What's new? Log in Free sign up

T. Rowe Price Financial Services Fund (PRISX) NPORT-PT. Rowe Price Financial Services Fund, Inc. (Mar 2024 report)

Filed: 29 May 24, 12:41pm

Search this filing

Filing tables

Export all tables to Excel

Filing exhibits

PRISX similar filings

Filing view

Default size S M L
Default font Times Arial

External links

Share this filing

T.

ROWE

PRICE

Financial

Services

Fund

March

31,

2024

(Unaudited)

1

Portfolio

of

Investments

‡

Shares

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

95.5%

BANKS

27.6%

Money

Center

Banks

16.6%

Bank

of

America

1,692,300‌

64,172‌

Citigroup

973,100‌

61,539‌

JPMorgan

Chase

221,300‌

44,326‌

Wells

Fargo

1,121,941‌

65,028‌

235,065‌

Non-U.S.

Banks

0.6%

BAWAG

Group

(EUR)

91,263‌

5,776‌

ING

Groep

(EUR)

216,425‌

3,563‌

9,339‌

Regional

Banks

10.4%

East

West

Bancorp

310,700‌

24,579‌

Fifth

Third

Bancorp

556,889‌

20,722‌

Five

Star

Bancorp

30,313‌

682‌

Huntington

Bancshares

1,129,540‌

15,757‌

M&T

Bank

52,700‌

7,665‌

Popular

247,026‌

21,760‌

Regions

Financial

603,700‌

12,702‌

Synovus

Financial

142,500‌

5,709‌

U.S.

Bancorp

378,600‌

16,923‌

Western

Alliance

Bancorp

323,361‌

20,757‌

147,256‌

Total

Banks

391,660‌

CAPITAL

MARKETS

25.6%

Asset

Managers

8.7%

Affiliated

Managers

Group

38,100‌

6,381‌

Ameriprise

Financial

73,600‌

32,269‌

Apollo

Global

Management

110,100‌

12,381‌

Barings

BDC (1)

590,342‌

5,490‌

Blackstone

Secured

Lending

Fund (1)

116,300‌

3,623‌

Invesco

858,000‌

14,234‌

Julius

Baer

Group

(CHF)

170,289‌

9,877‌

KKR

131,200‌

13,196‌

Main

Street

Capital (1)

86,075‌

4,072‌

Trinity

Capital (1)

277,124‌

4,068‌

Virtus

Investment

Partners

48,300‌

11,977‌

WisdomTree

546,100‌

5,019‌

122,587‌

T.

ROWE

PRICE

Financial

Services

Fund

2

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Capital

Markets

1.4%

London

Stock

Exchange

Group

(GBP)

163,217‌

19,529‌

19,529‌

Exchanges

2.9%

Cboe

Global

Markets

149,006‌

27,377‌

CME

Group

29,854‌

6,427‌

Intercontinental

Exchange

50,081‌

6,883‌

40,687‌

Security

Brokers

&

Dealers

9.8%

Charles

Schwab

701,637‌

50,757‌

Goldman

Sachs

Group

16,900‌

7,059‌

LPL

Financial

Holdings

122,000‌

32,232‌

Morgan

Stanley

105,713‌

9,954‌

Raymond

James

Financial

217,550‌

27,938‌

StepStone

Group,

Class

A

303,200‌

10,836‌

138,776‌

Trust

Banks

2.8%

Bank

of

New

York

Mellon

483,800‌

27,876‌

State

Street

151,275‌

11,697‌

39,573‌

Total

Capital

Markets

361,152‌

FINANCE

12.1%

Consumer

Finance

5.1%

American

Express

37,800‌

8,607‌

Capital

One

Financial

305,800‌

45,530‌

Discover

Financial

Services

41,000‌

5,375‌

NerdWallet,

Class

A (2)

167,000‌

2,455‌

OneMain

Holdings

15,300‌

782‌

SLM

418,000‌

9,108‌

71,857‌

Diversified

Financials

3.7%

Corpay (2)

31,300‌

9,657‌

Fiserv (2)

91,600‌

14,640‌

Mastercard,

Class

A

19,582‌

9,430‌

OTP

Bank

(HUF)

65,498‌

3,015‌

Visa,

Class

A

55,638‌

15,527‌

52,269‌

Thrifts

&

Mortgage

Finance

3.3%

First

American

Financial

157,407‌

9,610‌

New

York

Community

Bancorp,

Warrants,

3/7/31,

Acquisition

Date:

3/7/24,

Cost $— (2)(3)

622‌

1,379‌

PennyMac

Financial

Services

90,724‌

8,264‌

T.

ROWE

PRICE

Financial

Services

Fund

3

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Webster

Financial

453,117‌

23,005‌

WSFS

Financial

105,100‌

4,744‌

47,002‌

Total

Finance

171,128‌

INSURANCE

28.2%

Insurance

2.1%

Arch

Capital

Group (2)

141,234‌

13,056‌

AXA

(EUR)

321,526‌

12,075‌

Essent

Group

71,900‌

4,279‌

29,410‌

Insurance

Agents

-

Brokers

&

Services

3.3%

Arthur

J

Gallagher

26,641‌

6,661‌

Marsh

&

McLennan

179,896‌

37,055‌

Willis

Towers

Watson

12,600‌

3,465‌

47,181‌

Life

Insurance

7.5%

Corebridge

Financial

1,090,188‌

31,321‌

Equitable

Holdings

409,950‌

15,582‌

MetLife

315,355‌

23,371‌

Reinsurance

Group

of

America

88,931‌

17,153‌

Voya

Financial

246,519‌

18,223‌

105,650‌

Property

&

Casualty

Insurance

15.3%

Allstate

86,200‌

14,913‌

American

Financial

Group

43,300‌

5,910‌

American

International

Group

263,156‌

20,571‌

Axis

Capital

Holdings

174,277‌

11,331‌

Chubb

246,600‌

63,901‌

Everest

Group

10,800‌

4,293‌

Hartford

Financial

Services

Group

448,673‌

46,236‌

Hiscox

(GBP)

191,365‌

2,998‌

Palomar

Holdings (2)

24,391‌

2,045‌

Progressive

28,700‌

5,936‌

RenaissanceRe

Holdings

72,417‌

17,020‌

Travelers

96,145‌

22,127‌

217,281‌

Total

Insurance

399,522‌

T.

ROWE

PRICE

Financial

Services

Fund

4

Shares

$

Value

(Cost

and

value

in

$000s)

‡

MISCELLANEOUS

1.0%

Other

1.0%

Global

Payments

104,700‌

13,994‌

Total

Miscellaneous

13,994‌

Total

Miscellaneous

Common

Stocks

1.0% (4)

15,253‌

Total

Common

Stocks

(Cost

$894,452)

1,352,709‌

CONVERTIBLE

PREFERRED

STOCKS

0.4%

CAPITAL

MARKETS

0.1%

Capital

Markets

0.1%

Trumid

Holdings,

Series

J-A,

Acquisition

Date:

7/31/20,

Cost $353 (2)(3)(5)(6)

712‌

280‌

Trumid

Holdings,

Series

J-B,

Acquisition

Date:

7/31/20,

Cost $213 (2)(3)(5)(6)

712‌

279‌

Trumid

Holdings,

Series

L,

Acquisition

Date:

9/15/21,

Cost $841 (2)(3)(5)(6)

961‌

377‌

Total

Capital

Markets

936‌

FINANCE

0.2%

Thrifts

&

Mortgage

Finance

0.2%

New

York

Community

Bancorp

PIPE,

Series

C,

Acquisition

Date:

3/7/24,

Cost $2,074 (2)(3)

1,037‌

3,172‌

Total

Finance

3,172‌

INSURANCE

0.1%

Property

&

Casualty

Insurance

0.1%

Coalition,

Series

E,

Acquisition

Date:

9/7/21,

Cost $2,207 (2)(3)(5)

133,551‌

1,296‌

Total

Insurance

1,296‌

Total

Convertible

Preferred

Stocks

(Cost

$5,688)

5,404‌

SHORT-TERM

INVESTMENTS

3.8%

Money

Market

Funds

3.8%

T.

Rowe

Price

Government

Reserve

Fund,

5.39% (7)(8)

53,508,886‌

53,509‌

Total

Short-Term

Investments

(Cost

$53,509)

53,509‌

T.

ROWE

PRICE

Financial

Services

Fund

5

Shares

$

Value

(Cost

and

value

in

$000s)

‡

SECURITIES

LENDING

COLLATERAL

0.6%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK

0.1%

Money

Market

Funds

0.1%

T.

Rowe

Price

Government

Reserve

Fund,

5.39% (7)(8)

650,416‌

650‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

650‌

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY

0.5%

Money

Market

Funds

0.5%

T.

Rowe

Price

Government

Reserve

Fund,

5.39% (7)(8)

7,357,861‌

7,358‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

7,358‌

Total

Securities

Lending

Collateral

(Cost

$8,008)

8,008‌

Total

Investments

in

Securities

100.3%

(Cost

$961,657)

$

1,419,630‌

Other

Assets

Less

Liabilities

(0.3)%

(4,727‌)

Net

Assets

100.0%

$

1,414,903‌

T.

ROWE

PRICE

Financial

Services

Fund

6

‡

Shares

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

All

or

a

portion

of

this

security

is

on

loan

at

March

31,

2024.

(2)

Non-income

producing

(3)

Security

cannot

be

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

of

1933

and

related

rules

("restricted

security").

Acquisition

date

represents

the

day

on

which

an

enforceable

right

to

acquire

such

security

is

obtained

and

is

presented

along

with

related

cost

in

the

security

description.

The

fund

may

have

registration

rights

for

certain

restricted

securities.

Any

costs

related

to

such

registration

are

generally

borne

by

the

issuer.

The

aggregate

value

of

restricted

securities

(excluding

144A

holdings)

at

period

end

amounts

to

$6,783

and

represents

0.5%

of

net

assets.

(4)

The

identity

of

certain

securities

has

been

concealed

to

protect

the

fund

while

it

completes

a

purchase

or

selling

program

for

the

securities.

(5)

Level

3

in

fair

value

hierarchy.

(6)

Investment

in

a

partnership

held

indirectly

through

a

limited

liability

company

that

is

owned

by

the

fund

and

treated

as

a

corporation

for

U.S.

tax

purposes.

(7)

Seven-day

yield

(8)

Affiliated

Companies

CHF

Swiss

Franc

EUR

Euro

GBP

British

Pound

HUF

Hungarian

Forint

PIPE

Private

Investment

in

Public

Equity

T.

ROWE

PRICE

Financial

Services

Fund

7

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

three

months

ended

March

31,

2024.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Government

Reserve

Fund,

5.39%

$

—‌

$

—‌

$

613‌++

Totals

$

—‌#

$

—‌

$

613‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/23

Purchase

Cost

Sales

Cost

Value

03/31/24

T.

Rowe

Price

Government

Reserve

Fund,

5.39%

$

46,865‌

¤

¤

$

61,517‌

Total

$

61,517‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees.

+

Investment

income

comprised

$613

of

dividend

income

and

$0

of

interest

income.

¤

Purchase

and

sale

information

not

shown

for

cash

management

funds.

^

The

cost

basis

of

investments

in

affiliated

companies

was

$61,517.

T.

ROWE

PRICE

Financial

Services

Fund

Unaudited

Notes

to

Portfolio

of

Investments

8

T.

Rowe

Price

Financial

Services

Fund,

Inc. (the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as

an

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

of

Investments

was

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP).

For

additional

information

on

the

fund’s

significant

accounting

policies

and

investment

related

disclosures,

please

refer

to

the

fund’s most

recent

semiannual

or

annual

shareholder

report

and

its

prospectus.

VALUATION

Fair

Value

The

fund’s

financial

instruments

are

valued

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business,

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The fund’s

Board

of

Directors

(the

Board)

has

designated

T.

Rowe

Price

Associates,

Inc.

as

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

T.

ROWE

PRICE

Financial

Services

Fund

9

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

or

closing

price

for

international

securities.

The

last

quoted

prices

of

non-U.S.

equity

securities

may

be

adjusted

to

reflect

the

fair

value

of

such

securities

at

the

close

of

the

NYSE,

if

the Valuation

Designee

determines

that

developments

between

the

close

of

a

foreign

market

and

the

close

of

the

NYSE

will

affect

the

value

of

some

or

all

of

its portfolio

securities.

Each

business

day,

the

Valuation

Designee uses

information

from

outside

pricing

services

to

evaluate

the

quoted

prices

of

portfolio

securities

and,

if

appropriate,

decide whether

it

is

necessary

to

adjust

quoted

prices

to

reflect

fair

value

by

reviewing

a

variety

of

factors,

including

developments

in

foreign

markets,

the

performance

of

U.S.

securities

markets,

and

the

performance

of

instruments

trading

in

U.S.

markets

that

represent

foreign

securities

and

baskets

of

foreign

securities. The Valuation

Designee

uses

outside

pricing

services

to

provide

it

with

quoted

prices

and

information

to

evaluate

or

adjust

those

prices.

The Valuation

Designee

cannot

predict

how

often

it

will

use

quoted

prices

and

how

often

it

will

determine

it

necessary

to

adjust

those

prices

to

reflect

fair

value.

Investments

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

T.

ROWE

PRICE

Financial

Services

Fund

10

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

Valuation

Inputs

The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

March

31,

2024

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

1,291,906‌

$

60,803‌

$

—‌

$

1,352,709‌

Convertible

Preferred

Stocks

—‌

3,172‌

2,232‌

5,404‌

Short-Term

Investments

53,509‌

—‌

—‌

53,509‌

Securities

Lending

Collateral

8,008‌

—‌

—‌

8,008‌

Total

$

1,353,423‌

$

63,975‌

$

2,232‌

$

1,419,630‌

T.

ROWE

PRICE

Financial

Services

Fund

11

OTHER

MATTERS

Unpredictable

events

such

as

environmental

or

natural

disasters,

war

and

conflict,

terrorism,

geopolitical

events,

and

public

health

epidemics and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

the fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

The

global

outbreak

of

COVID-19

and

the

related

governmental

and

public

responses

have

led

and

may

continue

to

lead

to

increased

market

volatility

and

the

potential

for

illiquidity

in

certain

classes

of

securities

and

sectors

of

the

market

either

in

specific

countries

or

worldwide.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict,

leading

to

economic

sanctions imposed

on

Russia

that

target certain

of

its

citizens

and

issuers

and

sectors

of

the

Russian

economy,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

In

March

2023,

the

banking

industry

experienced

heightened

volatility,

which

sparked

concerns

of

potential

broader

adverse

market

conditions.

The

extent

of

impact

of

these

events

on

the

US

and

global

markets

is

highly

uncertain.

These

are

recent

examples

of

global

events

which

may

have

a

negative

impact

on

the

values

of

certain

portfolio

holdings

or

the fund’s

overall

performance.

Management

is

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

F117-054Q1

03/24

We use cookies on this site to provide a more responsive and personalized service. Continuing to browse, clicking I Agree, or closing this banner indicates agreement. See our Cookie Policy for more information.