OEIC

US Large Cap Value Equity Fund

Invest in large US companies with hidden value and potential overlooked by the market majority.

Class C ISIN GB00BD446M25 Bloomberg TRUSLCA:LN

3YR Return Annualised
(View Total Returns)

Total Assets
(GBP)

2.84%
£4.4m

1YR Return
(View Total Returns)

Manager Tenure

-6.48%
3yrs

Inception Date 13-Mar-2017

Performance figures calculated in GBP

Other Literature

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 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.

 

Strategy

Investment Objective

To increase the value of its shares through growth in the value of its investments.

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%
  • 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%

Performance (Class C)

Annualised Performance

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Fund % -6.48% 2.84% N/A 1.26%
Indicative Benchmark % -6.49% 3.13% N/A 1.11%
Excess Return % 0.01% -0.29% N/A 0.15%

Inception Date 13-Mar-2017

Indicative Benchmark: Russell 1000 Value Index Net 15%

Data as of  30-Jun-2020

Performance figures calculated in GBP

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Fund % -6.48% 2.84% N/A 1.26%
Indicative Benchmark % -6.49% 3.13% N/A 1.11%
Excess Return % 0.01% -0.29% N/A 0.15%

Inception Date 13-Mar-2017

Indicative Benchmark: Russell 1000 Value Index Net 15%

Data as of  30-Jun-2020

Performance figures calculated in GBP

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 % -1.14% -1.14% -11.60% -0.14% 12.49%
Indicative Benchmark % -3.30% -3.30% -13.37% -0.64% 14.57%
Excess Return % 2.16% 2.16% 1.77% 0.50% -2.08%

Inception Date 13-Mar-2017

Indicative Benchmark: Russell 1000 Value Index Net 15%

Indicative Benchmark: Russell 1000 Value Index Net 15%

Performance figures calculated in GBP

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, taxes and other locally applied costs have not been deducted and if applicable, they will reduce the performance figures.

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
84
Largest Holding Southern Company 3.29% Was (31-Dec-2019) 2.43%
Other View Full Holdings Quarterly data as of 30-Jun-2020
Top 10 Holdings 26.01% View Top 10 Holdings Monthly data as of 30-Jun-2020

Largest Top Contributor^

Microsoft
By 0.14%
% of fund 2.84%

Largest Top Detractor^

Wells Fargo
By -0.07%
% of fund 2.96%

^Absolute

Quarterly Data as of 31-Mar-2020

Top Purchase

Southern Company
3.09%
Was (31-Dec-2019) 2.43%

Top Sale

JPMorgan Chase
2.57%
Was (31-Dec-2019) 3.84%

Quarterly Data as of 31-Mar-2020

Sectors

Total
Sectors
11
Largest Sector Financials 20.58% Was (31-May-2020) 20.88%
Other View complete Sector Diversification

Monthly Data as of 30-Jun-2020

Indicative Benchmark: Russell 1000 Value Index

Largest Overweight

Health Care
By2.97%
Fund 17.05%
Indicative Benchmark 14.08%

Largest Underweight

Consumer Discretionary
By-4.72%
Fund 2.30%
Indicative Benchmark 7.02%

Monthly Data as of 30-Jun-2020

Team (As of 08-Jul-2020)

John D.  Linehan, CFA

John D. Linehan is the portfolio manager for the U.S. Large Cap Equity Income 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.

John’s investment experience began in 1987, and he has been with T. Rowe Price since 1998, beginning as an investment analyst, covering paper and forest products and the airline industry, in the U.S. Equity Division. From 2003 to 2009, he was the portfolio manager of the US Value Strategy, and from 2009 to 2014, he was head of U.S. Equity and chairman of the U.S. Equity Steering Committee. Prior to T. Rowe Price, John was an executive in the oil trading and consulting industry, first as vice president and managing director for Delaney Petroleum, then as vice president and managing director for E.T. Petroleum. He also was an associate in mortgage-backed securities trading at Banker Trust NY.

John earned a B.A. in economics from Amherst College and an M.B.A. from Stanford Graduate School of Business, where he was a Henry Ford II Scholar, an Arjay Miller Scholar, and the winner of the Alexander A. Robichek Award in finance. John 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
    22
  • Years investment
    experience
    31
Mark S.  Finn, CFA, CPA

?Mark Finn is the portfolio manager of the US Large-Cap Value Equity Strategy, which includes the Value Fund, and co-portfolio manager of the Large-Cap Value Fund in the U.S. Equity Division. He is chairman of the Investment Advisory Committee of the U.S. Large Cap Value Equity Strategy. Mark is also a vice president and an Investment Advisory Committee member of the US Large-Cap Equity Income, Global Natural Resources Equity, US Quantitative U.S., US Quantitative Large, US Mid-Cap Value Equity, and Retirement Strategies.

Mark’s investment experience began in 1998, and he has been with T. Rowe Price since 1990, beginning as controller of Investment Services in the Finance department. After that, he was principal accounting officer for the firm’s realty income strategies and an equity research analyst. Prior to T. Rowe Price, Mark was employed by Price Waterhouse LLP as an auditor, working on engagements for both public and private companies.  

Mark earned a B.S. in accounting from the University of Delaware. He 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
    29
  • Years investment
    experience
    22
Heather K. McPherson

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. 

Heather’s investment experience began in 2001, and she has been with T. Rowe Price since 2002, beginning in the U.S. Equity Division. Prior to this, Heather was employed by Salomon Smith Barney as a summer intern, covering the storage area networking industry. Heather also was employed by Putnam Lovell Securities, Inc., as a vice president of finance and administration.

Heather earned a B.S. in managerial economics from the University of California, Davis, and an M.B.A. from Duke University, The Fuqua School of Business.

  • Fund manager
    since
    2017
  • Years at
    T. Rowe Price
    17
  • Years investment
    experience
    19
William D. Nolan

William D. Nolan is a portfolio specialist in the U.S. Equity Division of T. Rowe Price. He acts as a proxy for equity portfolio managers with institutional clients, consultants, and prospects. Mr. Nolan supports T. Rowe Price's large-cap value strategies, focusing on the US Large-Cap Equity Income and US Value Equity Strategies. He is a vice president of T. Rowe Price Associates, Inc.

Mr. Nolan has 26 years of investment experience. Before joining the firm, he was most recently a managing director of institutional equity sales for Wachovia Corporation where he also served as director of institutional research marketing. Prior to this, Mr. Nolan was director of equity institutional sales for Alex Brown and was the Washington, D.C., branch manager in the National Accounts Division of IBM.

Mr. Nolan earned a B.S. in social and behavioral sciences from Johns Hopkins University.

  • Years at
    T. Rowe Price
    11
  • Years investment
    experience
    29
Eric Papesh

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 Minimum Subsequent Investment Minimum Redemption Amount Sales Charge (up to) Management Charge Ongoing Charge
Class C £10,000 £500 £500 N/A Up to 65 basis points 0.82%

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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