T. Rowe Price US Smaller Companies Equity

Introduction to the fund

T. Rowe Price US Smaller Companies Equity has a flexible approach. The manager looks for both growth and value opportunities in the small and mid-cap space, to build a diverse portfolio of the best ideas from the vast analyst resource at his disposal. The manager will allow his winners to run as long as he still believes there is a return opportunity. As such, the portfolio is likely to have more of a mid-cap bias than its peers and it will also invest in areas such as biotech, which other generalist funds often avoid.

Fund manager

Matt Mahon

Matt Mahon is portfolio manager of the US Smaller Companies Equity Strategy at T. Rowe Price. He also serves on the advisory committees of the firm’s US Small-Cap Core Equity and US Mid-Cap Growth Equity strategies. He joined the firm in 2016, bringing experience from his previous roles at Water Street Capital and Morgan Creek Capital. Matt holds an MBA from the University of Pennsylvania’s Wharton School, where he was a Palmer Scholar and Henry Ford II Fellow, and a BS in finance, summa cum laude, from Wake Forest University, where he received the Wall Street Journal Achievement Award.

Opinion on fund

This fund differs from the usual T. Rowe Price mould in that it is a more balanced core portfolio, with value names in addition to the usual growth focus. This approach has borne fruit, with considerable performance coming from stock selection. Matt’s approach is very detail-orientated and he has been working at T. Rowe Price as a specialist analyst for several years. He was also an analyst on the fund before becoming co-manager with Curt Organt, who retired in September 2024, and we believe the should continue to prosper under Matt’s leadership.

Fund performance

Documents

Key facts

  • Fund size

    £305.3m

  • Chelsea rating

    Buy

  • Core Selection

    No

  • Chelsea Risk Rating

    8

  • AMC

    0.64%

  • OCF

    0.76%

  • Unit Type

    Acc

  • Yield

    0.16%

  • FundCalibre rating

    Elite Radar

How to invest

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  • Download an application form and post it to us, along with a cheque
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Important information

Source: Performance data sourced from FE Analytics (IA universe). Yield figures (per annum), Fund Size data and AMCs/OCFs are as at 23/01/2026 unless otherwise stated.

The performance graph, factsheets and Key Investor Information Document is provided by FEfundinfo, and updated on a daily basis.

Some funds listed are off shore-domiciled and subject to different regulations. Off shore funds typically do not offer investor compensation under the UK Financial Services Compensation Scheme (FSCS).

Performance history extended by FE fundinfo to illustrate the fund’s longer-term record.

Sector rankings calculated from multiple underlying sectors; certain funds remain unranked due to limited comparability.

Funds assigned to an alternative IA sector; sector rankings may differ accordingly.

The information provided is based on our proprietary qualitative and quantitative research. Whilst reasonable efforts have been taken to ensure accuracy, Chelsea Financial Services cannot guarantee that the information is free from errors, omissions, or inaccuracies.

This information does not constitute investment advice and should not be interpreted as a recommendation to invest in any fund listed. Past performance is not a reliable indicator of future returns.

Please read the full Important Notice on page 2 of the FundReview 2025 carefully before making investment decisions.

Whilst every effort has been made to ensure the accuracy of this information, Chelsea Financial Services takes no responsibility for any errors, omissions or inaccuracies contained therein. The funds within the Chelsea Selection are based on our proprietary research, which is both qualitative and quantitative. Please note this is not investment advice, nor does it imply that you should invest in this fund. Past performance is a not a guide to future returns.

To find out more about our Chelsea Risk Rating, please visit our dedicated page.

The AMC (annual management charge) is paid to the fund management company for managing the fund. It is calculated as a percentage of the value of the fund. The AMC is less than the Ongoing Charges Figure (OCF).

The OCF (ongoing charges figure): The cost includes the AMC and other fees such as registration, regulatory, audit and legal fees but does not include transaction costs and performance fees.