U.S. Impact SMA | T. Rowe Price

Investment Objective

The strategy aims to have a positive impact on the environment and society by investing primarily in U.S. investments, where the companies’ current or future business activities are expected to generate measurable, positive impact whilst at the same time seeking to increase the value of its shares by compounding growth in the value of its investments over a full market cycle.

Past performance cannot guarantee future results. All investments are subject to risks, including possible loss of principal.

1 Net annual returns reflect the deduction of a 3.00% annual wrap fee which is the maximum anticipated wrap fee deducted from the “pure” gross composite returns. Actual fees may vary. “Pure” gross returns are presented before the deduction of expenses and all other fees, but may include transaction costs. Returns include reinvestment of dividends and capital gains.

Your account returns may differ from the composite returns shown due to various reasons that may include, but are not limited to, differences in timing of trades, rounding of shares, timing of cash flows and/or any client-imposed restrictions or customizations.

See the GIPS® Composite Report located in the Fact Sheet for additional information.

Past performance cannot guarantee future results. All investments are subject to risks, including possible loss of principal.

See the GIPS® Composite Report located in the Fact Sheet for additional information.

Team

Investment Objective

Strategy Summary Features

Dual Mandate: Our dual mandate simultaneously seeks both benchmark outperformance and positive environmental and social impact by investing in durable, growing businesses with measurable impact criteria. Pursuing positive impact from our investments drives every investment decision, which we assess across three pillars: 1) climate and resource impact 2) social equity and quality of life 3) sustainable innovation and productivity. Our impact pillars align to the UN Sustainable Development Goals (UNSDGs), a globally recognized framework designed to end poverty, protect the planet, and ensure prosperity.
Dynamic Global Approach: We apply an active, high conviction and forward-looking perspective to our stock choices, to analyze impact and future financial returns for our clients over a long-term horizon. Our robust global investment framework proactively identifies impact candidates across regions and actively excludes non-impact areas of the global economy. Our research resources allow us to actively engage with companies globally to improve ESG disclosures and foster long-term, sustainable success. Our approach produces a holistic view of companies and embodies the different perspectives necessary to pursue future impact and better investment outcomes.
Integrated Fundamental Research and Specialist ESG Resources: We are committed to using our long heritage of deep fundamental research and position of responsibility to understand and identify positive change for our clients. Our dedicated ESG specialists, proprietary Responsible Investing Indicator Model (RIIM) and bottom-up impact analysis help define our impact universe as we systemically vet candidates for impact factors that matter most – both impact today and future impact potential. Our fundamental research platform provides the breadth of resources necessary to build a differentiated and diverse global impact portfolio, capable of weathering traditional and sustainability risks.

Investment Approach

The strategy is aligned to the UN Sustainable Development Goals (UN SDGs), a globally recognized framework designed to end poverty, protect the planet, and ensure prosperity
Pursuing positive impact drives every investment decision, which we assess across three pillars: 1) climate and resource impact; 2) social equity and quality of life; 3) sustainable innovation and productivity.
The strategy applies a high-conviction, impact-oriented approach designed to create a portfolio that is diversified and optimally balances risks and opportunities.
Strategy uses an opportunity set across all sectors and market capitalizations, while actively excluding non-impact areas of the global economy, to find stocks with clear impact and financial return markers
Leverages integrated fundamental research and ESG resources to systematically and proactively evaluate the quality and long-term sustainability of investment candidates

Past performance cannot guarantee future results. All investments are subject to risks, including possible loss of principal.

¹ Net annual returns reflect the deduction of a 3.00% annual wrap fee which is the maximum anticipated wrap fee deducted from the “pure” gross composite returns. Actual fees may vary. “Pure” gross returns are presented before the deduction of expenses and all other fees, but may include transaction costs. Returns include reinvestment of dividends and capital gains.

See the GIPS® Composite Report located in the Fact Sheet for additional information.

Past performance cannot guarantee future results. All investments are subject to risks, including possible loss of principal.

See the GIPS® Composite Report located in the Fact Sheet for additional information.

T. Rowe Price uses the current MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting.

Holdings are shown at the issuer/company leveI as of the date indicated and are subject to change.

The total of the values in the second column in the table may not add up to the Top 10% of Total Net Assets quoted in the table due to rounding.

Prior to May 31, 2024, the information shown does not reflect any ETFs that the portfolio may have held.

The representative portfolio is an account in the composite we believe most closely reflects the current portfolio management style for this strategy. Performance is not a consideration in the selection of the representative portfolio. The characteristics of the representative portfolio shown may differ from those of other accounts in the strategy. Please see the GIPS® Disclosure for additional information on the composite.

T. Rowe Price uses the current MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting.

Numbers may not total due to rounding; all numbers are percentages.

Please note that holdings are released 15 days after the period end. From time to time, certain securities held may not be listed. This is done to prevent potential harm to the portfolio while the manager completes a buying or selling program in those securities.

The specific securities identified and described do not represent all of the securities purchased, sold, or recommended for advisory clients, and no assumptions should be made that investments in the securities identified and discussed were or will be profitable.

Prior to May 31, 2024, the information shown does not reflect any ETFs that the portfolio may have held.

Risk Considerations: All investments are subject to risks, including the possible loss of principal. International investments can be riskier than U.S. investments due to the adverse effects of currency exchange rates, differences in market structure and liquidity, as well as specific country, regional, and economic developments. A growth or value approach to investing could cause underperformance as compared to other stock portfolios that employ different investment styles. Growth stocks tend to be more volatile than value stocks and their prices usually fluctuate more dramatically than the overall stock market. The intrinsic value of a stock with value characteristics may not be fully recognized by the market for a long time or a stock judged to be undervalued may actually be appropriately priced at a low level. Fixed income securities are subject to credit risk, liquidity risk, call risk, and interest rate risk. As interest rates rise, bond prices generally fall. The municipal bond portfolios will be highly impacted by events tied to the overall municipal securities markets, which can be very volatile and significantly affected by unfavorable legislative or political developments and adverse changes in the financial conditions of municipal securities issuers and the economy.

Impact investing may not succeed in generating a positive environmental or social impact. A company's ability to affect positive impact or T. Rowe Price's assessment of a company's positive social and environmental impact may change over time, which could cause the portfolio to temporarily hold securities that are not consistent with the portfolio's responsible investment principles.

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Investment Objective

Team

Investment Objective

Strategy Summary Features

Investment Approach

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