Global Focused Growth Equity Fund

Capital at risk. Past performance is not a guarantee or a reliable indicator of 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.

Overview

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.

�

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.

�

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.

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.

OUR VIEWS ON GLOBAL EQUITIES

Performance - Net of Fees

Past performance is not a guarantee or a reliable indicator of future results.

31-Dec-2025 - David Eiswert Portfolio Manager,

Global stock markets posted modest gains in December, capping the year with strong double-digit returns. Further weakness in the US dollar augmented gains for dollar-based investors. Overall sentiment remained cautious as markets balanced hopes for accommodative monetary policy, particularly in the US, against ongoing trade uncertainties, concerns about artificial intelligence (AI), and geopolitical risks. Within the portfolio, our holdings in financials contributed the most to relative returns. Shares of a US money centre bank gained ground after the firm issued an upbeat mid-quarter update that included expectations of strong revenue growth in its investment banking business. We are encouraged by the bank’s successful turnaround strategy and think it should continue to benefit from a more favourable regulatory environment under the Trump administration. Conversely, our stock selection in the industrials and business services sector hurt relative performance. A provider of critical power and thermal products and services to the data centre industry traded down as concerns regarding an elevated valuation hampered sentiment. Longer term, we think the company is well positioned for accelerating growth given rising demand for data centre power and thermal management.

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 guarantee or a reliable indicator of future results

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.

Risks

Typical Investor