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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. 

T. Rowe Price Global Growth Equity Net Zero Transition 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. The fund aims to support the transition to net zero by increasing the net zero alignment of the portfolio over time through engagement and other stewardship techniques. The fund is categorised as Article 8 under Sustainable Finance Disclosure Regulation (SFDR).
ISIN LU2098778991
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30-Apr-2020 - Scott Berg, Portfolio Manager,
Even though we do not believe we are experiencing a long-term economic crisis as a result of the coronavirus, in the short term, individuals and companies face an issue of financing rents and expenses. The path to full economic activity is uncertain, implying that we should employ prudent diversification and risk management through the stages of the recovery and any negative surprises, which will be part of that journey.

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 promotion of environmental and social characteristics is achieved through the fund’s commitment to maintain at least 50% of the value of its portfolio invested in Sustainable Investments, while, at the same time, aiming for 100% of the value of the portfolio to have achieved the transition required to limit global warming to 1.5 degrees by 2050. The investment manager implements the following investment strategies: Net Zero Transition Framework, including engagement, sustainable investment exposure and application of a responsible exclusion screen. 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-2020 - Scott Berg, Portfolio Manager,
Global equities tumbled in February as the continued spread of the coronavirus beyond China, with acute outbreaks in Italy, South Korea, and Iran, spurred fears of a global pandemic and slowing growth. Within the portfolio, information technology (IT) contributed the most to relative returns. Shares of video conferencing solutions firm Zoom Video spiked over the month. As the coronavirus outbreak continues to spread worldwide and businesses deploy contingency plans like working from home, Zoom’s video conferencing technology could become more in-demand, and other investors appeared to recognise this. We think Zoom Video has an outstanding product with better technology than competitors that can address a widespread pain point (unreliable video conferencing from work and home). Conversely, a combination of stock selection and an underweight to real estate modestly held back relative performance. Logistics distribution warehouse operator Prologis fell amid concerns that slowing global growth from the coronavirus outbreak could be a headwind for the firm’s business. We think Prologis represents a durable, long-term growth opportunity given its exposure to fast-growing markets like e-commerce. We also think the management team is top-notch and believe its ability to create a one-stop shop for organisations looking to build a national logistics network is underappreciated.
29-Feb-2020 - Scott Berg, Portfolio Manager,
We continue to believe that the pace of structural growth and innovation within the IT sector remains strong. Advancements in areas like artificial intelligence (AI) and enterprise software are not only affecting technology companies, but also reshaping more traditional industries once viewed as less susceptible to business model disruption. In our view, we remain positioned to benefit from increasing AI adoption and application as well as the ongoing transition toward greater computing mobility, increasing use of the Web, and growing technology consumption in emerging markets. As a result, our holdings are tilted toward payment and cloud software companies.

SICAV III labelling represents the Select Investment Series III SICAV, a Luxembourg UCITS.

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

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 Select Investment Series III 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 (KIID) and/or the 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.

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