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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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US Equity Fund

Style agnostic investing in larger US companies.

ISIN LU1438969518 Bloomberg TRUSLAE: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 30-Jun-2016

Performance figures calculated in EUR

31-Oct-2021 - Jeff Rottinghaus, Portfolio Manager ,
The past few months have brought several negative surprises, yet the Delta variant of the coronavirus seems likely to have only delayed, rather than derailed, the global recovery—perhaps making growth over the coming quarters modestly more robust than it would have been. However, the new economic landscape poses some critical questions for investors.
Jeff Rottinghaus
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.

Click for Manager Outlook


Manager's Outlook

The past few months have brought several negative surprises, including the rapid spread of the delta variant of the coronavirus and the regulatory crackdown in China, the driver of much of the global economy's growth in recent years. Nevertheless, growth appears likely to continue in most of the world's major economies over the coming months. Indeed, the delta variant seems likely to have only delayed rather than derailed the global recovery?perhaps making growth over the coming quarters modestly more robust than it would have been. However, we are monitoring some key factors, including the pace and longevity of inflationary pressures as the economy gains steam, Federal Reserve monetary policy decisions around the timing of tapering asset purchases and interest rate hikes, as well as the progression of Democratic initiatives around infrastructure spending and corporate tax reform.�

Going forward, it will be critical to continue seeking out companies that appear well positioned with lasting competitive advantages in any market environment while avoiding firms that face longer-term secular challenges. We believe careful fundamental research will be necessary to find opportunities, and we will continue to search for investment opportunities in select areas of the market, utilizing our bottom-up stock selection approach. As always, we rely on our global research team of industry specialists to uncover fundamentally sound companies and remain committed to providing quality, risk-adjusted returns over the 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.

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.
  • 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

  • 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.

Annualised Performance

  1 YR 3 YR
5 YR
Since Inception
Fund % 38.75% 16.88% 13.70% 13.66%
Indicative Benchmark % 43.22% 19.97% 16.98% 16.51%
Excess Return % -4.47% -3.09% -3.28% -2.85%

Inception Date 30-Jun-2016

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

Data as of 31-Oct-2021

Performance figures calculated in EUR

  1 YR 3 YR
5 YR
Since Inception
Fund % 29.66% 14.04% 13.23% 13.07%
Indicative Benchmark % 30.96% 15.45% 15.52% 15.27%
Excess Return % -1.30% -1.41% -2.29% -2.20%

Inception Date 30-Jun-2016

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 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 % 3.38% 7.40% 31.64% 3.88% 4.32%
Indicative Benchmark % 2.12% 9.41% 33.46% 7.14% 7.62%
Excess Return % 1.26% -2.01% -1.82% -3.26% -3.30%

Inception Date 30-Jun-2016

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.

31-Oct-2021 - Jeff Rottinghaus, Portfolio Manager ,
U.S. stocks advanced in October, rebounding strongly from September’s losses. At the portfolio level, stock selection in the consumer discretionary sector was the largest detractor from relative results. Shares of a coffee retailer declined after management reported lower-than-expected sales from its most recent quarter and warned that increased labour costs could weigh on the company’s near-term profits. We like the company’s dominant U.S. retail and consumer product platform, significant international growth led by China, and best-in-class digital platform. We also believe the company will benefit from improving margins as consumers continue returning to the office. Not owning energy, one of the top-performing sectors in the benchmark S&P 500 Net 30% Withholding Tax index, further detracted from relative results. We continue to expect that energy prices will remain muted due to a combination of higher crude oil and natural gas production in North America and slower growth in demand. In contrast, financials had the largest positive impact, thanks to stock selection. Shares of an asset servicing company reported better-than-expected third-quarter results, driven in part by improving fee income. We like the company for its strong balance sheet, limited credit exposure, and attractive valuation.


Largest Holding Microsoft 6.98% Was (30-Jun-2021) 6.54%
Other View Full Holdings Quarterly data as of  30-Sep-2021
Top 10 Holdings 33.27% View Top 10 Holdings Monthly data as of  31-Oct-2021

Largest Top Contributor^

% of fund 6.98%

Largest Top Detractor^
% of fund 5.13%

^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

Bank of New York Mellon (N)
Was (30-Jun-2021) 0%

Top Sale

Honeywell International (E)
Was (30-Jun-2021) 1.46%

Quarterly Data as of 30-Sep-2021

30-Sep-2021 - Jeff Rottinghaus, Portfolio Manager ,

Within the portfolio, our positioning is mainly driven by fundamental, stock-specific views. During the quarter, we selectively added to high-quality names with attractive valuations and strong balance sheets. Conversely, we trimmed names where we did not have complete confidence in their balance sheets or where we found better risk/reward 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.

Industrials and Business Services

The industrials and business services sector contains many names that are cyclically tied to either infrastructure or capital spending. The sector is our largest overweight relative to the S&P 500 Index, where we invest in companies with exposure to diverse end markets that feature solid business models and strong cash flow generation. Our largest sector holdings are GE, Howmet Aerospace, and Waste Management.

  • We initiated a position in Illinois Tool Works, a high-quality, multi-industrial company with defensive characteristics, on recent weakness. We like the company for its exposure to the automotive business, which we believe will rebound as semiconductor chip supply normalizes over the next couple of years. We also think the stock will benefit from accretion from its recent acquisition of MTS System Corporation's Test & Simulation business.� ��
  • Honeywell is a top-tier multi-industrial company with a technologically differentiated portfolio and best-in-class operating framework. We eliminated our position in favor of more attractive risk/reward opportunities in the sector.


We like the utilities sector because many of the companies offer durable earnings growth potential and strong free cash flow and have longer-term opportunities to benefit from an increase in renewable energy generation and electric grid modernization. Our exposure is within the electric utilities industry where we hold NextEra Energy and Xcel Energy and the multi-utilities industry through Sempra Energy.

  • We trimmed our position in diversified infrastructure company Sempra Energy and reallocated capital to our electric utility holdings.

Information Technology

The information technology sector represents our largest absolute sector weight. Within the sector, we favor 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 several names including Microsoft and We also have sizable exposure to the IT services industry, specifically in names such as Visa and Broadridge Financial Solutions.

  • We added to our position in Zoom Video Communications. We like the company for its distribution strength as it has distanced itself from competitors and reached a mass-market scale. Its strategy of under-monetizing its meetings and cloud phone solutions in order to gain near-term market share provides it with additional revenue potential and gives us incremental confidence in its ability to sustain its growth over the long term.
  • We reduced our holding in Advanced Micro Devices on recent strength as shares climbed on strong quarterly results and an increase to forward guidance. We continue to believe that Advanced Micro Devices will benefit from the slowing of Moore's law. The company also boasts superior architecture design, better products, and approximately 12 to 18 months of lead time versus its primary rival.

Communication Services

The communication services sector comprises a wide range of media and entertainment and telecommunication services companies. Relative to the S&P 500 Index, we are underweight the sector, most notably within the entertainment and diversified telecommunication services industries. Our largest sector holdings are in Alphabet and Facebook.

  • We eliminated Pinterest, which operates a consumer application used for visual inspiration and product discovery, on concerns over the company's long-term growth potential after it reported poor engagement trends from its most recent quarter.


Largest Sector Information Technology 25.03% Was (30-Sep-2021) 24.86%
Other View complete Sector Diversification

Monthly Data as of 31-Oct-2021

Indicative Benchmark: S&P 500 Index

Top Contributor^

Net Contribution 0.11%
Selection 0.10%

Top Detractor^

Industrials & Business Services
Net Contribution -0.18%


Quarterly Data as of 30-Sep-2021

Largest Overweight

Industrials & Business Services
Fund 10.52%
Indicative Benchmark 8.03%

Largest Underweight

Information Technology
Fund 25.03%
Indicative Benchmark 27.94%

Monthly Data as of 31-Oct-2021

31-Oct-2021 - Jeff Rottinghaus, Portfolio Manager ,
The information technology sector 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 exposures are to the software and IT services industries.

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 1.62% Yes
Class I $2,500,000 $100,000 $0 0.00% 65 basis points 0.70% Yes
Class Q $1,000 $100 $100 0.00% 65 basis points 0.77% 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.