Brian Rogers

Brian Rogers

Last Update: 2014-10-15

Number of Stocks: 114
Number of New Stocks: 3

Total Value: $26,893 Mil
Q/Q Turnover: 3%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Brian Rogers Watch

  • Betting on a Fairly Valued Stock

    In this article, let's take a look at The Walt Disney Company (DIS), a $153.68 billion market cap company that is a media and entertainment conglomerate that has diversified global operations in theme parks, filmed entertainment, television broadcasting and consumer products.


    Revenues, margins and profitability

      


  • Brian Rogers Buys 3 New Stocks for T. Rowe Price Equity Income Fund in Q3

    Brian Rogers (Trades, Portfolio), who manages the T Rowe Price Equity Income Fund, purchased three new stocks for the fund in the third quarter. He has a cautious outlook on markets and believes they may begin to "moderate" in the near future, saying in his third quarter letter:

    "We maintain our cautious outlook as the equity market continued its upward path during the year. The equity market runup since 2011 has come on the back of accommodative Fed policy, historically high profit margins, and general multiple expansions. Current equity market valuations are roughly in line with their long-term averages, so we expect a closer focus on company fundamentals going forward. Wage growth and single-family housing starts remain tepid, suggesting weak aggregate demand. We believe that equity returns will continue to moderate in the coming months, as prices have risen to the point where values are more difficult to find. In addition, there are a number of unpredictable areas of geopolitical tension that could rattle investor confidence at some point, and we prefer to err on the side of caution after an extended period of strong stock performance."  


  • Brian Rogers' T Rowe Price Equity Income Fund Q3 Commentary

    Considering the low absolute level of yields and the Fed's intent to move rates higher in 2015, we remain guarded about overextending ourselves for yield alone. The two- to five-year portion of the yield curve remains most at risk for a sell-off when the Fed begins to tighten monetary policy. The precise timing of the Fed's move is uncertain, as it will need to be cautious as it transitions from a period of extraordinary easing to one of even, gradual tightening. The central bank does not want to act too quickly and slow the economy back into a recession. The economic data in the months ahead should provide us with greater clarity as to the Fed's timing and pace, and we expect this period to be a critical time for fixed income markets.


    The Equity Income Fund returned −1.68% in the quarter compared with 1.13% for the S&P 500 Index and −0.62% for the Lipper Equity Income Funds Index. For the 12 months ended September 30, 2014, the fund returned 13.44% versus 19.73% for the S&P 500 Index and 16.10% for the Lipper Equity Income Funds Index. The fund's average annual total returns were 13.44%, 13.84%, and 7.46% for the 1-, 5-, and 10-year periods, respectively, as of September 30, 2014. The fund's expense ratio was 0.67% as of its fiscal year ended December 31, 2013.

      


  • Brian Rogers' T Rowe Price Equity Income Fund Q3 2014 Commentary

    Environment


    Considering the low absolute level of yields and the Fed's intent to move rates higher in 2015, we remain guarded about overextending ourselves for yield alone. The two- to five-year portion of the yield curve remains most at risk for a sell-off when the Fed begins to tighten monetary policy. The precise timing of the Fed's move is uncertain, as it will need to be cautious as it transitions from a period of extraordinary easing to one of even, gradual tightening. The central bank does not want to act too quickly and slow the economy back into a recession. The economic data in the months ahead should provide us with greater clarity as to the Fed's timing and pace, and we expect this period to be a critical time for fixed income markets.

      


  • Brian Rogers Buys 3 New Stocks for T Rowe Price Equity Income Fund

    Brian Rogers (Trades, Portfolio) will step down as manager of the T. Rowe Price Equity Income Fund in October 2015 (PRFDX), he announced in June, but will remain the firm’s chairman and chief investment officer. He is still investing as usual up till that time, buying three new stocks in the second quarter.

    Rogers told investors in his second quarter letter he was moving out of certain sectors.  


  • Brian Rogers' T Rowe Price Equity Income Fund Q2 2014 Commentary

    U.S. stocks rose in the second quarter of 2014, adding to first-quarter gains and lifting large-cap indexes to new all-time highs in June. Equities climbed amid signs that the economy was recovering from a first-quarter economic contraction driven by harsh weather and inventory corrections. Corporate merger and acquisition activity was supportive, as were signs that Russia wanted to de-escalate tensions with Ukraine, whose eastern region is experiencing violent separatism. Investors were undeterred by the Federal Reserve's continued tapering of its asset purchases or by rising oil prices late in the quarter in response to a sharp increase in sectarian violence in Iraq.


    The Equity Income Fund returned 4.46% in the quarter compared with 5.23% for the S&P 500 Index and 5.07% for the Lipper Equity Income Funds Index. For the 12 months ended June 30, 2014, the fund returned 20.66% versus 24.61% for the S&P 500 Index and 21.69% for the Lipper Equity Income Funds Index. The fund's average annual total returns were 20.66%, 18.06%, and 7.72% for the 1-, 5-, and10-year periods, respectively, as of June 30, 2014. The fund's expense ratio was 0.67% as of its fiscal year ended December 31, 2013.

      


  • T. Rowe Price Chief Investor Brian Rogers Answers Investors' Questions

    In addition to his roles as chairman and chief investment officer of the $692 billion asset management firm T. Rowe Price, Brian Rogers (Trades, Portfolio) manages the T. Rowe Price Equity Income Fund (PRFDX), an income and value-oriented strategy. Read more about him here.


    Brian recently took investing questions from GuruFocus readers. Below are his answers.

      


  • Brian Rogers' T. Rowe Price Equity Income Fund First Quarter 2014 Commentary

    Most U.S. equities advanced during the first quarter in a volatile session characterized by a sell-off in emerging market currencies, increased geopolitical tensions, and the transition of leadership at the Federal Reserve. Economic data were mixed, influenced by unusually cold weather across the country. Investors grew concerned about potential deflation in Europe and a larger-than-expected slowdown in the Chinese economy. Sector performance was uneven, as some areas that provided leadership in 2013 pulled back while others rose. The utilities sector was strongest, with investors seeking income-producing stocks, while health care, information technology, and financials also did well. Consumer discretionary, energy, and industrials and business services shares were laggards.


    The Equity Income Fund returned 1.59% in the quarter compared with 1.81% for the S&P 500 Index and 2.04% for the Lipper Equity Income Funds Index. For the 12 months ended March 31, 2014, the fund returned 18.55% versus 21.86% for the S&P 500 Index and 18.76% for the Lipper Equity Income Funds Index. The fund's average annual total returns were 18.55%, 21.26%, and 7.52% for the 1-, 5-, and10-year periods, respectively, as of March 31, 2014. The fund's expense ratio was 0.68% as of its fiscal year ended December 31, 2012.

      


  • Brian Rogers' T. Rowe Price Equity Income Fund Annual Letter

    The equity market advanced sharply in 2013, providing excellent returns in both halves of the year with only minor setbacks along the way. Encouraging economic news, healthy gains in corporate earnings, and renewed investor interest in equities combined to create a favorable environment for stocks, with the S&P 500 Index generating a total return of 32.39%. Large-cap value stocks, with their relatively high dividend yields, participated fully in the rally. Investors seeking dividend income and appreciation fared far better than fixed income investors, who saw their investments struggle through most of the year. Concerns about likely changes in Federal Reserve policy triggered a rise in interest rates, which put pressure on longer-term Treasuries. The 10-year Treasury yield rose more than a full percentage point in 2013 and closed the year above 3%.


    In this environment, the Equity Income Fund returned 13.70% in the second half, trailing the 16.31% return of the S&P 500 Index and slightly outperforming the 13.50% return of the Lipper Equity Income Funds Index. For the year, the fund returned 29.75%, lagging the 32.39% of the S&P while surpassing the Lipper Equity Income Funds Index's 28.70% return. (Returns for the Advisor and R Class shares are also shown and reflect their different fee structures.)

      


  • T. Rowe Price CIO Brian Rogers Joins GuruFocus for Q&A – Ask an Investing Question

    GuruFocus welcomes Brian Rogers (Trades, Portfolio) to Q&A with our readers. Brian is chairman and chief investment officer of T. Rowe Price, a firm with $692.4 billion in assets as of Dec. 31, 2013. He is also fund manager of the T. Rowe Price Equity Income Fund (PRFDX), a portfolio with net assets of $28.5 billion, which seeks dividend income and long-term capital growth through investment in value-oriented stocks.


    To ask him your investing question, post it in the comments section below. 

      


  • GuruFocus Names Five Dividend Growers

    During the past week, GuruFocus recognized five companies as dividend growers. In order to be qualified for this list, the company had to:




  • Citadel Advisor - Among the Largest and Most Successful Hedge Funds in the World

    Over the past days hedge funds have been filing their form 13-F, which is a quarterly report of equity holdings filed by institutional investment managers with at least $100 million in equity assets under management, as required by the U.S. Securities and Exchange Commission (SEC). In this article, let´s concentrate in one particular hedge fund and try to see the principal holdings in its portfolio. I will look into Citadel Advisor LLC from Kenneth C. Griffin, a Chicago-based investment firm.


    Recently the fund reported its equity portfolio, as at the end of last year. The total value of the portfolio amounted to $49.2 billion, up from $42.2 billion disclosed at the end of the previous quarter. Consequently, the fund's total return was 16.8% in the last quarter. The filing revealed that at the end of last year, the fund added 493 new positions to its equity portfolio, and sold out of 362 other companies. The top 10 portfolio holdings as of the end of the quarter represented 9.01%. The largest changes from previous 13-F filings are in the consumer discretionary sector (3%) followed by health care and technological stocks (around 0.4% each).

      


  • Coca-Cola, or the Profit Generator

    The Coca-Cola Company (KO) is without a doubt the world’s largest and most popular non-alcoholic beverage company. With core brands like Coca-Cola, Sprite, Powerade or Minute Maid as the backbone, this firm riels in several billion dollars a year in revenues, with 60% accounted for through international sales. And in addition to this, Coca-Cola’s deal with Coca-Cola Enterprises Inc. (CCE) gave the company ownership over 80% of its distribution in North America, increasing its pricing power.


    Despite some near-term headwinds regarding Mexico’s new soda taxes and a decline in diet-soda consumption in the domestic market, investors can expect the company to keep growing at solid rates due to its growing consumer base in emerging markets. Furthermore, management’s plan to reduce costs by $1 billion until 2016 will have a positive effect on the brand power, as these cost savings will be reinvested in media and marketing strategies.

      


  • Everyone Hates Emerging Markets. It’s Time to Buy Emerging Markets


    “The buy side hates emerging markets. The sell side hates emerging markets. Technicians and quants hate emerging markets. I think it’s great. Combine this bearish sentiment with what is, at worst, a neutral valuation case, and things start to look positive… Valuations are attractive, relative to developed markets.”

      


  • Brian Rogers' Roundtable Year-End Report Card

    Every year Barron’s gets its Roundtable team together and they discuss stock picks and the status of the economy in general.  Guru Brian Rogers (Trades, Portfolio) is a member of Barron’s Roundtable team, and the following stocks are his stock picks for 2013 and how they ended up doing for the year. 


    PNC Financial Services Group (PNC)

      


  • Brian Rogers T. Rowe Price Equity Income Fund Fourth Quarter Commentary

    The U.S. equity market continued to rally through the fourth quarter against a backdrop of stabilizing fiscal policy, positive economic data, improving investor sentiment, and the Federal Reserve's decision to taper its monthly asset purchases. A government budget deal provided some fiscal clarity for the first time in four years, while improving labor and housing data led to the Fed's decision to reduce asset purchases starting in January 2014. Positive sentiment seemed to build as cash flows into stocks accelerated into the end of the year.


    The Equity Income Fund returned 8.73% in the quarter compared with 10.51% for the S&P 500 Index and 8.97% for the Lipper Equity Income Funds Index. For the 12 months ended December 31, 2013, the fund returned 29.75% versus 32.39% for the S&P 500 Index and 28.70% for the Lipper Equity Income Funds Index. The fund's average annual total returns were 29.75%, 16.92%, and 7.56% for the 1-5-, and 10-year periods, respectively, as of December 31, 2013. The fund's expense ratio was 0.68% as of its fiscal year ended December 31, 2012.

      


  • A Diversified Financial Services Company – Brian Rogers Sold Out

    According to GuruFocus Real Time Picks, on Dec. 31 Brian Rogers (Trades, Portfolio) sold out his stake in Capital One Financial Corp. (COF). The Consumer Finance sector is dominated by three credit card companies: American Express (AXP), Discover Financial Services (DFS) and Capital One Financial. The business consists of charging small fees to consumer transactions. Although new legislation has arisen to protect consumers from credit card banks, I do not expect this to have a major impact on profitability. So what made Rogers cut back his position?


    Two Strategic Acquisitions

      


  • Brian Rogers' Top Five Fourth Quarter Holdings

    Brian Rogers of the T. Rowe Price Equity Income Fund recently released his fourth quarter portfolio updates which report that he has three new holdings, 14 increases, 14 reductions and six stocks that he sold out of.   The guru’s most recent portfolio holds 115 stocks valued at $27.65 billion.



    Brian Rogers has been the portfolio manager of T. Rowe Price Equity Income Fund since its inception in 1985. Rogers looks for common stocks of established firms that are expected to pay above-average dividends. The following five companies are the five stocks that Rogers holds the largest stake in.

      


  • Value Investor Brian Rogers - Nothing Is Cheap, Pockets of Craziness Exist

    A lot has changed from five years ago when everything was cheap.




      


  • DGX, STO, LSE:DOM - Gurus Hold Stocks Traded at 10-Year Low P/B

    According to the GuruFocus Value Screen that shows value strategies of stocks traded at historical low P/B ratios, Quest Diagnostics Inc. (DGX), Statoil ASA (STO) and Domino’s Pizza Group PLC (LSE:DOM) are stocks owned by gurus and traded at or near their 10-year historical low P/B ratios. Check out these company updates and trade highlights as of the third quarter of 2013.

    Quest Diagnostics Inc. (DGX)  


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User Comments

Mpdowd
ReplyMpdowd - 8 months ago
how can you be so bullish on financials after 2008 financial crisis ? what's to prevent another situation
where contacts were not honored ? In the 70's financials made up 8% of the S&P today it's closer to 29%
with derivatives Wouldn't it make more sense to be long more electric utilities which have underperformed for a long time and shouldn't there be a reversion back to the mean? I've always thought that in order to outperform one has to be right on the "macro picture" first then drill down and buy the best companies or the ones that put the greatest amount of their sales dollars back into R & D.
When you compete on price it's a race to zero. Do you really think that the banks are actually marking their real estate to the market ? After Janet Yellen's comets today don't you think that she's telling the world that we can't stop the buying back treasuries and the taper will continue at 8o Billion plus a month for a long time. You can't win at poker when the rest of the world can see your cards.
Helicopter been left a mess. Janet Yellin has no choice but to continue to print, print, print
while the GLD and CEF continue to print more certificates that actual Gold held in reserve.
Does anyone even think of these things. When Paulson at Goldman holds up the U.S. for a 700 Billion dollar bailout while Blankefeld tells people he's doing God's work while GS is putting together baskets of overpriced mortgage backs and allowing the other side of GS to cherry pick which baskets their preferred clients are allowed to Short ?? How is GS allowed to get away with this deceptive behavior ?
What a mockery of markets. Who was the firm that allowed Greece to to deceive it's creditors with
GS to structure deceptive mortgage backed baskets that were truly weapons of mass destructions.
To be 19 % long financials you're trying to catch a falling knife ? Has that ever worked for you in the past ? Be different think for your self. I thought you were a smart guy. You're just following the herd.
Think outside the box and for yourself. Just because previous metrics tell you something is cheap don't mean it is.. Just like all the fools who took down the muni offering in Puerto Rico this past week.
We need to get people back to work and you should only be looking at things to invest in where there is pricing power. So to be so blunt but I'm surprised you're listening to the majority of talking heads.
Sincerely Yours
Michael D.



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