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T. Rowe Price US Large Cap Gr Eq Q USD

Analyst Report
Morningstar's Take
|19/09/2019

by Mathieu Caquineau, CFA


T. Rowe Price US Large Cap Growth Equity maintains an edge, earning a Morningstar Analyst Rating of Silver.Manager Taymour Tamaddon has adjusted well to his first diversified charge, which he's run since January 2017. He got up to speed quickly in areas outside his expertise and has demonstrated a thoughtful, well-executed approach that draws on the depth of T. Rowe Price's analyst team to find firms with double-digit earnings potential over the next three years. At around 60 holdings, the strategy is arguably well-positioned to take advantage of the analysts' top ideas, more so than its more diversified large-growth siblings. The strategy is off to a good start. Its 19.8% annualised gain on Tamaddon's watch through August 2019 was well ahead of the Russell 1000 Growth Index's 17.9%. It's encouraging that stock-picking has been strong across the board during his tenure rather than clustered in one or two sectors, indicating that he's using the analyst team well and isn't overly reliant on his previous healthcare experience for success. The strategy has gotten ahead with big bets on Amazon.com and Boeing, and Tamaddon also made good calls on less prominent holdings such as Red Hat and Total System Services, which both spiked following acquisition announcements. Tamaddon has also kept an eye on risk, shielding the strategy in pullbacks. Adding a few defensive names to the portfolio for ballast provided a cushion in the late-2018 market pullback and helped the strategy hold up well versus the Russell 1000 Growth Index, a reversal from its typical behaviour under his predecessor.Performance won't always be perfect. Hanging on to managed-care names has hurt in 2019 as presidential-candidate rhetoric about healthcare policy has taken centre stage well ahead of the 2020 election. An off year isn't overly worrisome, though, especially with the fund up double digits for the year to date through August. Reasonable fees work in investors' favour, and the parent company and analyst team remain topnotch. The strategy has staying power.

Morningstar Analyst Rating™
To find out how Morningstar rates a fund click here.
Portfolio RoleCore.
Morningstar Pillars
PeoplePositive
A new manager shows promise.
ParentPositive
A top asset manager.
ProcessPositive
Geared for growth with an eye on the downside.
PerformanceNeutral
A short but stellar track record.
PricePositive
The fund's reasonable price is a plus.
Morningstar Analyst RatingMorningstar evaluates funds based on five key pillars, which it's analysts believe lead to funds that are most likely to outperform over the long term on a risk-adjusted basis.
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A fim de prover consistência para todos os relatórios fornecidos por diferentes Asset Managers, os data points calculados apresentados são gerados usando uma metodologia de cálculo proprietária da Morningstar, que pode ser conferida com mais detalhes em(https://www.morningstar.com/research/signature)