US Smaller Companies Equity Fund*

A fund seeking attractive companies from across the full US smaller companies universe.

At a glance:

Strategy inception date
31 July 2001

Indicative benchmark

Russell 2500 Index Net 30% withholding tax

Please note that this is the indicative benchmark of the Fund. It is not a formal benchmark but is shown for comparison purposes.


Curt Organt
Portfolio Manager
Why T. Rowe Price US Smaller Companies Equity Equity Fund?
Our US Smaller Companies Equity Fund invests in a well-diversified portfolio of attractively valued, out-of-favour companies with strong potential for improvement, or companies that may appear fully valued, but whose long-term growth potential is under appreciated. It’s designed to give consistent access to growth and value opportunities in up-and-coming US industries and companies.
1 Blend of compelling growth and value opportunities

We maintain a blend of value and growth stocks, opportunistically purchasing emerging growth stocks when our research leads us to believe a company’s true growth potential is not fully appreciated by others in the marketplace and purchasing value and core stocks with a near-term catalyst to improve fundamentals, company earnings, or valuation. This approach enables us to selectively take advantage of valuation anomalies created by extreme swings in investor sentiment while delivering a more consistent pattern of performance to our clients.

1. Attractive business model
2. Sound or improving financial characteristics
3. Potential for catalyst
4. Reasonable valuation
5. Quality, shareholder-oriented management teams

2 Highly diversified portfolio
We maintain a portfolio of 150-250 positions, with market-like risk exposures and sector weightings to help limit industry risk and volatility. We will invest across the growth and value universe in response to changing market conditions and as the opportunity set evolves.
3 Long-term investment orientation

We are patient investors whose discussions with company managements emphasise long-term business strategy as opposed to near-term operating results.

Portfolio turnover is therefore relatively low, which allows for the compounding of earnings growth and lower portfolio trading costs.

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 widely diversified portfolio of stocks from smaller capitalisation companies in the United States.
We want to own companies with strong business models and catalysts not fully appreciated by the market. We also pay a lot of attention to the quality of management, as good decisions around things like strategic direction and capital allocation greatly improves our odds of success over time.
Curt Organt / Portfolio Manager
Diversified exposure to US smaller companies across the growth and value spectrum
Highly-diversified portfolio
  • 150-250 holdings
  • Sector weights driven by stock selection
  • Stocks < US$12bn market cap
Growth and value opportunities
  • Flexible style bias, tilted in response to changing conditions
Leading companies
  • Diversified portfolio of innovative businesses with potential for growth and attractive valuations

Key Risks – The following risks are materially relevant to the fund (refer to prospectus for further details):

Small and mid-cap risk – Stocks of small and mid-size companies can be more volatile than stocks of larger companies.

Volatility risk – the performance of the strategy has a risk of high volatility.

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*T. Rowe Price Funds SICAV – US Smaller Companies Equity Fund

Full details of the objectives, investment policies and risks are located in the prospectus which is available with the key investor information documents in English, together with the articles of incorporation and the annual and semi-annual reports (together “Fund Documents”). Any decision to invest should be made on the basis of the Fund Documents which are available free of charge from the local representative, local information/paying agent or from authorised distributors and via the link titled “See all SICAV fund data” available in the resources section above.

Past performance is not a reliable indicator of future performance.

The Morningstar Rating is shown for the USD I share class as at 30 June 2020. The Morningstar Rating is updated on a monthly basis. For the latest ratings information please visit the Morningstar website.

©2020 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For further information on ratings methodology please visit

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All figures are as at 30 June 2020 unless stated otherwise.

1 Total US Equity Assets: US$ 806 billion. As of 30 June 2020. US Equity AUM includes assets managed by T. Rowe Price Associates, Inc. and its investment advisory affiliates.

2 T. Rowe Price Funds SICAV – US Large Cap Growth Equity Fund.
3 T. Rowe Price Funds SICAV – US Blue Chip Equity Fund.
4 T. Rowe Price Funds SICAV – US Equity Fund.
5 T. Rowe Price Funds SICAV – US Large Cap Value Equity Fund.
6 T. Rowe Price Funds SICAV – US Smaller Companies Equity Fund