Investment objective & strategy
As of Feb. 25, 2026 · prospectusObjective. The fund seeks to provide long-term capital appreciation by investing in common stocks believed to be undervalued. Income is a secondary objective.
Strategy. The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in securities of companies with value characteristics. The fund considers a company to have value characteristics if the companys securities are represented in an appropriate third-party value-oriented index. Any derivatives that provide exposure to the investment focus suggested by the funds name, or to one or more market risk factors associated with the investment focus suggested by the funds name, are counted (as applicable) toward compliance with the funds 80% investment policy. The fund may purchase stocks issued by companies of any size, but typically focuses its investments on large-cap stocks. In taking a value approach to investment selection, the adviser seeks to … The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in securities of companies with value characteristics. The fund considers a company to have value characteristics if the companys securities are represented in an appropriate third-party value-oriented index. Any derivatives that provide exposure to the investment focus suggested by the funds name, or to one or more market risk factors associated with the investment focus suggested by the funds name, are counted (as applicable) toward compliance with the funds 80% investment policy. The fund may purchase stocks issued by companies of any size, but typically focuses its investments on large-cap stocks. In taking a value approach to investment selection, the adviser seeks to identify companies that appear to be undervalued by various measures, and may be temporarily out of favor, but have good prospects for capital appreciation. In selecting investments, the adviser generally looks for one or more of the following: ? low price/earnings, price/book value, price/sales, or price/cash flow ratios relative to the broader equity market, a companys peers, or a companys own historical norm; ? low stock price relative to a companys underlying asset values or intrinsic value; ? companies that may benefit from restructuring activity; and/or ? a sound balance sheet and other positive financial characteristics. At times, the fund may have a significant portion of its assets invested in the same economic sector.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| JPMORGAN CHASE and CO | — | $1.04B | 3.25% |
| KEYSIGHT TECHNOLOGIES INC | — | $1.01B | 3.16% |
| BERKSHIRE HATH-B | — | $918.88M | 2.88% |
| DEERE & CO | — | $830.77M | 2.61% |
| CONOCOPHILLIPS | — | $752.19M | 2.36% |
| ALPHABET INC CL A | — | $674.28M | 2.12% |
| WESTINGHOUSE AIR BRAKE TECH CORP | — | $630.39M | 1.98% |
| GILEAD SCIENCES INC | — | $575.19M | 1.80% |
| PROCTER & GAMBLE | — | $572.28M | 1.80% |
| CHEVRON CORP | — | $570.76M | 1.79% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| SFT T. Rowe Price Value Fund | 99% | 0.99% |
| JNL/T. Rowe Price Value Fund | 99% | 0.57% |
| iShares Russell Top 200 Value ETF · IWX | 45% | 0.20% |
Advisers
| Firm | Role |
|---|---|
| T. Rowe Price Associates, Inc. | Adviser |
Footnotes
- Expense ratio as of February 25, 2026, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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