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Strategy

Investment Objective

To increase the value of its shares, over the long term, through growth in the value of its investments. The fund invests mainly in a diversified portfolio of stocks from large capitalization companies in the United States.

Investment Approach

  • Carefully constructed portfolio of the portfolio manager’s highest conviction investment ideas supported by our deep pool of U.S. equity analysts.
  • Core style targeting attractive opportunities across the investable universe irrespective of growth or value style
  • Investment process that:~~leverages the stock selection capabilities of our global research team;^^~~emphasizes fundamental bottom-up stock selection;^^~~is combined with an in-depth valuation assessment;^^~~has rigorous portfolio construction.^^
  • Active risk management process integrated throughout our analysis
  • Focused Large-Cap approach with stock selection the primary source of value added
  • High conviction portfolio takes meaningful bets based on rigorous proprietary research.
  • Environmental, social, and governance (“ESG”) factors with particular focus on those considered most likely to have a material impact on the performance of the holdings or potential holdings in the fund’s portfolio are assessed. These ESG factors, which are incorporated into the investment process alongside financials, valuation, macro-economics and other factors, are components of the investment decision. Consequently, ESG factors are not the sole driver of an investment decision but are instead one of several important inputs considered during investment analysis.

Past performance is not a reliable indicator of future performance.

Annualised Performance

Current Year Performance

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31-May-2025 - Shawn Driscoll, Portfolio Manager

Major U.S. stock indexes advanced in May, bolstered by the news that the US and China agreed to a 90-day reduction in reciprocal and retaliatory tariffs as they work toward a broader trade agreement. Investors were also encouraged by news that the US and European Union agreed to hold accelerated talks in the hopes of reaching a trade deal by 9 July. This followed a threat from President Donald Trump to place a 50% tariff on European imports starting 1 June because US trade discussions with the EU were “going nowhere.” Within the portfolio, the consumer discretionary sector detracted the most from relative performance due to negative stock selection, driven by our position in an auto parts retailer. Communication services was the second-largest detractor owing to adverse stock selection, particularly our positioning in a dominant social media platform company. Conversely, financials contributed the most to relative returns due to positive stock selection, led by our holdings in a leading US investment bank. Energy stocks added value owing to favourable selection, but an overweight to the sector, which lagged the benchmark return, tempered its impact.

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Fees

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GIPS® Information

T. Rowe Price (“TRP”) claims compliance with the Global Investment Performance Standards (GIPS®).

A complete list and description of the Firm's composites and/or a presentation that adheres to the GIPS® standards are available upon request. Additional information regarding the firm's policies and procedures for calculating and reporting performance results is available upon request

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