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GIPS® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. T. Rowe Price has been independently verified for the twenty four-year period ended June 30, 2020, by KPMG LLP. The verification report is available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report.

TRP is a U.S. investment management firm with various investment advisers registered with the U.S. Securities and Exchange Commission, the U.K. Financial Conduct Authority, and other regulatory bodies in various countries and holds itself out as such to potential clients for GIPS purposes. TRP further defines itself under GIPS as a discretionary investment manager providing services primarily to institutional clients with regard to various mandates, which include U.S, international, and global strategies but excluding the services of the Private Asset Management group.

A complete list and description of all of the Firm's composites and/or a presentation that adheres to the GIPS® standards are available upon request. Additional information regarding the firm's policies and procedures for calculating and reporting performance results is available upon request

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All Products

Products Table Products Overview
  • All Asset Classes
  • Equity
  • Fixed Income
  • All Regions
  • Global
  • International
  • Emerging Mkts
  • US

Past performance is not a reliable indicator of future performance.

Net of fees performance reflects the deduction of the highest applicable management fee ("Model Net Fee") that would be charged based on the fee schedule appropriate to you for this mandate, without the benefit of breakpoints. Performance returns are net of all non-reclaimable withholding taxes on dividends, interest income, and capital gains.

Risks: All investments are subject to risk, including the possible loss of principal.

  • International investments can be riskier than U.S. investments due to the adverse effects of currency exchange rates, differences in market structure and liquidity, as well as specific country, regional, and economic developments.
  • Investments in emerging markets are subject to the risk of abrupt and severe price declines.
  • Fixed-income securities are subject to credit risk, liquidity risk, call risk, and interest-rate risk. As interest rates rise, bond prices generally fall. Investments in high-yield bonds involve greater risk of price volatility, illiquidity, and default than higher-rated debt securities.
  • Investments in foreign bonds are subject to special risks, including potentially adverse political and economic developments overseas, greater volatility, lower liquidity, and the possibility that foreign currencies will decline against the dollar.

Global Equity

Strategy

Global Focused Growth Equity

The Global Focused Growth Equity Composite seeks long-term capital appreciation primarily through investment in established companies operating in developed markets throughout the world, with faster earnings growth and reasonable valuation levels relative to market/sector averages. Further, the strategy seeks to buy companies where there is insight about improving economic returns of the business that are not fully reflected in their valuation.

3YR Return Annualised (Net)
(View Total Returns)

Tracking Error
(5 Years)

24.31%
6.41%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

84.41%
1.71

Inception Date 31-Jan-1996

Performance figures calculated in USD

David J. Eiswert, CFA
David J. Eiswert, CFA, Lead Portfolio Manager

David Eiswert is a portfolio manager in the U.S. Equity Division of T. Rowe Price. He is the portfolio manager for the Global Focused Growth Equity Strategy, a role he has held since October 1, 2012. Prior to his current role, Mr. Eiswert was the portfolio manager for the Global Technology Strategy from October 2008 until May 2012. He was a technology analyst from 2003 until 2012. Mr. Eiswert is a vice president of T. Rowe Price Group, Inc.

 

Strategy

Global Growth Equity

The Global Growth Equity Composite seeks long-term capital appreciation by investing primarily in a diversified portfolio of transferable equity and equity-related securities of larger cap companies listed on the world's stock markets. The portfolio may include investments in the securities of companies listed on the stock exchange of developed and developing countries.

3YR Return Annualised (Net)
(View Total Returns)

Tracking Error
(5 Years)

20.48%
5.10%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

76.62%
1.37

Inception Date 31-Oct-2008

Performance figures calculated in USD

Scott Berg
Scott Berg, Portfolio Manager

Scott Berg is the portfolio manager for the T. Rowe Price Global Growth Equity Strategy and a vice president of T. Rowe Price Group, Inc.

 

Strategy

Global Value Equity

The Global Value Equity Composite seeks long-term capital appreciation and reasonable income primarily through investment in companies domiciled in developed countries globally.

3YR Return Annualised (Net)
(View Total Returns)

Tracking Error
(5 Years)

10.63%
3.56%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

61.97%
-0.49

Inception Date 31-Jul-2012

Performance figures calculated in USD

Sebastien Mallet
Sebastien Mallet, Portfolio Manager

Sebastien Mallet is a portfolio manager in the Equity Division at T. Rowe Price, managing the Institutional Global Value Strategy. Mr. Mallet is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

 
 

International Equity

Strategy

International Core Equity

The International Core Equity Composite seeks long term capital appreciation primarily through investments in common stocks of non-U.S. companies in developed countries.

3YR Return Annualised (Net)
(View Total Returns)

Tracking Error
(5 Years)

6.88%
2.16%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

53.00%
0.85

Inception Date 31-Jan-2000

Performance figures calculated in USD

Raymond A.  Mills, Ph.D., CFA
Raymond A. Mills, Ph.D., CFA, Portfolio Manager

Raymond A. Mills is the portfolio manager of the International Core Equity Strategy in the International Equity Division. Ray also serves on the Investment Advisory Committees of other international equity, asset allocation, and global real estate strategies. He is a member of the International Equity Steering Committee and the Equity Brokerage and Trading Control Committee. Ray also is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Trust Company, and T. Rowe Price International Ltd.

 

Strategy

International Disciplined Equity

Formerly International Concentrated Equity Strategy

The International Disciplined Equity Composite seeks long-term capital appreciation by investing in a focused number of non-U.S. companies in developed and emerging markets. Emerging market exposure typically ranges up to 15% as defined by inclusion in the European segment of MSCI's Emerging Markets Index. The strategy targets attractive opportunities across the investable universe irrespective of growth or value style or market capitalization.

3YR Return Annualised (Net)
(View Total Returns)

Tracking Error
(5 Years)

6.31%
2.99%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

36.91%
0.15

Inception Date 31-Jul-2010

Performance figures calculated in USD

Federico Santilli
Federico Santilli, Portfolio Manager

Federico Santilli is a portfolio manager covering international equity in the International Equity Division. He is an executive vice president of T. Rowe Price International Funds, Inc., and T. Rowe Price Institutional International Funds. He also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

 

Strategy

International Growth Equity

The International Growth Equity Composite seeks long-term capital appreciation primarily through investments in common stocks of non-U.S. large- and mid-cap companies in developed and emerging countries, with faster earnings growth and reasonable valuation levels relative to market/sector averages.

3YR Return Annualised (Net)
(View Total Returns)

Tracking Error
(5 Years)

9.25%
2.76%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

49.66%
0.85

Inception Date 31-Mar-1981

Performance figures calculated in USD

Richard N. Clattenburg, CFA
Richard N. Clattenburg, CFA, Portfolio Manager

Richard "Trip" Clattenburg is a portfolio manager for the International Growth Equity Strategy in the International Equity Division. He is an Investment Advisory Committee member of the Global Growth Equity, Global Real Estate Equity, International Core Equity, and Japan Equity Strategies. Additionally, Trip is an executive vice president of T. Rowe Price Global Funds, T. Rowe Price International Series, and T. Rowe Price International Funds. He also is a vice president of T. Rowe Price Group, Inc.

 
 
 
 

Emerging Markets Equity

Strategy

Emerging Markets Discovery Equity

Formerly Emerging Markets Value Equity Strategy

The Emerging Markets Discovery Equity Composite seeks long-term capital appreciation primarily through investment in emerging markets with attractive valuation levels relative to market/sector averages.

3YR Return Annualised (Net)
(View Total Returns)

Tracking Error
(5 Years)

6.14%
5.85%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

66.63%
0.23

Inception Date 30-Sep-2015

Performance figures calculated in USD

Ernest C. Yeung, CFA
Ernest C. Yeung, CFA, Portfolio Manager

Ernest Yeung is a portfolio manager for the Emerging Markets Discovery Equity Strategy at T. Rowe Price. He was the co-portfolio manager for the International Small-Cap Equity Strategies from 2009 to 2014. Mr. Yeung is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price Hong Kong Limited.

 

Strategy

Emerging Markets Equity

The Emerging Markets Equity Composite seeks long-term capital appreciation primarily through investment in established companies, in developing markets, with faster earnings growth and reasonable valuation levels relative to market/sector averages.

3YR Return Annualised (Net)
(View Total Returns)

Tracking Error
(5 Years)

7.53%
3.03%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

55.12%
1.01

Inception Date 31-Dec-1995

Performance figures calculated in USD

Gonzalo Pángaro
Gonzalo Pángaro, Co-Portfolio Manager

Gonzalo Pángaro is the lead portfolio manager for the Emerging Markets Equity Strategy in the Equity Division. He is chairman of the Investment Advisory Committee for the Emerging Markets Equity Strategy  and a member of the International Equity Steering Committee. Gonzalo is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

 
 

U.S. Equity

Strategy

US Dividend Growth Equity

The US Dividend Growth Equity Composite seeks to provide a growing level of dividend income, long-term capital appreciation and a reasonable level of current income.

3YR Return Annualised (Net)
(View Total Returns)

Tracking Error
(5 Years)

16.16%
3.58%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

47.17%
-0.13

Inception Date 31-Dec-1995

Performance figures calculated in USD

Thomas J.  Huber, CFA
Thomas J. Huber, CFA, Portfolio Manager

Tom Huber is the portfolio manager of the US Dividend Growth Equity Strategy as well as chairman of the strategy’s Investment Advisory Committee. He also is an Investment Advisory Committee member of the US Real Estate Equity Strategy. Tom is an executive vice president of the T. Rowe Price Exchange-Traded Funds and a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Trust Company.

 

Strategy

US Large-Cap Core Growth Equity

The US Large-Cap Core Growth Equity Composite seeks long-term capital appreciation primarily through investment in common stocks of well established large- and medium-cap blue chip companies with potential for above-average earnings growth. Current income is a secondary objective for this strategy.

3YR Return Annualised (Net)
(View Total Returns)

Tracking Error
(5 Years)

19.49%
6.32%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

55.97%
0.90

Inception Date 31-Dec-1995

Performance figures calculated in USD

Larry J. Puglia, CFA, CPA
Larry J. Puglia, CFA, CPA, Lead Portfolio Manager

Larry J. Puglia is a portfolio manager in the U.S. Equity Division. Larry has been managing the US Large-Cap Core Growth Equity Strategy since 1993 and has had lead responsibility for all institutional accounts and other investment products within the strategy since 1997. He also is president of the Investment Advisory Committee of the US Large-Cap Core Growth Equity Strategy. Larry is a vice president of T. Rowe Price Group, Inc.

 

Strategy

US Large-Cap Growth Equity

The US Large-Cap Growth Equity Composite seeks long-term capital appreciation by investing primarily in common stocks of large-cap growth companies based in the U.S.

3YR Return Annualised (Net)
(View Total Returns)

Tracking Error
(5 Years)

22.54%
4.02%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

66.80%
0.88

Inception Date 30-Nov-2001

Performance figures calculated in USD

Taymour Tamaddon, CFA
Taymour Tamaddon, CFA, Lead Portfolio Manager

Taymour Tamaddon is the portfolio manager of the US Large-Cap Growth Equity Strategy in the U.S. Equity Division. He is a vice president and a member of the Investment Advisory Committees for the Health Sciences Equity, Global Growth Equity, US Growth Stock Equity, and Global Focused Growth Equity Strategies. Taymour is an executive vice president of T. Rowe Price Equity Funds and a vice president of the T. Rowe Price International Funds, Inc., and T. Rowe Price Global Funds. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Trust Company.

 

Strategy

US Large-Cap Value Equity

The US Large-Cap Value Equity Composite seeks long-term capital appreciation primarily through investment in large companies that appear to be undervalued. Income is a secondary objective for this strategy.

3YR Return Annualised (Net)
(View Total Returns)

Tracking Error
(5 Years)

11.16%
2.42%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

62.85%
0.46

Inception Date 31-Mar-1990

Performance figures calculated in USD

Heather K. McPherson
Heather K. McPherson, Co-Portfolio Manager

Heather McPherson is a co-portfolio manager for the US Large-Cap Value Equity Strategy and an associate portfolio manager for the US Large-Cap Equity Income Strategy in the U.S. Equity Division. Heather is a member of the firm's U.S. Equity Steering Committee and is a vice president and an Investment Advisory Committee member of the US Large-Cap Equity Income, US Large-Cap Core Equity, US Quantitative Large, Global Natural Resources Equity, US Mid-Cap Value Equity, and US Large-Cap Value Equity Strategies. She is a trustee of the T. Rowe Price Foundation. Heather also is a vice president of T. Rowe Price Group, Inc. 

 

Strategy

US Structured Research Equity

The US Structured Research Equity Composite seeks sector- and industry-neutral exposure to the S&P 500 Index, with value added through stock selection skill. The strategy combines fundamental research with a disciplined portfolio construction process to achieve its investment objectives.

3YR Return Annualised (Net)
(View Total Returns)

Tracking Error
(5 Years)

17.34%
1.15%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

58.16%
1.06

Inception Date 31-May-1999

Performance figures calculated in USD

Ann Holcomb, CFA
Ann Holcomb, CFA, Co-Portfolio Manager

Ann Holcomb is a director of research, North America, in the U.S. Equity Division. Ann is a member of the Equity Steering Committee, and she is co-portfolio manager of the U.S. Structured Research Equity Strategy.  She is also is cochair of the Investment Advisory Committee of the U.S. Structured Research Equity Strategy. Ann is a vice president of T. Rowe Price Group, Inc. 

 
 

Global Fixed Income

Strategy

Global High Income Bond

The Global High Income Bond Hedged to USD Composite seeks high current income and capital appreciation primarily through the investment in global fixed income securities rated below investment grade (BB or below) by S&P, Moody's, or another nationally recognized securities rating organization (NRSRO). The composite seeks global diversification by targeting North American and European high yield and emerging markets corporate issuers.

3YR Return Annualised (Net)
(View Total Returns)

Tracking Error
(5 Years)

6.84%
1.79%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

28.49%
0.31

Inception Date 31-Jan-2015

Performance figures calculated in USD

Michael Della Vedova
Michael Della Vedova, Portfolio Manager

Mike Della Vedova is a global high yield portfolio manager in the Fixed Income Division. He is a portfolio manager for the Europe High Yield Bond Strategy and co-portfolio manager for the Global High Yield Bond Fund and Global High Income Bond Strategy. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

 

Strategy

Global Multi-Sector Bond

The Global Multi-Sector Bond Composite seeks high income and some capital appreciation primarily through investment in sectors and securities within the Bloomberg Barclays Global Aggregate Bond USD Hedged Index. The strategy may also invest in bank loans, non-agency MBS, and convertible bonds.

3YR Return Annualised (Net)
(View Total Returns)

Tracking Error
(5 Years)

6.06%
4.59%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

18.03%
0.57

Inception Date 31-Dec-2008

Performance figures calculated in USD

Kenneth A.  Orchard
Kenneth A. Orchard, Lead Portfolio Manager

Kenneth Orchard is a senior portfolio manager in the Fixed Income Division and a member of the Global Fixed Income Investment team. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

 
 
 
 

Emerging Markets Fixed Income

Strategy

Emerging Markets Bond

The Emerging Markets Bond Composite seeks current income and capital appreciation primarily through investment in fixed income securities issued by emerging nations. The strategy may invest in low rated bonds, including those in default, when market conditions warrant. Absolute weightings in the Emerging Markets Bond Composite will generally be higher in the larger markets of Brazil, Mexico, and Russia than absolute weightings in the Emerging Markets Diversified Bond Composite.

3YR Return Annualised (Net)
(View Total Returns)

Tracking Error
(5 Years)

1.96%
3.16%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

19.72%
0.14

Inception Date 31-Dec-1995

Performance figures calculated in USD

Samy Muaddi, CFA
Samy Muaddi, CFA, Portfolio Manager

Samy Muaddi is a portfolio manager in the International Fixed Income Division. He is the portfolio manager of the Emerging Markets Bond Strategy and co-manages the Emerging Markets Corporate Bond and Global High Income Bond Strategies. He previously managed the firm’s Asia Credit Bond Strategy from its inception until 2020. Samy also is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price International Ltd.