By Sebastien Mallet

Meet Sébastien Mallet

Get to know the Portfolio Manager of our Global Value Equity Strategy

April 2026

Transcript

I spend a lot of time thinking about balance. I ski several times a year, and I swim every lunchtime—it’s how I clear my head and stay focused.

Hi, I’m Sebastien Mallet, portfolio manager of the Global Value Equity strategy.

I’m a modern value investor. That means staying disciplined when markets aren’t, and being patient when others feel pressured to act. For me, investing is about perspective—understanding what really matters underneath the noise.

I started my career as an investment banker in telecoms during the TMT bubble. Observing valuations detach from fundamentals at that time had a lasting impact on me—it’s what shaped my focus on free cash flow and valuation. Cash flow doesn’t lie, and over time, valuation always matters.

I’ve lived and worked across Asia, including Japan and China, and I still spend time in the region each year. Experiencing different markets and cultures firsthand has shaped how I think about risk, opportunity, and long-term value on a global scale.

I studied economics, which gave me a strong foundation in how systems work—and why assets like gold and silver can play an important role in client portfolios. That perspective helps me think clearly about diversification and downside protection.

Outside of investing, I’m involved in charity work in Vietnam. Spending time there each year is grounding—it reinforces the importance of long-term thinking and sustainability, both in life and in investing.

Value investing isn’t about reacting. It’s about staying focused, thinking long term, and having the conviction to do the right thing—even when it’s uncomfortable.

That mindset guides everything I do as a portfolio manager of the Global Value Equity strategy.

Sebastien Mallet Portfolio Manager

Risks – the following risks are materially relevant to the portfolio:

Currency - Currency exchange rate movements could reduce investment gains or increase investment losses.

Equity - Equities can lose value rapidly for a variety of reasons and can remain at low prices indefinitely.

Small and mid-cap - Small and mid-size company stock prices can be more volatile than stock prices of larger companies.

Geographic concentration - Geographic concentration risk may result in performance being more strongly affected by any social, political, economic, environmental or market conditions affecting those countries or regions in which the fund's assets are concentrated.

Style - Style risk may impact performance as different investment styles go in and out of favor depending on market conditions and investor sentiment.

General Portfolio Risks

Conflicts of Interest risk - The investment manager's obligations to a portfolio may potentially conflict with its obligations to other investment portfolios it manages.

Counterparty risk - Counterparty risk may materialise if an entity with which the portfolio does business becomes unwilling or unable to meet its obligations to the portfolio.

Custody risk - In the event that the depositary and/or custodian becomes insolvent or otherwise fails, there may be a risk of loss or delay in return of certain portfolio's assets.

Cybersecurity risk - The portfolio may be subject to operational and information security risks resulting from breaches in cybersecurity of the digital information systems of the portfolio or its third-party service providers.

ESG risk - ESG integration as well as events may result in a material negative impact on the value of an investment and performance of the portfolio.

Investment Portfolio risk - Investing in portfolios involves certain risks an investor would not face if investing in markets directly.

Inflation risk - Inflation may erode the value of the portfolio and its investments in real terms.

Market risk - Market risk may subject the portfolio to experience losses caused by unexpected changes in a wide variety of factors.

Market Liquidity risk - In extreme market conditions it may be difficult to sell the portfolio's securities and it may not be possible to redeem at short notice.

Operational risk - Operational risk may cause losses as a result of incidents caused by people, systems, and/or processes.

Sustainability risk - Portfolios that seek to promote environmental and/or social characteristics may not or only partially succeed in doing so

Important information

This material is being furnished for general informational and/or marketing purposes only. The material does not constitute or undertake to give advice of any nature, including fiduciary investment advice, nor is it intended to serve as the primary basis for an investment decision. T. Rowe Price group of companies including T. Rowe Price Associates, Inc. and/or its affiliates receive revenue from T. Rowe Price investment products and services. Past performance is not a guarantee or a reliable indicator of future results. 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.

The material does not constitute a distribution, an offer, an invitation, a personal or general recommendation or solicitation to sell or buy any securities in any jurisdiction or to conduct any particular investment activity. The material has not been reviewed by any regulatory authority in any jurisdiction.

Information and opinions presented have been obtained or derived from sources believed to be reliable and current; however, we cannot guarantee the sources’ accuracy or completeness. There is no guarantee that any forecasts made will come to pass.

The views contained herein are as of the date noted on the material and are subject to change without notice; these views may differ from those of other T. Rowe Price group companies and/or associates. Under no circumstances should the material, in whole or in part, be copied or redistributed without consent from T. Rowe Price.

The material is not intended for use by persons in jurisdictions which prohibit or restrict the distribution of the material and in certain countries the material is provided upon specific request. It is not intended for distribution to retail investors in any jurisdiction.

202602-5188598

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Meet Sébastien Mallet

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