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T ROWE PRICE US SMALLER COMPANIES EQUITY FUND: Forget the Magnificent Seven - it now 支払う／賃金s to start thinking small

Updated: 11:04 BST, 8 April 2024

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When UK 投資家s think about US 公正，普通株主権s, their minds tend to 焦点（を合わせる） on the big American tech companies that continue to 栄える on a 全世界の行う／開催する／段階 while 配達するing (in most 事例／患者s) exciting 株主 returns.

Already this year, the 株 prices, in dollar 条件, of アマゾン, Nvidia and Meta ? all members of the 'Magnificent Seven' ギャング（団） of 主要な US 在庫／株s ? have risen by 22, 85 and 46 per cent それぞれ.?

Yet there are some 投資専門家s who believe the time may be 権利 for 投資家s to think outside of these big world leaders and look どこかよそで for value. の中で them is Maryland-based 投資 house T 列／漕ぐ／騒動 Price.

With 利益／興味率削減（する）s on the way and インフレーション落ちるing, this 独立した・無所属資産経営者／支配人 ? with more than $1.4 一兆 (￡1.1 一兆) of 基金s under its belt ? argues it is time for 投資家s to consider the 控訴，上告 of smaller companies.

In simple 条件, it is of the opinion that some of the country's tech 巨大（な）s are overvalued on the 株式市場 ? while many smaller companies are unloved, undervalued and ready for a 株 price bounce-支援する.

'We are in some ways where the US market was in 1973,' says Michele 区, a US 公正，普通株主権大臣の地位 specialist with T 列／漕ぐ／騒動.

'支援する then, we had インフレーション問題／発行するs, rising energy prices, war in Vietnam and political 不安定支援する home ? and the 株式市場 took a big 攻撃する，衝突する as 期待s about what the big companies could 配達する got overblown.

'But it resulted in US smaller 在庫／株s then going on to outperform for the next １０年間. It feels like we are now in 類似の領土.'

The T 列／漕ぐ／騒動 Price US Smaller Companies 基金まず第一に／本来投資するs in US companies that form part of the Russell 2500 ? an 索引構成するing smaller and 中央の-cap 在庫／株s.?

'It's where the likes of Tesla and Starbucks started,' says 区. 'For 投資経営者／支配人s there are lots of 適切な時期s to make alpha (超過) returns.'

If the market value of a 在庫／株 means it outgrows the Russell 2500, the 基金 will continue to 持つ／拘留する it 供給するd there remains the chance to make money on the 投資.

?'We've owned aggregates company Vulcan 構成要素s for eight years,' says 区. 'It has a market capitalisation of $36 billion, 二塁打 the largest 選挙権を持つ／選挙人 in the Russell 2500.

'But it remains a 質商売／仕事 that has quarries 位置を示すd in 22 明言する／公表するs and has tremendous pricing 力／強力にする. We will 持つ／拘留する it for some time to come.'

The 基金現在／一般に has around 175 holdings and it is deliberately 投資するd across all of the market's 重要な部門s. Individual holdings rarely 越える two per cent of the 基金's 資産s with 利益（をあげる）s taken if they do.

For example, Molina Healthcare 代表するd 2.4 per cent of the 大臣の地位 in late 2022, but the 火刑／賭ける has now been trimmed 支援する so that the 持つ／拘留するing sits の中で the 最高の，を越す 15.

Over the past one, three and five years, the 基金 has comfortably outperformed the 普通の／平均（する） for its North American smaller companies peer group with 各々の returns of 19, 19 and 80 per cent.

区 says the company's ability to 配達する 'alpha' is in part a result of having '50 始める，決めるs of feet on the street' (分析家s) looking at 投資適切な時期s.

'Between them,' she 追加するs, 'they held more than 2,300 会合s with companies last year, 伸び（る）ing a big insight into what companies to buy, sell or 避ける.' The � �266 million 基金 has 競争の激しい年次の告発（する），告訴（する）／料金s, totalling 0.95 per cent. It does not 支払う／賃金 a （株主への）配当.

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