T. Rowe Price US Large Cap Value Equity Fund

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Übersicht

Strategie

Kurzbeschreibung

Unser Interesse richtet sich auf Titel mit dem Potenzial für dauerhafte zweistellige Ertragssteigerungen, die von säkularem ebenso wie zyklischem Wachstum profitieren. Wir setzen geduldig auf Unternehmen, die gemessen an ihrem langfristigen Potenzial attraktiv bewertet sind. Daneben nutzen wir Gelegenheiten im zyklischen Bereich zum Aufbau von Positionen in Titeln, von deren Qualität und Potenzial wir überzeugt sind. Darüber hinaus wenden wir eine interne Ausschlussliste an, die den häufigsten ESG-Anliegen unserer Kunden Rechnung trägt. Der Portfoliomanager wird durch den Vergleichsindex des Fonds, der lediglich zum Performance-Vergleich dient, nicht eingeschränkt.

Performance - nach Abzug von Gebühren

30-Apr.-2019 - Taymour Tamaddon, Portfoliomanager,

Major U.S. stock indices recorded solid gains in April, continuing their strong start to the year. Within the portfolio, the health care sector detracted the most from relative results due to both adverse stock selection and an unfavourable overweight position as the sector was dragged lower by increased political rhetoric regarding a federal, single-payer health care model. Stock picks in the industrials and business services sector also hurt relative results. On the positive side, the consumer discretionary sector contributed the most to relative returns due to favourable stock selection. Within the sector, shares of Amazon.com rallied during the month as the release of strong quarterly earnings provided a tailwind to the stock price. Overall, we believe the scale and strength of Amazon's retail and public cloud businesses, coupled with its strong balance sheet and forward-looking management team, give the company the necessary resources to drive innovation and disruption. A lack of exposure to the real estate sector also boosted relative performance.

30-Apr.-2020 - Taymour Tamaddon, Portfoliomanager,

Periods of stress and crisis often can often lead to meaningful changes. Many of the innovative technology companies that we prefer are operating in huge addressable markets but face ongoing inertia when it comes to persuading customers that pursuing new ways of doing things is worth the effort. Moments like the current crisis can push companies and consumers to embrace changes much faster than they would have done under normal circumstances. Broadly speaking, this should be supportive of the powerful secular trends that we tend to invest behind.

31-Dez.-2021 - Heather McPherson, Portfoliomanager,

We purchased shares of Fiserv. The company has an attractive valuation with significant growth prospects. Its Clover asset, a cloud-based point-of-sale platform, has also experienced robust growth, which is encouraging.
We sold shares of Applied Materials on relative strength. The company recovered from its pandemic bottom, and we appreciate the company's strong end markets and believe there will be very strong long-term foundry and logic demand.
Texas Instruments, semiconductor designer and manufacturer, has also performed well over recent periods. We sold shares on strength.
We sold shares of JPMorgan Chase and Morgan Stanley on recent strong performance. We continue to value the names but chose to shift our exposure into companies with more attractive valuations and risk/reward ratios.
We initiated a position in Citigroup. In our view, Citigroup is trading at an attractive valuation and has a compelling dividend yield. We also appreciate the company's plan to repurchase shares.
We purchased shares of Cummins. The valuation relative to its industrial peers is extremely attractive, and we believe there is a good amount of untapped value in the stock.
Caterpillar is an early-cycle stock, and as we've moved further into the cycle, we took the opportunity to rotate out of the company and redeploy the funds into names where we have higher conviction. We eliminated our position during the period.
We sold shares of Nielsen Holdings. We believe there are idiosyncratic secular concerns that this company faces and elected to move into investments with more compelling risk/reward characteristics.
Rockwell Automation is structurally and secularly well positioned around automation. However, we sold shares of the fully valued company and invested some of the assets in Siemens, which also has an automation platform and a more attractive sum-of-its-parts valuation.

31-Dez.-2021 - Heather McPherson, Portfoliomanager,

Shares of Zimmer Biomet Holdings continued to struggle with the effects of COVID-19, slumping particularly after the company revised guidance lower on expectation of lingering pandemic-related headwinds and staffing shortages. Shares were also impacted by the uncertainty around the timeline for a return to normal in elective procedures. In our view, the market undervalues the company's fundamental improvement over the past several years. We believe that Zimmer Biomet Holdings is positioned to benefit from the ongoing normalization of the health care system.
Medtronic shares were pressured by investor uncertainty about the potential strength of the clinical trial data for the company's renal denervation system and as regulators flagged concerns in Medtronic's diabetes business. In our view, the company has a solid product pipeline, and we believe that new products, new markets, and improved execution should help to drive organic revenue growth over time.
Shares of International Paper fell, as the company contended with supply chain disruptions and heightened input costs, which negatively impacted reported financials. We continue to feel the company is well positioned to navigate a volatile backdrop while operating in an industry with favorable long-term fundamentals and consolidation potential. In our view, International Paper has a solid asset base, an improving balance sheet, and an attractive valuation.
Welltower is a diversified health care real estate investment trust. The stock traded lower due to seasonal effects as well as pressure on margins due to elevated labor costs.
Shares of Qualcomm rose over the period. Following a robust financials report, driven in part by increased chip supply, and raised guidance, investor sentiment boosted the stock higher. Additionally, the company has been taking market share in the Android ecosystem and broadening into the non-handset business. We continue to value Qualcomm's leading position within the industry and believe the company should benefit from its solid fundamentals as well as idiosyncratic tailwinds due to its strong position in 5G.� �
Microsoft shares benefited from ongoing enthusiasm for its products and services amid the acceleration toward cloud adoption. The company delivered impressive quarterly results across its business segments, led by continued strong performance in Azure's revenue growth as well as solid server product growth. We appreciate Microsoft's smart capital allocation, the growth prospects of its cloud business, and the potential of its push into analytics and artificial intelligence. We continue to believe the shift toward cloud adoption will be advantageous to the company's free cash flow generation.
Our underweight allocation to the communication services sector helped relative performance. Overall, we maintain a relatively small position in the sector, with a focus on areas where we believe there is attractive relative value with compelling risk/reward characteristics. As such, we continue to emphasize idiosyncratic, company-specific opportunities that we believe can drive meaningful growth in a variety of economic landscapes.

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