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Capital at risk. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.
The listed funds are not an exhaustive list of funds available. Visit www.funds.troweprice.com to see the full range of funds offered by T. Rowe Price, including those that consider environmental and social characteristics as part of their investment process. For up to date information regarding any T. Rowe Price fund's investment strategy, please see the relevant fund KID and prospectus.
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An actively managed, best-ideas portfolio invested in approximately 50-60 large cap US companies, irrespective of style. The portfolio is tilted opportunistically between growth and value in respect to changing market conditions and investment opportunities. The fund is categorised as Article 8 under Sustainable Finance Disclosure Regulation (SFDR).
Class A Class I Class Q (GBP) Class A (EUR) Class Q Class In (EUR)
Bloomberg TRUSLRI:LX
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SFDR DISCLOSURE
31-Dec-2022 - Shawn T. Driscoll, Portfolio Manager,
30-06-2022|June 2022|30-Jun-2022
Manager's Outlook
Major U.S. stock indexes declined considerably in the second quarter of 2022, adding to first-quarter losses and capping the S&P 500 Index's worst first half of a calendar year since 1970. Investors continued to shun riskier assets in response to Russia's invasion of Ukraine, elevated inflation exacerbated by rising commodity prices, and a more aggressive pace of Federal Reserve interest rate increases following its liftoff of the fed funds target rate in mid-March. Investors were also concerned about inflation's impact on consumer spending and corporate profits, particularly as some high-profile companies and major retailers disappointed with their financial results or projections.
As investors continue to contend with inflation and monetary tightening, we anticipate market volatility is likely to remain elevated and have adjusted the portfolio accordingly. Given the uncertainties facing equity markets, we remain defensively positioned and steadfast in our approach?focusing on identifying high-quality companies with attractive return algorithms that are trading at reasonable valuations.
Fund Summary
We seek to identify businesses whose long-term economic potential is being undervalued. Our research-led approach allows us to avoid short-term 'noise' and focus instead on companies with strong management teams, a compelling valuation, and attractive market positioning operating in high-barriers-to-entry industries with secular growth prospects. The promotion of environmental and/or social characteristics is achieved through the fund's commitment to maintain at least 10% of the value of its portfolio invested in Sustainable Investments, as defined by the SFDR. Additionally, we apply a proprietary responsible screen (exclusion list). The manager is not constrained by the fund's benchmark, which is used for performance comparison purposes only.
Performance - Net of Fees
Past performance does not predict future returns.
30-Jun-2022 - Shawn T. Driscoll, Portfolio Manager,
Shawn Driscoll is a portfolio manager in the U.S. Equity Division. He is a lead manager for the Global Natural Resources Equity Strategy.
Portfolio Manager since
Years at
Years investment experience
Michele Ward is a portfolio specialist in the U.S. Equity Division. She acts as a proxy for equity portfolio managers with institutional clients, consultants, and prospects and supports the U.S. small- and mid-cap equity strategies and the Global Real Estate Equity and US Real Estate Equity Strategies.
Years at T. Rowe Price
The following risks are materially relevant to the fund. Please click here to view the definitions of the risks listed below.
• Equities
• Geographic concentration
• Hedging
• Investment fund
• ESG
• Operational
Typical Investor
Investors who plan to invest for the medium to long term, and who:
• are interested in investment growth
• understand and can accept the risks of the fund, including the risks of investing in equities
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Full Holdings
Contributors & Detractors
Sector Diversification
Sector Attribution
For more information on investing with T. Rowe Price, download our Client Operations Manual, or Contact Us.
Benchmark Data Source: Standard & Poor's. Copyright © 2021, S&P Global Market Intelligence (and its affiliates, as applicable). Reproduction of any information, data or material, including ratings ("Content") in any form is prohibited except with the prior written permission of the relevant party. Such party, its affiliates and suppliers ("Content Providers") do not guarantee the accuracy, adequacy, completeness, timeliness or availability of any Content and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such Content. In no event shall Content Providers be liable for any damages, costs, expenses, legal fees, or losses (including lost income or lost profit and opportunity costs) in connection with any use of the Content. A reference to a particular investment or security, a rating or any observation concerning an investment that is part of the Content is not a recommendation to buy, sell or hold such investment or security, does not address the suitability of an investment or security and should not be relied on as investment advice.
Past performance is not a reliable indicator of future performance.
Source for 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.
Daily performance data is based on the latest available NAV.
The 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"). Full details of the objectives, investment policies and risks are located in the prospectus which is available with the key investor information documents and/or key information document (KID) 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. They can also be found along with a summary of investor rights in English at www.troweprice.com. The Management Company reserves the right to terminate marketing arrangements.
Please note that the Fund typically has a risk of high volatility.
Hedged share classes (denoted by 'h') utilise investment techniques to mitigate currency risk between the underlying investment currency(ies) of the fund and the currency of the hedged share class. The costs of doing so will be borne by the share class and there is no guarantee that such hedging will be effective.
The specific securities identified and described in this website do not represent all of the securities purchased, sold, or recommended for the sub-fund and no assumptions should be made that the securities identified and discussed were or will be profitable.
Attribution Data: Analysis represents the total performance of the portfolio as calculated by the FactSet attribution model and is inclusive of other assets that that will not receive a classification assignment in the detailed structure shown. Returns will not match official T. Rowe Price performance because FactSet uses different exchange rate sources and does not capture intra-day trading. Performance for each security is obtained in the local currency and, if necessary, is converted to U.S. dollars using an exchange rate determined by an independent third party. Figures are shown with gross dividends reinvested.
Sources: Copyright © 2021 FactSet Research Systems Inc. All rights reserved. MSCI/S&P GICS Sectors; Analysis by T. Rowe Price Associates, Inc. T. Rowe Price uses the MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. Each year, MSCI and S&P make changes to the GICS structure. The last change occurred on September 28, 2018. T. Rowe Price will adhere to all future updates to GICS for prospective reporting.
The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc, ("MSCI") and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. ("S&P") and is licensed for use by [Licensee]. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or impIied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any or such standard or classification, Without limiting any or the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
A full list of the currently issued Share Classes including Distributing, Hedged, and Accumulating Categories may be obtained, free of charge and upon request, from the registered office of the Company.
The Morningstar rating is sourced from Morningstar.
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Citywire Data Source: Citywire – where the fund manager is rated by Citywire, the rating is based on the manager's 3-year risk adjusted performance. For further information on ratings methodology, please visit www.aboutcitywire.com.
Historical data may not be a reliable indication of the future profile of the fund. The risk profile shown is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean a risk-free investment.
The Average Coupon, Maturity, Duration & Credit Quality measures are all calculated on a snapshot basis as of the stated month end, and consist of the weighted average details of the underlying securities of the fund.