Global Stock Fund

Invests in a variety of industries in developed and, to a lesser extent, emerging markets. Invests in firms taking market share in the global economy and demonstrating strong free cash flow, sustainable margins, long product cycles, and experienced management teams.

Share prices are subject to the risks associated with unfavorable currency exchange rates and political or economic uncertainty abroad.

PRGSXCUSIP 77956H856
Fund Story Prospectus

Morningstar (Category)

Morningstar
(Overall Rating)1

World Large Stock
  (729 funds)

Data as of 12/31/2018

Data as of 12/31/2018

Fund Manager Tenure2

Net Assets3
(USD)

6yrs
$1.1b

Data as of 12/31/2018

Data as of 12/31/2018

Price
(USD)

Daily Price Change

$36.90
$-0.60

Data as of 01/22/2019

Data as of 01/22/2019

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

David J. Eiswert
David J. Eiswert, Lead Portfolio Manager

David Eiswert is a portfolio manager in the U.S. Equity Division of T. Rowe Price. He is the portfolio manager for the Global Focused Growth Equity Strategy, a role he has held since October 1, 2012. Prior to his current role, Mr. Eiswert was the portfolio manager for the Global Technology Strategy from October 2008 until May 2012. He was a technology analyst from 2003 until 2012. Mr. Eiswert is a vice president of T. Rowe Price Group, Inc.

View more

Strategy

Investment Objective

The fund seeks long-term growth of capital through investments primarily in the common stocks of established companies throughout the world, including the U.S.

Morningstar Equity Style

Large Growth

Data as of 12/31/2018

The Morningstar Style Box™, a proprietary Morningstar data point, is a 9-square grid that provides a graphical representation of the "investment style" of stocks and mutual funds. See disclaimer at bottom of page for more information.

Morningstar Rating

Period Rating Funds In Category (World Large Stock)
Overall 729
3 Years 729
5 Years 618
10 Years 360

The Morningstar Rating™ for funds, or "star rating", is calculated for funds with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics.

Average Annual Total Returns (Investor Class)

1 YR
-4.41%
Benchmark
-9.41%
Value
5.00% 5.00%

Data as of 12/31/2018

3 YR
10.49%
Benchmark
6.60%
Value
3.89% 3.89%
5 YR
8.97%
Benchmark
4.26%
Value
4.71% 4.71%
10 YR
13.06%
Benchmark
9.46%
Value
3.60% 3.60%

Expense Ratio

Gross
0.84%
Net
0.84%

Redemption Fee

90 days or less
2.00%

Benchmark: MSCI All Country World Index Net

Fund Inception: 12/29/1995

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when you sell your shares. Average annual total return figures include changes in principal value, reinvested dividends, and capital gain distributions.

The gross expense ratio reflects the fund expenses as stated in the fee table of the fund's prospectus prior to the deduction of any waiver or reimbursement. The net expense ratio reflects fund expenses after the deduction of any waiver or reimbursement.  If a fund has an active contractual expense limitation, the expiration date is shown below the gross and net expense ratio values above.  Expense ratios are as of the most recent prospectus.

The performance information shown does not reflect the deduction of a 2.00% redemption fee on shares held for 90 days or less; if it did, the performance would be lower.

Current Year Performance (Investor Class)

Daily YTD
7.24%
Benchmark
5.06%
Value
2.18%

Data as of 01/22/2019

Monthly YTD
-4.41%
Benchmark
-9.41%
Value
5.00%

Data as of 12/31/2018

One Month
-7.70%
Benchmark
-7.04%
Value
-0.66%
Three Months
-14.03%
Benchmark
-12.75%
Value
-1.28%

Benchmark: MSCI All Country World Index Net

Fund Inception: 12/29/1995

Asset Allocation

Net Assets
(USD)
$1.1b
Largest US Stock 55.56% $620.0m
Other View complete Asset Allocation

Data as of 12/31/2018

Holdings

Total
Holdings
77
Largest Holding Alphabet Class A 3.87% Was (09/30/2018) 3.07%
Other View complete Full Holdings
Top 10 Holdings 26.23% View the latest Top 10 Holdings

Data as of 12/31/2018

Largest Contributor

NextEra Energy
2.06%

Largest Detractor

Alphabet
3.87%

Data as of 12/31/2018

Purchase

ITAU UNIBANCO HOLDING SA PREF (N)
1.66%
Was 0.00%

Sale

Tesla (E)
0.00%
Was 2.24%

Data as of 12/31/2018

Sectors

Total
Sectors
10
Largest Sector Information Technology 24.03% Was (11/30/2018) 23.35%
Other View complete Sector Diversification

Data as of 12/31/2018

Benchmark: MSCI All Country World Index

Contributor

Financials
By 1.42%
Sector -0.03%
Selection 1.44%

Detractor

Health Care
By -0.79%
Sector 0.15%
Selection -0.94%

Data as of 12/31/2018

Over

Information Technology
By 9.17%
Fund 24.03%
Benchmark 14.86%

Under

Consumer Staples
By -5.04%
Fund 3.39%
Benchmark 8.43%

Data as of 12/31/2018

MSCI index returns are shown with gross dividends reinvested.

Regions

Total
Regions
6
Largest Region North America 56.79% Was (11/30/2018) 58.33%
Other View complete Region Diversification

Data as of 12/31/2018

Benchmark: MSCI All Country World Index

Contributor

Pacific ex Japan
By 0.08%
Region 0.15%
Selection -0.07%

Detractor

Developed Europe
By -0.88%
Region 0.05%
Selection -0.93%

Data as of 12/31/2018

Over

Pacific Ex Japan
By 3.46%
Fund 15.98%
Benchmark 12.52%

Under

Europe
By -3.65%
Fund 16.45%
Benchmark 20.11%

Data as of 12/31/2018

Countries

Total
Countries
20
Largest Country United States 55.63% Was (11/30/2018) 57.07%
Other View complete Country Diversification

Data as of 12/31/2018

Benchmark: MSCI All Country World Index

Over

China
By 3.27%
Fund 6.89%
Benchmark 3.62%

Under

United Kingdom
By -2.45%
Fund 2.77%
Benchmark 5.22%

Data as of 12/31/2018

Numbers may not total 100% due to rounding.

Currency

Total
Currencies
15
Largest Currency U.S. dollar 64.89% Was (11/30/2018) 66.42%
Other View complete Currency Diversification

Data as of 12/31/2018

Benchmark: MSCI All Country World Index

Over

U.S. dollar
By 9.26%
Fund 64.89%
Benchmark 55.64%

Under

euro
By -3.52%
Fund 6.15%
Benchmark 9.67%

Data as of 12/31/2018

Team (As of )

David J. Eiswert

David J. Eiswert
Lead Portfolio Manager

David Eiswert is a portfolio manager in the U.S. Equity Division of T. Rowe Price. He is the portfolio manager for the Global Focused Growth Equity Strategy, a role he has held since October 1, 2012. Prior to his current role, Mr. Eiswert was the portfolio manager for the Global Technology Strategy from October 2008 until May 2012. He was a technology analyst from 2003 until 2012. Mr. Eiswert is a vice president of T. Rowe Price Group, Inc.

  • Fund manager
    since 2012
  • Years at
    T. Rowe Price 15
  • Years investment
    experience 18
Joshua Nelson

Joshua Nelson
Portfolio Manager

Joshua Nelson is an associate portfolio manager for the Global Focused Growth Equity Strategy. He is on the Investment Advisory Committee of the Global Stock Strategy. Mr. Nelson is a vice president of T. Rowe Price Group, Inc.

  • Years at
    T. Rowe Price 11
  • Years investment
    experience 16
Kurt A.  Umbarger

Kurt A. Umbarger
Portfolio Specialist

Kurt Umbarger is a global equity portfolio specialist within the International Equity Division of T. Rowe Price. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

  • Years at
    T. Rowe Price 26
  • Years investment
    experience 26
Laurence Taylor

Laurence Taylor
Portfolio Specialist

Laurence Taylor is a portfolio specialist in the Equity Division at T. Rowe Price, representing the firm's global equity strategies to institutional clients, consultants and prospects. Mr. Taylor is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

  • Years at
    T. Rowe Price 10
  • Years investment
    experience 19

For a complete list of the members of the fund's Investment Advisory Committee, please refer to the fund's prospectus.

How to Invest

View platform information
Share Class Min Initial Investment (USD) Min Subsequent Investment (USD) Redemption Fee 12b-1 Fee Expense Ratio
Gross Net Limitation Type Limitation Expiration Date
Investor Class
Cusip 77956H856
$2,500 $100 2.00%
90 days or less
0.00% 0.84% 0.84% N/A N/A
Advisor Class
Cusip 77956H765
$2,500 $100 2.00%
90 days or less
0.25% 1.15% 1.15% Contractual
02/29/2020
I Class
Cusip 77956H328
$1,000,000* N/A 2.00%
90 days or less
0.00% 0.69% 0.69% N/A
N/A

* Minimum initial investment $1,000,000, certain exceptions may apply. Minimum waived for I Classes offered through Workplace Retirement plans.

1

© 2018 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.

2

Number of years managing the fund.  In the case of co-portfolio management, the longer tenure is displayed.

3

Figure applies to all share classes.

Effective July 1, 2018, the "net" version of the benchmark replaced the "gross" version of the benchmark.  The "net" version of the benchmark assumes the reinvestment of dividends after the deduction of withholding taxes.

Source: MSCI.  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.

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