T. Rowe Price Equity Income Fund just reported their second quarter portfolio. The fund is run by Brian Rogers, CIO of T. Rowe Price. With the stock market making new highs every day, this is what Brian Rogers wrote in his recent commentary:
We are encouraged by recent economic strength, but we are somewhat cautious on the near-term outlook for U.S. stocks. While earnings have largely been supportive of the overall move in equities, the market's ascent appears to have outpaced the improvement in corporate fundamentals. Corporate balance sheets are in outstanding condition with low debt and high cash levels, but revenue growth remains muted and earnings estimates appear overly optimistic. We are finding fewer opportunities in the current environment and have been content to build a cash position and await more compelling prospects.
Brian Rogers buys Apple Inc, Carnival Corporation, Joy Global, Inc., Hospira, Inc., Petroleo Brasileiro SA Petrobras, FirstEnergy Corp, Talisman Energy Inc, Xylem Inc, sells Thermo Fisher Scientific Inc, Energizer Holdings, Inc., SLM Corp, Hewlett-Packard Co, Walt Disney Co, Bank of New York Mellon Corp, 3M Co, American Express Co, Whirlpool Corporation, Time Warner Inc, Ingersoll-Rand PLC, Hasbro, Inc., TECO Energy Inc during the 3-months ended 06/30/2013, according to the most recent filings of his investment company, T Rowe Price Equity Income Fund. As of 06/30/2013, T Rowe Price Equity Income Fund owns 120 stocks with a total value of $25.1 billion. These are the details of the buys and sells.
This is the sector weightings of his portfolio:
These are the top 5 holdings of Brian Rogers
1. JPMorgan Chase & Co (JPM) - 14,281,200 shares, 3.0% of the total portfolio. Shares reduced by 0.7%
2. General Electric Co (GE) - 31,286,500 shares, 2.9% of the total portfolio.
3. Chevron Corp (CVX) - 5,366,000 shares, 2.5% of the total portfolio.
4. Wells Fargo & Co (WFC) - 13,319,600 shares, 2.2% of the total portfolio.
5. Exxon Mobil Corporation (XOM) - 5,814,200 shares, 2.1% of the total portfolio. Shares reduced by 4.12%
New Purchase: Talisman Energy Inc (TLM, Financial)
Brian Rogers initiated holdings in Talisman Energy Inc. His purchase prices were between $10.84 and $12.26, with an estimated average price of $11.6. The impact to his portfolio due to this purchase was 0.16%. His holdings were 3,500,000 shares as of 06/30/2013.
Sold Out: Energizer Holdings, Inc. (ENR)
Brian Rogers sold out his holdings in Energizer Holdings, Inc.. His sale prices were between $93.31 and $102.53, with an estimated average price of $98.14.
Sold Out: Ingersoll-Rand PLC (IR)
Brian Rogers sold out his holdings in Ingersoll-Rand PLC. His sale prices were between $52.23 and $58.52, with an estimated average price of $55.65.
Added: Apple Inc (AAPL, Financial)
Brian Rogers added to his holdings in Apple Inc by 69.23%. His purchase prices were between $390.53 and $463.84, with an estimated average price of $430.74. The impact to his portfolio due to this purchase was 0.36%. His holdings were 550,000 shares as of 06/30/2013.
Added: Joy Global, Inc. (JOY, Financial)
Brian Rogers added to his holdings in Joy Global, Inc. by 233.33%. His purchase prices were between $48.53 and $61.48, with an estimated average price of $55.05. The impact to his portfolio due to this purchase was 0.34%. His holdings were 2,500,000 shares as of 06/30/2013.
Added: Carnival Corporation (CCL, Financial)
Brian Rogers added to his holdings in Carnival Corporation by 71.43%. His purchase prices were between $32.2 and $35.61, with an estimated average price of $33.86. The impact to his portfolio due to this purchase was 0.34%. His holdings were 6,000,000 shares as of 06/30/2013.
Added: Petroleo Brasileiro SA Petrobras (PBR, Financial)
Brian Rogers added to his holdings in Petroleo Brasileiro SA Petrobras by 128.57%. His purchase prices were between $13.32 and $19.48, with an estimated average price of $17.04. The impact to his portfolio due to this purchase was 0.24%. His holdings were 8,000,000 shares as of 06/30/2013.
Added: Hospira, Inc. (HSP, Financial)
Brian Rogers added to his holdings in Hospira, Inc. by 135.3%. His purchase prices were between $30.57 and $38.31, with an estimated average price of $33.81. The impact to his portfolio due to this purchase was 0.24%. His holdings were 2,750,000 shares as of 06/30/2013.
Added: FirstEnergy Corp (FE)
Brian Rogers added to his holdings in FirstEnergy Corp by 50.82%. His purchase prices were between $36.32 and $46.6, with an estimated average price of $42.06. The impact to his portfolio due to this purchase was 0.19%. His holdings were 3,709,900 shares as of 06/30/2013.
Added: Xylem Inc (XYL)
Brian Rogers added to his holdings in Xylem Inc by 37.17%. His purchase prices were between $25.77 and $28.93, with an estimated average price of $27.61. The impact to his portfolio due to this purchase was 0.08%. His holdings were 2,712,778 shares as of 06/30/2013.
Reduced: Thermo Fisher Scientific Inc (TMO, Financial)
Brian Rogers reduced to his holdings in Thermo Fisher Scientific Inc by 88.89%. His sale prices were between $75.53 and $88.76, with an estimated average price of $83.24. The impact to his portfolio due to this sale was -1.24%. Brian Rogers still held 500,000 shares as of 06/30/2013.
Here is the complete portfolio of Brian Rogers. Also check out:
1. Brian Rogers's Undervalued Stocks
2. Brian Rogers's Top Growth Companies, and
3. Brian Rogers's High Yield stocks
4. Stocks that Brian Rogers keeps buying
We are encouraged by recent economic strength, but we are somewhat cautious on the near-term outlook for U.S. stocks. While earnings have largely been supportive of the overall move in equities, the market's ascent appears to have outpaced the improvement in corporate fundamentals. Corporate balance sheets are in outstanding condition with low debt and high cash levels, but revenue growth remains muted and earnings estimates appear overly optimistic. We are finding fewer opportunities in the current environment and have been content to build a cash position and await more compelling prospects.
Brian Rogers buys Apple Inc, Carnival Corporation, Joy Global, Inc., Hospira, Inc., Petroleo Brasileiro SA Petrobras, FirstEnergy Corp, Talisman Energy Inc, Xylem Inc, sells Thermo Fisher Scientific Inc, Energizer Holdings, Inc., SLM Corp, Hewlett-Packard Co, Walt Disney Co, Bank of New York Mellon Corp, 3M Co, American Express Co, Whirlpool Corporation, Time Warner Inc, Ingersoll-Rand PLC, Hasbro, Inc., TECO Energy Inc during the 3-months ended 06/30/2013, according to the most recent filings of his investment company, T Rowe Price Equity Income Fund. As of 06/30/2013, T Rowe Price Equity Income Fund owns 120 stocks with a total value of $25.1 billion. These are the details of the buys and sells.
- New Purchases: TLM,
- Added Positions: AAPL, CCL, JOY, HSP, PBR, FE, XYL,
- Reduced Positions: TMO, SLM, HPQ, DIS, BK, MMM, AXP, WHR, TWX, HAS, TE,
- Sold Out: ENR, IR,
This is the sector weightings of his portfolio:
| Financial Services | 21.1% |
| Industrials | 14.7% |
| Energy | 14.4% |
| Consumer Cyclical | 11.9% |
| Technology | 9.9% |
| Healthcare | 6.3% |
| Utilities | 6% |
| Consumer Defensive | 5.5% |
| Communication Services | 5% |
| Basic Materials | 4.8% |
These are the top 5 holdings of Brian Rogers
1. JPMorgan Chase & Co (JPM) - 14,281,200 shares, 3.0% of the total portfolio. Shares reduced by 0.7%
2. General Electric Co (GE) - 31,286,500 shares, 2.9% of the total portfolio.
3. Chevron Corp (CVX) - 5,366,000 shares, 2.5% of the total portfolio.
4. Wells Fargo & Co (WFC) - 13,319,600 shares, 2.2% of the total portfolio.
5. Exxon Mobil Corporation (XOM) - 5,814,200 shares, 2.1% of the total portfolio. Shares reduced by 4.12%
New Purchase: Talisman Energy Inc (TLM, Financial)
Brian Rogers initiated holdings in Talisman Energy Inc. His purchase prices were between $10.84 and $12.26, with an estimated average price of $11.6. The impact to his portfolio due to this purchase was 0.16%. His holdings were 3,500,000 shares as of 06/30/2013.
Sold Out: Energizer Holdings, Inc. (ENR)
Brian Rogers sold out his holdings in Energizer Holdings, Inc.. His sale prices were between $93.31 and $102.53, with an estimated average price of $98.14.
Sold Out: Ingersoll-Rand PLC (IR)
Brian Rogers sold out his holdings in Ingersoll-Rand PLC. His sale prices were between $52.23 and $58.52, with an estimated average price of $55.65.
Added: Apple Inc (AAPL, Financial)
Brian Rogers added to his holdings in Apple Inc by 69.23%. His purchase prices were between $390.53 and $463.84, with an estimated average price of $430.74. The impact to his portfolio due to this purchase was 0.36%. His holdings were 550,000 shares as of 06/30/2013.
Added: Joy Global, Inc. (JOY, Financial)
Brian Rogers added to his holdings in Joy Global, Inc. by 233.33%. His purchase prices were between $48.53 and $61.48, with an estimated average price of $55.05. The impact to his portfolio due to this purchase was 0.34%. His holdings were 2,500,000 shares as of 06/30/2013.
Added: Carnival Corporation (CCL, Financial)
Brian Rogers added to his holdings in Carnival Corporation by 71.43%. His purchase prices were between $32.2 and $35.61, with an estimated average price of $33.86. The impact to his portfolio due to this purchase was 0.34%. His holdings were 6,000,000 shares as of 06/30/2013.
Added: Petroleo Brasileiro SA Petrobras (PBR, Financial)
Brian Rogers added to his holdings in Petroleo Brasileiro SA Petrobras by 128.57%. His purchase prices were between $13.32 and $19.48, with an estimated average price of $17.04. The impact to his portfolio due to this purchase was 0.24%. His holdings were 8,000,000 shares as of 06/30/2013.
Added: Hospira, Inc. (HSP, Financial)
Brian Rogers added to his holdings in Hospira, Inc. by 135.3%. His purchase prices were between $30.57 and $38.31, with an estimated average price of $33.81. The impact to his portfolio due to this purchase was 0.24%. His holdings were 2,750,000 shares as of 06/30/2013.
Added: FirstEnergy Corp (FE)
Brian Rogers added to his holdings in FirstEnergy Corp by 50.82%. His purchase prices were between $36.32 and $46.6, with an estimated average price of $42.06. The impact to his portfolio due to this purchase was 0.19%. His holdings were 3,709,900 shares as of 06/30/2013.
Added: Xylem Inc (XYL)
Brian Rogers added to his holdings in Xylem Inc by 37.17%. His purchase prices were between $25.77 and $28.93, with an estimated average price of $27.61. The impact to his portfolio due to this purchase was 0.08%. His holdings were 2,712,778 shares as of 06/30/2013.
Reduced: Thermo Fisher Scientific Inc (TMO, Financial)
Brian Rogers reduced to his holdings in Thermo Fisher Scientific Inc by 88.89%. His sale prices were between $75.53 and $88.76, with an estimated average price of $83.24. The impact to his portfolio due to this sale was -1.24%. Brian Rogers still held 500,000 shares as of 06/30/2013.
Here is the complete portfolio of Brian Rogers. Also check out:
1. Brian Rogers's Undervalued Stocks
2. Brian Rogers's Top Growth Companies, and
3. Brian Rogers's High Yield stocks
4. Stocks that Brian Rogers keeps buying
