Important risk disclosure

Please click here and read carefully the summary of the key features and risks specific to this fund stated in the offering document prepared by the relevant fund house before making any investment decision.

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LU2282401921
T. Rowe Price Funds SICAV - US Large Cap Growth Fund

Equities
US
HKD Cash
Accumulating

Invest with

HKD Cash

Payout type

Accumulating

Risk rating

About this fund

Description

The FundÕs objective is to provide superior long-term, risk-adjusted returns relative to the Russell 1000 Growth Net 30% Index by investing primarily in a diversified portfolio of the equity securities of large US companies.

Key information

Annual report

Key fact sheet

Prospectus

Factsheet

Our perspective

Why we think this fund is best-in-class

Product

The fund provides exposure to large cap, high growth companies in the US. It is managed by a team of high calibre portfolio managers with deep investment experience. T. Rowe Price, as a firm, has been managing US large cap growth strategies for more than 60 years.

People

The team of four portfolio managers is led by Taymour Tamaddon, who has been managing this fund since 2017 when his predecessor was tapped to become group CIO. The team is supported by the strong network of T Rowe Price equity analysts and portfolio managers.

Performance

Performance on a risk-adjusted basis has been competitive relative to peers, with strong downside capture and comparable upside capture. We expect the primary driver of performance of this fund to be stock selection.

Process

Follows a clearly defined investment process based on fundamental research and active bottom-up stock selection. The team searches the universe of companies with market cap greater than USD 8 billion to identify candidates with EPS growth higher than 10%. After conducting deep dive analyses on the short-list of companies, the team constructs a portfolio with 60 to 75 holdings, and with weights reflecting the conviction, the ESG profile, and other fundamentals and risk factors of each security.

Cost

Endowus offers retail share class with 100% trailer fee rebated back to Endowus investors to achieve lower cost of access.

How it fits in a portfolio

Investors should bear in mind that the strategy has a strong growth tilt and is focused on the US large cap universe. Given its focus on rapidly growing companies, the fund could lag the Russell 1000 Growth Index when mega cap stocks exhibiting below-average earnings growth dramatically outperform, as the mega-caps tend to have an outsized impact on the index's return.. Given the relatively high-risk and high-return nature of this strategy that rides on a long-term investment horizon, the fund may be best utilised as a satellite allocation to complement a diversified global core portfolio.

Invest in this fund

Performance

Returns

NAV

Shows the total return of this accumulating fund, which includes dividends reinvested.

Total returns

Cumulative

Annualised

All Time

71.91%

YTD

16.19%

1 month

0.45%

6 month

8.52%

1 year

16.19%

3 year

125.54%

As of Dec 2025

Distributions

This is an accumulating fund, so dividends are re-invested at the fund level.

Risk metrics

Max drawdown

-35.57%As of Dec 2025

Volatility

18.46%As of Dec 2025

Calendar returns

Year	Total	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2025	16.2%	3.8%	-5.5%	-8.7%	0.8%	11.4%	6.5%	3.2%	-0.3%	2.8%	4.8%	-2.7%	0.5%
2024	30.4%	4.4%	5.2%	2.2%	-2.8%	2.7%	7.7%	-2.3%	2.8%	0.9%	1.2%	6.6%	-1.1%
2023	48.9%	8.9%	-0.5%	6.4%	2.6%	6.1%	5.4%	3.1%	1.2%	-4.9%	-1.7%	10.1%	4.8%
2022	-35.4%	-11.7%	-2.9%	4.2%	-11.0%	-7.6%	-8.5%	12.8%	-3.1%	-9.2%	3.4%	-1.4%	-5.0%
2021	-	0.0%	1.4%	0.5%	8.2%	-2.6%	5.3%	2.6%	2.1%	-4.1%	3.6%	-0.1%	0.5%

Top Exposures

Holdings

Regions

Sectors

Apple Inc	9.61%
Microsoft Corp	9.52%
NVIDIA Corp	9.17%
Alphabet Inc Class A	7.95%
Broadcom Inc	4.91%
Amazon.com Inc	4.39%
Meta Platforms Inc Class A	4.02%
Mastercard Inc Class A	3.15%
Amphenol Corp Class A	2.81%
Block Inc Class A	2.61%
Visa Inc Class A	2.59%
Intuit Inc	2.50%
ServiceNow Inc	2.42%
Eli Lilly and Co	2.35%
Intuitive Surgical Inc	2.29%

Top exposures represent up to 15 of the fund's largest exposures for each category. Allocation percentages may not sum up to 100% and can include negative values due to rounding or trading activities by the underlying fund managers, including short positions.

Fund fees

1.67%0.85% p.a.

Save 49%

Fund facts

ISIN

LU2282401921

Fund house

T. Rowe Price

Fund size

HK$2.8B

As of 27 Jan 2026

Fund inception date

14 Jan 2021

Fund class currency

HKD

Fund share class

A HKD Acc

Oldest share inception date

31 Jul 2003

Pricing frequency

Daily

Warning statements

All investments involve risks (including the possibility of loss of the capital invested) and the price of fund units may go up as well as down.
Past performance is not indicative of future performance.
Although this fund has been authorised by the Hong Kong Securities and Futures Commission (“SFC”), it does not imply an official recommendation or endorsement by the SFC nor does it guarantee the commercial merits of the fund or its performance.
If you are in any doubt, you should clarify with us or seek independent professional advice.

Risk Warnings Investment involves risk. Past performance is not an indicator nor a guarantee of future performance or returns. Projected performance or returns are not guaranteed to materialise. The value of investments and the income from them can go down as well as up, and you may not get the full amount you invested. Rates of exchange may cause the value of investments to go up or down. Individual stock performance does not represent the return of a fund.

The value of the fund can be volatile and can go down substantially within a short period of time. It is possible that a certain amount or all of your investment could be lost.

Generic risk warnings relating to collective investment schemes

Funds are not a bank deposit and not capital guaranteed, and is subject to investment risks, including the possible loss of the principal amount invested. There is no assurance that a fund will have sufficient liquidity to meet redemption requests and that the fund's investment objectives and strategies will be achieved.

The funds' investment may involve substantial market, currency, volatility, liquidity, regulatory and political risks. Some funds may use derivatives, whether for hedging or for investment purposes. The risks associated with derivatives include counterparty/credit, liquidity, valuation, volatility and market risks. The fund's volatility may increase or decrease from its derivative usage and such fund may suffer losses from its derivative usage. Do not invest in these funds unless you fully understand and are willing to assume the risks associated with them.

Opinions Any forward-looking statements, prediction, projection or forecast on the economy, stock market, bond market or economic trends of the markets contained in this material are subject to market influences and contingent upon matters outside the control of Endowus HK Limited (“Endowus”) and therefore may not be realised in the future. Further, any opinion or estimate is made on a general basis and subject to change without notice. In presenting the information above, none of Endowus HK Limited, its affiliates, directors, employees, representatives or agents have given any consideration to, nor have made any investigation of the objective, financial situation or particular need of any user, reader, any specific person or group of persons. Therefore, no representation is made as to the completeness and adequacy of the information to make an informed decision. You should carefully consider (i) whether any investment views and products/ services are appropriate in view of your investment experience, objectives, financial resources and relevant circumstances. You may also wish to seek financial advice through a financial advisor or the Endowus platform and independent legal, accounting, regulatory or tax advice, as appropriate.

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Product Risk Rating Please note that any product risk rating (the “PRR”) provided by us is an internal rating assigned based on our product risk assessment model, and is for your reference only. The PRR is subject to change from time to time. The PRR does not take into account your individual circumstances, objectives or needs and should not be regarded as advice or recommendation to purchase, hold or sell any fund or make any other investment decisions. Accordingly, you should not solely rely on the PRR in making your investment decision in the relevant Fund.

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LU2282401921T. Rowe Price Funds SICAV - US Large Cap Growth Fund

LU2282401921
T. Rowe Price Funds SICAV - US Large Cap Growth Fund