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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 www.funds.troweprice.com 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. 

SICAV
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 consists of typically 60-80 stocks representing our most compelling bottom-up growth ideas, often derived from technological innovation and secular disruption. The fund is categorised as Article 8 under Sustainable Finance Disclosure Regulation (SFDR).
ISIN LU0143563046
View more information on risks
FACTSHEET
KID
30-Sep-2024 - David Eiswert, Portfolio Manager,
We believe we are moving away from an efficient global economy, as countries focus on localising supply chains and protecting their intellectual capital and energy supplies. Despite increased volatility, we think there are numerous positives that mean 2025 could be a good environment for stock selection, and we are encouraged by the recent broadening of market returns.

Overview
Strategy
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-Sep-2024 - David Eiswert, Portfolio Manager,
Global equities managed to deliver positive returns in September. While volatility persisted across global markets, driven by heightened geopolitical and economic uncertainty, the US Federal Reserve’s decision to cut interest rates for the first time in four years helped lift equity returns into broadly positive territory. Within the portfolio, health care names, coupled with an overweight position, detracted the most from relative returns. Shares a Danish pharmaceutical firm came under some pressure in September as investors reacted negatively to news that its latest obesity treatment had shown less effectiveness in higher doses. We trimmed our position but still think the company is well positioned to benefit from the accelerating popularity and penetration of GLP-1 drugs. On the positive side, our holdings in consumer discretionary helped relative performance. An electric vehicle maker rose in September. Investors appeared encouraged by a number of data points, including easing concerns over tariffs, optimism over the firm’s full self driving updates, and rising confidence that the global economy would achieve a soft landing and could see a recovering consumer amid lower inflation. We continue to believe the firm is a high-quality company with structural cost, technology, and cultural advantages that should enable it to continue to disrupt the automotive industry.
31-Dec-2023 - David Eiswert, Portfolio Manager,
We are underweight consumer staples as we feel that many companies are losing their traditional distribution strength. We also find the sector broadly expensive. Recently, we meaningfully reduced our allocation here and are being very selective about what we own, especially given the rising use of GLP-1 obesity drugs that could pressure demand for food staples. We are focused on high-quality companies with low debt that we think can deliver volume growth and margin expansion with a mix of durable growth companies and more idiosyncratic ideas that we believe are on the right side of change or currently out of favour.

Past performance is not a reliable indicator of future performance.

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 www.troweprice.com. The Management Company reserves the right to terminate marketing arrangements.

Hedged share classes (denoted by 'h') utilise investment techniques to mitigate currency risk between the underlying investment currency(ies) of the fund and the currency of the hedged share class.  The costs of doing so will be borne by the share class and there is no guarantee that such hedging will be effective.

Before deciding to invest in the fund, you should read the offering document/prospectus (including its investment objectives, policies and any risk warnings) which are available and may be obtained from any appointed distributors.

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.  

Benchmark: Investors may use the benchmark to compare the fund’s performance. The benchmark has been selected because it is similar to the investment universe used by the investment manager and therefore acts as an appropriate comparator. The investment manager is not constrained by any country, sector and/or individual security weightings relative to the benchmark and has complete freedom to invest in securities that do not form part of the benchmark.

Disclosure on Vendor Indices can be found here.