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Australian Unit Trust
Global Equity Fund
High conviction, global equity portfolio seeking to invest in companies with above-average and sustainable growth characteristics.

Class S PDS

Class I PDS

Client Fund Profile
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30-Apr-2024 - Scott Berg, Portfolio Manager,
We think higher inflation and interest rates are the new normal and believe the market may not be fully pricing in this reality. Overall, we think uncertainty and volatility are here to stay for the foreseeable future as both the economic and geopolitical landscape become more complex and less stable.

Fund Summary
High conviction, truly global equity portfolio seeking to invest in companies with above-average and sustainable growth characteristics.
Performance - Net of Fees

Past performance is not a reliable indicator of future performance.

30-Apr-2024 - Scott Berg, Portfolio Manager,
In Australian dollar terms, global equities fell in April as stronger-than-expected economic and inflation data in the U.S. and hawkish comments from the Federal Reserve resulted in diminished expectations for interest rate cuts this year. Investors were also concerned about increasing geopolitical tensions and a limited military engagement between Iran and Israel in the Middle East. Within the portfolio, our holdings in real estate contributed the most. Shares of a Chinese shopping mall operator rose with the broader Chinese market as investors believed that an economic recovery in the region could be taking hold. We believe the stock of this rapidly growing residential and commercial property manager is an attractive play on China’s rising consumption growth with an asset-light model. Conversely, our holdings in industrials and business services hurt. Shares of a multi-industrial conglomerate pulled back over the period. While the company reported earnings results that modestly beat expectations, guidance came in slightly below expectations, and the stock also appeared to be weighed down by broader concerns about the industrials sector in light of contracting U.S. manufacturing data. We continue to have high conviction in the firm’s successful acquisitive business structure, which we think can drive significant compound earnings and strong free cash flow growth.
30-Jun-2022 - Scott Berg, Portfolio Manager,

Portfolio Positioning and Activity

Global equity markets experienced an acute, near-indiscriminate selloff 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. As always, we remain focused on maintaining a broadly balanced portfolio with sector exposures that are relatively neutral to our core benchmark. We are cognizant of building the portfolio for tomorrow, rather than owning what has worked in the recent past. Despite the challenges of 2022, we have high conviction in our current positions with a strong enduring bias toward companies in highly attractive industries where dynamics such as low penetration and long runways will lead to high and sustained levels of growth. Extending our return horizon and thinking beyond the short-term market narrative have allowed us to be contrarian in the past and have contributed to our longer-term outperformance.

Sector-wise, we favor the consumer discretionary and information technology sectors as we believe there are strong secular tailwinds in key areas that should benefit over the long term. We find fewer opportunities in areas like energy and consumer staples, though recent market movements have created opportunities for us to add selectively to those areas. Regionally, we continue to favor fast-growing emerging market countries that have low debt-to-gross domestic product ratios and attractive demographic growth, such as India, Indonesia, Vietnam, and the Philippines. Despite near-term challenges, we are also finding opportunities in China, with an emphasis on domestic exposure to areas like information technology and health care, where we believe there is a lot of innovation and the government is focused on building vibrant domestic industries.

Consumer Discretionary

We are focused on leaders within the global online retail and consumer services ecosystems. COVID-19 has pulled forward years of e-commerce share gains, and we have an expanded and diverse set of names levered to that trend. We continue to think the market is severely underestimating the profound effect the pandemic has had on the consumer landscape. It is now vital for companies to view their businesses through an omnichannel lens, and it is no longer an option for businesses to ignore the need for an online presence.

  • We sold shares of to manage our position size. We continue to have a favorable view of the company's cloud business and think its advertising business should continue to grow nicely as well. However, results over the next couple of quarters are likely to be somewhat challenged in a weaker consumer and economic environment, and we chose to scale back the magnitude of our bet.
  • We sold shares of European fashion retailer ASOS. The company faces a challenging macroeconomic backdrop as European consumers wrestle with rising inflation and slowing growth, made more acute due to its proximity to the Russia-Ukraine conflict. As such we chose to reallocate to names where we have higher conviction.


We favor the materials sector. Within the sector, we have largely neutralized exposure to metals and mining and have maintained a diversified approach that includes positions in chemicals, where the Russia-Ukraine conflict has contributed to increased demand and tightening supply, and packaging, where there are multi-year secular tailwinds. We see the materials sector as an opportunity to own companies that will have a positive impact on sustainability and the environment, but also recognize that we could be in a prolonged period of higher commodity prices due to the situation in Ukraine.

  • We purchased shares of BHP, which provides exposure to a portfolio of some of the highest-quality mining assets in the industry, mainly focused on iron ore, copper, and metallurgical coal. The company has a solid management team that we believe is executing well. The company recently spun out its petroleum business and prior to Russia's invasion of Ukraine had intensified its focus on potash. The company generates substantial cash and is one of the biggest dividend payers globally.
  • We purchased shares of Sweden-based mining and smelting company Boliden. We think Boliden is one of the highest-quality names in the metals and mining space, with a thoughtful yet opportunistic management team that has a history of creating value for shareholders by investing countercyclically, keeping leverage low, lowering costs through efficiencies and technology, and dampening volatility with its smelting business.


We started positions in several of the platform's highest-conviction ideas within the sector during the most recent quarter, skewing towards those aiding energy transition in Europe that are relatively cleaner from an ESG perspective. While we continue to expect a normalization of energy prices as exogenous factors reverse and productivity continues to improve, we recognize that we cannot know exactly how the Ukraine crisis will unfold going forward, exacerbating the high level of uncertainty around the timing and path of normalization.

  • We purchased shares of Baker Hughes, one of the world's largest oil field services companies. With the ongoing conflict in Ukraine, the global energy supply chain will need to be retooled, and we think Baker Hughes will be a beneficiary of a multiyear runway of increased capital expenditures to help with that retooling, particularly on the natural gas and liquefied natural gas side.
  • We bought shares of European oil and gas exploration and production firm Galp Energia. We think Galp Energia offers unique and high-quality exposure to European energy, with a diversified asset base and good balance sheet. In particular, we think the company's Brazilian pre-salt and Mozambique liquid natural gas assets offer a long runway for growth.

Health Care

The long-term secular tailwinds for the health care sector remain in place. Within the sector, we have meaningful exposure to life sciences tools and services companies making biologics or facilitating research and development efforts for companies in the biopharma space, as well as equipment and supplies companies focused on medical diagnostics and testing. Within pharmaceuticals, we continue to invest in highly innovative companies with diverse product portfolios and promising pipeline assets. We also own companies tied to the ongoing secular trend of robotic surgery and have exposure to U.S. managed care where fundamentals remain strong, and valuations are attractive.

  • We sold shares of Argenx, an antibody platform company developing novel therapies in autoimmune diseases and cancer, on strength. The company's therapy Vyvgart has a best-in-class profile with a first-mover advantage across several indications, and we think some earlier stage programs such as ARGX-117, which is a novel complement (C2) inhibitor, could be sources of long-term value creation for the company.
31-Jan-2024 - Scott Berg, Portfolio Manager,
We have an overweight position in financials. We currently have exposure to what we believe are high-quality U.S. banks but are meaningfully underweight European and Japanese peers that broadly have more negative credit exposure. We have a greater allocation to insurance companies than we have typically had in the past, as an improving pricing environment and better yields on portfolio investments have created a positive near- and medium-term setup. We continue to own several emerging market financials that we believe are undervalued and underappreciated and have exposure to high-quality alternative asset managers and leading capital markets companies.

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.


The specific securities identified and described in this website do not represent all of the securities purchased or sold for this fund. This information is not intended to be a recommendation to take any particular investment action and is subject to change. No assumption should be made that the securities identified were or will be profitable.

Unless otherwise specified, all fund ratings, awards and data are as of 30-Apr-2024 and sourced from T. Rowe Price. 

©2023 Morningstar, Inc. All rights reserved. The information  contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Equity Trustees Limited (“Equity Trustees”) (ABN 46 004 031 298 AFSL 240975) is a subsidiary of EQT Holdings Limited (ABN 22 607 797 615), a publicly listed company on the Australian Stock Exchange (ASX:EQT). Equity Trustees and T. Rowe Price Australia Limited ("TRPAU") (ABN: 13 620 668 895 and AFSL: 503741) are, respectively, the responsible entity and investment manager of the T. Rowe Price Australian Unit Trusts. A Target Market Determination for each T. Rowe Price Australian Unit Trust (or class of units in a Trust) is available here ( It describes who the financial product is likely to be appropriate for (i.e. the target market), and any conditions around how the product can be distributed to investors. It also describes the events or circumstances where Equity Trustees Limited, the responsible entity of the T. Rowe Price Australian Unit Trusts may need to review the Target Market Determination for the financial product.

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Past performance is not a reliable indicator of future performance. The price of any fund may go up or down. Investment involves risk including a possible loss to the principal amount invested. For general information purposes only, does not take into account the investment objectives, financial situation or needs of any particular investor. For further details, please refer to each fund's product disclosure statement and reference guide which are available from Equity Trustees ( or TRPAU (

Information and opinions presented have been obtained or derived from sources believed to be reliable and current; however, we cannot guarantee the sources' accuracy or completeness. There is no guarantee that any forecasts made will come to pass. The views contained herein are as of the date noted on the material and are subject to change without notice; these views may differ from those of other T. Rowe Price group companies and/or associates. Under no circumstances should the material, in whole or in part, be copied or redistributed without consent from T. Rowe Price.