Global Equity Fund | T. Rowe Price

AUT

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

APIR ETL0071AU

PERFORMANCE REPORT

PDS

FUND PROFILE

QUARTERLY REVIEW

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Risk & Reward?

Low Med High

Entry
(AUD)

$1.53

1YR Return
(Annualised)

13.03%

Fund Size
(AUD)

$2.9b

Exit

0.05%

(AUD)

$1.53

3YR Return
(Annualised)

18.38%

Overview

Manager's Outlook

As we entered the year, we were of the view that equities were relatively cheap versus the alternatives, and we expected that trade negotiations between the U.S. and China and interest rates were going to be two of the biggest factors for equity markets in 2019. We saw global equities meaningfully recover in the first quarter following their fourth-quarter rout, driven by renewed optimism around a trade deal between the two global superpowers and a more dovish stance by the Federal Reserve. We were cautiously optimistic that there were sufficient catalysts still in place for equities to move higher but were somewhat surprised by how much the markets recovered and how quickly the move was given the data points we've seen.

�

After growing more than 20% in 2018, boosted by strong topline growth and tax reform, we expected corporate earnings would slow and, indeed, fourth-quarter earnings were mixed. However, we think fears of a U.S. earnings recession are likely overdone. While the double-digit corporate earnings growth from the last two years may dip into the mid-single digits in 2019, earnings should still grow. The global economy also still seems far from slipping into an outright recession, and while negotiations continue, we maintain that it is more likely than not that the U.S. and China will resolve their trade dispute.

�

The one unambiguous positive for equity markets so far in 2019 has been the Federal Reserve's pivot to a more dovish tone and its shift toward data dependency. The Fed has become more dovish more quickly than we expected, and when taken alongside the European Central Bank raising the possibility of a new round of financing for banks and Australia's central bank putting the option of a rate cut back on the table, quantitative tightening efforts of major central banks appear to be waning. We are in a broadly lower-rate environment globally, and we now think rates may stay lower for longer, which would be supportive for equity markets.

�

We still feel exceptionally positive about our emerging markets (EM) exposure given the likelihood that the U.S. dollar is near its high in light of the Fed's recent statements. The change in the Fed's bias has already allowed India to cut interest rates, joining China's broader trend of policy easing, but there is the potential for other EM central banks to cut rates as well. Our EM exposure remains largely focused on China, India, Indonesia, Philippines, and Peru, but we are also favorable on Vietnam, which we think will become a mainstream emerging market over time.

�

Even though markets have appreciated considerably over the first three months of the year, we remain constructive on global equities. We used the strong move in equities to take profits from some of the more cyclical names we own and are taking a more balanced approach within the portfolio in an effort to diversify our risk sources, neutralize our positions, and increase our focus on stock selection within the sectors. We are confident that our robust research platform and worldwide fundamentally driven investment process is well suited to continue providing value for our clients.

Strategy

Fund Summary

High conviction, truly global equity portfolio seeking to invest in companies with above-average and sustainable growth characteristics.

OUR VIEWS ON GLOBAL EQUITIES

SMALL-CAP

MID-CAP

LARGE-CAP

161
Holdings

Style
Growth

Risk & Reward Data

Information Ratio

0.88

Sharpe Ratio

0.80

Historical Tracking Error

3.72%

Performance - Net of Fees

Current Year Performance

MTD

2.25%

Benchmark

1.75%

Excess Return

0.50%

QTD

2.25%

Benchmark

1.75%

Excess Return

0.50%

YTD

24.17%

Benchmark

18.57%

Excess Return

5.60%

Data as of 11-Jul-2019

1 Month

4.49%

Benchmark

5.23%

Excess Return

-0.74%

3 Months

4.18%

Benchmark

4.80%

Excess Return

-0.62%

Data as of 30-Jun-2019

Annualised Performance

1 YR

13.03%

Benchmark

11.32%

Excess Return

1.71%

3 YR

18.38%

Benchmark

13.86%

Excess Return

4.52%

5 YR

16.03%

Benchmark

12.75%

Excess Return

3.28%

10 YR

12.73%

Benchmark

11.76%

Excess Return

0.97%

Manager Inception

11.38%

Benchmark

N/A

Excess Return

N/A

Data as of 30-Jun-2019

Benchmark : MSCI All Country World Index ex Australia Net

Fund Inception: 15-Sep-2006

Manager Inception: 26-Oct-2008

Important Information

Holdings

Total
Holdings

161

Largest

Amazon.com

2.97%

Was ( 31-Dec-2018 )

3.61%

Top 10

16.96%

Contributor
Amazon.com

By 0.12%

% of fund

2.97%

Detractor
Tesla

By -0.50%

% of fund

1.19%

Purchase
NextEra Energy

1.28%

Was ( 31-Dec-2018 )

0.15%

Sale
Tesla

1.19%

Was ( 31-Dec-2018 )

2.11%

Data as of 31-Mar-2019

Important Information

31-Mar-2019 - Scott Berg, Portfolio Manager,

As always, our trading activity during the quarter was driven from the bottom up. The portfolio's sector allocations are driven primarily by individual stock considerations but are also influenced, to a lesser degree, by an assessment of macroeconomic and geopolitical considerations. Over the quarter, our exposure to more defensive areas of the market like health care and utilities went up, while information technology and financials decreased. Regionally, our allocation to Europe increased, while exposure to North America and Pacific ex-Japan decreased. Within emerging markets, we continue to favor what we consider the more fertile and demographically advantaged regions, such as China, India, the Philippines, Peru, and Indonesia.

Utilities

Our exposure in this area is limited as the industry is mature and there are modest growth prospects, but we think there are interesting opportunities in renewable energy and exportations of natural gas. Given the group's relative underperformance early in the quarter and our efforts to add ballast to the portfolio, we upped our utilities exposure during the period.

We bought U.S. utility NextEra Energy. We think NextEra possesses an attractive combination of steady, low-risk growth potential through Florida Power & Light, one of the largest electric utilities in the U.S., and significant growth potential in contracted renewables and gas pipelines.
We added to our position in Sempra Energy. We think Sempra Energy is a well-diversified and high-quality U.S. utility and energy infrastructure company that is levered to a variety of attractive long-cycle energy trends, which should help drive accelerated earnings over the next few years.

Real Estate

In a low- to moderate-growth world, we think real estate is an area that offers solid yield backed by tangible, quality assets. We look for high-quality real estate and property development companies in select emerging markets.

One of the largest buys during the quarter was initiating a position in Prologis, a logistics distribution warehouse operator REIT. We think the company has a high-quality portfolio of attractive industrial assets in faster-growing markets that are also well diversified geographically, which should help drive above-average rental growth versus peers.

Health Care

Our holdings are tilted toward drugmakers with strong pipelines, equipment makers with significant technology advantages, and health care providers that should benefit from increasing memberships as well as the ongoing trend of lower health care utilization in the U.S. In addition, we think there is tremendous growth and innovation happening in China with regard to health care and own several high-quality names in the region.

We initiated a position in Lonza Group, a Swiss contract manufacturer of pharmaceuticals and biologics. The stock has underperformed peers, and we believe that the market is underappreciating the company's consistent sales and earnings growth and margin expansion potential. It is well positioned to benefit from its competitive advantage in biologic manufacturing and the secular growth in the consumer health industry. Furthermore, it should realize valuation accretion from the Capsugel acquisition and the recent sale of the low-margin Water Care business.
We initiated a stake in Roche Holding, a Swiss pharmaceutical company with global operations that has a strong business model focusing on the high-margin oncology business, where it is a dominant player. Good progress on its breast cancer franchise and in immuno-oncology development should continue to boost earnings. Roche is doing a very good job of maintaining growth in its core oncology franchises by expanding into the emerging markets and is making progress to help secure them against biosimilar risk.
We established a new holding in Eli Lilly, which boasts a diversified product portfolio mix that is skewing toward younger, higher-margin assets after a highly productive run of research and development. Although Eli Lilly's primary focus is on the commoditized diabetes market, the company continues to build its pipeline outside of this area and has a number of studies underway that are underappreciated by the market and could provide upside catalysts over the next 12 to 18 months.

Information Technology

We continue to believe that innovations in artificial intelligence (AI) are not only affecting technology companies, but also reshaping more traditional industries, ones viewed as less susceptible to business model disruption. We remain positioned to benefit from increasing AI adoption and application as well as the ongoing transition toward greater computing mobility, increasing use of the Web, and growing technology consumption in emerging markets. As a result, our holdings are tilted toward payment and cloud software companies.

We initiated a position in FleetCor Technologies, a global provider of commercial travel solutions that specializes in areas such as payment processing, fuel, tolls, lodging, and payables management. We saw an attractive valuation opportunity to purchase FleetCor Technologies, as we believe the market underappreciates the firm's superior asset base, pricing power, and uniquely positioned salesforce that can economically sell to smaller businesses.
We eliminated our stake in navigation technology company Trimble. The stock had bounced back nicely with the rest of the market, and we used the strength to move on to higher-conviction ideas.

Financials

Our holdings in this area are broadly diversified, but we retain a focus on commercial banks in fertile emerging market economies and high-quality U.S. banks and U.S. capital markets companies with global exposure.

We initiated a position in Canada-based Brookfield Asset Management, a global asset manager and one of the largest investors in real assets. In March, the firm announced that it would be acquiring 62% of Oaktree Capital Group. Both Brookfield, which is focused on distressed real assets, and Oaktree, which is focused on distressed credit, have global franchises and premier brands as alternative asset managers, but there is little actual product overlap. We think that Brookfield is on the right side of secular change with a strong runway for growth and offers a good combination of offense and defense in today's market.
We reinitiated a position in Indian private bank Axis Bank. We believe the company has a strong franchise that should continue to benefit from India's underpenetrated private banking sector, favorable demographics, and an improving economy, particularly as it focuses on growing its retail segment.
We trimmed discount broker Charles Schwab. We continue to have high conviction in the company given its premiere franchise and sizable scale advantage over competitors.
We eliminated our stake in European bank Svenska Handelsbanken. The stock held up relatively well during the sell-off in the fourth quarter of 2018, so we chose to exit our position in favor of names with greater conviction and upside potential

31-Mar-2019 - Scott Berg, Portfolio Manager,

The English language commentary is available, with English language available at a later stage

Utilities

We bought U.S. utility NextEra Energy. We think NextEra possesses an attractive combination of steady, low-risk growth potential through Florida Power & Light, one of the largest electric utilities in the U.S., and significant growth potential in contracted renewables and gas pipelines.
We added to our position in Sempra Energy. We think Sempra Energy is a well-diversified and high-quality U.S. utility and energy infrastructure company that is levered to a variety of attractive long-cycle energy trends, which should help drive accelerated earnings over the next few years.

Real Estate

One of the largest buys during the quarter was initiating a position in Prologis, a logistics distribution warehouse operator REIT. We think the company has a high-quality portfolio of attractive industrial assets in faster-growing markets that are also well diversified geographically, which should help drive above-average rental growth versus peers.

Health Care

We initiated a position in Lonza Group, a Swiss contract manufacturer of pharmaceuticals and biologics. The stock has underperformed peers, and we believe that the market is underappreciating the company's consistent sales and earnings growth and margin expansion potential. It is well positioned to benefit from its competitive advantage in biologic manufacturing and the secular growth in the consumer health industry. Furthermore, it should realize valuation accretion from the Capsugel acquisition and the recent sale of the low-margin Water Care business.
We initiated a stake in Roche Holding, a Swiss pharmaceutical company with global operations that has a strong business model focusing on the high-margin oncology business, where it is a dominant player. Good progress on its breast cancer franchise and in immuno-oncology development should continue to boost earnings. Roche is doing a very good job of maintaining growth in its core oncology franchises by expanding into the emerging markets and is making progress to help secure them against biosimilar risk.
We established a new holding in Eli Lilly, which boasts a diversified product portfolio mix that is skewing toward younger, higher-margin assets after a highly productive run of research and development. Although Eli Lilly's primary focus is on the commoditized diabetes market, the company continues to build its pipeline outside of this area and has a number of studies underway that are underappreciated by the market and could provide upside catalysts over the next 12 to 18 months.

Information Technology

We initiated a position in FleetCor Technologies, a global provider of commercial travel solutions that specializes in areas such as payment processing, fuel, tolls, lodging, and payables management. We saw an attractive valuation opportunity to purchase FleetCor Technologies, as we believe the market underappreciates the firm's superior asset base, pricing power, and uniquely positioned salesforce that can economically sell to smaller businesses.
We eliminated our stake in navigation technology company Trimble. The stock had bounced back nicely with the rest of the market, and we used the strength to move on to higher-conviction ideas.

Financials

We initiated a position in Canada-based Brookfield Asset Management, a global asset manager and one of the largest investors in real assets. In March, the firm announced that it would be acquiring 62% of Oaktree Capital Group. Both Brookfield, which is focused on distressed real assets, and Oaktree, which is focused on distressed credit, have global franchises and premier brands as alternative asset managers, but there is little actual product overlap. We think that Brookfield is on the right side of secular change with a strong runway for growth and offers a good combination of offense and defense in today's market.
We reinitiated a position in Indian private bank Axis Bank. We believe the company has a strong franchise that should continue to benefit from India's underpenetrated private banking sector, favorable demographics, and an improving economy, particularly as it focuses on growing its retail segment.
We trimmed discount broker Charles Schwab. We continue to have high conviction in the company given its premiere franchise and sizable scale advantage over competitors.
We eliminated our stake in European bank Svenska Handelsbanken. The stock held up relatively well during the sell-off in the fourth quarter of 2018, so we chose to exit our position in favor of names with greater conviction and upside potential

Sectors

Total
Sectors

Largest

Information Technology

16.00%

Was ( 31-May-2019 )

15.59%

Contributor
Industrials & Business Services

By 0.29%

Sector

-0.01%

Selection

0.30%

Detractor
Consumer Discretionary

By -0.78%

Sector

0.02%

Selection

-0.80%

Data as of 30-Jun-2019

Over
Consumer Discretionary

By 4.63%

Fund

15.59%

Benchmark

10.96%

Under
Energy

By -3.37%

Fund

2.52%

Benchmark

5.89%

Data as of 30-Jun-2019

Benchmark : MSCI All Country World Index ex Australia (unhedged)

Regions

Contributor

Japan

By 0.23%

Country

0.10%

Selection

0.13%

Detractor

Pacific ex Japan

By -0.35%

Country

-0.52%

Selection

0.17%

Data as of 30-Jun-2019

Data as of

Countries

Total
Countries

Largest

United States

45.46%

Was ( 31-May-2019 )

45.09%

Over

India

By 4.94%

Fund

6.02%

Benchmark

1.08%

Under

United States

By -10.80%

Fund

45.46%

Benchmark

56.26%

Data as of 30-Jun-2019

Benchmark : MSCI All Country World Index ex Australia (unhedged)

Team

Scott Berg,
Portfolio Manager

Scott Berg is the portfolio manager for the T. Rowe Price Global Growth Equity Strategy.

Portfolio Manager since

2012

Years at
T. Rowe Price

Years investment experience

Laurence Taylor,
Portfolio Specialist

Laurence Taylor is a portfolio specialist in the Equity Division at T. Rowe Price, representing the firm's global equity portfolio managers to institutional clients, consultants and prospects.

Years at
T. Rowe Price

Years investment experience

Nicholas Beecroft,
Portfolio Specialist

Nick Beecroft is a portfolio specialist in the Equity Division, representing the firm's regional and global emerging markets equity portfolio managers to institutional clients, consultants and prospects.

Years at
T. Rowe Price

Years investment experience

How to Invest

APIR	Minimum Initial Investment (AUD)	Minimum Subsequent Investment (AUD)	Buy / Sell Spread	Management Fees¹
ETL0071AU	$500,000	$100,000	Buy +0.25%/Sell -0.20%	1.18% pa

Risk/Return (5 Years)	Fund	Benchmark
Alpha	2.63%	0.00%
Beta	1.08	1.00
R-Squared	0.92	1.00
Annualized Std. Deviation	11.13%	10.12%
Information Ratio	0.88	0.00
Sharpe Ratio	0.80	0.56
Tracking Error	3.72%	0.00%

2009	2010	2011	2012	2013	2014	2015	2016	2017	2018
11.72%	-2.02%	-11.61%	16.36%	38.85%	17.66%	13.40%	2.75%	24.64%	3.46%	Fund
3.50%	-1.20%	-7.24%	14.48%	43.24%	14.10%	10.04%	8.29%	14.86%	0.71%	Benchmark
+8.22%	-0.82%	-4.37%	+1.88%	-4.39%	+3.56%	+3.36%	-5.54%	+9.78%	+2.75%	Value added

Company	% of Fund	Prev Qtr Change	Value (AUD)	Sector	Industry	Country
Amazon.com	2.97	-0.64%	81,094,693.54	Consumer Discreti...	Internet & Direct...	United States
Alphabet Class C	2.84	-0.23%	77,750,653.35	Communication Ser...	Interactive Media...	United States
Facebook	2.03	0.12%	55,496,975.53	Communication Ser...	Interactive Media...	United States
Alibaba Group Holding	1.83	-0.17%	49,956,510.77	Consumer Discreti...	Internet & Direct...	China
NextEra Energy	1.28	1.14%	35,052,683.66	Utilities	Electric Utilitie...	United States
Tencent Holdings	1.24	-0.49%	33,806,935.09	Communication Ser...	Interactive Media...	China
Altaba	1.21	-0.12%	33,055,916.86	Consumer Discreti...	Internet & Direct...	United States
Sempra Energy	1.20	0.57%	32,862,231.30	Utilities	Multi-Utilities	United States
Tesla	1.19	-0.92%	32,510,482.13	Consumer Discreti...	Automobiles	United States
Bank Central Asia	1.18	-0.11%	32,159,772.97	Financials	Banks	Indonesia
Kotak Mahindra Bank	1.15	-0.17%	31,397,184.57	Financials	Banks	India
Visa	1.14	0.13%	31,178,705.49	Information Techn...	IT Services	United States
InRetail Peru	1.13	-0.16%	30,933,555.21	Consumer Staples	Food & Staples Re...	Peru
SM Investments	1.11	-0.31%	30,490,147.04	Industrials & Bus...	Industrial Conglo...	Philippines
Roper Technologies	1.07	-0.00%	29,143,700.92	Industrials & Bus...	Industrial Conglo...	United States
Intuit	1.06	-0.11%	29,121,145.32	Information Techn...	Software	United States
Danaher	1.05	0.22%	28,788,548.60	Health Care	Health Care Equip...	United States
HDFC Bank	1.04	-0.09%	28,512,289.87	Financials	Banks	India
Workday	1.01	-0.36%	27,605,020.62	Information Techn...	Software	United States
Microsoft	0.98	-0.16%	26,681,216.34	Information Techn...	Software	United States
Becton, Dickinson & Company	0.96	-0.10%	26,245,704.87	Health Care	Health Care Equip...	United States
Charles Schwab	0.96	-0.54%	26,147,558.45	Financials	Capital Markets	United States
Yes Bank	0.92	0.20%	25,229,092.37	Financials	Banks	India
Credicorp	0.91	-0.11%	24,793,933.85	Financials	Banks	Peru
Intuitive Surgical	0.88	0.03%	24,097,191.19	Health Care	Health Care Equip...	United States
UnitedHealth Group	0.86	-0.18%	23,425,968.40	Health Care	Health Care Provi...	United States
Citigroup	0.84	-0.09%	23,045,146.79	Financials	Banks	United States
Stryker	0.84	0.02%	22,995,624.61	Health Care	Health Care Equip...	United States
TD Ameritrade Holding	0.82	-0.26%	22,350,757.91	Financials	Capital Markets	United States
Vertex Pharmaceuticals	0.81	0.39%	22,164,427.42	Health Care	Biotechnology	United States
Boeing	0.80	-0.63%	21,907,471.17	Industrials & Bus...	Aerospace & Defen...	United States
Masan	0.80	0.34%	21,750,401.47	Consumer Staples	Food Products	Vietnam
Keyence	0.78	-0.01%	21,403,751.69	Information Techn...	Electronic Equip,...	Japan
Airbus	0.76	0.44%	20,899,915.39	Industrials & Bus...	Aerospace & Defen...	France
Salesforce.com	0.76	-0.23%	20,756,361.30	Information Techn...	Software	United States
Netflix	0.75	-0.33%	20,379,206.91	Communication Ser...	Entertainment	United States
Apple	0.74	-0.21%	20,242,483.85	Information Techn...	Technology Hardwa...	United States
Axis Bank	0.74	N/A	20,207,312.19	Financials	Banks	India
Jollibee Foods	0.74	0.23%	20,100,138.30	Consumer Discreti...	Hotels Restaurant...	Philippines
Farfetch	0.73	0.33%	20,015,010.10	Consumer Discreti...	Internet & Direct...	United Kingdom
Prologis	0.73	N/A	19,852,513.21	Real Estate	Equity Real Estat...	United States
ASML Holding	0.72	-0.12%	19,801,749.38	Information Techn...	Semiconductors & ...	Netherlands
TC Energy	0.72	0.09%	19,605,741.32	Energy	Oil, Gas & Consum...	Canada
Splunk	0.71	-0.15%	19,391,232.48	Information Techn...	Software	United States
Ayala Land	0.70	-0.14%	19,254,915.82	Real Estate	Real Estate Manag...	Philippines
Housing Development Finance	0.70	-0.36%	19,140,599.62	Financials	Thrifts & Mortgag...	India
JPMorgan Chase	0.69	-0.32%	18,996,255.85	Financials	Banks	United States
Rentokil Initial	0.69	-0.07%	18,906,118.20	Industrials & Bus...	Commercial Servic...	United Kingdom
MercadoLibre	0.69	0.15%	18,776,797.47	Consumer Discreti...	Internet & Direct...	Argentina
Cigna	0.69	-0.17%	18,752,151.36	Health Care	Health Care Provi...	United States
AIA Group	0.68	-0.13%	18,502,501.20	Financials	Insurance	Hong Kong
PayPal Holdings	0.66	-0.01%	18,082,688.59	Information Techn...	IT Services	United States
Jiangsu Hengrui Medicine	0.65	0.01%	17,808,728.56	Health Care	Pharmaceuticals	China
Sartorius	0.63	0.20%	17,347,042.53	Health Care	Health Care Equip...	Germany
Lonza Group	0.63	N/A	17,188,731.71	Health Care	Life Sciences Too...	Switzerland
BDO Unibank	0.62	-0.08%	17,073,683.39	Financials	Banks	Philippines
Prudential	0.62	0.25%	17,057,215.52	Financials	Insurance	United Kingdom
Sumber Alfaria Trijaya	0.62	-0.03%	16,934,299.92	Consumer Staples	Food & Staples Re...	Indonesia
Chubb	0.61	0.01%	16,755,803.71	Financials	Insurance	United States
Adyen	0.61	0.01%	16,670,243.80	Information Techn...	IT Services	Netherlands
WellCare Health Plans	0.61	-0.00%	16,638,451.05	Health Care	Health Care Provi...	United States
Nestle	0.61	-0.01%	16,594,717.49	Consumer Staples	Food Products	Switzerland
WuXi Biologics	0.61	0.18%	16,553,775.94	Health Care	Life Sciences Too...	China
Assa Abloy	0.60	-0.04%	16,507,633.19	Industrials & Bus...	Building Products	Sweden
Britannia Industries	0.60	-0.20%	16,405,147.39	Consumer Staples	Food Products	India
Dassault Systemes	0.59	-0.05%	16,240,456.85	Information Techn...	Software	France
Zalando	0.59	0.26%	16,190,963.40	Consumer Discreti...	Internet & Direct...	Germany
3SBio	0.58	0.30%	15,894,934.68	Health Care	Biotechnology	China
Godrej Consumer Products	0.58	-0.18%	15,869,798.98	Consumer Staples	Personal Products	India
Hexagon	0.58	-0.09%	15,847,111.49	Information Techn...	Electronic Equip,...	Sweden
Itau Unibanco Holding	0.58	-0.11%	15,832,470.50	Financials	Banks	Brazil
Clorox	0.58	N/A	15,767,064.15	Consumer Staples	Household Product...	United States
GE	0.57	-0.19%	15,713,173.68	Industrials & Bus...	Industrial Conglo...	United States
SOFTBANK GROUP CORP	0.57	0.10%	15,593,080.32	Communication Ser...	Wireless Telecomm...	Japan
ASOS	0.56	0.15%	15,340,601.50	Consumer Discreti...	Internet & Direct...	United Kingdom
Morgan Stanley	0.56	-0.02%	15,267,720.41	Financials	Capital Markets	United States
Concentradora Fibra Danhos	0.55	0.15%	14,967,636.97	Real Estate	Equity Real Estat...	Mexico
StoneCo	0.54	0.24%	14,691,180.35	Information Techn...	IT Services	Brazil
Pidilite Industries	0.53	0.10%	14,579,065.42	Materials	Chemicals	India
American Water Works	0.52	N/A	14,281,018.60	Utilities	Water Utilities	United States
Illinois Tool Works	0.51	-0.04%	14,042,877.70	Industrials & Bus...	Machinery	United States
Marriott	0.51	-0.02%	14,034,906.96	Consumer Discreti...	Hotels Restaurant...	United States
ServiceNow	0.51	-0.05%	14,018,750.10	Information Techn...	Software	United States
Ocado	0.51	0.07%	13,957,894.41	Consumer Discreti...	Internet & Direct...	United Kingdom
Legrand	0.50	0.07%	13,774,167.28	Industrials & Bus...	Electrical Equipm...	France
Roche Holding	0.50	N/A	13,687,717.63	Health Care	Pharmaceuticals	Switzerland
China Resources Beer Holdings	0.50	0.18%	13,679,461.41	Consumer Staples	Beverages	China
Unilever	0.50	0.12%	13,665,599.15	Consumer Staples	Personal Products	United Kingdom
Concho Resources	0.50	0.11%	13,558,598.40	Energy	Oil, Gas & Consum...	United States
Daikin Industries	0.49	N/A	13,510,260.70	Industrials & Bus...	Building Products	Japan
Sea	0.49	0.00%	13,437,406.03	Communication Ser...	Entertainment	Singapore
Umicore	0.49	0.10%	13,301,527.15	Materials	Chemicals	Belgium
Koninklijke DSM	0.49	-0.11%	13,278,791.99	Materials	Chemicals	Netherlands
Eli Lilly	0.48	N/A	13,261,910.16	Health Care	Pharmaceuticals	United States
Agilent Technologies	0.48	N/A	13,069,489.08	Health Care	Life Sciences Too...	United States
Gartner	0.47	0.07%	12,982,565.53	Information Techn...	IT Services	United States
Hilton Worldwide Holdings	0.47	-0.02%	12,946,517.09	Consumer Discreti...	Hotels Restaurant...	United States
Total	0.47	-0.03%	12,874,059.01	Energy	Oil, Gas & Consum...	France
Daiichi Sankyo	0.46	N/A	12,655,150.00	Health Care	Pharmaceuticals	Japan
NVIDIA	0.46	0.18%	12,613,591.63	Information Techn...	Semiconductors & ...	United States
Chr. Hansen Holding	0.46	-0.16%	12,593,246.33	Materials	Chemicals	Denmark
Estee Lauder	0.46	0.23%	12,584,952.16	Consumer Staples	Personal Products	United States
Ctrip.com International	0.46	0.03%	12,459,013.40	Consumer Discreti...	Internet & Direct...	China
Cognex	0.46	0.02%	12,458,169.29	Information Techn...	Electronic Equip,...	United States
Brookfield Asset Management	0.45	N/A	12,313,500.83	Financials	Capital Markets	Canada
Shopify	0.45	-0.01%	12,200,599.75	Information Techn...	IT Services	Canada
FANUC	0.45	-0.03%	12,174,462.63	Industrials & Bus...	Machinery	Japan
Rolls-Royce	0.44	-0.00%	11,910,157.11	Industrials & Bus...	Aerospace & Defen...	United Kingdom
Julius Baer	0.44	0.17%	11,895,510.31	Financials	Capital Markets	Switzerland
Seven Generations Energy	0.43	-0.17%	11,628,933.28	Energy	Oil, Gas & Consum...	Canada
Maxim Integrated Products	0.42	-0.12%	11,489,567.06	Information Techn...	Semiconductors & ...	United States
Unilever Indonesia	0.42	-0.04%	11,381,445.97	Consumer Staples	Household Product...	Indonesia
Waste Connections	0.42	-0.04%	11,373,867.48	Industrials & Bus...	Commercial Servic...	United States
MGM Resorts International	0.41	0.06%	11,154,820.03	Consumer Discreti...	Hotels Restaurant...	United States
Samsung Electronics	0.40	-0.02%	11,040,336.34	Information Techn...	Technology Hardwa...	South Korea
Eurofins Scientific	0.40	-0.00%	11,026,910.65	Health Care	Life Sciences Too...	France
EOG Resources	0.39	-0.04%	10,759,445.00	Energy	Oil, Gas & Consum...	United States
Suofeiya Home Collection	0.39	0.10%	10,723,357.81	Consumer Discreti...	Household Durable...	China
Booking Holdings	0.39	-0.22%	10,665,751.84	Consumer Discreti...	Internet & Direct...	United States
Colgate-Palmolive	0.39	N/A	10,565,421.88	Consumer Staples	Household Product...	United States
Heineken	0.38	0.09%	10,525,142.74	Consumer Staples	Beverages	Netherlands
Veeva Systems	0.37	N/A	10,197,399.63	Health Care	Health Care Techn...	United States
Knorr-Bremse	0.37	0.00%	10,016,471.59	Consumer Discreti...	Auto Components	Germany
FleetCor Technologies	0.37	N/A	9,997,618.77	Information Techn...	IT Services	United States
Air Products & Chemicals	0.36	N/A	9,731,495.82	Materials	Chemicals	United States
LVMH Moet Hennessy Louis Vuitton	0.35	N/A	9,686,236.08	Consumer Discreti...	Textiles, Apparel...	France
CP ALL	0.35	0.01%	9,662,198.58	Consumer Staples	Food & Staples Re...	Thailand
Gree Electric Appliances Inc of Zhuhai	0.35	N/A	9,620,838.21	Consumer Discreti...	Household Durable...	China
Ulker Biskuvi Sanayi	0.34	0.04%	9,200,817.05	Consumer Staples	Food Products	Turkey
Kalbe Farma	0.34	-0.09%	9,174,071.37	Health Care	Pharmaceuticals	Indonesia
Galaxy Entertainment	0.33	N/A	9,134,869.35	Consumer Discreti...	Hotels Restaurant...	Hong Kong
Marsh & McLennan	0.33	-0.06%	9,121,017.88	Financials	Insurance	United States
First Republic Bank	0.33	-0.04%	9,099,899.65	Financials	Banks	United States
Tableau Software	0.33	N/A	9,084,410.49	Information Techn...	Software	United States
Continental Resources	0.33	0.02%	9,018,936.98	Energy	Oil, Gas & Consum...	United States
NVR	0.33	N/A	8,959,125.48	Consumer Discreti...	Household Durable...	United States
Nestle Foods Nigeria	0.32	-0.04%	8,860,906.66	Consumer Staples	Food Products	Nigeria
Centene	0.32	-0.05%	8,629,825.92	Health Care	Health Care Provi...	United States
Recruit Holdings	0.31	-0.12%	8,495,009.02	Industrials & Bus...	Professional Serv...	Japan
Sumitomo Metal Mining	0.31	-0.07%	8,471,857.33	Materials	Metals & Mining	Japan
Fortune Brands Home & Security	0.30	-0.12%	8,324,312.99	Industrials & Bus...	Building Products	United States
Chugai Pharmaceutical	0.30	-0.20%	8,275,431.02	Health Care	Pharmaceuticals	Japan
Diageo	0.30	-0.01%	8,244,736.46	Consumer Staples	Beverages	United Kingdom
Wirecard	0.30	-0.17%	8,229,329.43	Information Techn...	IT Services	Germany
State Street	0.30	-0.04%	8,219,065.98	Financials	Capital Markets	United States
CoStar Group	0.30	0.04%	8,141,932.05	Industrials & Bus...	Professional Serv...	United States
Infineon Technologies	0.30	0.01%	8,080,409.18	Information Techn...	Semiconductors & ...	Germany
Sanlam	0.26	-0.11%	7,228,300.72	Financials	Insurance	South Africa
BNP Paribas	0.25	N/A	6,876,624.70	Financials	Banks	France
Naspers	0.25	-0.04%	6,865,552.08	Consumer Discreti...	Internet & Direct...	South Africa
Cabot Oil & Gas	0.25	-0.12%	6,841,460.25	Energy	Oil, Gas & Consum...	United States
Galp Energia Sgps	0.24	0.01%	6,561,048.52	Energy	Oil, Gas & Consum...	Portugal
PRADA	0.24	N/A	6,429,814.39	Consumer Discreti...	Textiles, Apparel...	Italy
Ant International Co	0.23	0.08%	6,206,268.92	Information Techn...	IT Services	Cayman Islands
Military Commercial Joint Stock Bank	0.19	0.00%	5,135,981.78	Financials	Banks	Vietnam
BIM Birlesik Magazalar	0.18	-0.10%	5,031,133.89	Consumer Staples	Food & Staples Re...	Turkey
Hang Lung Properties	0.18	-0.10%	4,995,990.93	Real Estate	Real Estate Manag...	Hong Kong
Central Pattana	0.17	-0.03%	4,539,355.06	Real Estate	Real Estate Manag...	Thailand
Magic Leap	0.14	0.08%	3,863,363.66	Information Techn...	Communications Eq...	United States
HDFC Bank	0.11	-0.05%	2,937,122.33	Financials	Banks	India
Aurora Innovation	0.08	0.08%	2,088,194.28	Information Techn...	Software	United States

Major Purchases	% of Fund	Prev Quarter Change	Industry	Country
NextEra Energy	1.28	1.13%	Electric Utilities	United States
Axis Bank (N)	0.74	0.74%	Banks	India
Prologis (N)	0.73	0.73%	Equity Real Estate Investment Trusts (REITs)	United States
Lonza Group (N)	0.63	0.63%	Life Sciences Tools & Services	Switzerland
Clorox (N)	0.58	0.58%	Household Products	United States
Sempra Energy	1.20	0.57%	Multi-Utilities	United States
American Water Works (N)	0.52	0.52%	Water Utilities	United States
Roche Holding (N)	0.50	0.50%	Pharmaceuticals	Switzerland
Daikin Industries (N)	0.49	0.49%	Building Products	Japan
Eli Lilly (N)	0.48	0.48%	Pharmaceuticals	United States

Major Sales	% of Fund	Prev Quarter Change	Industry	Country
Tesla	1.19	-0.92%	Automobiles	United States
Northrop Grumman (E)	0.00	-0.72%	Aerospace & Defense	United States
Amazon.com	2.97	-0.64%	Internet & Direct Marketing Retail	United States
Boeing	0.80	-0.63%	Aerospace & Defense	United States
Charles Schwab	0.96	-0.54%	Capital Markets	United States
Tencent Holdings	1.24	-0.49%	Interactive Media & Services	China
Fiserv (E)	0.00	-0.43%	IT Services	United States
Netflix	0.75	-0.33%	Entertainment	United States
GE	0.57	-0.19%	Industrial Conglomerates	United States
Alibaba Group Holding	1.83	-0.17%	Internet & Direct Marketing Retail	China

Contributors	% of Fund	% Value Add	Industry	Country
Amazon.com	2.97	N/A	Internet & Direct Marketing Retail	United States
Alphabet	2.84	N/A	Interactive Media & Services	United States
Facebook	2.03	N/A	Interactive Media & Services	United States
Alibaba Group Holding	1.83	N/A	Internet & Direct Marketing Retail	China
Altaba	1.21	N/A	Internet & Direct Marketing Retail	United States
Intuit	1.06	N/A	Software	United States
Yes Bank	0.92	N/A	Banks	India
MercadoLibre	0.69	N/A	Internet & Direct Marketing Retail	Argentina
Jiangsu Hengrui Medicine	0.65	N/A	Pharmaceuticals	China
StoneCo	0.54	N/A	IT Services	Brazil

Detractors	% of Fund	% Value Add	Industry	Country
Tesla	1.19	N/A	Automobiles	United States
Cigna	0.69	N/A	Health Care Providers & Services	United States
Sumber Alfaria Trijaya	0.62	N/A	Food & Staples Retailing	Indonesia
Godrej Consumer Products	0.58	N/A	Personal Products	India
Seven Generations Energy	0.43	N/A	Oil, Gas & Consumable Fuels	Canada
Centene	0.32	N/A	Health Care Providers & Services	United States
Wirecard	0.30	N/A	IT Services	Germany
Sanlam	0.26	N/A	Insurance	South Africa
BIM Birlesik Magazalar	0.18	N/A	Food & Staples Retailing	Turkey
BeiGene	0.00	N/A	Biotechnology	China

Sector	% of Fund	Benchmark
Information Technology	16.00	16.36
Financials	15.82	16.43
Consumer Discretionary	15.59	10.96
Health Care	11.04	11.46
Consumer Staples	9.73	8.40
Industrials & Business Services	9.08	10.57
Communication Services	8.70	8.87
Utilities	3.44	3.32
Real Estate	2.84	3.12
Energy	2.52	5.89
Materials	2.47	4.61

Sector	Total Value Added %	Value from Sector Weight %	Value from Stock Selection %
Total	-0.54	-0.15	-0.39
Industrials & Business Services	0.29	-0.01	0.30
Information Technology	0.27	-0.02	0.29
Real Estate	0.20	0.02	0.18
Utilities	0.16	-0.00	0.16
Communication Services	0.12	-0.00	0.12
Consumer Staples	0.02	-0.02	0.04
Materials	-0.12	-0.03	-0.09
Health Care	-0.13	-0.12	-0.01
Financials	-0.52	-0.01	-0.50
Consumer Discretionary	-0.78	0.02	-0.80

Region	Total Value Added %	Value from Regional Weight %	Value from Stock Selection %
Total	-0.54	-0.63	0.10
Japan	0.23	0.10	0.13
Canada	0.02	-0.02	0.04
United States	-0.04	-0.05	0.01
EM EMEA	-0.06	-0.02	-0.04
Latin America	-0.11	0.03	-0.14
Developed Europe	-0.12	-0.04	-0.07
Pacific ex Japan	-0.35	-0.52	0.17

Country	% of Fund	% of Benchmark
United States	45.46	56.26
China	7.63	3.82
India	6.02	1.08
United Kingdom	4.39	5.12
France	3.86	3.47
Philippines	3.32	0.13
Japan	2.97	7.22
Switzerland	2.85	2.91
Indonesia	2.54	0.26
Germany	2.10	2.69
Netherlands	2.01	1.16
Peru	1.86	0.05
Canada	1.86	3.12
Hong Kong	1.23	1.21
Sweden	1.15	0.81
Vietnam	1.15	0.00
Brazil	0.93	0.92
Singapore	0.92	0.42
South Korea	0.67	1.49
Argentina	0.67	0.11
South Africa	0.64	0.72
Thailand	0.56	0.36
Turkey	0.53	0.06
Mexico	0.48	0.31
Denmark	0.33	0.52
Belgium	0.33	0.30
Nigeria	0.32	0.00
Portugal	0.23	0.05
Cayman Islands	0.21	0.00
Austria	0.00	0.07

Benchmark Data Source: MSCI. MSCI index returns are shown with gross dividends reinvested. 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.

Source for performance: T Rowe Price. Net of fees performance is based on end of month redemption prices after the deduction of fees and expenses and the reinvestment of all distributions. Daily performance (MTD, QTD, and YTD) data is based on the latest available NAV minus one business day.

¹The Management Fee for the T. Rowe Price Global Equity Fund is 1.18% p.a. and the Indirect Cost is 0.00% p.a. Indirect costs are calculated and incorporate estimated amounts with reference to the relevant costs incurred during the previous financial year ended 30 June. Please refer to the Product Disclosure Statement for the Fund which is available on this page for further details.

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