Strategy
US Large-Cap Core Growth Equity
The US Large-Cap Core Growth Equity Composite seeks long-term capital appreciation primarily through investment in common stocks of well established large- and medium-cap blue chip companies with potential for above-average earnings growth. Current income is a secondary objective for this strategy.
3YR Return Annualised (Net)
(View Total Returns)
Tracking Error
(5 Years)
1YR Return (Net)
(View Total Returns)
Information Ratio
(5 Years)
Inception Date 31-Dec-1995
Performance figures calculated in USD
Strategy
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.
Portfolio Construction
- Typically 100-140 stock portfolio
- Individual position sizes are typical +/-3% relative to S&P 500 Index and +/-4% versus the Russell 1000 Growth Index weightings.
- Sector weights range from 0.5X to 2.0X for primary S&P Index sectors and 0.5X to 3.0X for primary Russell 1000 Growth Index sectors.
- Primary benchmark is S&P 500 Index. Secondary benchmark is Russell 1000 Growth Index.
Performance
Annualised Performance
Quarterly| 1 YR | 3 YR Annualised |
5 YR Annualised |
10 YR Annualised |
|
|---|---|---|---|---|
| Composite Gross % | 2.70% | 18.96% | 14.92% | 16.59% |
| Composite Net % | 2.19% | 18.38% | 14.35% | 16.02% |
| Benchmark % | 4.25% | 13.39% | 10.84% | 13.24% |
| Excess Return (Gross) % | -1.55% | 5.57% | 4.08% | 3.35% |
Recent Performance
| 3 MonthsData as of 30-Sep-2019 | Year to DateData as of 30-Sep-2019 | |
|---|---|---|
| Composite Gross % | -1.44% | 19.50% |
| Composite Net % | -1.57% | 19.06% |
| Benchmark % | 1.70% | 20.55% |
| Excess Return (Gross) % | -3.14% | -1.05% |
Returns for time periods greater than one year are annualised.
Past performance is not a reliable indicator of future performance.
Gross performance returns are presented before management and all other fees, where applicable, but after trading expenses. Net of fees performance reflects the deduction of the highest applicable management fee that would be charged based on the fee schedule contained within this material, without the benefit of breakpoints. Gross and net performance returns reflect the reinvestment of dividends and are net of all non-reclaimable withholding taxes on dividends, interest income, and capital gains.
Holdings
Total
Holdings
128
Top Purchase
Fidelity National Information Services
1.84%Top Sale
UnitedHealth Group
1.45%Sectors
Total
Sectors
11
Top Contributor^
Energy
Net Contribution 0.27%Top Detractor^
Consumer Discretionary
Net Contribution -0.88%Largest Overweight
Consumer Discretionary
Largest Underweight
Consumer Staples
Team (As of 31-Aug-2019)
Larry J. Puglia is a portfolio manager in the U.S. Equity Division of T. Rowe Price. He is president of the Investment Advisory Committee of the US Large-Cap Core Growth Equity Strategy. He has been managing the US Large-Cap Core Growth Equity Strategy since 1993 and has had lead responsibility for all institutional accounts and other investment products within the strategy since 1997. Mr. Puglia is a vice president of T. Rowe Price Group, Inc.
Mr. Puglia has 30 years of investment experience, 29 of which have been with T. Rowe Price. He joined the firm in 1990 as an investment analyst specializing in financial services stocks. His coverage included banking, consumer finance, brokerage, investment management, and diversified financial companies. Mr. Puglia also served as an investment analyst covering the pharmaceutical industry. He began his career at Peat Marwick Main & Co. in 1982, ultimately serving as a senior manager.
Mr. Puglia earned a B.B.A., summa cum laude, in accounting from the University of Notre Dame and an M.B.A. in finance from the University of Virginia, Darden School of Business, where he was named a Shermet Scholar. He has earned the Chartered Financial Analyst designation and is a certified public accountant.
- Portfolio manager1993
since - Years at29
T. Rowe Price - Years investment30
experience
David Rowlett is an associate portfolio manager for the US Large-Cap Growth Equity Strategy in the U.S. Equity Division of T. Rowe Price. He is a vice president and member of the Investment Advisory Committees of the New America Growth, Blue Chip Growth, Growth Stock, and Institutional Large-Cap Core Growth Strategies. Mr. Rowlett is a vice president of T. Rowe Price Group, Inc.
Mr. Rowlett has 16 years of investment experience, 11 of which have been with T. Rowe Price. Prior to joining the firm in 2008, he was an analyst and portfolio manager for Neuberger Berman in New York.
Mr. Rowlett earned a B.B.A., cum laude, in finance from the University of Georgia and an M.B.A. from the University of North Carolina at Chapel Hill. He also has earned the Chartered Financial Analyst designation.
- Portfolio manager2015
since - Years at11
T. Rowe Price - Years investment16
experience
Joe Fath is the portfolio manager for the US Growth Stock Strategy and is a member of the portfolio management team for the US Large-Cap Growth Equity Strategy in the U.S. Equity Division. He is a member of the U.S. Equity Steering Committee. Mr. Fath is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.
Mr. Fath has 19 years of investment experience, 17 of which have been with T. Rowe Price. He joined the firm in 2002 as an analyst covering gaming, lodging, cruise lines, airlines, and air freight and logistics companies after serving as a summer intern for the firm in 2001. Mr. Fath was also the chief financial officer and cofounder of Broadform, Inc., a start-up educational/software company. In addition, he worked as director of operations analysis for Players International, a multi-jurisdictional gaming operator in the United States. Mr. Fath was also employed by Coopers & Lybrand as a senior associate in the Business Assurance and Financial Advisory Services Group.
Mr. Fath earned a B.S., with honors, in accounting from the University of Illinois at Urbana-Champaign. He also earned an M.B.A., with honors, in finance and entrepreneurial management from The Wharton School, University of Pennsylvania. Mr. Fath is also a certified public accountant.
- Portfolio manager2008
since - Years at17
T. Rowe Price - Years investment19
experience
Taymour Tamaddon is the portfolio manager of the US Large-Cap Growth Equity Strategy in the U.S. Equity Division of T. Rowe Price. Mr. Tamaddon also is a vice president and a member of the Investment Advisory Committees for the Health Sciences, New America Growth, Growth Stock, Blue Chip Growth, and Capital Appreciation Strategies. He is a vice president of the T. Rowe Price Institutional International Funds, Inc., and the T. Rowe Price International Funds, Inc. Mr. Tamaddon also is a vice president of T. Rowe Price Group, Inc.
Mr. Tamaddon has 16 years of investment experience, 15 of which have been with T. Rowe Price. He joined the firm in 2004 after serving as a summer intern with T. Rowe Price in 2003, covering the eye care industry. Prior to this, Mr. Tamaddon was employed by Amazon.com in the areas of finance and merchandising. He also was a consultant with Booz Allen Hamilton, specializing in the energy industry.
Mr. Tamaddon earned a B.S., cum laude, in applied physics from Cornell University. He also earned an M.B.A., with high distinction, from the Tuck School of Business at Dartmouth, where he was an Edward Tuck Scholar. Mr. Tamaddon also has earned the Chartered Financial Analyst designation.
- Years at15
T. Rowe Price - Years investment16
experience
Craig Watson is a portfolio specialist in the Equity Division of T. Rowe Price. He is a member of the U.S. Large-Cap Growth team working closely with institutional clients, consultants, and prospects. Mr. Watson is a vice president of T. Rowe Price Group, Inc.
Mr. Watson has 24 years of investment experience. Prior to joining the firm in 2007, he was senior vice president of global equity sales for HSBC Securities. Mr. Watson also was employed by UBS as director of institutional equity sales.
Mr. Watson earned a B.S., magna cum laude, in accounting from Hampton University and an M.B.A. from The Wharton School, University of Pennsylvania. He also has earned the certified public accountant accreditation.
- Years at11
T. Rowe Price - Years investment23
experience
Ron Taylor is a portfolio specialist in the Equity Division of T. Rowe Price. He is a member of the US Large-Cap Growth Equity Strategy team working closely with institutional clients, consultants, and prospects. Mr. Taylor is a vice president of T. Rowe Price Group, Inc.
Mr. Taylor has 31 years of investment experience, 16 of which have been at T. Rowe Price. Prior to joining the firm in 2003, he was employed by Zurich Scudder Investments as an equity product specialist and later as the director of Institutional Client Service. Mr. Taylor also previously worked for Chancellor Capital Management as an equity product specialist and at Putnam Investments as an equity analyst and later in new business development and client service. He began his career as a high yield bond analyst at Columbia Savings & Loan.
Mr. Taylor earned a B.A. in economics from the University of California at Los Angeles and an M.B.A. from Harvard Business School.
- Years at16
T. Rowe Price - Years investment31
experience
Larry J. Puglia is a portfolio manager in the U.S. Equity Division of T. Rowe Price. He is president of the Investment Advisory Committee of the US Large-Cap Core Growth Equity Strategy. He has been managing the US Large-Cap Core Growth Equity Strategy since 1993 and has had lead responsibility for all institutional accounts and other investment products within the strategy since 1997. Mr. Puglia is a vice president of T. Rowe Price Group, Inc.