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DELIVERING OPPORTUNITIES ACROSS THE US. US EQUITIES T. ROWE PRICE For Professional Clients and Financial Advisers only. Not for further distribution. deliveringusequities.com
DELIVERING OPPORTUNITIES ACROSS THE US.
US EQUITIES
T. ROWE PRICE
For Professional Clients and Financial Advisers only. Not for further distribution.
deliveringusequities.com
T. ROWE PRICE
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US EQUITIES
FROM THE 1930s TO TODAYT. Rowe Price was founded by Thomas Rowe Price Jr. in 1937, primarily as a private wealth manager. Through the Great Depression and World War II, the firm was focused on meeting each individual clients’ needs. This enduring philosophy saw the firm expand globally, partnering with Robert Fleming Holdings in 1979. Since then, T. Rowe Price has expanded to Asia and Europe, launching its SICAV range in 2001 and its OEIC range in 2016. Today, T. Rowe Price is one of the largest investment firms in the world, managing £985 billion for clients in 52 countries.
The longer I am in business the more convinced I am that our point of view should be entirely the investor’s.March 22nd 1939, Thomas Rowe Price Jr.
Welcome to T. Rowe PriceAs a global investment manager, we actively listen and anticipate developing strategies that respond to the needs of our clients to help them achieve their longterm financial goals. Each strategy is supported by our proprietary global research platform and experienced investment teams. Our analysts and portfolio managers work together across regions, sectors, and asset classes to identify investment opportunities others might miss.
We offer a broad range of asset classes across equity, fixed income and multi-asset investment strategies. For over 80 years we have invested across multiple market cycles, always with a focus on generating performance for our clients over the long term.
Our intellectual rigour helps us seek the best ideas for our clients, our integrity ensures that we always put their interests first and our stability lets us stay focused on their goals as we pursue better investment outcomes.
£985bn
£7m7,500+
SolidOver
52 1617
24in assets under management
associates worldwide
with no long-term debtprovided to non-profit organisations by T. Rowe Price foundation in 2019
Serves clients in
Stable leadership team with average tenure of
Investment portfolio managers average
countriesyears
years with the firm
offices in 16 countries.Headquarters in Baltimore, MD
balance sheet
FACTS & FIGURES
All figures as at 30 June 2020. Firmwide AUM includes assets managed by T. Rowe Price Associates, Inc. and its investment advisory affiliates. Assets under management are calculated in US dollars and converted to pound sterling using an exchange rate determined by an independent third party.
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Investment TeamGLOBALLY RESOURCED TO ACCESS OPPORTUNITIES
All figures as at 30 June 2020.
Offices in675 investment professionals worldwide
16 52countries countries
Servicing clients/ shareholders in
380Equity professionals
214Fixed income professionals
81Multi-asset professionals
463 135
48
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Investment professionals
Investment professionals
Investment professionals
Investment professionals
Investment professionals
Investment professional
Investment professionals
United StatesLondon
Hong Kong
Australia
Japan
Zürich
Singapore
THE BIGHORN SHEEPSince the 1970s, the Bighorn Sheep has been the symbol of T. Rowe Price. As an agile and surefooted climber, its ability to navigate rough terrain echoes the way we follow a disciplined path through all market conditions, aiming to provide our clients with smoother investment returns.
US Equity specialistsWe have been managing US equity strategies for over 80 years. As one of the largest managers of active US equities globally, we believe expertise and extensive local research are essential to identifying long term winners.
As we enter a more uncertain investment environment globally, we believe these active credentials are increasingly important differentiators – particularly in the US equity market.
We have been managing US equity strategies for over 80 years, so you can have confidence that we know our markets.
We are amongst the largest active shareholders in many of the US companies in our portfolios. This provides us with excellent access to management and influence when we engage in the interests of shareholders.
Filtering out the noise, exploiting mispricing and always thinking long-term, our on the ground analysts look to identify forward-looking insights of change in their industries.
Success in US equities since 1937
US$806bn* assets under management in US equities
Breadth and depth of expert research and analysis
HERITAGE ACCESS INSIGHTS
US LARGE-CAP GROWTH EQUITY FUND
ObjectiveTo 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 capitalisation companies in the United States that have the potential for above-average and sustainable rates of earnings growth.
Taymour TamaddonManager
Investment Philosophy■ Provide long term capital appreciation
by investing in a diversified portfolio of relatively high-quality, US large-cap companies demonstrating the potential to deliver double-digit earnings growth
■ Identifying realistic long-term growth opportunities in competitively advantaged companies that can exploit innovation and which are on the right side of major and lasting change
Reasons to Invest■ For clients looking for a high-conviction
US investment with the ability to deliver strong returns in a variety of market environments
■ This well-diversified portfolio focuses on competitively-advantaged businesses at various stages of their corporate life-cycle, leveraging innovation and change to drive rapid growth in earnings and cash flow
■ The team take a long-term approach and seek out companies demonstrating quality management teams and company fundamentals. With a focus on those offering long-term opportunities rather than short-term results
*(as at 30 June 2020)
Past performance is not a reliable indicator of future performance. The indices shown are not formal benchmarks. They are for comparison purposes only. Please see pages 8-9 for disclosures regarding manager ratings.
Launch date:Strategy: 31.07.2003OEIC: 29.05.2018
Region or sector:IA sector: North America
Key risks:■ Geographic concentration risk■ Equity risk
For further details and a full list of risks please refer to the prospectus.
Comparator Benchmark:Russell 1000 growth index
ISIN & Bloomberg:ISIN: GB00BD5FHW12Bloomberg: TRULGCA LN
Stock market capitalisation:Large | 60-75 stocks
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US EQUITY FUND
US BLUE CHIP EQUITY FUND
US SMALLER COMPANIES EQUITY FUND
US LARGE-CAP VALUE EQUITY FUND
Past performance is not a reliable indicator of future performance. The indices shown are not formal benchmarks. They are for comparison purposes only. Please see pages 8-9 for disclosures regarding manager ratings.
Past performance is not a reliable indicator of future performance. The indices shown are not formal benchmarks. They are for comparison purposes only. Please see pages 8-9 for disclosures regarding manager ratings.
ObjectiveTo 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 capitalisation companies in the United States.
ObjectiveTo increase the value of its shares, over the long term, through growth in the value of its investments. The fund invests mainly in a widely diversified portfolio of stocks from smaller capitalisation companies in the United States.
ObjectiveTo 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 capitalisation companies in the United States that are selling at discounted valuations relative to their historical average and/or the average of their industries.
Jeff RottinghausManager
Larry PugliaLead Portfolio Manager
Paul GreeneAssociate Portfolio Manager
Curt OrgantManager
Heather McPhersonManager
Investment Philosophy■ Provide long-term capital appreciation by
investing in a concentrated portfolio of high-quality, secular growth US large-cap companies, irrespective of style (growth and value)
■ Identify investments from across the broad US large-cap equity market, whose long term economic potential is being undervalued
ObjectiveTo 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 Philosophy■ We believe investing in leading
business franchises with the sustainable competitive strengths to weather economic cycles can deliver more consistent returns
■ Bottom-up but broadly diversified portfolio across growth-oriented sectors and industries to help manage risk
Investment Philosophy■ Provide long-term capital appreciation
by investing in a portfolio of attractive investment opportunities from across the full universe of US smaller companies
■ Identifying the ‘value creation’ catalyst is key to discovering the most promising small-cap stocks
Investment Philosophy■ Provide long-term capital appreciation
by investing in a diversified portfolio of large US companies whose shares are undervalued relative to their long-term economic value
■ Emphasis on quality companies ensures investments have adequate financial staying power until predicted catalyst emerges
Reasons to Invest■ Provides a core US strategy across
the broad US largecap equity market, seeking investments whose long-term economic potential is being undervalued
■ Invests in a concentrated number of high-quality companies with proven management teams, strong competitive positions and high levels of profitability – looking for long-term opportunities, rather than short-term results
■ Managed by an experienced team with a track record of delivering returns, and a historically moderate level of portfolio turnover
Reasons to Invest■ A portfolio of high-quality, large-cap US
companies with sustainable competitive advantages can generate attractive long-term returns for moderate risk
■ The manager seeks to buy all-season growth companies that can generate strong earnings and free cash flow growth in most economic and regulatory environments
■ The portfolio seeks to take advantage of cyclical opportunities to build long-term positions in high quality companies trading at attractive valuations relative to their long-term potential
Reasons to Invest■ Offers clients a diversified portfolio of
small US companies with the potential for long-term capital appreciation
■ The fund seeks to invest in attractively valued, out-of-favour companies with strong potential for improvement and in high-growth companies with rapid sales and earnings growth. The key to discovering the most promising smallcap stocks is to identify the ‘value creation’ catalyst
■ Over 50 years’ experience investing in US small-cap companies, supported by deep proprietary research, gives us the edge and confidence to take a long-term, patient approach to realise full value
Reasons to Invest■ For clients looking for an investment
that can uncover future growth potential within large US companies
■ This portfolio focuses on businesses which have robust market positions such as brands or valuable assets which are currently undervalued but offer good long-term growth prospects
■ The team have been investing in these markets for over 30 years They take a long-term approach and seek out quality companies with prospects for upward revaluation based on catalysts such as improving financials or rising investor sentiment
Launch date:Strategy: 31.07.2001OEIC: 13.03.2017
Region or sector:IA sector: US
Key risks:■ Geographic concentration risk■ Small and mid-cap risk■ Volatility riskFor further details and a full list of risks please refer to the prospectus.
Launch date:Strategy: 30.06.2009OEIC: 31.10.2016
Region or sector:IA sector: North America
Key risks:■ Geographic concentration risk■ Equity risk ■ Volatility risk
For further details and a full list of risks please refer to the prospectus.
Launch date:Strategy: 31.03.1990OEIC: 13.03.2017
Region or sector:IA sector: North America
Key risks:■ Geographic concentration risk■ Equity risk ■ Volatility risk
For further details and a full list of risks please refer to the prospectus.
Launch date:Strategy: 12.1995SICAV: 31.01.2014
Region or sector:IA sector: North America
Key risks:■ Geographic concentration risk■ Equity risk
For further details and a full list of risks please refer to the prospectus.
Comparator Benchmark:Russell 2500 Net 15%
ISIN & Bloomberg:ISIN: GB00BD446P55Bloomberg: TRUSCCA LN
Stock market capitalisation:
Comparator Benchmark:S&P 500 Index
ISIN & Bloomberg:ISIN: GB00BD8G5832Bloomberg: TRPUECA LN
Stock market capitalisation:
Comparator Benchmark:Russell 1000 growth index
ISIN & Bloomberg:ISIN: GB00BD446M25Bloomberg: TRUSLCA LN
Stock market capitalisation:
Comparator Benchmark:S&P 500
ISIN & Bloomberg:ISIN: LU1028172069Bloomberg: TRPBCQG LX
Stock market capitalisation:
Small/Medium | 150–250 stocksLarge | 70 stocks
Large | <50 stocksMedium/Large | 110-130 stocks
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A comprehensive range of US equity funds available to you
Data as at 30 June 2020 unless otherwise noted. Morningstar Analyst Rating™ calculated annually. Silver rating as at 10 August 2020 applies to T. Rowe Price Funds SICAV – US Blue Chip Equity Fund. Silver rating as at 19 September 2019 applies to T. Rowe Price Funds SICAV – US Large Cap Growth Equity Fund. Morningstar Ratings as at 30 June 2020. The Morningstar Rating is updated on a monthly basis. For the latest ratings information please visit the Morningstar website.
FE fundinfo Crown Fund Rating as at 30 June 2020. RSM Rating as at 30 June 2020.
Past performance is not a reliable indicator of future performance.
**Please note it is not a formal benchmark but is shown for comparison purposes.
LARGE CAP SMALL CAP
US Large Cap Growth Equity Fund
US Blue Chip Equity Fund
US Equity Fund US Large Cap Value Equity Fund
US Smaller Companies Equity Fund
STYLE Large Cap Growth Large Cap Core Growth Core Large Cap Value Smaller Companies
MANAGER Taymour Tamaddon Larry Puglia & Paul Greene Jeff Rottinghaus Heather McPherson Curt Organt
COMPARATOR BENCHMARK** Russell 1000 Growth S&P 500 S&P 500 Russell 1000 Value Russell 2500
KEY STOCK CHARACTERISTICS Innovation and change that drives rapid growth in earnings and cash flow
Strong growth in earnings and free cash flow on a durable basis
High-quality, secular growth companies, irrespective of style
Undervalued relative to their long-term economic value
Attractive companies from across the full US smaller companies universe
NUMBER OF HOLDINGS (APPROX.)
60-75 110-130 70 80-90 150-250
STRATEGY LAUNCH 30.11.2001 31.12.1995 30.06.2009 31.03.1990 31.07.2001
STRATEGY AUM £52.9bn £107.9bn £7.5bn £15.4bn £1.3bn
OEIC ✓ ✓ ✓ ✓
SICAV ✓ ✓ ✓ ✓ ✓
GROWTH VALUESTYLE:
ASK US ANYTHINGFor more information on T. Rowe Price or our funds please contact our dedicated Relationship Management Team:
020 7002 4372 [email protected] deliveringusequities.com
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Risks – the following risks are materially relevant to the funds (refer to prospectus for further details):
Small and mid-cap risk – stocks of small and mid-size companies can be more volatile than stocks of larger companies.
Volatility risk – the performance of the T. ROWE PRICE FUNDS SICAV – US Large Cap Growth Equity Fund, T. ROWE PRICE FUNDS OEIC US Smaller Companies Equity Fund has a risk of high volatility.
General Fund Risks
Capital risk – the value of your investment will vary and is not guaranteed. It will be affected by changes in the exchange rate between the base currency of the fund and the currency in which you subscribed, if different.
Equity risk – in general, equities involve higher risks than bonds or money market instruments.
Geographic concentration risk – to the extent that a fund invests a large portion of its assets in a particular geographic area, its performance will be more strongly affected by events within that area.
Hedging risk – a fund’s attempts to reduce or eliminate certain risks through hedging may not work as intended.
Investment fund risk – investing in funds involves certain risks an investor would not face if investing in markets directly.
Management risk – the investment manager or its designees may at times find their obligations to a fund to be in conflict with their obligations to other investment portfolios they manage (although in such cases, all portfolios will be dealt with equitably).
Operational risk – operational failures could lead to disruptions of fund operations or financial losses.
IMPORTANT INFORMATION
For Professional Clients and Financial Advisers only. Not for further distribution.
The SICAV Funds are sub-funds of the T. Rowe Price Funds SICAV, a Luxembourg investment company with variable capital which is registered with Commission de Surveillance du Secteur Financier and which qualifies as an undertaking for collective investment in transferable securities (“UCITS”). The OEIC Funds are sub-funds of the T. Rowe Price Funds OEIC, an investment company with variable capital incorporated in England and Wales which is registered with the UK Financial Conduct Authority and which qualifies as a UCITS. Full details of the objectives, investment policies and risks are located in the prospectus which is available with the key investor information documents in English and in an official language of the jurisdictions in which the Funds are registered for public sale, together with the articles of incorporation and the annual and semi-annual reports (together “Fund Documents”). Any decision to invest should be made on the basis of the Fund Documents which are available free of charge from the local representative, local information/paying agent or from authorised distributors and via www.troweprice.com.
This material is being furnished for general informational purposes only. The material does not constitute or undertake to give advice of any nature, including fiduciary investment advice, nor is it intended to serve as the primary basis for an investment decision. Prospective investors are recommended to seek independent legal, financial and tax advice before making any investment decision. T. Rowe Price group of companies including T. Rowe Price Associates, Inc. and/or its affiliates receive revenue from T. Rowe Price investment products and services.
Past performance is not a reliable indicator of future performance.
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.
The material does not constitute a distribution, an offer, an invitation, a personal or general recommendation or solicitation to sell or buy any securities in any jurisdiction or to conduct any particular investment activity. The material has not been reviewed by any regulatory authority in any jurisdiction.
Information and opinions presented have been obtained or derived from sources believed to be reliable and current; however, we cannot guarantee the sources’ accuracy or completeness. There is no guarantee that any forecasts made will come to pass. The views contained herein are as of the date noted on the material and are subject to change without notice; these views may differ from those of other T. Rowe Price group companies and/or associates. Under no circumstances should the material, in whole or in part, be copied or redistributed without consent from T. Rowe Price.
The material is not intended for use by persons in jurisdictions which prohibit or restrict the distribution of the material and in certain countries the material is provided upon specific request.
It is not intended for distribution to retail investors in any jurisdiction.
This material is issued and approved by T. Rowe Price International Ltd, 60 Queen Victoria Street, London, EC4N 4TZ which is authorised and regulated by the UK Financial Conduct Authority. For Professional Clients only.
© 2020 T. Rowe Price. All rights reserved. INVEST WITH CONFIDENCE and the bighorn sheep design are, collectively and/or apart, trademarks or registered trademarks of T. Rowe Price Group, Inc.
Morningstar Analyst Rating™ calculated annually. Silver rating as at 10 August 2020 applies to T. Rowe Price Funds SICAV – US Blue Chip Equity Fund. Silver rating as at 19 September 2019 applies to T. Rowe Price Funds SICAV – US Large Cap Growth Equity Fund Morningstar Rating applies to T. Rowe Price Funds SICAV – US Blue Chip Equity Fund as at 30 June 2020. The Morningstar Rating is updated on a monthly basis. For the latest ratings information please visit the Morningstar website. FE fundinfo Crown Fund Rating as at 30 June 2020.
˝2020 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For further information on ratings methodology please visit www.morningstar.com
˝ 2020 FE fundinfo. All Rights Reserved. The information, data, analyses, and opinions contained herein (1) include the proprietary information of FE fundinfo, (2) may not be copied or redistributed, (3) do not constitute investment advice offered by FE fundinfo, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be correct, complete, or accurate. FE fundinfo shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses, or opinions or their use. FE fundinfo does not guarantee that a fund will perform in line with its FE fundinfo Crown Fund Rating as it is a reflection of past performance only. Likewise, the FE fundinfo Crown Fund Rating should not be seen as any sort of guarantee or assessment of the creditworthiness of a fund or of its underlying securities and should not be used as the sole basis for making any investment decision.
˝Rayner Spencer Mills Research Limited.
Contact Us
For more information on T. Rowe Price, our Fund Range or to arrange a meeting, please contact our Relationship Management Team: 020 7002 4372 [email protected] Telephone calls may be recorded.
201912-1029824
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