2.84%
Information Technology	24.63%	27.46%
Communication Services	7.70%	10.78%

Numbers may not add due to rounding and/or the exclusion of reserves and other assets.

T. Rowe Price uses the MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. T. Rowe Price will adhere to all updates to GICS for prospective reporting.

Sector Attribution - Top and Bottom Five by Total Value Added (30-Jun-2020)

Representative Portfolio vs Benchmark
Data as of:

Sector	Total Value Added %	Value from Sector Weight %	Value from Stock Selection %
Financials	0.20%	0.04%	0.16%
Real Estate	0.17%	0.10%	0.06%
Materials	-0.02%	0.12%	-0.14%
Communication Services	-0.04%	0.04%	-0.08%
Energy	-0.06%	-0.17%	0.10%
Consumer Staples	-0.11%	0.11%	-0.22%
Consumer Discretionary	-0.24%	-0.04%	-0.20%
Health Care	-0.37%	-0.12%	-0.25%
Utilities	-0.41%	-0.35%	-0.06%
Information Technology	-0.44%	-0.19%	-0.26%
Total	-2.38%	-1.36%	-1.02%

Past performance is not a reliable indicator of future performance.

Numbers may not add to 100% due to rounding; all numbers are percentages.

Analysis represents the total performance of the portfolio as calculated by the FactSet attribution model and is inclusive of other assets that that will not receive a classification assignment in the detailed structure shown. Returns will not match official T. Rowe Price performance because FactSet uses different exchange rate sources and does not capture intra-day trading. Performance for each security is obtained in the local currency and, if necessary, is converted using an exchange rate determined by an independent third party. Figures are shown with gross dividends reinvested.

Sources: Financial data and analytics provider FactSet. Copyright 2019 FactSet. All Rights Reserved. MSCI/S&P GICS Sectors; Analysis by T. Rowe Price Associates, Inc. T. Rowe Price uses the current MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. T. Rowe Price will adhere to all updates to GICS for prospective reporting.

Figures are shown gross of fees. Returns would be lower as a result of the deduction of such fees.

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

Materials

We initiated a position in PPG Industries, a top player across its end markets and geographies in the attractive coatings industry. We believe PPG is a high-quality company with a strong management team, good balance sheet, best-in-class efficiency metrics and consistent returns on invested capital. Recovery in the company's large China business should also benefit future growth.
We initiated a position in pulp and paper company International Paper on cyclical weakness as low old corrugated container prices, depressed operating rates, elevated inventories, and weak demand growth have provided an attractive risk/reward profile. We think the company operates in an industry with favorable long-term fundamentals driven by consolidation, forward integration, and an elevated capital-incentive curve. Current cyclical weakness in the form of low OCC prices, depressed operating rates, elevated inventories, and weak demand growth combine to provide an attractive risk-reward in the stock Current cyclical weakness in the form of low OCC prices, depressed operating rates, elevated inventories, and weak demand growth combine to provide an attractive risk-reward in the stock

Health Care

We initiated a position in managed care company UnitedHealth Group, as the downturn in equities resulted in shares trading at compelling prices. We believe UnitedHealth Group is a well-diversified company that should see accelerated earnings growth over the long term as a result of improving Medicare performance, continued growth in its Medicaid business, its exit from insurance exchanges, and disruption among peers due to deal-related distractions.
We initiated a position in Elanco Animal Health, which provides products and services designed to enhance the health of animals and pets. We bought shares around the company's recent equity financing, which we believe should be accretive to earnings. Longer term, we expect the stock to benefit from the dissipation of several overhangs and headwinds.

Communication Services

We eliminated our position in communications and digital entertainment services provider AT&T. In recent periods, shares appreciated amid improved performance from the company's business wireline segment. Investors also reacted positively to news of activist activity in the stock, which they hoped could prompt management to sell off AT&T's non-core assets. However, we are concerned about the increasingly competitive U.S. mobile carrier landscape. Additionally, we are not confident that activist involvement will materially improve AT&T's risk/reward profile.
We trimmed our position in media conglomerate Walt Disney as the stock has held its value relatively well in recent periods. While we acknowledge that the coronavirus outbreak poses a particular threat to the company's Parks and Resorts segment in the near term, we continue to believe the segment is an underappreciated longer-term growth story with durable pricing power. We also remain optimistic that the Disney+ streaming service will enable the company to leverage its diverse collection of assets and will continue to drive the share price higher.

Financials

We initiated a position in CME Group, the world's largest derivatives exchange by market capitalization and volume. We believe the company benefits from a monopoly-like business with improved dividend visibility and is well positioned for long-duration growth as market controversy remains higher than in the recent past and company-specific initiatives accelerate over the next few years.
We eliminated our position in banking company Wells Fargo in favor of more attractive opportunities within the financials sector as pessimism from the recent fake account scandal and related ongoing issues have lessened our conviction in the stock's future growth potential.

The fund’s name changed from US Large Cap Equity Fund to US Equity Fund effective 20 June 2017.

Please note that the Fund typically has a risk of high volatility.

Indicative Benchmark Data Source: Standard & Poor's

Daily performance data is based on the latest available NAV. Performance returns for share classes less than 1 year old (and associated benchmarks) are cumulative rather than annualised.

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.

The Funds are sub-funds of the T. Rowe Price Funds SICAV, a Luxembourg investment company with variable capital which is registered with Commission de Surveillance du Secteur Financier and which qualifies as an undertaking for collective investment in transferable securities (“UCITS”). Full details of the objectives, investment policies and risks are located in the prospectus which is available with the key investor information documents in English and in an official language of the jurisdictions in which the Funds are registered for public sale, together with the annual and semi-annual reports (together “Fund Documents”). Any decision to invest should be made on the basis of the Fund Documents which are available free of charge from the local representative, local information/paying agent or from authorised distributors and via www.troweprice.com.

Hedged share classes (denoted by 'h') utilise investment techniques to mitigate currency risk between the underlying investment currency(ies) of the fund and the currency of the hedged share class. The costs of doing so will be borne by the share class and there is no guarantee that such hedging will be effective.

Net Asset figure applies to all share classes.

Number of years managing the fund. In the case of co-portfolio management, the longer tenure is displayed.

The specific securities identified and described in this report do not represent all of the securities purchased, sold, or recommended for the sub-fund and no assumptions should be made that the securities identified and discussed were or will be profitable.

A full list of the currently issued Share Classes including Distributing, Hedged, and Accumulating Categories may be obtained, free of charge and upon request, from the registered office of the Company.

3YR Return Annualised (View Total Returns)

Total Assets (USD)

1YR Return (View Total Returns)

Manager Tenure

Information Ratio (3 Years)

Tracking Error (3 Years)

Other Literature

Strategy

Investment Objective

Investment Approach

Portfolio Construction

Performance (Class A | EUR)

Annualised Performance

Recent Performance

Holdings

TotalHoldings

Largest Top Contributor^

Microsoft

Largest Top Detractor^

Becton, Dickinson & Company

Top Purchase

Becton, Dickinson & Company (N)

Top Sale

JPMorgan Chase

Materials

Health Care

Communication Services

Financials

Sectors

TotalSectors

Top Contributor^

Financials

Top Detractor^

Information Technology

Largest Overweight

Industrials & Business Services

Largest Underweight

Communication Services

Team (As of 05-Aug-2020)

Jeff RottinghausPortfolio Manager

Eric PapeshPortfolio Specialist

Fee Schedule

Portfolio Characteristics

Risks

Risk/Return Characteristics

Calendar Year Performance (Class A | EUR)

Monthly Performance (Class A | EUR)

Purchases - 10 Largest (30-Jun-2020)

Sales - 10 Largest (30-Jun-2020)

Contributors (30-Jun-2020)

Detractors (30-Jun-2020)

Holdings (30-Jun-2020)

Sector Diversification (30-Jun-2020)

Sector Attribution - Top and Bottom Five by Total Value Added (30-Jun-2020)

Materials

Health Care

Communication Services

Financials

Download

Download

GIPS® Information

Other Literature

You have successfully subscribed.

Thank you for your continued interest

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

1YR Return
(View Total Returns)

Information Ratio
(3 Years)

Tracking Error
(3 Years)

Total
Holdings

Total
Sectors

Jeff Rottinghaus
Portfolio Manager

Eric Papesh
Portfolio Specialist

GIPS^® Information