Recent buys and sells of Brian Rogers

T Rowe Price Equity Income Fund buys Apple, sells Procter & Gamble.

By GuruFocus.com Apr 18, 2013 11:49AM

Portfolio Account statement © Alamy Creativity AlamyThe $26 billion T Rowe Price Equity Income Fund has been managed by the firm's chief investment officer Brian Rogers since 1985. Since then, the fund has gained 11% a year on average. Over the past 10 years, the fund averaged 9% a year.


Brian Rogers likes to invest in companies that are well-established and pay above-average dividends. As we can see from his recent purchase, he likes to buy companies that are traded at 52-week lows, too.


As of March 31, T Rowe Price Equity Income Fund owned 120 stocks with a total value of $25.2 billion, according to the fund's most recent filings. These are the details of Brian Rogers buys and sells during the three-months ended on March 31, 2013 that affect the portfolio most:



  • New Purchases: Apple (AAPL), Western Union (WU), Joy Global (JOY), Hospira (HSP)

  • Added Positions: Apache (APA), PNC Financial (PNC), Newmont Mining (NEM), Kohl's Corp (KSS), CenturyLink (CTL)

  • Reduced Positions: Whirlpool (WHR), Ingersoll-Rand (IR), American Express  (AXP), Computer Sciences (CSC)

  • Sold Out: ConAgra (CAG), Amgen (AMGN), Spectra Energy (SE), XL Group (XL), Avery Dennison (AVY), Procter & Gamble (PG), United Technologies (UTX), First Solar (FSLR)

One common characteristic of the companies he bought is that all of them have underperformed the market average over the past year. Especially, Apple, Joy Global, Apache, Newmont Mining are traded closed to mutli-year lows. (Here you can find a list of stocks that are traded at three-year low (GuruFocus).) The stocks he sold, such as Amgen and ConAgra Foods are traded at all-time highs. Here is the complete portfolio of Brian Rogers at GuruFocus.


This is the sector weightings of his portfolio:

Financial Services

20.6%

Industrials

14.1%

Energy

14%

Consumer Cyclical

12.3%

Technology

9.6%

Healthcare

7.1%

Utilities

6.1%

Consumer Defensive

6%

Basic Materials

5.2%

Communication Services

4.9%


The top 5 holdings of Brian Rogers

  1. General Electric (GE) - 31,286,500 shares, 2.9% of the total portfolio.

  2. JPMorgan Chase (JPM) - 14,381,200 shares, 2.7% of the total portfolio.

  3. Chevron (CVX) - 5,366,000 shares, 2.5% of the total portfolio.

  4. Exxon Mobil (XOM) - 6,064,200 shares, 2.2% of the total portfolio.

  5. Wells Fargo (WFC) - 13,319,600 shares, 2.0% of the total portfolio.

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