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Financial Intermediary / All Funds / US Equity Fund
Fund Range Documents

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. 

SICAV
US Equity Fund
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).
ISIN LU0429319774
View more information on risks
FACTSHEET
KID
SFDR DISCLOSURE
30-Sep-2024 - Shawn Driscoll, Portfolio Manager,
While the market has begun to price in a soft economic landing in the US, we believe a recession is still possible. We view an environment where inflation reaccelerates dramatically after a period of stalling, leading to a prolonged downturn, as the main risk. Still, we remain committed to identifying fundamentally sound, higher-quality companies with attractive risk-adjusted returns.

Overview
Strategy
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 is not a reliable indicator of future performance.

30-Sep-2024 - Shawn Driscoll, Portfolio Manager,
Major US stock market indices rose in September, fuelled by interest rate cut optimism. Within the portfolio, stock selection in the information technology sector detracted the most from relative performance. In this space, our position in a semiconductor manufacturer and not owning an enterprise software company held back results. In communication services, stock choices and an underweight allocation to the sector also held back returns. Avoiding a certain technology giant and our position in a video game company, which we eliminated by the end of the month end, hurt. Security choices in the consumer discretionary sector hindered further. Here, our lack of exposure to an electric automaker and our position in a discount retailer detracted. On a positive note, security selection in the energy sector added the most value, led by the oil, gas, and consumable fuels industry. However, an underweight allocation to the sector tempered gains. Our stock choices in real estate also modestly aided returns, but an underweight exposure to the sector offset most of the gains.
31-Jan-2024 - Shawn Driscoll, Portfolio Manager,
Our positioning is mainly driven by fundamental, stock-specific views. We aim for a more defensive positioning with selective investment in cyclicals at favourable entry points to gradually boost portfolio beta. Information technology, financials and industrials are the portfolio’s largest sector allocations. In January, we sold consumer staples companies, notably our eliminations of a food and beverage products manufacturer in the food products space and a consumer health business in the personal care products industry. In the consumer discretionary sector within the hotels, restaurants and leisure space, we purchased into a company that operates an online marketplace for homestays and experiences.

Past performance is not a reliable indicator of future performance.

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.

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.

Before deciding to invest in the fund, you should read the offering document/prospectus (including its investment objectives, policies and any risk warnings) which are available and may be obtained from any appointed distributors.

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.

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.  

Benchmark: Investors may use the benchmark to compare the fund’s performance. The benchmark has been selected because it is similar to the investment universe used by the investment manager and therefore acts as an appropriate comparator. The investment manager is not constrained by any country, sector and/or individual security weightings relative to the benchmark and has complete freedom to invest in securities that do not form part of the benchmark.

Disclosure on Vendor Indices can be found here.