Donald Easley, CFA, is a Portfolio Manager in the U.S. Equity Division of T. Rowe Price for the U.S. Tax-Efficient and U.S. Structured Active Mid-Cap Growth Equity Strategies. He works closely with Don Peters, a portfolio manager in the U.S. Equity Division, actively assisting with all aspects of portfolio management. Mr. Easley is an Executive Vice President and Co-Chairman of the Investment Advisory Committee of the U.S. Structured Active Mid-Cap Growth Equity Strategy.
He is a Vice President of T. Rowe Price Group, Inc. Mr. Easley has 18 years of investment experience, 17 of which have been with T. Rowe Price. Prior to joining the firm in 2000, he was a credit analyst with The Bank of New York. Mr. Easley earned a B.A. in economics from Swarthmore College and an MBA in finance and accounting from the University of Chicago.
In this 3,381 word interview with the Wall Street Transcript, Mr. Easley details his investing philosophy and explains his top picks.
It’s called the Diversified Mid-Cap Growth Fund. The ticker is PRDMX, and it’s about a $1 billion fund that invests in midcap growth companies. And I have been involved with the product for about 15 years now, running it with another gentleman named Don Peters. So the strategy itself dates back about two decades, and the fund incepted in the late part of 2003.
“Because they compete in the cellphone space, they’re subject to the pluses and minuses of the cellphone market, so right now, there is a lot of concern around cellphone demand in general. And the stock has been pretty weak, and it’s now trading in the mid-$80, and that is a valuation that’s about 11 times next year’s earnings. They also have a lot of cash on their balance sheet, so if you take that out, the enterprise value to earnings is less than 10 times. So the valuation looks very attractive.”
To get many more detailed recommendations from this experienced and successful portfolio manager, read the entire 3,381 word interview at the Wall Street Transcript.