T. Rowe Price QM U.S. Value Equity Fund - I Class (TQVIX)
Ticker Symbol:
TQVIX
Fund Status:
Open to new Retail investors  /  Open to subsequent Retail investments
Minimum initial investment $1,000,000, certain exceptions may apply.
Minimum waived for I Classes offered through Workplace Retirement plans.
Fund Management
Fund Manager
  • Farris G. Shuggi, CFA
  • Managed Fund Since: 02/26/2016
  • Joined Firm On 07/15/2008*
  • B.S., University of Maryland Baltimore County; M.A., University of Maryland Baltimore County; M.S., Washington University

* Firm refers to T. Rowe Price Associates and Affiliates
Quarterly Commentaries
as of

U.S. equities rallied through late June, in part, because of central bank stimulus measures in Japan and Europe and the U.S. Federal Reserve's decision to delay additional interest rate increases. Near the end of June, global equities plunged in response to a referendum in which UK citizens voted in favor of leaving the European Union. As our reporting period ended, however, world markets rebounded amid hopes for new stimulus measures from central banks in the UK and elsewhere.

The QM U.S. Value Equity Fund - I Class returned 3.10% in the quarter compared with 4.58% for the Russell 1000 Value Index. The Since Inception (02/26/2016) total return was 9.60% as of June 30, 2016. The fund's expense ratio was 0.71% as of the most recent Prospectus.
For up-to-date standardized total returns, including the most recent month-end performance, please click on the Performance tab, above.
Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when you sell your shares.

Benchmark Definitions

We favor stocks that appear inexpensively valued relative to their respective industries and the overall equity universe. We try to avoid value traps, as well as distressed firms with high leverage that may appear to be artificially cheap. We seek companies with high-quality characteristics, which include a high return on capital employed, good earnings quality, and stability of earnings. Sector neutrality versus the Russell benchmark can help us avoid risks due to large moves in any individual sector. However, we may take larger positions in sectors where we see attractive value stocks relative to the other T. Rowe Price QM funds.

In the U.S., the direct implications of the UK's decision to leave the EU appear to be minor, but there seems to be a consensus that this will cause global economic growth-especially in the UK and continental Europe-to decelerate. One positive side effect of all these developments is a reduced likelihood of interest rate increases this year by the Federal Reserve. Continued low interest rates are likely to provide a boost to the housing market and consumer demand. The stubborn low-growth environment around the world is likely to further delay Fed rate hikes. Overseas, other central banks are expected to take all necessary measures to lessen the impact of any potential slowdown due to events in the UK.

See Glossary for additional details on all data elements.