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US Large Cap Growth Equity Fund
Seeking to identify investments with the potential to deliver double-digit earnings growth.
Class A Class I Class Ih (EUR) Class J Class Q Class Q (EUR) Class Q (GBP) ISIN LU0174119775 WKN A0BMAA
Inception Date 31-Jul-2003
30-Nov-2019 - Taymour Tamaddon, Portfolio Manager,
We are cautiously optimistic. In our view, there are still sufficient market drivers in place to support the asset class while more volatile market conditions could produce potentially attractive buying opportunities for long-term investors. In this environment, we continue to focus on investing in high-quality companies. Using the rigorous research and unique insights from our experienced analyst platform gives us an important edge as we sift through the market noise and identify companies with attractive growth prospects.
Taymour Tamaddon, Lead Portfolio Manager
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.
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 that have the potential for above-average and sustainable rates of earnings growth.
Scrutinize both company and industry- level fundamentals to identify companies with characteristics that support sustainable double-digit earnings growth.
Focus on high-quality earnings, strong free cash flow growth, shareholder-oriented management, and rational competitive environments.
Exploit differences between secular and cyclical trends.
Limit portfolio holdings to the most attractive growth opportunities across industries.
Typically 60-75 stock portfolio
Individual position sizes typically range +/- 1.00% to 4.00% relative to Russell 1000 Growth Index
Sector weights will vary from 0.5X to 3.0X for primary sectors relative to Russell 1000 Growth Index
Indicative Benchmark % 35.88% 20.01% 14.14% 14.70% 20.01%
Excess Return % -7.36% 1.84% 1.35% 0.85% 1.84%
Manager Inception Date 31-Dec-2016
Indicative Benchmark: Russell 1000 Growth Net 30% Index
Indicative Benchmark % 35.88% 20.01% 14.14% 14.70%
Excess Return % -7.36% 1.84% 1.35% 0.85%
Indicative Benchmark % 3.44% 3.44% 3.44% 2.99% 10.52%
Excess Return % 0.72% 0.72% 0.72% -1.21% -0.28%
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.
Major U.S. stock indices recorded solid gains in November, as hopes for a "phase one" trade deal between the U.S. and China helped the major benchmarks advance throughout much of the month. Within the portfolio, the consumer discretionary sector contributed to relative results due to effective stock selection, particularly within the specialty retail and internet and direct marketing retail industries. Favourable stock selection in the industrials and business services sector boosted relative performance further. Within the sector, shares of Boeing rose after the company stated its intentions to target a Federal Aviation Administration (FAA) certification for its grounded 737 MAX fleet. Despite some remaining uncertainty regarding the 737 Max production schedule, we see attractive upside potential in the share price, as Boeing remains a leading supplier in the duopoly commercial aircraft market. Stock choices in the financials sector also added to relative returns, led by companies in the capital markets industry. Conversely, the utilities sector hurt modestly due to our unfavourable overweight position.
Largest Holding Microsoft 7.74% Was (30-Sep-2019) 7.36%
30-Sep-2019 - Taymour Tamaddon, Portfolio Manager,
Overall, we remain constructive on the U.S. economy and think company fundamentals look relatively healthy. However, the choppy market environment may continue due to several factors, including slowing earnings growth and uncertainty surrounding U.S.-China trade policy. More volatile market conditions could produce potentially attractive buying opportunities for long-term investors.
Disruptive business models and technologies within the sector continue to present compelling investment opportunities. Secular demand for public cloud computing services continues to be a growth driver in the segment. We also continue to favor companies driven by the convergence of communications and computing, including internet software companies, and those that will benefit from broad global tailwinds in digital payments.
We added shares of ASML Holding, a semiconductor capital equipment company that specializes in lithography tools; technologies that enable manufacturers to improve memory and logic chip performance by including more transistors on a silicon wafer. We like ASML Holding's monopoly position in next-generation lithography equipment, tools that we believe will be essential to producing the leading-edge chips needed to power artificial intelligence and other intensive processes. In our view, the market underestimates the potential for this technology to drive revenue growth and improve profitability.
Shares of Maxim Integrated Products faced headwinds from soft demand in its industrial segment, including in China, and slower auto sales. We sold shares during the period to pursue other investment opportunities that we feel offer greater upside potential.
We have a sizable position in the consumer discretionary sector and are constructive on stock-specific opportunities within the sector. We are focused on businesses benefiting from the secular shift of consumer spending to online retail, as well as companies positioned to take advantage of the long-term growth in online travel services.
We added shares of Alibaba Group Holding during the quarter. While trade tensions are a near-term overhang on the stock, we remain constructive on the long-term fundamentals and expect the Chinese internet giant's investments in its cloud business and offline retail to pay off by expanding the company's total addressable market. Moreover, the company's rich data on user behavior across its different services also create ample opportunity for monetization, while its leadership in online retail offers exposure to rising household incomes in China and other emerging markets.
Shares of fast food giant McDonald's generated strong returns in 2019 due to successful sales and digital initiatives as well as positive comparable sales. After the runup in stock price, we sold shares and redeployed the proceeds to fund more compelling opportunities.
We remain focused on finding opportunities in the health care sector that can take advantage of lasting trends such as managed care industry consolidation, innovations in medical equipment, and robotic technology. In therapeutics, our emphasis is on select companies that have strong fundamentals and the potential to bring additional new drugs to market in areas with large, unmet clinical needs.
HCA Healthcare is the largest private hospital owner and operator in the United States. We bought shares during the quarter as we think HCA is uniquely positioned as an industry consolidator and should continue to benefit from both its industry-leading position and aging demographics.
Indicative Benchmark: Russell 1000 Growth Index
Disruptive business models and technologies within the information technology sector continue to present compelling investment opportunities, in our view. Secular demand for public cloud computing services continues to be a growth driver in the segment. We also continue to favour companies driven by the convergence of communications and computing, including internet software companies, and those that will likely benefit from broad global tailwinds in digital payments.
Taymour Tamaddon
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.
Larry Puglia
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.
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.
David L. Rowlett, CFA
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.
Ronald Taylor
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.
Class J $10,000,000 $0 $0 0.00% 0 basis points 0.03%
Projected Earnings Growth Rate (IBES) 12.0% 11.5%
Price to Earnings (12 Months Forward) 28.7x 24.7x
Return on Equity (Last 12 Months excl. charges) 25.1% 31.8%
Price to Book 9.5x 11.4x
Investment Weighted Median Market Cap (USD mm) 144,262 143,240
Number of Holdings 64 523
14.07% -1.48% 16.04% 45.34% 8.93% 10.86% 2.46% 35.86% 3.61% 28.52% Fund
16.16% 2.18% 14.68% 32.83% 12.54% 5.19% 6.56% 29.67% -1.89% 35.88% Indicative Benchmark
-2.09% -3.66% 1.36% 12.51% -3.61% 5.67% -4.10% 6.19% 5.50% -7.36% Value added
Apple 3.37% 1.45% Technology Hardware, Storage & Peripherals United States
CoStar Group (N) 0.72% 0.72% Professional Services United States
Advanced Micro Devices (N) 0.78% 0.78% Semiconductors & Semiconductor Equipment United States
lululemon athletica (N) 0.61% 0.61% Textiles, Apparel & Luxury Goods United States
Humana (N) 0.56% 0.56% Health Care Providers & Services United States
Norfolk Southern (N) 0.49% 0.49% Road & Rail United States
UnitedHealth Group 1.68% 0.68% Health Care Providers & Services United States
Spotify Technology 1.11% 0.57% Entertainment Sweden
Carvana (N) 0.30% 0.30% Specialty Retail United States
Wynn Resorts (N) 0.27% 0.27% Hotels Restaurants & Leisure United States
30-Jun-2017 - Taymour Tamaddon, Portfolio Manager,
We bought shares of Starbucks during the quarter. We have liked the company for some time given its dominant global brand in both retail and consumer products channels. The coffee chain sells an addictive product and has a long runway for growth, particularly as it expands internationally. We also expect growth to accelerate due to increasing mobile order usage, new food and beverage innovation, and pricing increases.
We sold shares of Amazon.com on strength during the quarter. Although we trimmed our position size, the company remains a top holding as all indications continue to confirm that the long-term story remains intact. Improving profitability bodes well for future earnings given the healthy topline growth and operating leverage in the business.
We bought shares of medical device maker Becton, Dickinson & Company. We like the company's compelling risk/reward profile, and we believe it is poised to benefit from relatively steady revenue increases and balance sheet improvements. We are also positive on the company's pending acquisition of fellow medical technology company C.R. Bard, which could lead to scale benefits, non-U.S. growth opportunities, and cost synergies.
We trimmed our position in Danaher during the quarter to partially fund our purchase of Becton, Dickinson & Company, which we believe offers a more compelling risk/reward ratio. Danaher is a highly diversified producer of medical, industrial, and commercial products and services. While we like that the majority of Danaher's end markets offer secular growth or low cyclicality, we are less enthusiastic about the company's growth rate.
Charles Schwab 0.64% -0.86% Capital Markets United States
McDonald's (E) 0.00% -0.57% Hotels Restaurants & Leisure United States
PACCAR (E) 0.00% -0.53% Machinery United States
Las Vegas Sands 0.15% -0.41% Hotels Restaurants & Leisure United States
WellCare Health Plans (E) 0.00% -0.48% Health Care Providers & Services United States
Electronic Arts (E) 0.00% -0.44% Entertainment United States
Anthem (E) 0.00% -0.35% Health Care Providers & Services United States
Intercontinental Exchange 0.62% -0.45% Capital Markets United States
Eli Lilly (E) 0.00% -0.36% Pharmaceuticals United States
Facebook 6.34% Interactive Media & Services United States
Alphabet 8.32% Interactive Media & Services United States
Cigna 2.02% Health Care Providers & Services United States
Amazon.com 7.58% Internet & Direct Marketing Retail United States
Visa 5.25% IT Services United States
Vertex Pharmaceuticals 1.62% Biotechnology United States
UnitedHealth Group 1.69% Health Care Providers & Services United States
Shares of PayPal Holdings traded higher following its latest quarterly report, with total payment volume and active accounts coming in higher than expected. Incremental user engagement across their product suite (PayPal, Credit, One Touch, and Venmo), combined with expanding strategic partnerships (Google, Wells Fargo, and Visa) bodes well for the company's mobile-first strategy aimed at enabling consumers with more convenient and affordable payment options.
Shares of Alphabet traded higher after the company reported another strong quarter of earnings. The diversification of products contributing to revenue growth continues to increase as YouTube, hardware, Google Play, and cloud now make up 18% of total revenue. While the search business is still a significant driver of revenue, it is encouraging to see the breadth and depth of its product offering expanding, which should support long-term durable revenue and profit growth through diversification.
Amazon.com shares rose following its latest quarterly report, with top- and bottom-line results coming in ahead of consensus expectations. Expansion of its fulfilment and logistics networks has helped drive accelerated growth and allowed it to meet the needs of its increasing global footprint. Amazon Web Services, the company's highly profitable cloud computing business, also continues to grow at a rapid pace. In our view, Amazon.com remains well positioned to compound at a healthy rate for several years as it continues to disrupt the traditional retail business model. Its recent bid to acquire Whole Foods is a prime example, as it would allow Amazon to establish an omnichannel presence and extend into new product categories while also expanding its services and private label offerings.
Shares of Tesla continued to trade higher as the company remains on track to begin production of the Model 3 in July. The overwhelming demand for the Model 3, Tesla's first mass-market car, confirms the broad appeal of all-electric vehicles and helps support the company's mission to accelerate the world's transition to sustainable energy and transport. Based on the high level of differentiated innovation at Tesla, we continue to view the company as a dominant player in the shift to autonomous vehicles.
Intuitive Surgical's robotic da Vinci surgical system continues to see growing adoption, helping propel its shares higher. Procedure growth is the engine of the business model and its latest quarterly results confirm a sufficiently broad and deep accelerating trend in that area. Growth is likely to get an additional boost as the company plans to roll out its new and previously undisclosed surgical system, da Vinci X, by year-end.
Humana reported solid first-quarter earnings, primarily driven by prior-period development in its Medicare Advantage business, sending shares higher during the period. The company also reported that its Affordable Care Act individual exchange business performed better than expected and management raised its 2017 guidance. While its merger with Aetna was shelved, Humana remains a possible acquisition target given its focus on the fast-growing Medicare market.
Restaurant Brands International 0.48% Hotels Restaurants & Leisure Canada
Stryker 2.18% Health Care Equipment & Supplies United States
Tencent Music Entertainment 0.36% Entertainment China
Intuit 2.07% Software United States
Dollar General 1.45% Multiline Retail United States
Workday 0.74% Software United States
McDonald's 0.00% Hotels Restaurants & Leisure United States
Fortive 0.00% Machinery United States
Microsoft 7.74% 0.38 $187,705,236.50 1,193,674 Information Technology Software United States
Amazon.com 7.60% -0.30 $184,269,491.00 99,659 Consumer Discretionary Internet & Direct Marketing Retail United States
Facebook 6.34% 0.47 $153,784,640.40 751,195 Communication Services Interactive Media & Services United States
Alphabet Class A 5.98% 0.07 $144,960,309.20 108,248 Communication Services Interactive Media & Services United States
Visa 5.25% -0.00 $127,334,008.23 679,731 Information Technology IT Services United States
Boeing 4.38% -1.21 $106,269,070.30 326,279 Industrials & Business Services Aerospace & Defense United States
Apple 3.36% 1.44 $81,521,989.12 279,032 Information Technology Technology Hardware, Storage & Peripherals United States
Alibaba Group Holding 2.73% 0.29 $66,323,169.09 311,391 Consumer Discretionary Internet & Direct Marketing Retail China
Global Payments 2.62% 0.16 $63,644,534.80 349,580 Information Technology IT Services United States
Alphabet Class C 2.36% 0.03 $57,235,622.96 42,859 Communication Services Interactive Media & Services United States
Stryker 2.17% -0.32 $52,606,218.00 252,308 Health Care Health Care Equipment & Supplies United States
Intuit 2.07% -0.28 $50,322,254.73 192,459 Information Technology Software United States
Intuitive Surgical 2.01% -0.10 $48,734,587.58 82,418 Health Care Health Care Equipment & Supplies United States
Cigna 2.01% 0.32 $48,688,770.78 240,474 Health Care Health Care Providers & Services United States
Becton, Dickinson & Company 1.84% -0.14 $44,746,007.81 165,683 Health Care Health Care Equipment & Supplies United States
HCA Healthcare 1.75% 0.16 $42,430,053.46 286,961 Health Care Health Care Providers & Services United States
UnitedHealth Group 1.68% 0.69 $40,823,512.56 139,396 Health Care Health Care Providers & Services United States
Vertex Pharmaceuticals 1.62% 0.21 $39,182,847.12 179,384 Health Care Biotechnology United States
Aptiv 1.48% -0.11 $35,786,406.00 374,100 Consumer Discretionary Auto Components United States
Dollar General 1.46% -0.27 $35,404,992.16 225,682 Consumer Discretionary Multiline Retail United States
PayPal Holdings 1.35% -0.04 $32,804,033.52 303,432 Information Technology IT Services United States
Netflix 1.35% 0.30 $32,629,853.52 101,112 Communication Services Entertainment United States
Spotify Technology 1.10% 0.56 $26,772,501.60 180,505 Communication Services Entertainment Sweden
VMware 1.08% -0.21 $26,191,429.03 171,197 Information Technology Software United States
Booking Holdings 1.07% -0.09 $25,969,128.12 12,636 Consumer Discretionary Internet & Direct Marketing Retail United States
ServiceNow 1.04% 0.17 $25,315,167.06 89,751 Information Technology Software United States
IAC/InterActiveCorp 0.85% 0.05 $20,700,648.08 82,922 Communication Services Interactive Media & Services United States
Hilton Worldwide Holdings 0.84% -0.10 $20,445,103.00 183,925 Consumer Discretionary Hotels Restaurants & Leisure United States
Marvell Technology Group 0.84% -0.04 $20,436,913.00 768,305 Information Technology Semiconductors & Semiconductor Equipment United States
Advanced Micro Devices 0.79% N/A $19,080,838.74 415,614 Information Technology Semiconductors & Semiconductor Equipment United States
Workday 0.73% -0.07 $17,827,918.42 108,926 Information Technology Software United States
CoStar Group 0.72% N/A $17,364,025.35 29,295 Industrials & Business Services Professional Services United States
Centene 0.72% 0.34 $17,348,816.52 275,772 Health Care Health Care Providers & Services United States
Sempra Energy 0.69% -0.08 $16,668,478.20 110,132 Utilities Multi-Utilities United States
Charles Schwab 0.65% -0.86 $15,715,147.00 328,700 Financials Capital Markets United States
Intercontinental Exchange 0.63% -0.45 $15,196,081.20 164,140 Financials Capital Markets United States
lululemon athletica 0.61% N/A $14,706,675.36 63,856 Consumer Discretionary Textiles, Apparel & Luxury Goods United States
Avantor 0.59% 0.04 $14,205,262.22 780,938 Health Care Life Sciences Tools & Services United States
Fidelity National Information Services 0.57% -0.06 $13,865,344.74 100,053 Information Technology IT Services United States
Humana 0.56% N/A $13,634,916.00 37,200 Health Care Health Care Providers & Services United States
Restaurant Brands International 0.55% -0.29 $13,325,416.20 207,561 Consumer Discretionary Hotels Restaurants & Leisure Canada
Concho Resources 0.54% 0.03 $13,112,431.20 152,240 Energy Oil, Gas & Consumable Fuels United States
Norfolk Southern 0.49% N/A $11,861,125.20 61,080 Industrials & Business Services Road & Rail United States
Honeywell International 0.47% -0.09 $11,409,342.40 64,496 Industrials & Business Services Industrial Conglomerates United States
J.B. Hunt Transport Services 0.46% -0.06 $11,071,341.12 94,724 Industrials & Business Services Road & Rail United States
TD Ameritrade Holding 0.39% -0.22 $9,515,031.88 190,453 Financials Capital Markets United States
Alexion Pharmaceuticals 0.37% -0.03 $9,015,429.42 83,966 Health Care Biotechnology United States
Tencent Music Entertainment 0.36% -0.09 $8,803,341.82 744,154 Communication Services Entertainment China
Philip Morris International 0.36% -0.07 $8,781,277.50 102,705 Consumer Staples Tobacco United States
Carvana 0.30% N/A $7,172,736.48 78,442 Consumer Discretionary Specialty Retail United States
Slack Technologies 0.29% 0.14 $6,997,776.91 313,661 Information Technology Software United States
Wynn Resorts 0.28% N/A $6,689,905.11 47,838 Consumer Discretionary Hotels Restaurants & Leisure United States
Paycom Software 0.22% N/A $5,330,162.40 20,236 Information Technology Software United States
Uber Technologies 0.21% 0.03 $5,177,309.42 174,791 Consumer Discretionary Internet & Direct Marketing Retail United States
Okta 0.21% N/A $5,043,551.52 44,464 Information Technology IT Services United States
Las Vegas Sands 0.18% -0.38 $4,454,742.81 64,347 Consumer Discretionary Hotels Restaurants & Leisure United States
XP 0.11% N/A $2,548,586.56 66,508 Financials Capital Markets Brazil
Atlassian 0.10% 0.01 $2,431,242.00 20,465 Information Technology Software United States
Communication Services 20.71% 11.57%
Financials 1.77% 3.12%
Industrials & Business Services 6.51% 9.25%
Communication Services 0.39% -0.00% 0.39%
Health Care 0.26% 0.02% 0.24%
Financials -0.10% -0.00% -0.10%
Industrials & Business Services -0.66% 0.17% -0.84%
Information Technology -0.93% -0.24% -0.69%
Total -0.25% 0.10% -0.36%
Indicative Benchmark Data Source: Russell. Frank Russell Company ("Russell") is the source and owner of the Russell Index data contained or reflected in these materials and all trademarks and copyrights related thereto. Russell® is a registered trademark of Russell. Russell is not responsible for the formatting or configuration of this materials or for any inaccuracy in T. Rowe Price Associates' presentation thereof.