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Capital at risk. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.

The listed funds are not an exhaustive list of funds available. Visit to see the full range of funds offered by T. Rowe Price, including those that consider environmental and social characteristics as part of their investment process.  For up to date information regarding any T. Rowe Price fund's investment strategy, please see the relevant fund KID and prospectus. 

T. Rowe Price Global Focused Growth Equity Fund
An actively managed, high conviction global equity fund for which we seek to identify companies on the right side of change. The portfolio typically consists of typically 60-80 stocks representing our most compelling bottom-up growth ideas, often derived from technological innovation and secular disruption. Environmental, Social and Governance (ESG) considerations are integrated into the investment process as a component of the investment decision. The fund is categorised as Article 8 under Sustainable Finance Disclosure Regulation (SFDR).
ISIN LU2055195056
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30-Apr-2020 - David J. Eiswert, Portfolio Manager,
Rising equity markets quickly closed many opportunities in April. We are now determining how to balance the portfolio with companies benefitting from the ongoing crisis, secular growers with short-term, pandemic-related headwinds that have recovered, and stocks that are severely affected by the pandemic and are out of favour. We think it has become much more important to have insights into product stories and industry changes, and this is where we are spending much of our time.

Fund Summary
We look for companies that we believe have the potential for improving economic returns in the future and that we can buy at an attractive price. In a world of secular change, this means understanding the forces enhancing or erasing durable competitive advantage to correctly identify the winners and losers ahead of the market. The promotion of environmental and/or social characteristics is achieved through the fund's commitment to maintain at least 10% of the value of its portfolio invested in Sustainable Investments, as defined by the SFDR. Additionally, we apply a proprietary responsible screen (exclusion list). The manager is not constrained by the fund’s benchmark, which is used for performance comparison purposes only.
Performance - Net of Fees

Past performance is not a reliable indicator of future performance.

30-Apr-2020 - David J. Eiswert, Portfolio Manager,
Global equities rebounded following several months of losses as slowing coronavirus infection rates in a number of global hot spots and massive monetary and fiscal stimulus efforts helped support investor optimism. Within the portfolio, our holdings in the information technology (IT) sector, coupled with an overweight position, contributed the most to relative returns. Canadian e-commerce platform Shopify rose amid strong e-commerce data, with robust order growth in the company’s end markets as consumers shifted spending habits online in the wake of coronavirus social distancing measures and brick and mortar retailer shutdowns. We believe Shopify represents a compelling structural growth opportunity driven by its best-in-class cloud-based software platform that allows merchants to sell their products across many “storefronts.” Conversely, our lack of exposure to the energy sector hurt relative performance. We previously had a subdued outlook on the sector given the global oversupply of oil driven by the disruptive impact from U.S. shale production. The coronavirus-led global economic slowdown further exacerbates the near- and intermediate-term issues facing the sector, in our view. As a result, we ended the quarter with no exposure to the energy sector.
30-Jun-2022 - David J. Eiswert, Portfolio Manager,

Global equity markets experienced an acute, near-indiscriminate sell-off during the quarter as investors began to price in the possibility of a recession and concerns that central banks would not be able to create a "soft landing" in their efforts to tame inflation. We view this type of environment as one where good active managers can take advantage of market dislocations and pick up high-conviction names where we have an insight into improving returns in the future at what we view as attractive valuations. We believe inflation may be peaking, which would be a major key to seeing accelerating returns for our existing positions.

Sector-wise, we favor the consumer discretionary and industrials and business services sectors, as we believe there are key areas in these sectors that should benefit as economic conditions normalize. We are more selective in areas like consumer staples, energy, and information technology, as we believe that these sectors are either overcrowded or that we have a more subdued long-term outlook. Our regional weights are mostly driven by bottom-up, idiosyncratic investing. For instance, our exposure in Europe is idiosyncratic as the majority of our holdings have significant business exposure outside of Europe and thus are not levered solely to European economies. We also have found compelling investments in emerging markets, where we think near-term headwinds are creating opportunities for active managers to buy high-quality assets at attractive valuations, especially in China.

Consumer Discretionary

We significantly reduced our exposure to the consumer discretionary sector, which has become increasingly challenging for stock pickers as market disruption, driven in part by rapid changes in consumer behavior and e-commerce, has led to a more dramatic demarcation between winners and losers. Given the polarized structure of the sector, we are focused on high-quality names that we believe are on the right side of change and have dominant market positions while maintaining discipline around valuations. We find that companies with strong omnichannel infrastructure, efficient distribution, and quality offerings that keep them connected with their customer base should benefit from strong fundamentals in the future. We also have exposure to select travel-related stocks that we believe are well positioned as economic conditions normalize.

  • We sold shares of athletic sportswear brand Nike. While we continue to believe the company is a high-quality growth opportunity, we think the outlook for the firm's business in China is more unpredictable going forward, so we chose to exit our position in favor of names where we have higher conviction.
  • We sold shares of online travel agency Expedia to manage our position size. We think Expedia stands to benefit from pent-up travel demand as the pandemic wanes. We also believe that the market underappreciates the company's in-house vacation rental business, Vrbo, which has been resilient during the pandemic and stands to benefit further from normalization in travel. Further, Expedia's ongoing overhaul of its cost structure should boost profitability on the other side of the pandemic.


The energy sector cooled during the quarter, but as the war in Ukraine persisted and fears of slowing economic growth emerged, supply remained tight and prices remained elevated. We think tight supply and higher prices could persist in the near term, and as a result, we hold select, high-quality energy names in order to capture these tailwinds. However, we still have a subdued long-term outlook on the energy sector given the disruptive impact of U.S. shale production and the growing emphasis on clean energy and ESG-friendly alternatives.

  • We bought shares of global oil and gas exploration and production firm Hess, which has valuable assets in the Bakken formation, Guyana, the Gulf of Mexico, and Asia. We like Hess's diverse asset base and highly competitive oil price breakeven, and we think Hess is well positioned for free cash flow growth acceleration as additional production capacity comes online, particularly in Guyana.

Information Technology

As a result of the behavioral changes that emerged from the pandemic and accelerated demand for technology, pockets of the sector clearly became crowded and overbought. However, the steep market decline has created opportunities to buy stocks with compelling long-term growth potential that are now trading at much more reasonable valuations. Ultimately, we believe that the powerful long-run trends that should drive value creation within the technology sector remain and, in some cases, were accelerated by the pandemic. We think we are well positioned to take advantage of the diverse nature of the technology landscape, with a balance between mega-cap tech names as well as smaller and more innovative software, e-commerce, and payment companies that are on the cutting edge in their industries and have transformative offerings. We also have exposure to semiconductor stocks that we anticipate should benefit from content growth in automotive and industrial end markets as well as investment in data centers and artificial intelligence.

  • We bought shares of software-as-a-service sales platform Salesforce. We think Salesforce is an outstanding business, with strong leadership in its customer relationship management platform and ecosystem capabilities. The company boasts a highly recurring revenue subscription business model, and we think its quality and growth runway are underappreciated by the market. Over the near term, we think the firm is well positioned for accelerating returns as margins improve and the business continues to grow. In our view, the stock has been oversold amid broader negative sentiment in technology names, which created an attractive entry point.
  • We purchased shares of MasterCard on weakness. We continue to like MasterCard's focus on technology and planned expansion into China and believe the company is well positioned for strong growth once the world learns to live with COVID-19 and cross-border travel resumes.
30-Apr-2020 - David J. Eiswert, Portfolio Manager,
We have high conviction in the IT sector. Despite the near-term uncertainty and volatility created by the coronavirus outbreak, the powerful long-term trends that we believe will drive value creation in the technology sector remain in play. Meanwhile, the aftereffects from the virus outbreak could also result in lasting behavioural changes, with more people working remotely and payment methods skewing more digitally. As a result, software and electronic payments are areas of focus within our IT sector exposure. We believe we remain positioned to benefit from increasing AI adoption as well as the growing technology consumption in emerging markets, particularly in Asia. We also have a sizable exposure to semiconductor stocks.

Please note that the Fund typically has a risk of high volatility.

SICAV III labelling represents the Select Investment Series III SICAV, a Luxembourg UCITS.

Benchmark Data Source: MSCI. MSCI index returns are shown with reinvestment of dividends after the deduction of withholding taxes. MSCI and its affiliates and third party sources and providers (collectively, “MSCI”) makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. Historical MSCI data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

Past performance is not a reliable indicator of future performance.

Source for performance: T. Rowe Price. Fund performance is calculated using the official NAV with dividends reinvested, if any. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested. It will be affected by changes in the exchange rate between the base currency of the fund and the subscription currency, if different. Sales charges (up to a maximum of 5% for the A Class), taxes and other locally applied costs have not been deducted and if applicable, they will reduce the performance figures.

Daily performance data is based on the latest available NAV.  

The Funds are sub-funds of the Select Investment Series III SICAV, a Luxembourg investment company with variable capital which is registered with Commission de Surveillance du Secteur Financier and which qualifies as an undertaking for collective investment in transferable securities (“UCITS”). Full details of the objectives, investment policies and risks are located in the prospectus which is available with the key investor information documents (KIID) and/or the key information document (KID) in English and in an official language of the jurisdictions in which the Funds are registered for public sale, together with the articles of incorporation and the annual and semi-annual reports (together “Fund Documents”). Any decision to invest should be made on the basis of the Fund Documents which are available free of charge from the local representative, local information/paying agent or from authorised distributors.  They can also be found along with a summary of investor rights in English at The Management Company reserves the right to terminate marketing arrangements.

The specific securities identified and described in this website do not represent all of the securities purchased, sold, or recommended for the sub-fund and no assumptions should be made that the securities identified and discussed were or will be profitable.

A full list of the currently issued Share Classes including Distributing, Hedged, and Accumulating Categories may be obtained, free of charge and upon request, from the registered office of the Company.  


Citywire Data Source: Citywire – where the fund manager is rated by Citywire, the rating is based on the manager’s 3-year risk adjusted performance. For further information on ratings methodology, please visit