SICAV
Global Value Equity Fund
A conviction-based global portfolio of around 80-100 companies that we believe are attractively valued with prospects for improving earnings growth. We invest across the value spectrum, seeking to deliver positive excess returns regardless of which value substyle is currently favoured by the market.
ISIN LU0859255472
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FACTSHEET
KIID
FUND PROFILE
COMMENTARY

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Risk & Reward ?
(SRRI)
1 2 3 4 5 6 7 Data as of: 31-Jan-2020
NAV
(USD)
$20,33
Data as of: 18-Feb-2020

1YR Return
15.54%
IA Sector ranking: N/A
Data as of: 31-Jan-2020
Fund Size
(USD)
$46,7m
Data as of: 31-Jan-2020
Perf Change
(Daily)
-0,64%
Data as of: 18-Feb-2020
3YR Return
(Cumulative)
23.99%
IA Sector ranking: N/A
Data as of: 31-Jan-2020

Overview
Strategy
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.
SMALL-CAP
MID-CAP
LARGE-CAP

94
Holdings

Style
Value
Risk & Reward Data
Information Ratio
-0,76
Sharpe Ratio
0,49
Historical Tracking Error
3,11%
01 July 2018

Indicative Benchmark

Effective July 1, 2018, the “net” version of the indicative benchmark replaced the “gross” version of the indicative benchmark. The “net” version of the indicative benchmark assumes the reinvestment of dividends after the deduction of withholding taxes applicable to the country where the dividend is paid; as such, the returns of the new benchmark are more representative of the returns experienced by investors in foreign issuers. Historical benchmark performance has been restated accordingly.

01 July 2018

Indicative Benchmark

Effective July 1, 2018, the “net” version of the indicative benchmark replaced the “gross” version of the indicative benchmark. The “net” version of the indicative benchmark assumes the reinvestment of dividends after the deduction of withholding taxes applicable to the country where the dividend is paid; as such, the returns of the new benchmark are more representative of the returns experienced by investors in foreign issuers. Historical benchmark performance has been restated accordingly.

Performance
YTD 1 year 3 year

Cumulative

5 year

Cumulative

Since Inception

Cumulative

Fund -1.10% 15.54% 23.99% 37.94% 98.50%
IA Sector Ranking N/A N/A N/A N/A N/A
IA Sector N/A N/A N/A N/A N/A
Excess Return N/A N/A N/A N/A N/A
Indicative Benchmark -0.61% 17.73% 38.45% 53.90% 106.49%
Excess Return -0.49% -2.19% -14.46% -15.96% -7.99%

Data as of 31-Jan-2020

Holdings
Total
Holdings
94
Largest
JPMorgan Chase
3,22%
Was ( 30-Sep-2019 )

2,98%
Top 10
21.59%
Contributor
JPMorgan Chase
By 0.81%
% of fund
3,22%
Detractor
American International Group
By -0.50%
% of fund
1,70%
Purchase
Verizon Communications (N)
1,74%
Was ( 30-Sep-2019 )
0,00%
Sale
Cisco Systems (E)
0,00%
Was ( 30-Sep-2019 )
1,51%
Data as of 31-Dec-2019
Sectors
Total
Sectors
11
Largest
Financials
21,43%
Was ( 31-Dec-2019 )
23,88%
Contributor
Financials
By 0,45%
Sector
0,03%
Selection
0,42%
Detractor
Utilities
By -0,35%
Sector
-0,38%
Selection
0,03%
Data as of 31-Dec-2019
Over
Financials
By 6,05%
Fund
21,43%
Benchmark*
15,38%
Under
Information Technology
By -6,64%
Fund
11,47%
Benchmark*
18,11%
Data as of 31-Jan-2020
Data as of 31-Jan-2020
Indicative Benchmark: MSCI World Index

* The index shown is not a formal benchmark. It is shown only for comparison purposes.

Regions
Total
Regions
4
Largest
North America
62,18%
Was ( 31-Dec-2019 )
60,82%
Contributor
Developed Europe
By 0,79%
Country
-0,00%
Selection
0,79%
Detractor
United States
By -0,89%
Country
-0,04%
Selection
-0,85%
Data as of 31-Dec-2019
Over
Pacific Ex Japan
By 1,85%
Fund
5,77%
Benchmark**
3,92%
Under
North America
By -4,80%
Fund
62,18%
Benchmark**
66,98%
Data as of 31-Jan-2020
Data as of 31-Jan-2020
Indicative Benchmark: MSCI World Index

* The index shown is not a formal benchmark. It is shown only for comparison purposes.

Countries
Total
Countries
19
Largest
United States
57,26%
Was ( 31-Dec-2019 )
55,82%
Over
China
By 3,35%
Fund
3,37%
Benchmark*
0,02%
Under
United States
By -6,35%
Fund
57,26%
Benchmark*
63,60%
Data as of 31-Jan-2020
Data as of 31-Jan-2020
Indicative Benchmark: MSCI World Index

* The index shown is not a formal benchmark. It is shown only for comparison purposes.


Team
Sebastien Mallet,
Portfolio Manager
Sebastien Mallet is a portfolio manager in the Equity Division managing the Global Value Equity Strategy.
Portfolio Manager since
2012
Years at
T. Rowe Price
14
Years investment experience
19
Laurence Taylor,
Portfolio Specialist
Laurence Taylor is a portfolio specialist in the Equity Division at T. Rowe Price, representing the firm's global equity portfolio managers to institutional clients, consultants and prospects.
Years at
T. Rowe Price
10
Years investment experience
19
Andrew Clifton,
Portfolio Specialist
Andrew Clifton is a portfolio specialist in the Equity Division at T. Rowe Price.
Years at
T. Rowe Price
9
Years investment experience
30
How to Invest
Fees Minimum Initial Investment and Holding Amount Minimum Subsequent Investment Sales Charge (up to) Investment Management Fee Ongoing
Charges1
? UK Tax Reporting Status

Indicative Benchmark Data Source: MSCI. 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.

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. Past performance is not a reliable indicator of future performance.

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 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 and via www.troweprice.com.

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 © 2020 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.

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.  

1 Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.

The Morningstar rating is sourced from Morningstar.

©2020 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.

Citywire - where the Fund manager is rated by Citywire the rating is based on the manager's 3 year risk adjusted performance.