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 +/-5% versus the Russell 1000 Growth Index weightings.
- Sector weights range from 0.5X to 3.0X for primary S&P Index sectors and 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 % | 20.13% | 19.76% | 16.97% | 19.03% |
| Composite Net % | 19.54% | 19.17% | 16.39% | 18.44% |
| Benchmark % | 7.51% | 10.73% | 10.73% | 13.99% |
| Excess Return (Gross) % | 12.62% | 9.03% | 6.24% | 5.04% |
Recent Performance
| 3 MonthsData as of 30-Jun-2020 | Year to DateData as of 30-Jun-2020 | |
|---|---|---|
| Composite Gross % | 28.00% | 11.33% |
| Composite Net % | 27.86% | 11.06% |
| Benchmark % | 20.54% | -3.08% |
| Excess Return (Gross) % | 7.46% | 14.41% |
Past performance is not a reliable indicator of future performance.
Returns for time periods greater than one year are annualised.
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
122
Top Purchase
PayPal Holdings
2.50%Top Sale
Boeing
0.01%Sectors
Total
Sectors
11
Top Contributor^
Communication Services
Net Contribution 2.14%Top Detractor^
Energy
Net Contribution -0.20%Largest Overweight
Information Technology
Largest Underweight
Consumer Staples
Team (As of 01-Oct-2020)
Larry J. Puglia is a portfolio manager in the U.S. Equity Division. Larry 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. He also is president of the Investment Advisory Committee of the US Large-Cap Core Growth Equity Strategy. Larry is a vice president of T. Rowe Price Group, Inc.
Larry’s investment experience began in 1989, and he has been with T. Rowe Price since 1990, beginning as an investment analyst, specializing in financial services stocks, in the U.S. Equity Division. His coverage included banking, consumer finance, brokerage, investment management, and diversified financial companies. Prior to T. Rowe Price, Larry was employed by Peat Marwick Main & Co. as a senior manager.
Larry 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 a Shermet Scholar. He also has earned the Chartered Financial Analyst® designation and is a certified public accountant.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Portfolio manager1993
since - Years at30
T. Rowe Price - Years investment31
experience
David Rowlett is an associate portfolio manager for the US Large-Cap Core Equity Strategy, including the Growth & Income Fund, in the U.S. Equity Division. He is a vice president and member of the Investment Advisory Committees of the US Large-Cap Growth Equity, US Multi-Cap Growth Equity, US Large-Cap Core Growth Equity, US Growth Stock, Equity, and Institutional Large-Cap Core Growth Strategies. David is a vice president of T. Rowe Price Group, Inc.
David’s investment experience began in 2003, and he has been with T. Rowe Price since 2008, beginning as an investment analyst, focusing on aerospace and defense and multi-industrial companies, in the U.S. Equity Division. Prior to this, David was employed by Neuberger Berman as an analyst and a portfolio manager. David also was employed by Merrill Lynch as an investment banker within the Financial Institutions Group.
David 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, Chapel Hill. He also has earned the Chartered Financial Analyst® designation.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Portfolio manager2015
since - Years at12
T. Rowe Price - Years investment17
experience
Joe Fath is the portfolio manager for the U.S. Growth Stock Equity Strategy, including the Growth Stock Fund, in which he is chairman of the investment advisory committee. He is a vice president and member of the investment advisory committee of the U.S. Quantitative US, U.S. Mid-Cap Growth Equity, U.S. Communications and Technology and U.S. Large-Cap Growth Equity Strategies. He is vice president of T. Rowe Price Group.
Joe’s investment experience began in 2000 and he has been with T. Rowe Price since 2002, beginning in the U.S. Equity Division after serving as a summer intern in 2001. Prior to this, Joe was the chief financial officer and co-founder of Broadform, Inc., a start-up educational software company. In addition, he worked as director of operations and analysis for Players International, a multi-jurisdictional gaming operator in the United States. Joe was also employed by Coopers & Lybrand as a senior associate in the Business Assurance and Financial Advisory Services Group.
Joe 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. He is a Certified Public Accountant.
- Portfolio manager2008
since - Years at18
T. Rowe Price - Years investment20
experience
Taymour Tamaddon is the portfolio manager of the US Large-Cap Growth Equity Strategy in the U.S. Equity Division. He is a vice president and member of the Investment Advisory Committees for the Health Sciences Equity, Global Growth Equity, US Multi-Cap Growth Equity, US Growth Stock, US Large-Cap Core Growth Equity, and US Capital Appreciation Strategies. He also is a vice president of the T. Rowe Price Institutional International Funds, Inc., and the T. Rowe Price International Funds, Inc. Taymour is a vice president of T. Rowe Price Group, Inc.
Taymour’s investment experience began in 2003, and he has been with T. Rowe Price since 2004, beginning in the U.S. Equity Division. He also served as a summer intern with the firm in 2003. Prior to T. Rowe Price, Taymour 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.
Taymour earned a B.S., cum laude, in applied physics from Cornell University and an M.B.A. from Dartmouth College, Tuck School of Business, where he was an Edward Tuck Scholar with high distinction. Taymour also has earned the Chartered Financial Analyst® designation.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Years at16
T. Rowe Price - Years investment17
experience
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.
FA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Years at13
T. Rowe Price - Years investment13
experience
Ron Taylor is a portfolio specialist in the U.S. Equity Division. He is a member of the US Large-Cap Growth Equity Strategy team, working closely with institutional clients, consultants, and prospects. Ron also is a vice president of T. Rowe Price Group, Inc.
Ron’s investment experience began in 1988, and he has been with T. Rowe Price since 2003, beginning in the U.S. Equity Division. Prior to this, Ron was employed by Zurich Scudder Investments as an equity product specialist and later as the director of Institutional Client Service; by Chancellor Capital Management as an equity product specialist; by Putnam Investments as an equity analyst and later in new business development and client service; and by Columbia Savings & Loan as a high yield bond analyst.
Ron earned a B.A. in economics from the University of California, Los Angeles, and an M.B.A. from Harvard Business School.
- Years at17
T. Rowe Price - Years investment32
experience
Larry J. Puglia is a portfolio manager in the U.S. Equity Division. Larry 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. He also is president of the Investment Advisory Committee of the US Large-Cap Core Growth Equity Strategy. Larry is a vice president of T. Rowe Price Group, Inc.