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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. 

Global Impact Equity Fund
An actively managed, dual mandate portfolio which seeks both long-term capital appreciation as well as seeking to have a positive effect on the environment and society by investing in companies whose current or future business activities are expected to generate a positive impact under one of the following three impact pillars (“Impact Pillars”):

• Climate and resources;
• Social equity and quality of life; and
• Sustainable innovation and productivity.

The fund is categorised as Article 9 under Sustainable Finance Disclosure Regulation (SFDR).
ISIN LU2377457879
View more information on risks
30-Nov-2020 - Scott Berg, Portfolio Manager,
Given increasing market volatility, we are maintaining a broadly balanced portfolio with sector exposures relatively neutral to our core benchmark. We still own a mix of businesses that we believe are structural winners, durable growers, and higher yielding companies that held up well during the March sell-off but have levelled off since. While we are more cautious in the near-term, we like what we own and remain more constructive over the medium term.

Fund Summary
The fund uses a global opportunity set to look across all countries, sectors, and market capitalisations, while actively excluding non- impact areas of the global economy, to find stocks with clear impact and financial return markers. We leverage integrated fundamental research and ESG resources to systematically and proactively evaluate the quality and long-term sustainability of investment candidates. 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-Sep-2020 - Scott Berg, Portfolio Manager,

Given the high degree of difficulty we are seeing in navigating today's market, we are focused on maintaining a broadly balanced portfolio and remain largely sector neutral in our positioning. We also want to be cognizant of heightened risk and a diversified portfolio helps us mitigate these risks and avoid high correlation and unintended bets. We still own a blend of structural winners, durable compounders, and higher yielding names that held up well during the March sell-off but lagged on the way back up.

Sector-wise, we are overweight consumer discretionary and financials, though not dramatically so. During the quarter, our allocations to industrials and business services and utilities increased, while our exposure to information technology and materials decreased as we trimmed or eliminated strong winners. From a regional perspective, the continued strong performance of developed equity markets relative to their emerging markets counterparts has led to our EM weighting trending modestly lower. However, in a low growth world, we continue to think investing in the fast growing emerging market countries, such as India, Indonesia, Philippines, Vietnam, and Peru, will be more important than ever.

Industrials and Business Services

The industrial economy is slowly starting to recover. Areas such as the airline industry remained challenged, but we are finding opportunities elsewhere within the sector, and are taking a long-term approach with our investments in the space. We remain focused on high-quality companies that can benefit from multiyear growth trends and increases in global trade and capital spending. We are attracted to less cyclical, durable earnings growers in industries with attractive growth dynamics and are largely avoiding companies with commodity capital expenditures exposure.

  • We began a position in global parcel and freight delivery service FedEx. We think FedEx offers a compelling cyclical opportunity due to a number of positive growth drivers that should coalesce over the near term. In particular, the coronavirus has increased demand and tightened capacity, leading to higher pricing for the industry. We also think there are company-specific tailwinds that should help drive accelerating earnings and margin improvement, including better cost synergies and prolonged capacity constraint and pricing strength in air freight, where FedEx has a dominant position.
  • We started a position in Chart Industries, which provides equipment and supplies for the industrial gas, energy, and biomedical industries. We think the firm's most compelling segments are in supplying industrial gases like hydrogen as well as cryogenics, and believe there are a number of growth drivers, both cyclical and structural, that could help fuel accelerating earnings over the long term. With a diversified business structure in an industry with high barriers to entry and little competition, we think Chart Industries is well positioned for growth over the long term.


With leading central banks having cut rates and ramped up quantitative easing measures to help counteract the negative economic impact from the coronavirus, we think we are in a lower rate environment for longer than we had anticipated. While we remain underweight developed market banks due to the challenging rate environment, we have found idiosyncratic ideas in the U.S., Europe, and Canada to add to the portfolio. Our bets within the sector are largely concentrated in capital markets names and emerging market banks. We also have exposure to high-quality insurance companies.

  • We eliminated our position in DNB, Norway's largest retail and commercial bank. The stock spiked on strong earnings results, so we chose to move on to higher conviction names.

Consumer Discretionary

In our view, there are more coronavirus beneficiaries in the consumer discretionary sector than anywhere else, but this has led to a dramatic demarcation between winners and losers. The coronavirus has pulled forward years of e-commerce share gains in the span of a few months and we have an expanded set of names levered to that trend.

  • We initiated a position in THG Holdings, participating in the firm's initial public offering (IPO). THG owns The Hut Group, which operates as a multi-website online retailer that provides health, beauty, fashion, lifestyle, and marketplace services. We think THG is an extremely compelling company that is only just beginning to develop a differentiated enterprise e-commerce platform to help brands and retailers build a global online direct-to-consumer footprint.


The coronavirus-induced economic downturn has, not surprisingly, had a negative impact on the materials sector. Historically, the time to increase exposure to materials is during a recession and we added several high-quality names that were out of favor between the first and second quarters. However, a number of those names performed extremely well, so we exited our positions in the third quarter as valuations became more reasonable. Our focus is mainly on high-quality companies that offer particularly attractive valuations and are more highly correlated to staples-like industries and secular growth trends, but we also have exposure to metals and mining companies as well.

  • We eliminated our position in Kirkland Lake Gold. The stock has done well and provided solid exposure to real commodities, but we chose to move on after strong performance to reallocate to names with greater upside potential.
  • We added a position in Lundin Mining, a Canadian base metals miner mainly focused on copper. As the best conductor of electricity, we think the demand for copper will remain strong for the foreseeable future given the growing electrification of the world driven by technology (electric vehicles, charging stations, power generation, etc.). We think it is beneficial to have exposure to metals with strong demand and an improving cost curve.
31-Jan-2021 - Scott Berg, Portfolio Manager,
Real estate has been challenged as the pandemic has reduced demand, but we think the sector stands to benefit as the health crisis wanes and demand accelerates. In addition, in a lower growth world, we think this is an area that offers solid yield backed by tangible, quality assets. Within the sector, we have a diverse mix of high-quality companies of both residential and commercial assets in the U.S., Philippines, China, and London.

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 T. Rowe Price Funds 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 and/or 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.

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

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.