Investment Approach

• Utilize a bottom-up approach to identify mid-cap companies that are inefficiently priced.
• Focus on companies with established franchises, strong market position, seasoned management team, healthy financial position, room for improved financial performance, and hidden assets.
• Leverage T. Rowe Price’s proprietary fundamental research to evaluate investment risks and opportunities.
• Determine valuation – both on an absolute basis and relative to peers and company history.
• Ensure that each investment’s potential rewards outweigh risks.
• Employ a patient, long-term approach to fully exploit valuation anomalies.