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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 Value Equity Fund
An actively managed, conviction-based global portfolio of around 80-100 attractively valued companies. We invest across the value spectrum, from deep value through to higher quality, more defensive companies, seeking to deliver positive excess returns regardless of which value substyle is currently favoured by the market. The fund is categorised as Article 8 under Sustainable Finance Disclosure Regulation (SFDR).
ISIN LU0859255472
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29-Feb-2024 - Sebastien Mallet, Portfolio Manager,
Value investing has a long history of delivering above‑average performance. With the return of inflation and central banks implementing one of the fastest interest rate hiking cycles in history, we have seen a material evolution to a much more even market environment; we believe this offers increased opportunities for value investors.

Fund Summary
We employ a relative value approach that looks holistically across the value spectrum to identify companies with durable free cash flows that are not fully appreciated by the market. We aim to maintain a core portfolio of quality companies but will also pursue attractive risk/reward opportunities in out-of-favour cyclical companies and deep-value turnaround situations. 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.

29-Feb-2024 - Sebastien Mallet, Portfolio Manager,
Global equities registered positive returns in February on the back of slowing inflation and strong economic data in the US. However, concerns that interest rates may remain higher for longer curbed gains. Within the portfolio, stock picks and our underweight allocation to consumer discretionary hurt relative returns. Here, shares of a Japanese consumer electronics company lost ground after it reported below-consensus third-quarter results due to weaker demand in its small- to medium-sized displays. The firm downgraded its full-year earnings guidance which added to investor caution. Security selection in materials and health care also hindered. Conversely, utilities was the top-contributing sector due to our stock picks, followed by financials and energy. At the country level, our stock choices in Japan and the Netherlands held back relative performance. In contrast, our investments in Switzerland and Australia helped. In the former, an insurance products and services provider registered gains on the back of encouraging earnings that showed better-than-expected operating profits in 2023. Shares were also propped up by news that the company will raise its dividends and share buybacks. Stock selection in Germany also benefitted.
30-Jun-2022 - Sebastien Mallet, Portfolio Manager, Global Value Equity Fund,

Over the course of 2021 we began to shift the portfolio to a more neutral/balanced stance by increasing our allocation to our defensive holdings. In early 2022, we continued to reduce the cyclical exposure and by the end of the second quarter, the portfolio was broadly balanced between defensive and cyclical names.� �On a sector basis, we added to health care and IT, as well as marginally increasing our energy exposure.� We trimmed our financials holding while also reducing our communication services holdings.� We also made a number of changes within our industrials and business services holdings.

At the end of June, our largest overweight sector positions were in health care, utilities, and financials while the largest underweight sector positions included IT and consumer discretionary. On a geographic basis, we remain cautious about valuations in the U.S. Although the country represents the largest position in the portfolio on an absolute basis, we retain a significant relative underweight. Despite this, we made a number of adjustments in this large market, eliminating holdings where our investment case no longer held or where valuations had become less compelling as well as adding new positions where we identified compelling reasons for investing.

On a country basis, our largest relative overweight positions by the end of June were in China, the Netherlands, and Japan. Valuations in China are attractive, in our view, but we are mindful of geopolitical and regulatory risk. We raised our exposure over the review period and are hopeful that the regulatory crackdown is largely behind us and many stocks in this market are trading below their cash/book value. In Japan, we are seeing continued signs of improving corporate governance, however macroeconomic and currency concerns weigh on sentiment. We reduced our exposure to the country over the review period. Within emerging markets, we see interesting investment opportunities in India but this is an expensive market.


We retain our overweight position in financials but decreased the extent of this position over the quarter. Over the past year we have become incrementally more cautious on some of our U.S. positions and have shifted our exposure within this space. In the second quarter we reduced our exposure to U.S. banks as we believe opportunities are more attractive elsewhere in the sector, namely insurers. Our broad-based move out of U.S. banks has now largely played out. We are worried about the credit cycle and believe it is too early to buy back into the sector.

  • We eliminated the holding in U.S.-based Huntington Bancshares, a diversified large regional bank as we felt the valuation was beginning to price in higher interest rates. The U.S. bank has one of the more cautious interest rate risk strategies amongst peers.
  • We sold out of our position in Equitable Holdings, a large financial services company whose main business is life insurance. Although U.S. insurers as a group still have good pricing power and will likely benefit from higher interest rates, the sector was looking expensive in our view. In addition, we had concerned that Equitable is very sensitive to equity market movements.
  • We used part of the proceeds of these sales to purchase a position in Ping An Insurance Group, the largest insurer in China by market capitalization. The company trades at a very low valuation in both absolute terms and on a historical basis following a sharp decline in value of new business (VNB) in 2019.� Our investment thesis is that VNB will gradually accelerate within the next three-to-five years, which should drive a re-rating of the stock.

Health Care

The portfolio has an overweight position in the health care sector, reflecting our preference for defensive sectors currently, and we raised our exposure further. Over the quarter, we identified a new opportunity in the U.S. and in France. Last year, in 2021, as the country's economy reopened and investors focused on cyclical growth stocks, health care stocks were left behind; we believe valuations have now reached very attractive levels and the sector looks cheap. Uncertainty over health care reforms in the U.S by the Biden administration have also weighed on the sector, despite the fact that this space is home to many companies with good growth prospects. Our bias remains to high-quality names.

  • We bought a position in Johnson & Johnson, a diversified health care company engaged in the development, manufacturing and sale of pharmaceuticals, medical devices, and consumer health care products. Its share price has de-rated due to the ongoing mix shift towards pharmaceuticals. However, the majority of its key franchises have begun to show significant recoveries from the impact of COVID-19 and we expect this trend to continue.
  • Sanofi is France-based diversified multinational health care company, which is engaged in the development, manufacturing and sale of pharmaceuticals, vaccines, and over-the-counter (OTC) health care products. Sentiment towards the name has been held back recently by disappointing trial results from its drug to fight breast cancer, leading investors to question Sanofi's R&D capabilities. We initiated a position in Sanofi as we believe the company has a number of promising drugs in the pipeline, including treatments for hemophilia and multiple sclerosis.
  • We largely funded these purchases through our elimination of Roche Holding; we believe the company is fully valued at present and it has a number of drugs going off-patent within the next few years.


IT remains the portfolio's largest relative underweight sector position. However, at a global level the sector sold off very sharply over the quarter, leading us to identify what we believe to be compelling investment opportunities within this space. As a result, our relative weighting to the sector increased.

  • We initiated a position in FPT, a Vietnam-based IT services company. The Vietnamese stock market fell sharply in April and May and we felt some valuations had reached attractive levels. We believe the company's long-term growth potential is materially better than what current valuation multiples imply. Country-specific factors support the company, in our view, driving a cost advantage versus global competition and favorable pricing for its customers. Vietnam also hosts an IT-relevant labor pool that is undergoing rapid development which is, in turn, key to the company's growth runway.
  • Broadcom is a U.S.-based semiconductor company that makes products for the�wireless and broadband communication industry. We bought a position in the company because the stock offers an attractive free cash flow yield and, in our view, the company's earnings durability and growth are underappreciated by the market.


On a country basis we reduced our exposure over the quarter although retain a modest overweight. This is partly due to bottom-up stock-specific factors but we are also concerned by the impact of a yen and the slow pace of change at a corporate level.

  • We eliminated the holding in Keisei Electric Railway. We had bought the stock on expectations of meaningful capital allocation changes among Japan's railway companies, but this investment thesis has not played out and we cut our position to invest in more compelling opportunities elsewhere.
  • We sold out of our position in Panasonic. Our investment case was for it to increase its electric battery (EV) capacity and for this business to become a significant profit contributor. However, this turnaround has not taken place and we believe the pace and magnitude of the EV battery business expansion is unlikely to be as good as we previously believed. We exited our position.
31-Jan-2024 - Sebastien Mallet, Portfolio Manager,
In our view, market worries about interest rates and inflation could subside as major central banks, namely the US Federal Reserve, appear to be near a peak in their interest rate-hiking cycles. As a result, we have started to identify opportunities in the more cyclical and deep value areas of the value space. With this in mind, we have relative overweight positions in financials as well as the traditionally more defensive health care and utilities sectors. While we have increased our exposure to information technology, we remain largely underweight relative to the benchmark.

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