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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 Growth Equity Fund
An actively managed, growth-oriented portfolio of typically 150-200 companies, seeking to harness the best ideas of our global research team. The fund offers broad exposure to the global equity universe, both developed and emerging markets, investing in around 30 countries.
ISIN LU0382933116
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30-Apr-2024 - Scott Berg, Portfolio Manager,
We think higher inflation and interest rates are the new normal and believe the market may not be fully pricing in this reality. Overall, we think uncertainty and volatility are here to stay for the foreseeable future as both the economic and geopolitical landscape become more complex and less stable.

Fund Summary
We seek to invest in high-quality, durable businesses with sustainable growth prospects. We look for companies in attractive industries with improving fundamentals and potential for above-average and sustainable rates of earnings growth, when we believe valuations offer us high conviction, upside potential. 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 - Scott Berg, 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, consumer discretionary contributed the most to relative returns. Shares of a South Korean e-commerce giant gained ground after the company announced it would be raising its paid membership service (similar to a US competitor) nearly 60%. We believe the company will grow much larger in Korea and other areas of Southeast Asia over time as it continues to disrupt offline commerce by offering consumers faster delivery, more selections, and lower prices. Conversely, stock selection in the industrials and business services sector hurt relative performance. Shares of a ride-sharing operator trended lower as investors appeared concerned by recent news from a US-based electric carmaker regarding its focus on robotaxi technology and intention to launch its own ride-sharing app. We view the recent sell-off as a market overreaction and believe that the firm is a high-quality company that now has cemented its global competitive position.
30-Jun-2022 - Scott Berg, Portfolio Manager,

Global equity markets experienced an acute, near-indiscriminate selloff 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. As always, we remain focused on maintaining a broadly balanced portfolio with sector exposures that are relatively neutral to our core benchmark. We are cognizant of building the portfolio for tomorrow, rather than owning what has worked in the recent past. Despite the challenges of 2022, we have high conviction in our current positions with a strong enduring bias toward companies in highly attractive industries where dynamics such as low penetration and long runways will lead to high and sustained levels of growth. Extending our return horizon and thinking beyond the short-term market narrative have allowed us to be contrarian in the past and have contributed to our longer-term outperformance.

Sector-wise, we favor the consumer discretionary and information technology sectors as we believe there are strong secular tailwinds in key areas that should benefit over the long term. We find fewer opportunities in areas like energy and consumer staples, though recent market movements have created opportunities for us to add selectively to those areas. Regionally, we continue to favor fast-growing emerging market countries that have low debt-to-gross domestic product ratios and attractive demographic growth, such as India, Indonesia, Vietnam, and the Philippines. Despite near-term challenges, we are also finding opportunities in China, with an emphasis on domestic exposure to areas like information technology and health care, where we believe there is a lot of innovation and the government is focused on building vibrant domestic industries.

Consumer Discretionary

We are focused on leaders within the global online retail and consumer services ecosystems. COVID-19 has pulled forward years of e-commerce share gains, and we have an expanded and diverse set of names levered to that trend. We continue to think the market is severely underestimating the profound effect the pandemic has had on the consumer landscape. It is now vital for companies to view their businesses through an omnichannel lens, and it is no longer an option for businesses to ignore the need for an online presence.

  • We sold shares of to manage our position size. We continue to have a favorable view of the company's cloud business and think its advertising business should continue to grow nicely as well. However, results over the next couple of quarters are likely to be somewhat challenged in a weaker consumer and economic environment, and we chose to scale back the magnitude of our bet.
  • We sold shares of European fashion retailer ASOS. The company faces a challenging macroeconomic backdrop as European consumers wrestle with rising inflation and slowing growth, made more acute due to its proximity to the Russia-Ukraine conflict. As such we chose to reallocate to names where we have higher conviction.


We favor the materials sector. Within the sector, we have largely neutralized exposure to metals and mining and have maintained a diversified approach that includes positions in chemicals, where the Russia-Ukraine conflict has contributed to increased demand and tightening supply, and packaging, where there are multi-year secular tailwinds. We see the materials sector as an opportunity to own companies that will have a positive impact on sustainability and the environment, but also recognize that we could be in a prolonged period of higher commodity prices due to the situation in Ukraine.

  • We purchased shares of BHP, which provides exposure to a portfolio of some of the highest-quality mining assets in the industry, mainly focused on iron ore, copper, and metallurgical coal. The company has a solid management team that we believe is executing well. The company recently spun out its petroleum business and prior to Russia's invasion of Ukraine had intensified its focus on potash. The company generates substantial cash and is one of the biggest dividend payers globally.
  • We purchased shares of Sweden-based mining and smelting company Boliden. We think Boliden is one of the highest-quality names in the metals and mining space, with a thoughtful yet opportunistic management team that has a history of creating value for shareholders by investing countercyclically, keeping leverage low, lowering costs through efficiencies and technology, and dampening volatility with its smelting business.


We started positions in several of the platform's highest-conviction ideas within the sector during the most recent quarter, skewing towards those aiding energy transition in Europe that are relatively cleaner from an ESG perspective. While we continue to expect a normalization of energy prices as exogenous factors reverse and productivity continues to improve, we recognize that we cannot know exactly how the Ukraine crisis will unfold going forward, exacerbating the high level of uncertainty around the timing and path of normalization.

  • We purchased shares of Baker Hughes, one of the world's largest oil field services companies. With the ongoing conflict in Ukraine, the global energy supply chain will need to be retooled, and we think Baker Hughes will be a beneficiary of a multiyear runway of increased capital expenditures to help with that retooling, particularly on the natural gas and liquefied natural gas side.
  • We bought shares of European oil and gas exploration and production firm Galp Energia. We think Galp Energia offers unique and high-quality exposure to European energy, with a diversified asset base and good balance sheet. In particular, we think the company's Brazilian pre-salt and Mozambique liquid natural gas assets offer a long runway for growth.

Health Care

The long-term secular tailwinds for the health care sector remain in place. Within the sector, we have meaningful exposure to life sciences tools and services companies making biologics or facilitating research and development efforts for companies in the biopharma space, as well as equipment and supplies companies focused on medical diagnostics and testing. Within pharmaceuticals, we continue to invest in highly innovative companies with diverse product portfolios and promising pipeline assets. We also own companies tied to the ongoing secular trend of robotic surgery and have exposure to U.S. managed care where fundamentals remain strong, and valuations are attractive.

  • We sold shares of Argenx, an antibody platform company developing novel therapies in autoimmune diseases and cancer, on strength. The company's therapy Vyvgart has a best-in-class profile with a first-mover advantage across several indications, and we think some earlier stage programs such as ARGX-117, which is a novel complement (C2) inhibitor, could be sources of long-term value creation for the company.
31-Dec-2023 - Scott Berg, Portfolio Manager,
We have an overweight position in financials. We currently have exposure to what we believe are high-quality US banks but are meaningfully underweight European and Japanese banks that broadly have more negative credit exposure. We have more exposure to insurance companies than we have typically had in the past, as an improving pricing environment and better yields on portfolio investments have created a positive near- and medium-term setup. We continue to own several emerging market financials we believe are undervalued and underappreciated and have exposure to high-quality alternative asset managers and leading capital markets companies.

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.

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.  


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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