UK Investment Conference 2025

Meet the Analysts – A conversation with our industry experts

• Analysts are the lifeblood of our research platform - these subject matter experts are tasked with uncovering ideas that power our investment portfolios.
  
• Our local analysts collaborate within a global platform to better understand how their stocks can affect or be affected by other companies worldwide.
  
• The breadth of coverage and depth of analysis allows us to better identify and manage risks at both the security and portfolio level.
  

Emerging Markets: Stepping into the Spotlight

• The direction of the US dollar has long had an impact on emerging markets, we feel the current environment is supportive of the asset class.
• The impact from tariffs on emerging markets economies and companies is not as great as you may think. Many emerging market economies and markets are domestic in nature therefore protected from tariff induced trade shocks.
• The diversity of emerging markets is one of its key attractions and our large team of emerging market focused investors can cover this universe to unearth the most attractive opportunities.

US All Cap Opportunities Equity: a compelling approach to navigate the US equity market?

• The T. Rowe Price Funds SICAV - US All-Cap Opportunities Equity Fund is an actively managed, all-cap portfolio of typically 80-100 stocks. The fund is designed to capture our best US equity ideas spanning market caps (small, mid and large) and styles (growth and value). The fund is categorised as Article 8 under Sustainable Finance Disclosure Regulation (SFDR).
  
• The strategy employs a four-pillar investment framework: quality, expectations, better or worse, and valuation, focusing on both growth and value stocks across all market capitalisations to maximise returns and manage risk.
  
• Flexibility is a core advantage, allowing the portfolio to adjust to market conditions, mitigate concentration risk, and capture opportunities not only in the largest companies but also in small and mid-caps, with more balanced exposure.
  

Risks - The following risks are materially relevant to the T. Rowe Price Funds SICAV - US All-Cap Opportunities Equity Fund (refer to prospectus for further details): Equity, Geographic concentration

View the definitions of the risks listed above.

Navigating Market Bifurcation: Global Focused Growth

• The T. Rowe Price Funds SICAV - Global Focused Growth Equity Fund is 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).
  
• Global Focused Growth leverages T. Rowe Price’s deep resources to identify companies on the right side of change. Driven by our conviction that improving economic returns lead to outperformance, we actively seek innovators with durable competitive advantages, identifying opportunities and risks ahead of the market. 
  
• With ongoing uncertainty around tariffs, recession, and regime shifts, global investors should be ready to act. Active management will play a key role amid such fundamental changes, but we also believe that our robust and adaptable investment framework, and idiosyncratic stock picking are crucial to identifying the best opportunities in these ever-changing times.
• We’re currently focused on AI and technology leaders with pricing power and clear paths to monetisation. Capital spending is shifting from physical infrastructure to compute and data centers, which is poised to benefit our largest tech exposure: semiconductors.

Risks - The following risks are materially relevant to the T. Rowe Price Funds SICAV - Global Focused Growth Equity Fund (refer to prospectus for further details): Currency, Equity

View the definitions of the risks listed above.

Emerging Markets Discovery Equity: Find Fortune in the Forgotten

• The T. Rowe Price Funds SICAV - Emerging Markets Discovery Equity Fund is a focused, yet well-diversified, actively managed all-cap fund of typically 50-80 emerging markets companies. We seek to identify “forgotten” stocks that are under-owned and under-researched by mainstream investors, and which we believe are positioned to benefit from a fundamental re-rating. The fund is categorised as Article 8 under Sustainable Finance Disclosure Regulation (SFDR).
  
• Our differentiated, disciplined, and value-biased approach to stock selection creates a portfolio with bets, exposures, and potential alpha sources that are typically meaningfully different from core, growth, and even traditional value strategies in EM.
  
• Our approach is embedded in the belief that ‘forgotten’ EM companies with unloved share prices and the potential for change can offer attractive asymmetrical risk-reward, with limited downside risk and the possibility of strong returns on the upside.
  
• At T. Rowe Price, we’ve been investing in EM since the 1980s and today benefit from one of the largest and most experienced EM teams in the industry, combining breadth of coverage with deep company expertise across the globe.
  

Risks - The following risks are materially relevant to the T. Rowe Price Funds SICAV - Emerging Markets Discovery Equity Fund (refer to prospectus for further details): Country – China, Currency, Emerging markets, Equity, Small and mid-cap

View the definitions of the risks listed above.

Diversified Income Bond: A global blend of return, stability and income

• The T. Rowe Price Funds SICAV - Diversified Income Bond Fund is an actively managed, globally diversified portfolio of bonds of all types from a wide range of issuers around the world, including emerging markets. The fund seeks to generate stable income. The fund is categorised as Article 8 under Sustainable Finance Disclosure Regulation (SFDR).
  
• Global markets are delicately balancing persistent inflation against resilient growth with positive sentiment around risk assets supported by stimulative fiscal policy, central bank easing, and solid corporate earnings. However, we are mindful of elevated inflation risks, particularly in the U.S., where we expect the Federal Reserve to allow the economy to run hot and have trimmed duration towards the lower end of our historic range. Furthermore, the One Big Beautiful Bill Act (OBBBA) is projected to add $4 trillion to national debt over the next decade, raising questions about fiscal sustainability. Combined with the Administration’s political pressure on policymakers, this risks driving a sell-off in long-end duration and we prefer curve steepeners as a result.
  
• Credit markets remain richly valued but carry remains attractive in a growth-supportive environment. We remain positioned towards shorter and belly maturities to maintain carry whilst containing the spread duration given the risk reward opportunity. The positioning reflects a preference for income generation without taking an overly bullish stance.
  
• With the dollar seeing less demand in a risk-off environment, this provides more opportunity for emerging market central banks to cut interest rates, and we’re seeing selective opportunities within this space as a result. Local rates within Colombia and Brazil look particularly appealing, with elections possible in both countries next year which could produce a more positive political outlook. 
  

Risks - The following risks are materially relevant to the T. Rowe Price Funds SICAV - Diversified Income Bond Fund (refer to prospectus for further details): Credit, Currency, Default, Derivative, Hedging, High yield bond, Interest rate, Emerging markets

View the definitions of the risks listed above.

Important Information

The SICAV 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”). The OEIC Funds are sub-funds of the T. Rowe Price Funds OEIC, an investment company with variable capital incorporated in England and Wales which is registered with the UK Financial Conduct Authority and which qualifies as a UCITS. Full details of the objectives, investment policies, risks and sustainability information are located in the prospectus which is available with the key investor information documents (KIID) 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 and via www.funds.troweprice.com. A summary of investor rights for the T. Rowe Price Funds SICAV is available in English at www.funds.troweprice.com . The Management Company reserves the right to terminate marketing arrangements.

General risks

To be read in conjunction with the fund specific risks above. 

Conflicts of Interest – The investment manager’s obligations to a fund may potentially conflict with its obligations to other investment portfolios it manages.

Counterparty – Counterparty risk may materialise if an entity with which the fund does business becomes unwilling or unable to meet its obligations to the fund.

Custody – In the event that the depositary and/or custodian becomes insolvent or otherwise fails, there may be a risk of loss or delay in return of certain fund’s assets.

CyberSecurity – The fund may be subject to operational and information security risks resulting from breaches in cybersecurity of the digital information systems of the fund or its third-party service providers.

ESG – ESG integration as well as events may result in a material negative impact on the value of an investment and performance of the fund.

Inflation – Inflation may erode the value of the fund and its investments in real terms.

Investment fund – Investing in funds involves certain risks an investor would not face if investing in markets directly.

Market – Market risk may subject the fund to experience losses caused by unexpected changes in a wide variety of factors.

Market Liquidity – In extreme market conditions it may be difficult to sell the fund’s securities and it may not be possible to redeem shares at short notice.

Operational – Operational risk may cause losses as a result of incidents caused by people, systems, and/or processes.

Sustainability – Funds that seek to promote environmental and/or social characteristics may not or only partially succeed in doing so.

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