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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.

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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-Oct-2021 - Heather McPherson, Portfolio Manager ,
The outlook for U.S. stocks remains uncertain. We are cautiously optimistic about economic growth, but an important risk remains the amount of recovery already priced in at current valuation levels. We continue to focus on companies trading at attractive valuations due to controversy or stress that we believe is addressable in the intermediate to long term.
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%

Annualised Performance

  1 YR 3 YR
5 YR
10 YR
Fund % 50.04% 13.22% 11.54% 12.20%
Indicative Benchmark % 42.89% 13.08% 11.58% 12.03%
Excess Return % 7.15% 0.14% -0.04% 0.17%

Inception Date 27-Mar-2002

Indicative Benchmark: Russell 1000 Value Net 30% Index

Data as of 31-Oct-2021

Performance figures calculated in USD

  1 YR 3 YR
5 YR
10 YR
Fund % 43.57% 10.13% 10.71% 13.09%
Indicative Benchmark % 34.18% 9.27% 10.13% 12.69%
Excess Return % 9.39% 0.86% 0.58% 0.40%

Inception Date 27-Mar-2002

Indicative Benchmark: Russell 1000 Value Net 30% Index

Data as of 30-Sep-2021

Performance figures calculated in USD

Recent Performance

  Month to DateData as of 26-Nov-2021 Quarter to DateData as of 26-Nov-2021 Year to DateData as of 26-Nov-2021 1 MonthData as of 31-Oct-2021 3 MonthsData as of 31-Oct-2021
Fund % -2.00% 1.05% 21.64% 3.11% 4.16%
Indicative Benchmark % -1.62% 3.33% 19.48% 5.04% 3.29%
Excess Return % -0.38% -2.28% 2.16% -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

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.

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-Oct-2021 - Heather McPherson, Portfolio Manager ,
U.S. stocks advanced in October, rebounding strongly from September’s losses. Favourable third-quarter corporate earnings reports were major drivers of market performance. Economic growth also remained positive, and signs that inflation may be plateauing were encouraging. Within the portfolio, the materials sector detracted the most from relative returns due to stock selection, as certain companies continued to be affected by supply chain issues and heightened costs. Stock choices in the real estate sector also hampered relative performance. Within the sector, our holdings in the real estate investment trusts industry weighed on results. The health care sector also lowered relative results due to security selection, notably within the health care equipment and supplies industry. On a positive note, the financials sector contributed the most to relative returns due to stock choices, particularly in the banks industry. Stock choices in information technology also benefited relative performance, specifically in the software industry.


Largest Holding Wells Fargo 3.63% Was (30-Jun-2021) 3.55%
Other View Full Holdings Quarterly data as of  30-Sep-2021
Top 10 Holdings 27.28% View Top 10 Holdings Monthly data as of  31-Oct-2021

Largest Top Contributor^

American International Group
% of fund 2.81%

Largest Top Detractor^

% of fund 3.37%

^Absolute, percentages based on the difference between the total net assets of the two largest holdings of the fund.

Quarterly Data as of 30-Sep-2021

Top Purchase

Wells Fargo
Was (30-Jun-2021) 3.55%

Top Sale

JPMorgan Chase
Was (30-Jun-2021) 1.09%

Quarterly Data as of 30-Sep-2021

30-Sep-2021 - Heather McPherson, Portfolio Manager ,

Over the third quarter, we used valuation disparities between names and attractive valuations within the health care sector to continue fine-tuning the portfolio's exposure over the period. We continued trimming our cyclical exposure following strength in recent quarters, while keeping the portfolio slightly tilted toward economic normalization. We are confident in how our portfolio is positioned as we advance through the remainder of 2021.

Health Care

We identified pockets of opportunity in the sector over the period as relative valuations appeared attractive, particularly within managed care names, which offered solid valuation cases for value investors.

  • We purchased shares of Cigna, taking advantage of the company's sell-off during the quarter. We believe Cigna is exposed to several idiosyncrasies that are poised to improve and add value over time.
  • We added to our position in Becton, Dickinson & Company. In our view, the company has very consumable products but is undervalued relative to its peers. As the scope of hospital procedures normalizes over time, we expect to see increased performance from the medical technology company.

Industrials and Business Services

We like several names in this sector, where we invest in companies that reach many different end markets and have solid business models and/or an ability to generate strong cash flows.

  • We initiated a position in Siemens during the period. We appreciate that the company has streamlined its business around growth areas, as well as its attractive valuation and position in industrial automation and software.


The financials sector represents a significant absolute weighting in the portfolio. We tend to prefer defensively positioned names with solid balance sheets and diversified revenue streams that are trading at attractive relative valuations.

  • We trimmed our positions in JPMorgan Chase and eliminated our stake in State Street on recent strong performance. We continue to value the names but chose to shift our exposure into companies with more attractive valuations and risk/reward ratios.


The energy sector has experienced considerable volatility since the outbreak of the coronavirus in early 2020. After a strong run, we focused on our bets in names we like for the long term. Our view was that there would be a recovery in oil prices, and some companies in the space would act with capital discipline, which could create a favorable return environment for select names.

  • We trimmed our position in Pioneer Natural Resources on recent strength relative to the broader sector. While we appreciate the company's high-quality inventory and improving balance sheet, at current oil prices, we believe that its risk/reward characteristics are less attractive than other energy names.


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.