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T ROWE PRICE US SMALLER COMPANIES EQUITY Q GBP

T ROWE PRICE US SMALLER COMPANIES EQUITY Q GBP - Overview

Overview of T ROWE PRICE US SMALLER COMPANIES EQUITY Q GBP Buy in ISA Buy in Investment Account

This fund aims 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 widely diversified portfolio of smaller capitalisation companies(up to $9bn market cap) listed in the United States. The portfolio is diversified across more than 200 holdings and is a blend of both value and growth styles.

  • Standard Initial Charge 0.00%
  • Initial charge via Bestinvest 0.00%

Fund summary

Sector North American Smaller Cos
Structure OFFSHORE FUND
Launched January, 2013
Size £795m
Yield 0.0%
Charging basis Income
Dividends paid Acc units only

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.95%
Ongoing charges figure 1.11%

Risks

Before investing make sure you have understood the risks relevant to the fund by reviewing our Risk Warnings section. Further information on the risks are contained in the fund's Key Investor Information Document, which we make available to you before you make a decision to invest, alternatively it is available on request.

Bestinvest view

T Rowe Price has run funds investing in US smaller companies since the 1960s and now manages more than US$100 billion in US small and mid caps. Its long history and large size means it has unrivalled access to companies’ senior management. The T Rowe Price US Smaller Companies Equity fund has a more diverse 200-300 stock portfolio rather than a high risk focused portfolio - the approach is “broad brush” rather than “shot gun”. The fund’s holdings are often taken over by larger rivals, often at significant premia to the prevailing share price, giving an added fillip to its performance.

Portfolio

Allocation Proportion(%)
Equity 97
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 3
Allocation Proportion(%)
UK 0
Europe 0
North America 100
Japan 0
Pacific 0
Emerging Markets 0
Allocation Proportion(%)
Large Caps 1
Mid Caps 59
Small Caps 40
View all performance data for this fund

Investment process

T Rowe Price is Baltimore based and has a team of 140 equity analysts, 40 of whom are focused on smaller companies. The team meets more than 1,000 companies each year. Smaller companies are much less well covered by other stock market professionals which means having a large, experienced in-house team of analysts is a distinct advantage. Companies must have market values between $100m to $9bn which gives them a pool of 2,500 stocks from which to build a portfolio of around 200 holdings. Sector weights are set by bottom–up stock selection though with an eye on keeping a broad sector diversification to limit risk/volatility. Both growth and value stocks are chosen. Position size is set by their confidence in the investment thesis and the quality of the company's business model. The risks of investing in small companies are somewhat offset by holding several companies in any given sector - for example in biotechnology where each company is reliant on the success (or otherwise) of a single drug, the manager will take positions in several such companies.

Live feed

Bid price(inc) 2,180.00p
Accum units 2,180.00p
Fund commentary 09/11/15
Fund data updated on 18/08/17

Asset allocation

Allocation Proportion(%)
Equity 97
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 3

Equity Geographic

Allocation Proportion(%)
UK 0
Europe 0
North America 100
Japan 0
Pacific 0
Emerging Markets 0

Equity Capitalisation

Allocation Propor
tion(%)
Large Caps 1
Mid Caps 59
Small Caps 40

Top 10 holdings

As at 30/09/15
1.64% Multi-Color Corp
1.58% SS&C Technologies Holdings Inc
1.51% Vantiv Inc
1.46% Iron Mountain Inc
1.44% VeriSign Inc
1.38% Tile Shop Holdings Inc
1.29% Xerium Technologies Inc
1.27% Berry Plastics Group Inc
1.16% PNM Resources Inc
1.1% Incyte Corp
Source:T Rowe Price

Sector breakdown

Portfolio details

As at 30/09/15: 207 holdings; forecast earnings growth rate 12%; forward PE 20x.

Constraints

200-300 holdings. Market cap range $100m to $9bn.
The portfolio usually has very little commonality with the benchmark and so performance can be expected to differ markedly on occasions.

Average monthly relative returns Bestinvest MRI
12/13 13/14 14/15 15/16 16/17   3 years 5 years Career 3 years 5 years Career
  0.41%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Ryan Burgess

Manager. Burgess is a portfolio manager in T Rowe Price’s US Equity Division.

Track record

The track record of Ryan Burgess in managing mutual funds in this sector is still too short for us to draw any meaningful conclusions and so our assessment is based largely on qualitative aspects.

Periods of worst performance
Absolute -1% (February 2017 - May 2017)
Relative -3% (October 2016 - December 2016)

Other funds managed

Sector record since October 2016 (1 yr)




About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

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