T. Rowe Price US Large Cap Value Equity Fund

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.

Overview

Strategy

Fund Summary

We focus on relative value, searching for companies with solid businesses, strong balance sheets, and durable earnings profiles that are inexpensive relative to their history, sector or the market. We balance our valuation analysis with qualitative factors to identify the most compelling valuation opportunities. 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-Apr-2020 - Taymour Tamaddon, Portfolio Manager,

U.S. equities bounced off bear-market lows in April and marked their best monthly returns since 1987, as investors anticipated a partial reopening of the global economy. Within the portfolio, stock selection and an overweight position in communication services contributed to relative results. Facebook shares advanced following better-than-expected quarterly results due to a surge in usage of its platforms, particularly WhatsApp and Instagram. A lack of exposure to consumer staples, where attractive growth opportunities are difficult to find, boosted relative returns further. A favourable overweight in the consumer discretionary sector also added. Here, we favour businesses benefitting from the secular shift of consumer spending to online products and services. We believe industries such as physical retail and traditional media are secularly challenged; therefore, we plan to continue emphasising companies within the sector that we think are on the right side of change and disruption. Conversely, an overweight in utilities hurt relative results. We continue to maintain a small allocation to utilities stocks as we feel the deregulation of the sector has improved the opportunity for companies to achieve sustainable, long-term growth.

31-Mar-2020 - Taymour Tamaddon, Portfolio Manager,

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-Dec-2021 - Heather McPherson, Associate Portfolio Manager,

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.

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.

Risks

Typical Investor