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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 LU1028172572
View more information on risks
FACTSHEET
KID
SFDR DISCLOSURE
31-Oct-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. Nevertheless, 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.
31-Oct-2024 - Shawn Driscoll, Portfolio Manager,
Most major US stock market indices modestly declined in October amid favourable quarterly earnings reports and reduced expectations for aggressive interest rate cuts due to solid economic data and rising US Treasury yields. Within the portfolio, stock selection in the health care sector detracted the most from relative performance. Here, our positions in select biotechnology companies hurt results. Our consumer staples stock holdings also hindered relative returns. In this sector, shares of our positions in a packaged beverage company and a global oral care company traded lower. An underweight allocation and security choices in the financials sector dragged further on results, notably our positions in certain property and casualty insurers, whose shares detracted. On a positive note, stock selection in industrials and business services contributed the most to relative performance, especially our positions in a government services contractor and an industrial conglomerate, which outperformed the sector. The materials space also added relative value thanks to our stock choices; however, an overweight exposure tempered gains. Here, our position in a pulp and paper company and an overweight allocation to the containers and packaging industry helped.
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.