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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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SICAV

US Blue Chip Equity Fund

Seeking superior returns from high quality US companies.

ISIN LU1136108674 Bloomberg TRUSBQE:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

19.74%
$1.2b

1YR Return
(View Total Returns)

Manager Tenure

25.24%
<1yr

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.83
7.67%

Inception Date 02-Dec-2014

Performance figures calculated in EUR

30-Sep-2021 - Paul Greene, Portfolio Manager ,
We are monitoring several key factors closely: (1) inflationary pressures, (2) Fed monetary policy around the timing of tapering asset purchases and interest rate hikes, and (3) progression of Democratic infrastructure spending and corporate tax reform initiatives. That said, we believe that secular forces driving innovation and disruption will outweigh most political and economic cross-currents.
Paul Greene II
Paul Greene II, Lead Portfolio Manager

Paul Greene is an associate portfolio manager of the US Large-Cap Core Growth Equity Strategy in the U.S. Equity Division. He is a vice president and an Investment Advisory Committee member of the US Large-Cap Core Growth Equity, Communication and Technology Equity, and US Growth Stock Equity Strategies. He is an Investment Advisory Committee member of the Global Growth Equity and Global Focused Growth Equity Strategies. Paul is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Trust Company.

 

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 of large and medium sized “blue chip” companies in the United States.

Investment Approach

  • Identify high-quality companies with leading market positions in fertile growth fields. Integrate fundamental research — emphasize sustainable growth, not momentum growth.
  • Focus on high-quality earnings, strong free cash flow growth, shareholder-oriented management, and rational competitive environments.
  • Avoid overpaying for growth, while broadly diversifying portfolios, to manage portfolio risk.
  • 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 100-140 stock portfolio
  • Active position sizes typically range +/- 3.00% relative to S&P 500 Index
  • Sector weights vary from 0.5X to 2.0X for primary sectors relative to S&P 500 Index

Performance (Class Q | EUR)

Annualised Performance

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Fund % 25.24% 19.74% 21.91% 19.21%
Indicative Benchmark % 30.96% 15.45% 15.52% 14.01%
Excess Return % -5.72% 4.29% 6.39% 5.20%

Inception Date 02-Dec-2014

Indicative Benchmark: S&P 500 Net 30% Withholding Tax

Data as of 30-Sep-2021

Performance figures calculated in EUR

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Fund % 25.24% 19.74% 21.91% 19.21%
Indicative Benchmark % 30.96% 15.45% 15.52% 14.01%
Excess Return % -5.72% 4.29% 6.39% 5.20%

Inception Date 02-Dec-2014

Indicative Benchmark: S&P 500 Net 30% Withholding Tax

Data as of 30-Sep-2021

Performance figures calculated in EUR

Recent Performance

  Month to DateData as of 21-Oct-2021 Quarter to DateData as of 21-Oct-2021 Year to DateData as of 21-Oct-2021 1 MonthData as of 30-Sep-2021 3 MonthsData as of 30-Sep-2021
Fund % 3.92% 3.92% 26.37% -2.61% 3.98%
Indicative Benchmark % 5.16% 5.16% 28.28% -2.91% 2.81%
Excess Return % -1.24% -1.24% -1.91% 0.30% 1.17%

Inception Date 02-Dec-2014

Indicative Benchmark: S&P 500 Net 30% Withholding Tax

Indicative Benchmark: S&P 500 Net 30% Withholding Tax

Performance figures calculated in EUR

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.

30-Sep-2021 - Paul Greene, Portfolio Manager ,
U.S. equities declined in September, in one of the market’s weakest months since the beginning of the coronavirus pandemic. During the month, investors were cautious given the uncertainty about whether the USD 1 trillion bipartisan infrastructure spending legislation passed by the U.S. Senate would also be passed by the House of Representatives. Investors were also concerned that Congress has yet to pass legislation that raises or eliminates the debt ceiling. In addition, the market struggled to advance as intermediate- and long-term U.S. Treasury rates climbed in response to the Federal Reserve’s determination that, if the economy continues improving, “a moderation in the pace of asset purchases may soon be warranted.” Within the portfolio, industrials and business services contributed the most due to an underweight allocation and stock selection. Stock choices in information technology were also beneficial, although an unfavorable overweight allocation capped gains. Our overweight allocation to the communication services sector hurt relative performance the most. Not owning any names in the energy sector also worked against us. We have minimal exposure to stocks in this sector as it generally lacks compelling growth opportunities that meet our investment criteria.

Sectors

Total
Sectors
7
Largest Sector Information Technology 40.48% Was (31-Aug-2021) 40.09%
Other View complete Sector Diversification

Monthly Data as of 30-Sep-2021

Indicative Benchmark: S&P 500 Index

Top Contributor^

Information Technology
Net Contribution 0.47%
Sector
0.10%
Selection 0.37%

Top Detractor^

Consumer Discretionary
Net Contribution -0.62%
Sector
-0.01%
Selection
-0.61%

^Relative

Quarterly Data as of 30-Sep-2021

Largest Overweight

Communication Services
By15.36%
Fund 26.65%
Indicative Benchmark 11.29%

Largest Underweight

Financials
By-8.57%
Fund 2.82%
Indicative Benchmark 11.39%

Monthly Data as of 30-Sep-2021

30-Sep-2021 - Paul Greene, Portfolio Manager ,
In terms of relative performance, a market environment that benefits stocks with the most exposure to accelerating economic growth can present near‑term challenges for the secular growers that we favour. However, as long as the high‑quality companies we invest in can execute their long‑term strategies and grow their cash flows rapidly, we remain confident in their potential to compound in value over a full economic cycle. With this in mind, we will continue to focus on high-quality growth companies that we believe can continue to generate durable earnings and free cash flow growth in most economic and regulatory environments.

Team (As of 01-Oct-2021)

Paul Greene II

Paul Greene is an associate portfolio manager of the US Large-Cap Core Growth Equity Strategy in the U.S. Equity Division. He is a vice president and an Investment Advisory Committee member of the US Large-Cap Core Growth Equity, Communication and Technology Equity, and US Growth Stock Equity Strategies. He is an Investment Advisory Committee member of the Global Growth Equity and Global Focused Growth Equity Strategies. Paul is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Trust Company.

Paul has been with T. Rowe Price since 2006, beginning in the U.S. Equity Division as an investment analyst following media and internet companies. Subsequently, Paul was named the portfolio manager of the Communications and Technology Strategy until his recent position. Paul was a summer intern in 2005. Prior to this, Paul was employed by ArvinMeritor, Inc., as a finance and operations analyst.

Paul earned a B.S., magna cum laude, in mechanical engineering, with a minor in economics, from the Rose-Hulman Institute of Technology and an M.B.A. from the Stanford Graduate School of Business.

  • Fund manager
    since
    2021
  • Years at
    T. Rowe Price
    15
  • Years investment
    experience
    15
Craig Watson, CPA

Craig Watson is a portfolio specialist in the U.S. Equity Division. He is a member of the U.S. Large-Cap Growth team, working closely with institutional clients, consultants, and prospects. Craig also is a vice president of T. Rowe Price Group, Inc., and a trustee on the T. Rowe Price Foundation, Inc.

Craig’s investment experience began in 1995, and he has been with T. Rowe Price since 2007, beginning in the U.S. Equity Division. Prior to this, Craig was employed by HSBC Securities as a senior vice president of global equity sales and by UBS as the director of institutional equity sales.

Craig earned a B.S., magna cum laude, in accounting from Hampton University and an M.B.A. from the University of Pennsylvania, The Wharton School. He is a certified public accountant.

  • Years at
    T. Rowe Price
    14
  • Years investment
    experience
    14

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 UK Tax Reporting Status
Class A $1,000 $100 $100 5.00% 150 basis points 1.59% Yes
Class I $2,500,000 $100,000 $0 0.00% 65 basis points 0.69% Yes
Class Q $2,500,000 $100,000 $100 0.00% 65 basis points 0.75% Yes

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

T. Rowe Price Funds SICAV and its sub-funds are domiciled in Luxembourg and therefore considered offshore funds for UK tax purposes. Selected share classes of T. Rowe Price Funds SICAV have been designated “Reporting Funds” by HM Revenue & Customs (HMRC) under the guidelines of the UK Offshore Funds Regulation. These share classes report all relevant tax information to HMRC on an annual basis. Details on the information reported are outlined in the SICAV Shareholder Tax Reporting document that is available in the Fund Range Docs drop-down. Investors in “Reporting Fund” share classes who are considered United Kingdom residents for tax purposes will have any accrued gains treated as a capital gain rather than income upon sale or other disposal of their shares.