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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 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. 

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
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30-Apr-2024 - David Eiswert, Portfolio Manager,
We think inflation remains the key risk factor for markets and that the US Federal Reserve is unlikely to cuts interest rates to the degree many investors are hoping for. We expect there will be some market choppiness over the coming months but believe there will be plenty of opportunities to find idiosyncratic growth ideas.

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-Apr-2024 - David Eiswert, Portfolio Manager,
Global equities pulled back in April as stronger-than-expected economic and inflation data in the US and hawkish comments from the Federal Reserve resulted in diminished expectations for interest rate cuts this year. Investors were also concerned about increasing geopolitical tensions and a limited military engagement between Iran and Israel in the Middle East. Within the portfolio, an overweight position in the energy sector contributed the most to relative performance. Conversely, stock selection in communication services, coupled with an underweight position, detracted from relative results. A social media platform sold off after management indicated softer-than-expected guidance for the second quarter in its recent earnings report amid anticipation for higher expenses and capital expenditures driven by artificial intelligence-related investment. We continue to have high conviction in the company and believe it is well positioned for accelerating growth and returns as management executes its plans to improve cost and operational efficiency, continue monetisation work, and increase engagement across the firm’s platforms.
30-Jun-2022 - David J. Eiswert, Portfolio Manager,

Global equity markets experienced an acute, near-indiscriminate sell-off during the quarter as investors began to price in the possibility of a recession and concerns that central banks would not be able to create a "soft landing" in their efforts to tame inflation. We view this type of environment as one where good active managers can take advantage of market dislocations and pick up high-conviction names where we have an insight into improving returns in the future at what we view as attractive valuations. We believe inflation may be peaking, which would be a major key to seeing accelerating returns for our existing positions.

Sector-wise, we favor the consumer discretionary and industrials and business services sectors, as we believe there are key areas in these sectors that should benefit as economic conditions normalize. We are more selective in areas like consumer staples, energy, and information technology, as we believe that these sectors are either overcrowded or that we have a more subdued long-term outlook. Our regional weights are mostly driven by bottom-up, idiosyncratic investing. For instance, our exposure in Europe is idiosyncratic as the majority of our holdings have significant business exposure outside of Europe and thus are not levered solely to European economies. We also have found compelling investments in emerging markets, where we think near-term headwinds are creating opportunities for active managers to buy high-quality assets at attractive valuations, especially in China.

Consumer Discretionary

We significantly reduced our exposure to the consumer discretionary sector, which has become increasingly challenging for stock pickers as market disruption, driven in part by rapid changes in consumer behavior and e-commerce, has led to a more dramatic demarcation between winners and losers. Given the polarized structure of the sector, we are focused on high-quality names that we believe are on the right side of change and have dominant market positions while maintaining discipline around valuations. We find that companies with strong omnichannel infrastructure, efficient distribution, and quality offerings that keep them connected with their customer base should benefit from strong fundamentals in the future. We also have exposure to select travel-related stocks that we believe are well positioned as economic conditions normalize.

  • 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.

Industrials and Business Services

We favor the industrials and business services sector but managed position sizes in some areas amid growing fears of an impending recession. However, we still believe our exposure within the sector is poised to capture the tailwinds of accelerating fundamentals as economic conditions largely normalize and the world continually learns to live with COVID-19. Our exposure is focused on long-cycle industrials and commercial services companies that should emerge from the pandemic in a stronger competitive position, as well as aerospace-related names that have a significant backlog and pent-up demand that should be released as economic conditions normalize and travel volumes improve.

  • We sold shares of GE to manage our position size. We continue to think fundamentals, particularly free cash flow, are troughing, and we believe the firm's core businesses in aviation, health care, and renewables are well positioned for a better-than-expected recovery over the next few years, which should drive accelerating returns.
  • We bought shares in U.S. domestic airline Southwest Airlines. We think Southwest's high-quality network and organization, balance sheet strength, and strong industry position should help drive accelerating growth and return on capital as travel demand normalizes.


The energy sector cooled during the quarter, but as the war in Ukraine persisted and fears of slowing economic growth emerged, supply remained tight and prices remained elevated. We think tight supply and higher prices could persist in the near term, and as a result, we hold select, high-quality energy names in order to capture these tailwinds. However, we still have a subdued long-term outlook on the energy sector given the disruptive impact of U.S. shale production and the growing emphasis on clean energy and ESG-friendly alternatives.

  • 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.

Information Technology

As a result of the behavioral changes that emerged from the pandemic and accelerated demand for technology, pockets of the sector clearly became crowded and overbought. However, the steep market decline has created opportunities to buy stocks with compelling long-term growth potential that are now trading at much more reasonable valuations. Ultimately, we believe that the powerful long-run trends that should drive value creation within the technology sector remain and, in some cases, were accelerated by the pandemic. We think we are well positioned to take advantage of the diverse nature of the technology landscape, with a balance between mega-cap tech names as well as smaller and more innovative software, e-commerce, and payment companies that are on the cutting edge in their industries and have transformative offerings. We also have exposure to semiconductor stocks that we anticipate should benefit from content growth in automotive and industrial end markets as well as investment in data centers and artificial intelligence.

  • 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.
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.

Benchmark Data Source: MSCI. MSCI index returns are shown with reinvestment of dividends after the deduction of withholding taxes. MSCI and its affiliates and third party sources and providers (collectively, “MSCI”) makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. Historical MSCI data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

Past performance is not a reliable indicator of future performance.

Source for performance: T. Rowe Price. Fund performance is calculated using the official NAV with dividends reinvested, if any. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested. It will be affected by changes in the exchange rate between the base currency of the fund and the subscription currency, if different. Sales charges (up to a maximum of 5% for the A Class), taxes and other locally applied costs have not been deducted and if applicable, they will reduce the performance figures.

Daily performance data is based on the latest available NAV.  

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 The Management Company reserves the right to terminate marketing arrangements.

Please note that the Fund typically has a risk of high volatility.

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.

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.

Attribution Data: Analysis represents the total performance of the portfolio as calculated by the FactSet attribution model and is inclusive of other assets that that will not receive a classification assignment in the detailed structure shown. Returns will not match official T. Rowe Price performance because FactSet uses different exchange rate sources and does not capture intra-day trading. Performance for each security is obtained in the local currency and, if necessary, is converted to U.S. dollars using an exchange rate determined by an independent third party. Figures are shown with gross dividends reinvested.

Sources: Copyright © 2024 FactSet Research Systems Inc. All rights reserved. MSCI/S&P GICS Sectors; Analysis by T. Rowe Price Associates, Inc. T. Rowe Price uses the MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. Each year, MSCI and S&P make changes to the GICS structure. The last change occurred on September 28, 2018. T. Rowe Price will adhere to all future updates to GICS for prospective reporting.

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc, ("MSCI") and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. ("S&P") and is licensed for use by [Licensee]. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or impIied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any or such standard or classification, Without limiting any or the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

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.  


©2024 Morningstar, Inc. All rights reserved. The information  contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Citywire Data Source: Citywire – where the fund manager is rated by Citywire, the rating is based on the manager’s 3-year risk adjusted performance. For further information on ratings methodology, please visit