T. Rowe Price Group, Inc. · NASDAQ:TROW
T. Rowe Price — Investor Presentation (April 2024)
21 slides from T. Rowe Price's investor presentation, April 2024
Slide 1: US Structured Research Equity Strategy
Join the conversation: LinkedIn: @TRowePriceUK #USEquities US Structured Research Equity Strategy Alexa Gagliardi, CFA Portfolio Manager April 2024 FOR INVESTMENT PROFESSIONALS ONLY. NOT FOR FURTHER DISTRIBUTION.
Slide 2: Investment Ideas in US Equities: US Structured Research
Investment Ideas in US Equities: US Structured Research Alexa Gagliardi Portfolio Manager T. R O W E P R I C E 2
Slide 3: Risks
Risks Equity General Portfolio Risks ▪ Capital risk – the value of your investment will vary and is not guaranteed. It will be affected by changes in the exchange rate between the base currency of the portfolio and the currency in which you subscribed, if different. ▪ ESG and Sustainability risk – m
Slide 4: Long History of Strong Risk-Adjusted Returns
Long History of Strong Risk-Adjusted Returns Since its inception nearly 25 years ago, strong bottom-up security selection combined with sound risk oversight and portfolio construction principles, has allowed our US Structured Research Strategy to deliver clients with consistently strong risk-adjuste
Slide 5: What is US Structured Research Equity?
What is US Structured Research Equity? US Structured Seeks to add value via Portfolio weighting Limited key man risk with stock selection with decisions are made by ~30 participating analysts Research Equity benchmark-like volatility sector/industry experts and oversight team and characteristics is
Slide 6: How is it implemented?
How is it implemented? Analyst sub-portfolios Allocate capital to analysts Analysts have autonomy Portfolio construction rules in proportion to their to determine relative facilitate risk management with risk management respective coverage in the security weights and process, controlling active rele
Slide 7: T. Rowe Price Associates Equity Research Team
T. Rowe Price Associates Equity Research Team BAL Baltimore DC Washington DC HKG Hong Kong LON London MEL Melbourne NYC New York SFO San Francisco SHA Shanghai SGP Singapore SYD Sydney TOK Tokyo As of 31 December 2023 HEADS OF EQUITY* FINANCIAL SERVICES CONSUMER/RETAIL INDUSTRIALS NATURAL RESOURCES
Slide 8: Portfolio example for an energy analyst
Portfolio example for an energy analyst As of 31 March 2024 Priyal Maniar % of US Structured Research Equity Representative Portfolio % of US Structured Analyst Sector Analyst Allocation Research Equity % of Active Weight % of % of Active Weight Representative S&P 500 (Total Analyst S&P 500 (Analyst
Slide 9: Portfolio Oversight Team
US Structured Research Portfolio Oversight Team As of 31 March 2024 US Directors of Equity Research Dedicated Strategy PM Portfolio Specialists Ann Holcomb, CFA Jason Nogueira, CFA Jason Polun, CFA Alexa Gagliardi, CFA Tamzin Manning Eric Papesh, CFA Director of Equity Director of Equity Director of
Slide 10: Market-like Exposures to Key Risk Factors
Market-like Exposures to Key Risk Factors As of 31 March 2024 Sectors Industries Styles1 Financials U.S. Dividend Yield Software U.S. Liquidity Health Care Financial Services U.S. Management Quality Information Technology Wireless U.S. Earnings Yield Telecommunication… U.S. Long-Term Reversal Energy
Slide 11: Performance—US Structured Research Equity Composite
Performance—US Structured Research Equity Composite Periods Ended 31 March 2024 Figures are Calculated in U.S. Dollars Annualised Three One Three Five Ten Fifteen Months Year Years Years Years Years US Structured Research Equity Composite 11.72% 34.47% 13.07% 16.44% 14.14% 16.49% (Gross of Fees) US
Slide 12: Security Selection Consistent Source of Added Value
Security Selection Consistent Source of Added Value 10 Years Ended 31 March 2024 Sector Attribution Analysis (USD) Total 5.0 Information Technology Total Value Added Financials 4.0 Sector Allocation Communication Services Stock Selection Health Care 3.0 Utilities 2.0 Materials Stock Selection Effect
Slide 13: Strong Returns Across a Wide Range of Markets
Strong Returns Across a Wide Range of Markets As of 31 March 2024 Growth-Market Excess Returns(Net of Fees)1 Value-Market Excess Returns(Net of Fees)1 10.0 10.0 8.0 81% 8.0 84% Hit rate Hit rate 6.0 6.0 +1.2% +0.8% Average excess 4.0 Average excess return return 4.0 2.0 2.0 0.0 0.0 -2.0 -2.0 -4.0 20
Slide 14: Strong Returns Across a Wide Range of Markets
Strong Returns Across a Wide Range of Markets As at 31 March 2024 Down-Market Excess Returns(Net of Fees)1 Up-Market Excess Returns(Net of Fees)1 10.0 10.0 8.0 84% 8.0 76% Hit rate Hit rate 6.0 6.0 +1.2% +0.9% Average excess return 4.0 Average excess return 4.0 2.0 2.0 0.0 0.0 -2.0 -2.0 -4.0 2000 20
Slide 15: SRS Advantage vs. Passive—The Power of Compounding Alpha
SRS Advantage vs. Passive—The Power of Compounding Alpha 31 May 1999 (Since Inception) Through 31 December 2023 Annualised Return (%) 4.0 US Structured Research Equity Composite (Net of Fees) 8.57 Hypothetical Account Value 3.5 eVestment US Large Cap Core Equity Peer Group Average 8.25 (USD, in bill
Slide 16: ESG Considerations Specific to US Structured Research Equity Fund
ESG Considerations Specific to US Structured Research Equity Fund An Integrated Approach to ESG Application of Proprietary Exclusion List Category Exclusion Policies Firmwide Responsible Human rights violations Exclusion3 Integrated Collaborative Material Controversial weapons1 We ascribe responsibi
Slide 17: US Structured Research Equity Franchise—Summary Characteristics
US Structured Research Equity Franchise— Summary Characteristics As of 31 December 2023 US Structured Extended US Structured Global Structured International Structured Strategy Research Equity Strategy Research Equity Strategy1 Research Equity Strategy Research Equity Strategy MSCI All Country World
Slide 18: Participating Investment Analysts
⚫ Baltimore Associate ◼ San Francisco Associate Participating Investment Analysts ▲ New York Associate ◆ Washington DC Associate As of 31 December 2023 ⚫ Jason Adams ◼ Kate Jackson-Hobbs, CFA ◆ Gregory Locraft ⚫ Dhiren Shah, CFA Industrials Healthcare Financial Services Industrials ▪ 8 years investm
Slide 19: GIPS Composite Report
GIPS® Composite Report Period Ended 31 December 2023 Figures Shown in U.S. Dollar US Structured Research Equity Composite 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Gross Annual Returns (%) 12.96 3.58 10.90 24.38 -3.94 33.14 20.68 28.51 -18.40 30.33 Net Annual Returns (%)1 11.46 2.19 9.43 22.
Slide 20: Additional Disclosures
Additional Disclosures The representative portfolio is an account in the composite we believe most closely reflects current portfolio management style for the strategy. Performance is not a consideration in the selection of the representative portfolio. The characteristics of the representative port
Slide 21: Important Information
Important Information This material is being furnished for general informational and/or marketing purposes only. The material does not constitute or undertake to give advice of any nature, including fiduciary investment advice, nor is it intended to serve as the primary basis for an investment decis
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