US All-Cap Opportunities Equity Fund

Capital en riesgo. El rendimiento pasado no es un indicador fiable de los resultados actuales o futuros y no debe ser el único factor a tener en cuenta a la hora de seleccionar un producto o una estrategia.

Los fondos listados no son una enumeración exhaustiva de los fondos disponibles. Visite www.funds.troweprice.com para acceder a la gama completa de fondos de T. Rowe Price, incluidos aquellos que tienen en cuenta características medioambientales y sociales en su proceso de inversión. Para obtener información actualizada sobre la estrategia de inversión de cualquier fondo de T. Rowe Price, consulte el KID y el folleto del respectivo fondo.

Descripción general

Estrategia

Resumen del fondo

El enfoque de inversión se guía por un marco de inversión flexible y pragmático que trata de identificar las empresas que creemos que ofrecen la mayor probabilidad de rentabilidad superior en un amplio universo invertible. Al no estar limitados por el estilo de inversión o la capitalización bursátil, somos capaces de cambiar con agilidad a medida que surgen oportunidades. La promoción de las características ambientales y/o sociales se logra a través del compromiso del fondo de mantener al menos el 10% del valor de su cartera invertido en Inversiones Sostenibles, tal como lo define el SFDR. Además, aplicamos una pantalla responsable de propiedad (lista de exclusión). El gestor no está limitado por el índice de referencia del fondo, que se utiliza únicamente a efectos de comparación de la rentabilidad.

Rentabilidad (después de comisiones)

Los resultados pasados no predicen rentabilidades futuras.

30-jun.-2022 - Taymour Tamaddon, Gestor de carteras,

U.S. stocks recorded steep losses in June as fears that the Federal Reserve’s fight against inflation would push the economy into recession. Most broad indices fell considerably. As measured by various Russell indexes, value stocks fared worse than growth stocks across all market capitalisations. Within the S&P 500 Index, sector performance was broadly negative. The energy sector, which led markets for much of the year, was the biggest laggard. Consumer staples and health care held up best, posting only modest losses. Within the portfolio, consumer staples detracted the most from relative returns due to our avoidance of the sector; we have minimal exposure to stocks here as it generally lacks compelling growth opportunities that meet our investment criteria. Consumer discretionary also hurt relative results due to an overweight allocation and negative stock choices in the sector. An overweight position along with unfavourable stock selection in communication services lowered relative performance further. Conversely, information technology contributed the most to relative results due to positive security selection. An overweight allocation to the health care sector also assisted relative returns, however adverse stock picks capped gains.

31-ago.-2022 - Taymour Tamaddon, Gestor de carteras,

In the near term, the U.S. Federal Reserve’s rate hikes will likely lead to a lower-growth environment, making growth a scarce asset that investors should be willing to pay a premium for, leaving us in a good position. It is also important to keep in mind that the growth prospects of most of our holdings are not necessarily tied to the growth of their end markets, but to market share gains within those end markets, making it possible to grow earnings in a low-growth environment. As always, we maintain a disciplined adherence to our rigorous investment process, which is rooted in bottom-up, fundamental research.

30-sept.-2022 - Taymour Tamaddon, Gestor de carteras,

We sold shares of Alphabet to manage our position size in light of weakening industrywide advertising demand signals. A slate of disappointing earnings reports released by peers during the quarter prompted investor concerns of a broad-based digital advertising recession. However, we remain encouraged by the deep moat that Alphabet has built around its core search franchise. Over the long term, we continue to believe that Alphabet, with dominant positions across everyday use internet utilities, combined with a world-class computing infrastructure and talent, is well positioned to extract value from the economy as the world becomes more digital.
We sold shares of Meta Platforms on heightened near-term risk/reward. An industrywide slowdown in ad demand has taken a toll on the social media giant's topline growth. Meta's advanced, hyper-optimized advertising solutions mean that the company faces a deeper reset than others as it designs workarounds to restore the signal loss resulting from Apple's iOS privacy changes. Meta is one of two leading platforms that we expect to benefit from a multi-decade transition from offline to online advertising, and it offers investors a rare combination of scale, growth, and profitability at an attractive valuation with multiple catalysts that include a collection of under-monetized surfaces and social commerce initiatives.
We initiated a position in Eli Lilly. We are optimistic following the U.S. Food and Drug Administration's approval in May of the new diabetes drug tirzepatide, which will be branded as Mounjaro. Robust sales volumes of cancer and COVID-19 antibody drugs are also encouraging. We believe that the company has several late-stage assets with high probabilities of success that should serve as catalysts over the next 12 to 18 months. We also expect Eli Lilly's base business to remain stable against competition and drug pricing pressures, and we are encouraged by management's goal of increasing the company's operating margin percentage over the next five years.
We established a position in energy drink company Monster Beverage on weakness. The stock price slumped in response to Monster's second-quarter earnings release in early August, as the company reported its gross margin far below consensus expectations due to cost inflation. We like Monster for its durable topline growth and strong position in the fast-growing, high-margin energy drink category and think its setup improves from here as price increases take hold and input costs come down.

30-sept.-2022 - Taymour Tamaddon, Gestor de carteras,

Shares of Cigna climbed higher in the wake of a solid second-quarter earnings release in August. The positive results were driven by a better-than-expected medical loss ratio and continued strength in its Evernorth segment. We believe that Cigna represents an underappreciated source of steady growth at an attractive valuation and that the acquisition of Express Scripts should enhance the company's overall earnings growth profile. Cigna also has significant exposure to commercial markets in which we think that the company will be able to exercise pricing power in the near term.
Shares of Ross Stores rose. Investors were content with its second-quarter earnings results, which were in line with expectations. The off-price retailer also appeared to benefit from heightened expectations of an economic downturn and projections that it may benefit from changing consumer behavior. We believe Ross Stores will remain a long duration earnings growth story through a combination of square footage expansion and solid same-store sales growth. In addition, we view the stock's risk/reward profile as compelling.
Shares of Rivian Automotive rebounded. In July, Amazon.com began rolling out its fleet of Rivian electric delivery vans in select cities. The introduction of the sweeping Inflation Reduction Act in the U.S. Senate, which would include an improvement to the electric vehicle tax credit, also buoyed the stock. In August, investors reacted positively to management commentary that was incrementally more optimistic regarding the potential for Rivian to meet or exceed its production guide. We believe that Rivian is well positioned to benefit from the automotive industry's most powerful trend of electrification as it targets the largest, most profitable segments of this growing market (mid-size luxury and large luxury). Led by a very capable management team, we expect Rivian to benefit from strategic partnerships and business-to-business trends that should provide stability, as well as scale efficiencies for its business-to-consumer segment
Shares of Snap Inc. plunged due to a disappointing second-quarter earnings report, which management attributed to a challenging economy, slowing demand for the company's online ad platform, the lingering impact of Apple's 2021 iOS privacy changes update, and rising competition. In response to these challenges, the company announced plans to slow its pace of hiring, invest in its advertising business, and find new sources of income. Management also announced a share repurchase program. Snap Inc.'s control of the impressionable and highly engaged youth demographic, relatively low ad load, and culture of innovation combine to form a tightly coiled monetization spring. We believe that network effects and innovations in technology will continue to drive user growth and engagement, paving the way for ad inventory expansion that should drive earnings growth over time.
Shares of ServiceNow fell after management took down its full-year subscription revenue outlook due to the impact of a strong U.S. dollar; the company earns a large portion of its revenue from countries that have seen their currencies depreciate against the dollar. We believe that ServiceNow's strong platform should allow it to continue to take share within its core market and expand to adjacencies outside of IT service management.

Fuente de datos de índice de referencia: Russell

Fuente de rentabilidad: T. Rowe Price. La rentabilidad del fondo se calcula utilizando el valor liquidativo oficial con reinversión de dividendos, en su caso. El valor de una inversión y de cualquier renta que genere puede bajar al igual que subir. Los inversores podrían no recuperar el importe invertido. Se verá afectado por los cambios en el tipo de cambio entre la divisa base del fondo y la divisa de suscripción, si es diferente. Las comisiones de suscripción (hasta un máximo del 5% para la Clase A), impuestos y demás costes locales no se han deducido y en su caso se reducirán de las cifras de rentabilidad.
La rentabilidad pasada no es un indicador fiable de rendimiento futuro.
Los índices que se muestran no son índices de referencia formales. Se muestran únicamente a efectos comparativos.

Los Fondos son subfondos del T. Rowe Price Funds SICAV, una sociedad de inversión de Luxemburgo con capital variable que está registrada ante la Commission de Surveillance du Secteur Financier, habilitada como organismo de inversión colectiva en valores mobiliarios (undertaking for collective investment in transferable securities, UCITS). Los detalles completos de los objetivos, las políticas y los riesgos de inversión se encuentran en el folleto que está disponible con los documentos de información clave en inglés y en una lengua oficial de las jurisdicciones en las que los Fondos estén registrados para la venta pública, junto con los estatutos y los informes semestrales y anuales (de manera conjunta, los «Documentos del fondo»). Toda decisión de invertir deberá basarse en los Documentos del Fondo, que pueden obtenerse de forma gratuita del representante local, el agente de información/agente de pagos local o los distribuidores autorizados. También se puede acceder a estos documentos así como a un resumen en inglés de los derechos de los inversores en www.troweprice.com. La sociedad gestora se reserva el derecho de rescindir los acuerdos de comercializacion.

La rentabilidad del fondo tiene un riesgo de alta volatilidad.

Las clases de acciones cubiertas (denotadas por 'h') utilizan técnicas de inversión para mitigar el riesgo de divisa entre la divisa o divisas de inversión subyacentes del Fondo y la divisa de la clase de acciones cubierta. Los costes de hacerlo serán soportados por la clase de acciones y no existe garantía de que dicha cobertura sea efectiva.

Los datos de rentabilidad diaria se basan en el valor liquidativo disponible más reciente.

Los títulos específicos identificados y descritos en este informe no representan todos los títulos comprados, vendidos o recomendados para el subfondo SICAV y no se deben realizar suposiciones respecto a que los títulos identificados y analizados registraron o registrarán rentabilidad.

Atribución: El análisis representa la rentabilidad total de la cartera, calculada según el modelo de atribución de FactSet, e incluye otros activos a los cuales no se asigna ninguna clasificación en la estructura detallada que se muestra aquí. Las rentabilidades no coincidirán con la rentabilidad oficial de T. Rowe Price, porque FactSet utiliza diferentes fuentes de tipos de cambio y no recoge la negociación intradía. La rentabilidad de cada título se obtiene en la divisa local y, en caso necesario, se convierte en dólares estadounidenses utilizando un tipo de cambio determinado por un tercero independiente. Las cifras se muestran con los dividendos brutos reinvertidos.

Fuentes: Copyright © 2024 FactSet Research Systems Inc. Todos los derechos reservados. Sectores MSCI/S&P GICS; Análisis llevado a cabo por T. Rowe Price Associates, Inc. T. Rowe Price utiliza el estándar de clasificación sectorial global (GICS) de MSCI/S&P para la comunicación de información sectorial e industrial. Cada año, MSCI y S&P efectúan cambios en la estructura de GICS. El último cambio tuvo lugar el 28 de septiembre de 2018. T. Rowe Price se ajustará a todos los cambios futuros del GICS para sus futuras comunicaciones.

Se puede obtener una lista completa de las clases de acciones emitidas actualmente, incluyendo las categorías de distribución, con cobertura y acumulación, de forma gratuita y previa solicitud, en el domicilio social de la Sociedad.

©2024 Morningstar, Inc. Todos los derechos reservados. La información que aquí se recoge: (1) es propiedad de Morningstar y/o sus proveedores de contenido, (2) no puede copiarse ni distribuirse y (3) no se ofrecen garantías de que sea precisa e íntegra ni de que se halle actualizada. Morningstar y sus proveedores de contenidos no asumen responsabilidad alguna por cualesquiera daños y pérdidas que pudieran derivarse del uso de esta información.

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