T. Rowe Price Global Focused Growth Equity Fund

Capital en riesgo. El rendimiento pasado no es un indicador fiable de los resultados actuales o futuros y no debe ser el único factor a tener en cuenta a la hora de seleccionar un producto o una estrategia.

Los fondos listados no son una enumeración exhaustiva de los fondos disponibles. Visite www.funds.troweprice.com para acceder a la gama completa de fondos de T. Rowe Price, incluidos aquellos que tienen en cuenta características medioambientales y sociales en su proceso de inversión. Para obtener información actualizada sobre la estrategia de inversión de cualquier fondo de T. Rowe Price, consulte el KID y el folleto del respectivo fondo.

Descripción general

Manager's Outlook

Since the beginning of 2022, the global investment landscape has absorbed slowing growth, geopolitical risks, tightening monetary policy, elevated inflation, and a significant growth-to-value rotation. During the second quarter, the market accelerated the probability of a market recession and punished any company that missed expectations or was perceived to be at risk from weakening demand or higher input costs. Valuations across broad parts of the market corrected to pre-COVID levels or lower, wiping away all pandemic-level exuberance. The global market began adopting the view of increased importance of capital returns and cash flow-based valuations.

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The Global Focused Growth Equity Strategy began the year positioned for COVID-19 distortions to fade, notably, for supply chain disruptions to correct and U.S. Federal Reserve stimulus to end. This was seen in our active positioning in travel and capital market-related stocks. The conflict in Ukraine catalyzed higher commodity prices and emboldened the Fed to become even more aggressive on the path of hiking interest rates. These actions have eliminated speculative behavior and shifted the market toward pricing in a recession, as seen in current reduced valuations. Because of these actions, the investment landscape has broadened in terms of opportunity set. In our view, valuations are not expensive today, but the volatility of yields will likely continue driving uncertainty of the perceived bottom.

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Today, the portfolio is positioned in many idiosyncratic names across a variety of sectors that have already priced in a shallow recession in cyclical, defensive, and secular growth companies. The portfolio is taking advantage of the opportunities where we believe we have insights about improving future economic returns that we don't think are reflected in valuations. We appreciate that the market is now evaluating the risk to future earnings; however, we estimate that inflation is peaking, which could be the key for returns of our existing stock decisions. The last six months have humbled investors but has also created a real opportunity for active managers.

Estrategia

Resumen del fondo

Buscamos empresas que creemos que tienen el potencial de mejorar la rentabilidad económica en el futuro y que podemos comprar a un precio atractivo. En un mundo de cambio secular, esto significa comprender las fuerzas que mejoran o borran la ventaja competitiva duradera para identificar correctamente a los ganadores y perdedores antes que el mercado. La promoción de las características ambientales y/o sociales se logra a través del compromiso del fondo de mantener al menos el 10% del valor de su cartera invertido en Inversiones Sostenibles, tal como lo define el SFDR. Además, aplicamos una pantalla responsable de propiedad (lista de exclusión). El gestor no está limitado por el índice de referencia del fondo, que se utiliza únicamente a efectos de comparación de la rentabilidad.

Rentabilidad (después de comisiones)

30-abr.-2020 - David J. Eiswert, Gestor de carteras,

Global equities rebounded following several months of losses as slowing coronavirus infection rates in a number of global hot spots and massive monetary and fiscal stimulus efforts helped support investor optimism. Within the portfolio, our holdings in the information technology (IT) sector, coupled with an overweight position, contributed the most to relative returns. Canadian e-commerce platform Shopify rose amid strong e-commerce data, with robust order growth in the company’s end markets as consumers shifted spending habits online in the wake of coronavirus social distancing measures and brick and mortar retailer shutdowns. We believe Shopify represents a compelling structural growth opportunity driven by its best-in-class cloud-based software platform that allows merchants to sell their products across many “storefronts.” Conversely, our lack of exposure to the energy sector hurt relative performance. We previously had a subdued outlook on the sector given the global oversupply of oil driven by the disruptive impact from U.S. shale production. The coronavirus-led global economic slowdown further exacerbates the near- and intermediate-term issues facing the sector, in our view. As a result, we ended the quarter with no exposure to the energy sector.

30-abr.-2020 - David J. Eiswert, Gestor de carteras,

We have high conviction in the IT sector. Despite the near-term uncertainty and volatility created by the coronavirus outbreak, the powerful long-term trends that we believe will drive value creation in the technology sector remain in play. Meanwhile, the aftereffects from the virus outbreak could also result in lasting behavioural changes, with more people working remotely and payment methods skewing more digitally. As a result, software and electronic payments are areas of focus within our IT sector exposure. We believe we remain positioned to benefit from increasing AI adoption as well as the growing technology consumption in emerging markets, particularly in Asia. We also have a sizable exposure to semiconductor stocks.

30-jun.-2022 - David J. Eiswert, Gestor de carteras,

We sold shares of athletic sportswear brand Nike. While we continue to believe the company is a high-quality growth opportunity, we think the outlook for the firm's business in China is more unpredictable going forward, so we chose to exit our position in favor of names where we have higher conviction.
We sold shares of online travel agency Expedia to manage our position size. We think Expedia stands to benefit from pent-up travel demand as the pandemic wanes. We also believe that the market underappreciates the company's in-house vacation rental business, Vrbo, which has been resilient during the pandemic and stands to benefit further from normalization in travel. Further, Expedia's ongoing overhaul of its cost structure should boost profitability on the other side of the pandemic.
We bought shares of global oil and gas exploration and production firm Hess, which has valuable assets in the Bakken formation, Guyana, the Gulf of Mexico, and Asia. We like Hess's diverse asset base and highly competitive oil price breakeven, and we think Hess is well positioned for free cash flow growth acceleration as additional production capacity comes online, particularly in Guyana.
We bought shares of software-as-a-service sales platform Salesforce. We think Salesforce is an outstanding business, with strong leadership in its customer relationship management platform and ecosystem capabilities. The company boasts a highly recurring revenue subscription business model, and we think its quality and growth runway are underappreciated by the market. Over the near term, we think the firm is well positioned for accelerating returns as margins improve and the business continues to grow. In our view, the stock has been oversold amid broader negative sentiment in technology names, which created an attractive entry point.
We purchased shares of MasterCard on weakness. We continue to like MasterCard's focus on technology and planned expansion into China and believe the company is well positioned for strong growth once the world learns to live with COVID-19 and cross-border travel resumes.

La rentabilidad del fondo tiene un riesgo de alta volatilidad.

SICAV III labelling represents the Select Investment Series III SICAV, a Luxembourg UCITS.

Fuente de datos de índice de referencia: MSCI. MSCI no formula declaraciones ni garantías, expresas o implícitas, y declina toda responsabilidad con respecto a cualesquiera datos de MSCI incluidos en este documento. Los datos de MSCI no podrán redistribuirse ni utilizarse de forma ulterior como fundamento para otros índices o cualesquiera valores o productos financieros. Este informe no ha sido autorizado, revisado ni elaborado por MSCI.

Fuente de rentabilidad: T. Rowe Price. La rentabilidad del fondo se calcula utilizando el valor liquidativo oficial con reinversión de dividendos, en su caso. El valor de una inversión y de cualquier renta que genere puede bajar al igual que subir. Los inversores podrían no recuperar el importe invertido. Se verá afectado por los cambios en el tipo de cambio entre la divisa base del fondo y la divisa de suscripción, si es diferente. Las comisiones de suscripción (hasta un máximo del 5% para la Clase A), impuestos y demás costes locales no se han deducido y en su caso se reducirán de las cifras de rentabilidad. La rentabilidad pasada no es un indicador fiable de rendimiento futuro. Los índices que se muestran no son índices de referencia formales. Se muestran únicamente a efectos comparativos.

Los datos de rentabilidad diaria se basan en el valor liquidativo disponible más reciente.

Los Fondos son subfondos del Select Investement Series III SICAV, una sociedad de inversión de Luxemburgo con capital variable que está registrada ante la Commission de Surveillance du Secteur Financier, habilitada como organismo de inversión colectiva en valores mobiliarios (undertaking for collective investment in transferable securities, UCITS). Los detalles completos de los objetivos, las políticas y los riesgos de inversión se encuentran en el folleto que está disponible con los documentos de información clave (KID) en inglés y en una lengua oficial de las jurisdicciones en las que los Fondos estén registrados para la venta pública, junto con los estatutos y los informes semestrales y anuales (de manera conjunta, los «Documentos del fondo»). Cualquier decisión de inversión debe hacerse en base a los Documentos del fondo que se pueden obtener de forma gratuita del representante local, del agente de información local/agente pagador o de los distribuidores autorizados. También se puede acceder a estos documentos así como a un resumen en inglés de los derechos de los inversores en www.troweprice.com. La sociedad gestora se reserva el derecho de rescindir los acuerdos de comercializacion.

Los títulos específicos identificados y descritos en este informe no representan todos los títulos comprados, vendidos o recomendados para el subfondo SICAV y no se deben realizar suposiciones respecto a que los títulos identificados y analizados registraron o registrarán rentabilidad.

Se puede obtener una lista completa de las clases de acciones emitidas actualmente, incluyendo las categorías de distribución, con cobertura y acumulación, de forma gratuita y previa solicitud, en el domicilio social de la Sociedad.

Citywire - en el caso de que el gestor del fondo esté calificado por Citywire, la calificación se basa en la rentabilidad ajustada al riesgo durante 3 años.

Riesgos

Inversor típico