Every quarter, mutual fund managers publicly disclose their quarter-end holdings. Today, let's take a look at T. Rowe Price Equity Income Fund and see what moves fund manager Brian Rogers has made lately.
Meet T. Rowe Price Equity Income Fund
Brian Rogers has been managing the portfolio of T. Rowe Price Equity Income Fund since the beginning. The fund was established in 1985. Rogers invests in companies that are undervalued and are expected to grow and give attractive dividend yields. The total market value of T. Rowe Price Equity Income Fund's disclosed equity holdings as of March 31, 2011 -- the latest quarter for which data is available -- was $21.2 billion across 120 holdings.
The fund's 10 largest positions (by value) and associated share-count changes as of March 31 were:
(NYSE: CVX)-- reduced 0.3%.
(NYSE: JPM)-- reduced 0.3%.
(NYSE: GE)-- reduced 0.3%.
(NYSE: XOM)-- reduced 0.3%.
Royal Dutch Shell
(NYSE: RDS-A)-- reduced 0.3%.
(NYSE: AXP)-- reduced 0.3%.
(NYSE: T)-- reduced 0.3%.
(NYSE: WFC)-- reduced 0.3%.
(NYSE: MMM)-- reduced 0.3%.
Bank of America
(NYSE: BAC)-- reduced 0.3%.
Let's have a look outside the top 10 holdings:
- Rising positions: The fund increased its positions in Clorox and Constellation Energy.
- Falling positions: Rogers significantly reduced the fund's exposure to Tiffany and Dupont.
- Eliminated positions: During the quarter, the fund sold out of stock positions: Eaton and Marshall & Ilsley.
Selected first-quarter 2011 commentary
T. Rowe Price Equity Income Fund has the majority of its assets invested in financials, energy, industrials, and consumer discretionary stocks. Here's a look at some winning and losing stocks in the portfolio:
- Current leader: Chevron did well, increasing 19% in the first quarter of 2011. The stock comprises 2.8% of the total portfolio and is the top holding of the fund. Fellow oil major ExxonMobil also performed well, increasing 16% and comprising 2.3% of the total portfolio.
- Current laggard: Bank of America finished unchanged during the first quarter. It accounts for 1.5% of the entire portfolio.
- New bets: New additions Harris and PepsiCo each comprise 0.9% of the total portfolio.
So there you have it -- the blow-by-blow of T. Rowe Price Equity Income Fund's latest moves. Tell us what you think in the comments section below.
The Motley Fool owns shares of Wells Fargo, PepsiCo, Clorox, JPMorgan Chase, and Bank of America, and has also shorted Bank of America in a different portfolio. Motley Fool newsletter services have recommended buying shares of PepsiCo, Clorox, AT&T, Chevron, and 3M, as well as creating a diagonal call position in PepsiCo. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.