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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 Value Equity Fund
An actively managed, conviction-based global portfolio of around 80-100 attractively valued companies. We invest across the value spectrum, from deep value through to higher quality, more defensive companies, seeking to deliver positive excess returns regardless of which value substyle is currently favoured by the market. The fund is categorised as Article 8 under Sustainable Finance Disclosure Regulation (SFDR).
ISIN LU0859254822
View more information on risks
FACTSHEET
KID
SFDR DISCLOSUR
31-Oct-2024 - Sebastien Mallet, Portfolio Manager,
As major central banks shift to a path of monetary easing, market concerns on interest rates and inflation may subside and concerns relating to economic growth may ease. Against this backdrop, we believe that yields will likely remain anchored to higher and more normal levels, offering increased opportunities for value investors.

Overview
Strategy
Fund Summary
We employ a relative value approach that looks holistically across the value spectrum to identify companies with durable free cash flows that are not fully appreciated by the market. We aim to maintain a core portfolio of quality companies but will also pursue attractive risk/reward opportunities in out-of-favour cyclical companies and deep-value turnaround situations. 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.

31-Oct-2024 - Sebastien Mallet, Portfolio Manager,
Global stocks retreated in October as uncertainty around the upcoming US election and concerns about the impact of potential tariff hikes tempered sentiment. In Japan, the core consumer price index showed inflation easing in September, which was partly due to the reinstatement of electricity and gas subsidies. Within the portfolio, our holdings in health care had a negative impact on relative returns. This was largely on the back of a US-based diversified health care company, whose shares retreated after it missed earnings estimates. Weakness in the firm’s health insurance business hurt profit margins, while the company also lowered its earnings guidance for 2024. Stock selection in industrials and business services also dragged. Security picks and our overweight allocation to financials benefited, however. Shares of an alternative’s asset manager based in the US rose sharply following an encouraging investor day conference earlier in the month. Investor sentiment was boosted by the firm’s healthy growth targets and strong competitive position among its market peers. Stock choices in materials also helped. From a country view, our investments in the US and Japan held back relative performance. In contrast, security selection in Canada added value, as did our off-benchmark position in Taiwan.
31-Jan-2024 - Sebastien Mallet, Portfolio Manager,
In our view, market worries about interest rates and inflation could subside as major central banks, namely the US Federal Reserve, appear to be near a peak in their interest rate-hiking cycles. As a result, we have started to identify opportunities in the more cyclical and deep value areas of the value space. With this in mind, we have relative overweight positions in financials as well as the traditionally more defensive health care and utilities sectors. While we have increased our exposure to information technology, we remain largely underweight relative to the benchmark.

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.