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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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OEIC

US Smaller Companies Equity Fund

Seeks capital appreciation using both value and growth approaches.

Important Information: Read the 19/11/2020 press release regarding a proposal to launch a new investment advisor. 

Class C ISIN GB00BD446P55 Bloomberg TRUSCCA:LN

3YR Return Annualised
(View Total Returns)

Total Assets
(GBP)

22.14%
£164.7m

1YR Return
(View Total Returns)

Manager Tenure

56.46%
2yrs

Information Ratio
(3 Years)

Tracking Error
(3 Years)

0.78
8.26%

Inception Date 13-Mar-2017

Performance figures calculated in GBP

Curt J. Organt, CFA
Curt J. Organt, CFA, Portfolio Manager

Curt Organt is the portfolio manager of the US Smaller Companies Equity Strategy and an associate portfolio manager of the US Small-Cap Core Equity Strategy in the U.S. Equity Division. Curt is a vice president and an Investment Advisory Committee member of the US Small-Cap Core Equity, US Diversified Small-Cap Value Equity, and US Small-Cap Growth Equity Strategies. He also is a vice president of T. Rowe Price Group, Inc.

 

Strategy

Investment Objective

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

Investment Approach

  • Focus on companies within the market cap range of the Russell 2500 Index at time of purchase.
  • Assess valuation using relevant sector/industry metrics — absolute and relative price to earnings, price to cash flow, and price to assets.
  • Integrate fundamental research by a dedicated Small-Cap research team to discover underfollowed companies possessing clear business plans, financial flexibility, and proven management teams.
  • Identification of a “value creation” catalyst is key.
  • Broadly diversify holdings to manage portfolio risk profile.
  • Employ a low turnover and patient trading strategy to promote full value realization.

Portfolio Construction

  • 200-250 securities
  • Position sizes typically range from 0.15% to 2.50%
  • Primary sector weights generally vary from 0.5X to 2.0X the Russell 2500 Index weights

Performance (Class C)

Annualised Performance

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Since Manager Inception
Annualised
Fund % 56.46% 22.14% N/A 16.02% 23.36%
Indicative Benchmark % 69.88% 15.71% N/A 11.00% 17.50%
Excess Return % -13.42% 6.43% N/A 5.02% 5.86%

Inception Date 13-Mar-2017

Manager Inception Date 31-Mar-2019

Indicative Benchmark: Russell 2500 Index Net 15%

Data as of 31-Mar-2021

Performance figures calculated in GBP

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Fund % 56.46% 22.14% N/A 16.02%
Indicative Benchmark % 69.88% 15.71% N/A 11.00%
Excess Return % -13.42% 6.43% N/A 5.02%

Inception Date 13-Mar-2017

Indicative Benchmark: Russell 2500 Index Net 15%

Data as of 31-Mar-2021

Performance figures calculated in GBP

Recent Performance

  Month to DateData as of 16-Apr-2021 Quarter to DateData as of 16-Apr-2021 Year to DateData as of 16-Apr-2021 1 MonthData as of 31-Mar-2021 3 MonthsData as of 31-Mar-2021
Fund % 3.53% 3.53% 9.63% 2.67% 5.89%
Indicative Benchmark % 3.34% 3.34% 13.53% 2.98% 9.86%
Excess Return % 0.19% 0.19% -3.90% -0.31% -3.97%

Inception Date 13-Mar-2017

Indicative Benchmark: Russell 2500 Index Net 15%

Indicative Benchmark: Russell 2500 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
181
Largest Holding Avery Dennison 1.55% Was (31-Dec-2020) 1.46%
Other View Full Holdings Quarterly data as of  31-Mar-2021
Top 10 Holdings 12.85% View Top 10 Holdings Monthly data as of  31-Mar-2021

Largest Top Contributor^

Avery Dennison
By 0.17%
% of fund 1.52%

Largest Top Detractor^

CoStar Group
By -0.14%
% of fund 1.19%

^Absolute

Quarterly Data as of 31-Mar-2021

Top Purchase

Darling Ingredients (N)
0.95%
Was (31-Dec-2020) 0%

Top Sale

ConocoPhillips (E)
0.00%
Was (31-Dec-2020) 0%

Quarterly Data as of 31-Mar-2021

Sectors

Total
Sectors
11
Largest Sector Industrials & Business Services 24.96% Was (28-Feb-2021) 24.07%
Other View complete Sector Diversification

Monthly Data as of 31-Mar-2021

Indicative Benchmark: Russell 2500 Index

Largest Overweight

Industrials & Business Services
By8.63%
Fund 24.96%
Indicative Benchmark 16.34%

Largest Underweight

Consumer Discretionary
By-4.50%
Fund 9.31%
Indicative Benchmark 13.82%

Monthly Data as of 31-Mar-2021

Team (As of 16-Apr-2021)

Curt J. Organt, CFA

Curt Organt is the portfolio manager of the US Smaller Companies Equity Strategy and an associate portfolio manager of the US Small-Cap Core Equity Strategy in the U.S. Equity Division. Curt is a vice president and an Investment Advisory Committee member of the US Small-Cap Core Equity, US Diversified Small-Cap Value Equity, and US Small-Cap Growth Equity Strategies. He also is a vice president of T. Rowe Price Group, Inc.

Curt’s investment experience began in 1993, and he has been with T. Rowe Price since 1995, beginning in the U.S. Equity Division. Prior to this, Curt was employed by DAP Products, Inc., as a financial and marketing analyst. 

Curt earned a B.S. in finance and philosophy from LaSalle University and an M.B.A. from Wake Forest University. Curt also has earned the Chartered Financial Analyst® designation.

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

  • Fund manager
    since
    2019
  • Years at
    T. Rowe Price
    25
  • Years investment
    experience
    29
Eric Papesh, CFA, BA, MBA

Eric Papesh is a portfolio specialist based in London in the U.S. Equity Division. Eric supports the US Smaller Companies Equity and US Large-Cap Equity Income Strategies offered in the Europe, Middle East, and Africa and Asia-Pacific regions. Eric is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd. 

Eric’s investment experience began in 1994, and he has been with T. Rowe Price since 2014, beginning in the ISG division as a portfolio specialist. Prior to this, Eric was employed by Russell Investments where he focused on U.S. equity investment strategies.

Eric earned a B.A. in business administration, with concentrations in finance and information systems, and an M.B.A. in business administration from the University of Washington. Eric has earned the Chartered Financial Analyst® designation.

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

  • Years at
    T. Rowe Price
    6
  • Years investment
    experience
    26

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 to95 basis points 1.12%

Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.