(PUB) Morningstar FundInvestor
April 2 014
Morningstar FundInvestor
23
Data through March 31, 2014 T. Rowe Price Value
Ticker
Status Yield Total Assets
Mstar Category
TRVLX Open
1.1% $18,930 mil
Large Value
Morningstar Analyst Rating 03-11-14
Investment Style Equity Stock %
Historical Profile Return Risk Rating High Above Avg Highest
95% 92% 94% 94% 97% 96% 98% 98%
´
Manager Change Partial Manager Change
14.0 18.0 22.0 26.8
Morningstar Pillars Process Performance
Growth of $10,000
Positive Positive Positive Positive Positive
∞ ∞ ∞ ∞ ∞
Investment Values of Fund Investment Values of S&P 500
People Parent Price
10.0
Performance Quartile (within Category) History
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 03-14
Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ˇ ¨
20.01 30.00 1.32 -0.03 1.29 28.71
22.90 15.36 4.48 -1.13 0.90 14.46
23.38 6.30 1.39 -0.75 1.09 5.21
27.05 19.75 3.96 -2.50 1.15 18.60
25.87
15.15
20.48 37.15 10.69 17.46
23.34 15.96
22.54 -2.00 -4.11 -2.39 1.37 -3.37
26.38 19.46
33.77 37.31
35.00
NAV
-39.76 0.75
3.64 1.83 0.62 0.00 3.64 0.00 0.00 8
Total Return %
-4.74 0.92 1.66
-2.76 -2.91 1.01
0.90 0.45 1.95
3.46 1.95 1.95
4.92 4.78 1.55
+/-S&P 500
+/-Russ 1000 Vl Income Return % Capital Return %
1.98
-40.77 -0.91
35.17
14.01
17.51
35.76
33
21
41
29
58
72
7
20
58
6
8
Total Rtn % Rank Cat
Pillar Spectrum Positive ∞
0.20 0.01 0.97 1.06
0.18 0.00 0.93 1.10
0.25 0.72 0.90 1.14
0.27 0.68 0.87 1.27
0.45 0.92 0.84 1.69
0.26 0.16 0.89 1.60
0.30 0.00 0.89 1.72
0.40 0.00 0.85 2.06
0.32 0.00 0.85 1.49
0.44 0.10 0.85 1.67
0.41 1.95 0.84 1.31
Income $
§ Negative
¶ Neutral
Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil
. . .
Performance 03-31-14 1st Qtr 2nd Qtr
3rd Qtr
4th Qtr
Total
19 . .
10
19
20
20
30
53
56
44
2009 2010 2011 2012 2013
-11.55 24.18 19.29 4.68 37.15 6.20 -11.49 10.49 11.66 15.96 6.98 -1.28 -17.48 12.45 -2.00 12.33 -4.27 8.13 2.73 19.46 12.96 4.16 5.54 10.57 37.31
1,480
2,463
3,279
5,293
6,611
5,094
18,523 17,815 13,319 11,297 11,471 8,458
Portfolio Analysis 12-31-13 Share change since 09-13 Total Stocks:119 Sector
Rating and Risk Time Load-Adj
PE Tot Ret% % Assets
Morningstar
Morningstar Risk vs Cat
Morningstar Risk-Adj Rating
Period Return % Rtn vs Cat
Pfizer Inc
Hlth care 21.4 5.68 3.53 Finan Svs 13.1 -2.19 3.05 Hlth care 38.6 13.87 2.68 Cnsmr Def 21.1 -2.64 2.22 Hlth care 35.6 11.85 2.22 Hlth care 20.4 7.97 2.12 Finan Svs 17.4 -5.52 1.94 Finan Svs 13.7 1.83 1.81 Energy 13.0 0.41 2.28 Industrl 17.3 -8.35 2.03
1 Yr 3 Yr 5 Yr
25.98 15.91 24.54
Trailing
Total
+/-
+/- Russ %Rank Growth of
JPMorgan Chase & Co
Return% S&P 500 1000 Vl
Cat
$10,000
High High High
+Avg +Avg +Avg
Merck & Co Inc
3 Mo 6 Mo 1 Yr
3.64 1.83 14.59 2.08 25.98 4.12 15.91 1.25 24.54 3.38 8.80 1.38 7.97 3.51
0.62 1.26 4.41 1.11 2.79 1.22 1.63
8 10,364 5 11,459 6 12,598 4 15,573 3 29,960 7 23,243 11 31,590
Phillips 66
10 Yr Incept
8.80
Procter & Gamble Co Thermo Fisher Scientific Johnson & Johnson General Electric Co
11.54
3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg
Other Measures
Standard Index
Best Fit Index Russ 1000 Vl
S&P 500
MetLife Inc U.S. Bancorp
Alpha
-0.3 1.12
0.2
Beta
1.06
Boeing Co
Industrl
21.1 -5.01 1.77
R-Squared
96
98
Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat 3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated) 14.67 7 1.07 73 23.46 4 0.87 72 7.90 5 0.82 48 Potential Capital Gain Exposure: 32% of assets
Weyerhaeuser Co
Basic Mat 30.9 -6.34 1.72
Standard Deviation
14.15 15.91
Valero Energy Corporatio Honeywell International,
Energy Industrl
9.7 -4.31 1.72 19.2 3.85 1.71
Mean
Citigroup Inc
Finan Svs 11.8 -6.66 1.58 Cnsmr Cyc 19.1 0.43 1.58
Sharpe Ratio
1.11
International Paper Co. American Airlines Group
Industrl Utilities Industrl Utilities
46.26 1.55 11.14 1.53
. .
Morningstar’s Take by Katie Rushkewicz Reichart, CFA 03-11-14 T. Rowe Price Value has demonstrated its edge. When Mark Finn took over this fund in early 2010,
NRG Energy Inc
United Technologies Corp
18.8 3.35 1.49 36.0 -5.58 1.46
Micron Technology MU. Finn made a good call in underweighting the energy sector, based on his concerns that an oversupply of oil would drive down prices. However, the fund’s success is not predicated on top-down calls. Indeed, Morningstar attribution indicates stock-picking has been particularly strong within the sector as Finn has bet on refiners such as Phillips 66 PSX and Valero VLO. The fund has landed in the category’s top decile on Finn’s watch. Granted, he hasn’t yet been tested in a prolonged market downturn (the fund did slightly worse than average in 2011’s downdraft resulting from a few struggling stock picks). Even so, in typical T. Rowe fashion, the fund is broadly diversified across sectors and names, with an above-average health-care stake providing ballast. The fund’s reasonable expenses also give it an enduring edge. On these merits, the fund now earns a Morningstar Analyst Rating of Bronze.
AES Corp
Current Investment Style
Sector Weightings
% of Stocks
Rel S&P 500 High
3 Year Low
caution was in order given it was his first time managing money. True, he had been at T. Rowe in various roles for 20 years, most recently as an analyst. He also had access to T. Rowe’s broader analyst team and benefited from a lengthy transition period with the outgoing manager. However, it was hard to give the fund a strong endorsement out of the gate given his lack of management experience. Finn has settled in nicely during the past four years, skillfully executing his relative-value process and producing peer- and benchmark-beating results. His willingness to add to out-of-favor stocks facing controversy, as he did with JPMorgan JPM during the London Whale trading scandal, has paid off (he trimmed the position in 2013). Out-of-benchmark picks, including Moody’s MCO (since sold), have worked out well. He’s also done a good job picking out the winners in industries undergoing structural changes, working closely with T. Rowe’s analysts on such picks as
Market Cap % Giant 37.2 Large 43.6 Mid 19.0 Small 0.2 Micro 0.0 Avg $mil: 42,130
Value Blnd Growth
Large Mid Small
Cyclical 35.75 1.24 BasicMat 5.35 1.75 7 3 CnsmrCyc 8.10 0.94 10 6 FinanSvs 22.30 1.42 24 20 Real Est 0.00 0.00 1 0 Sensitive 30.29 0.69 CommSrvs 2.24 0.56 7 2 Energy 9.73 0.91 16 9 Industrl 10.94 0.96 11 8 Technlgy 7.38 0.42 11 6 Defensive33.95 1.23 CnsmrDef 7.51 0.62 8 4 Hlthcare 19.04 1.61 20 11 Utilities 7.40 2.05 8 5
h r t y u j i o p a k s d f
Value Measures Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield % Long-Term Erngs Book Value Sales Cash Flow Historical Erngs Growth Measures
Rel Category
14.23 1.88 1.17 7.26 2.19 9.42 3.31 4.15 2.16 -5.24
1.08 1.11 1.01 1.20 0.80 1.07 0.64 2.79 0.39 NMF
% Rel Category
Composition - Net
Cash 1.9 Stocks 98.0 Bonds 0.1 Other 0.0 Foreign 6.1
Address:
100 East Pratt Street Baltimore, MD 21202 800-638-5660 www.troweprice.com
Minimum Purchase: Min Auto Inv Plan:
$2500 $2500
Add: $100 IRA: $1000
Add: $100
Profitability
% Rel Category
Sales Fees:
No-load
Return on Equity Return on Assets Net Margin
14.38 5.11 11.53
0.88 0.85 0.97
Web Address: Inception: Advisor: Subadvisor: NTF Plans:
Management Fee:
0.35%, 0.15%A
(% of Stock)
09-30-94
Actual Fees:
Mgt:0.65% Dist: .
T. Rowe Price Associates, Inc.
Expense Projections: Income Distribution:
3Yr:$271 Annually
5Yr:$471 10Yr:$1049
None
N/A
Mutual Funds ß ®
© 2014Morningstar, Inc.All rights reserved. The information herein isnot representedorwarranted to be accurate, correct, complete or timely. Pastperformance isnoguarantee of future results.Access updated reports at To order reprints, call 312-696-6100. mfb.morningstar.com.
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