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GIPS® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. T. Rowe Price has been independently verified for the twenty four-year period ended June 30, 2020, by KPMG LLP. The verification report is available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report.

TRP is a U.S. investment management firm with various investment advisers registered with the U.S. Securities and Exchange Commission, the U.K. Financial Conduct Authority, and other regulatory bodies in various countries and holds itself out as such to potential clients for GIPS purposes. TRP further defines itself under GIPS as a discretionary investment manager providing services primarily to institutional clients with regard to various mandates, which include U.S, international, and global strategies but excluding the services of the Private Asset Management group.

A complete list and description of all of the Firm's composites and/or a presentation that adheres to the GIPS® standards are available upon request. Additional information regarding the firm's policies and procedures for calculating and reporting performance results is available upon request. 

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Home / Products / SICAV / Global Allocation Extended Fund
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SICAV

Global Allocation Extended Fund

Invests in a broadly diversified global portfolio of investments including developed and emerging market equities, a wide range of global developed and emerging market fixed income strategies, plus various diversifying strategies providing exposure to hedge funds, currency hedging, and equity index call writing.

ISIN LU1614212352 Bloomberg TRPGAEQ:LX
View more information on risks
Factsheet
KIID

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

9.13%
$44.6m
Data as of 31-Dec-2020
Data as of 31-Dec-2020

1YR Return
(View Total Returns)

Manager Tenure

14.31%
3yrs
Data as of 31-Dec-2020
Data as of 15-Jan-2021

Inception Date 26-Jul-2017

Performance figures calculated in USD

Other Literature

Charles M. Shriver, CFA
Charles M. Shriver, CFA, Co-Portfolio Manager

Charles Shriver is the portfolio manager of the Global Allocation, Balanced, and Spectrum Funds, and he is cochair of the Asset Allocation Committee. Charles is a vice president of T. Rowe Price Group, Inc.

 

Strategy

Investment Objective

To maximise the value of its shares, over the long term, through both growth in the value of, and income from, its investments.

Investment Approach

  • The Fund seeks long-term capital appreciation and income. The Fund blends active security selection and asset allocation positioning in a broadly diversified global portfolio of stocks, bonds, cash, and alternatives across sectors, regions, and market capitalizations.
  • The Fund’s broad opportunity set includes developed and emerging market equities, a wide range of global developed and emerging market fixed income strategies across sectors and credit quality, plus various diversifying strategies providing exposure to hedge funds, currency hedging, real asset equities, and an equity index-option strategy.
  • The Fund has the ability to utilize tactical asset allocation within defined ranges for each asset class or sector to potentially capitalize on a variety of global market environments.
  • Sources of value added:
    • Portfolio Design: Strategic allocation that is diversified across asset classes and sectors with low correlations to dampen volatility and includes investments that have the potential to enhance long-term returns.
    • Tactical Asset Allocation: The Asset Allocation Committee makes tactical decisions to overweight or underweight asset classes and sectors based on a 6-18 month investment horizon.
    • Fundamentally-Driven Security Selection: Underlying portfolio managers select individual securities leveraging the T. Rowe Price global research platform of approximately 200 fundamental equity and credit analysts.
  • The Fund is subject to the unique risks of international investing, including unfavorable currency exchange rates and political or economic uncertainty abroad. To the extent the fund has investments in emerging market countries; it will be subject to abrupt and severe price declines. The portfolio’s investments in alternative investments and hedge funds are difficult to value and monitor when compared with more traditional investments, and may increase the fund’s liquidity risks. Diversification cannot assure a profit or protect against loss in a declining market. Derivatives are used in the fund for selective market exposures.

Portfolio Construction

  • The Fund’s long-term strategic neutral asset allocation is 60% stocks, 30% bonds and cash, and 10% alternative investments and has an allocation to diversifying strategies seeking to enhance the risk and return profile of the portfolio through sources of less correlated returns and diversified sources of income.
  • Approximately 40% of the Fund’s investments are in international stocks and bonds, representing both developed and emerging markets.
  • An allocation to global equities is designed to capture the breadth of global investing opportunities with approximately 50% of the equity allocation in international equities.
  • An allocation to global fixed income markets, with one-third in international bonds, designed to emphasize specific attributes that contribute to the overall portfolio across a range of economic environments.

Performance (Class Q)

Annualised Performance

  1 YR 3 YR
Annualised		 5 YR
Annualised		 Since Inception
Annualised		 Since Manager Inception
Annualised
Fund % 14.31% 9.13% N/A 9.51% 9.51%
Indicative Benchmark % 12.30% 8.62% N/A 9.08% 9.08%
Excess Return % 2.01% 0.51% N/A 0.43% 0.43%

Inception Date 26-Jul-2017

Manager Inception Date 26-Jul-2017

Indicative Benchmark: Custom Benchmark - WB for Global Allocation Extended Fund SICAV

Data as of 31-Dec-2020

Performance figures calculated in USD

  1 YR 3 YR
Annualised		 5 YR
Annualised		 Since Inception
Annualised
Fund % 14.31% 9.13% N/A 9.51%
Indicative Benchmark % 12.30% 8.62% N/A 9.08%
Excess Return % 2.01% 0.51% N/A 0.43%

Inception Date 26-Jul-2017

Indicative Benchmark: Custom Benchmark - WB for Global Allocation Extended Fund SICAV

Data as of 31-Dec-2020

Performance figures calculated in USD

Recent Performance

  Month to DateData as of 15-Jan-2021 Quarter to DateData as of 15-Jan-2021 Year to DateData as of 15-Jan-2021 1 MonthData as of 31-Dec-2020 3 MonthsData as of 31-Dec-2020
Fund % 1.32% 1.32% 1.32% 2.86% 10.88%
Indicative Benchmark % 0.81% 0.81% 0.81% 2.86% 9.00%
Excess Return % 0.51% 0.51% 0.51% 0.00% 1.88%

Inception Date 26-Jul-2017

Indicative Benchmark: Custom Benchmark - WB for Global Allocation Extended Fund SICAV

Indicative Benchmark: Custom Benchmark - WB for Global Allocation Extended Fund SICAV

Performance figures calculated in USD

Past performance is not a reliable indicator of future performance.  Source for fund 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. 

Where the base currency of the fund differs from the share class currency, exchange rate movements may affect returns.

For any equity benchmarks shown, returns are shown with gross dividends reinvested, unless otherwise noted.

Asset Allocation

Net Assets
(USD)
$44.6m
Largest Category Global ex-US Stock 33.10% $14.8m US Stock Global ex-US Bonds US Bonds Reserves Preferred Convertibles Options
View complete Asset Allocation

Monthly Data as of 31-Dec-2020

Holdings

Total
Holdings
644
Largest Holding TRP SICAV Global Aggregate Bond-S 12.15% Was (30-Sep-2020) 12.32%
Other View Full Holdings Quarterly data as of  31-Dec-2020

Total Equity

Holdings

632
% of fund 64.44%

Total Fixed Income

Holdings

5
% of fund 30.60%

Quarterly Data as of 31-Dec-2020

Sectors

Total
12
Largest Sector Information Technology 18.05% Was (30-Nov-2020) 17.50%
Other View complete Sector Diversification

Monthly Data as of 31-Dec-2020

Indicative Benchmark: Morningstar Global Allocation Index

Largest Overweight - Equity Only

Information Technology
By18.05%
Fund 18.05%
Indicative Benchmark 0.00%

Largest Underweight - Equity Only

N/A

Monthly Data as of 31-Dec-2020

Total
12
Largest Sector Non-US$ Denominated 55.37% Was (30-Nov-2020) 55.52%
Other View complete Sector Diversification

Monthly Data as of 31-Dec-2020

Indicative Benchmark: Morningstar Global Allocation Index

Largest Overweight - Fixed Income Only

Non-US$ Denominated
By55.37%
Fund 55.37%
Indicative Benchmark 0.00%

Largest Underweight - Fixed Income Only

N/A

Monthly Data as of 31-Dec-2020

Team (As of 15-Jan-2021)

Charles M. Shriver, CFA

Charles M. Shriver, CFA
Co-Portfolio Manager

Charles Shriver is the portfolio manager of the Global Allocation, Balanced, and Spectrum Funds, and he is cochair of the Asset Allocation Committee. Charles is a vice president of T. Rowe Price Group, Inc.

Charles’s investment experience began in 1999 when he joined the Multi-Asset Division and he has been with T. Rowe Price since 1991.

Charles earned a B.A. in economics and rhetoric/communications studies from the University of Virginia. He also earned an M.S.F. from Loyola University Maryland, and a graduate diploma in public economics from Stockholm University. Charles also has earned the Chartered Financial Analyst® designation.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

  • Fund manager
    since
    2017
  • Years at
    T. Rowe Price
    29
  • Years investment
    experience
    21
Toby M. Thompson, CFA, CAIA

Toby M. Thompson, CFA, CAIA
Co-Portfolio Manager

Toby Thompson is a portfolio manager in the Multi-Asset Division. He is a co-portfolio manager of the Balanced Fund, Global Allocation Funds, Moderate Allocation Portfolio, Spectrum Funds, ActivePlus® Portfolios, and Managed Volatility Strategies. Toby is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Toby’s investment experience began in 1994, and he has been with T. Rowe Price since 2010, beginning in the retirement plan services group. Prior to this, Toby was employed by I.A.M. as director of investments of the National Pension Fund. He also was a principal with Brown Investment Advisory, where he worked in fixed income research, served as director of open architecture and asset allocation, and was a member of the firm's Strategic Investment Committee.

Toby earned a B.S. in business and economics from Towson University and an M.B.A. from Loyola University Maryland. Toby also has earned the Chartered Financial Analyst® and Chartered Alternative Investment Analyst designations. Toby is a former chairman of the National Aquarium Foundation in Baltimore.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

  • Fund manager
    since
    2020
  • Years at
    T. Rowe Price
    10
  • Years investment
    experience
    27
Matthew Ko, CFA

Matthew Ko, CFA
Portfolio Specialist

Matthew Ko is a portfolio specialist in the Multi-Asset Division. He is the proxy portfolio manager for the suite of target risk asset allocation products and communicates the firm's global capital markets outlook and asset allocation viewpoints. Matt is a vice president of T. Rowe Price Group, Inc. 

Matt’s investment experience began in 2001, and he has been with T. Rowe Price since 2016, beginning in the Investment Specialists Group. Prior to this, Matt was employed by Putnam Investments where he was the primary liaison between portfolio managers, research analysts, and clients. He also worked alongside the product management team to further develop and launch new products. 

Matt earned a B.B.A. in finance from James Madison University. Matt also has earned the Charted Financial Analyst® (CFA) designation. He is a member of the CFA Society of Washington, D.C.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

  • Years at
    T. Rowe Price
    4
  • Years investment
    experience
    19

Fee Schedule

Share Class Minimum Initial Investment and Holding Amount (USD) Minimum Subsequent Investment (USD) Minimum Redemption Amount (USD) Sales Charge (up to) Investment Management Fee (up to) Ongoing Charges
Class A $1,000 $100 $100 5.00% 140 basis points 1.73%
Class I $2,500,000 $100,000 $0 0.00% 65 basis points 0.75%
Class Q $1,000 $100 $100 0.00% 65 basis points 0.98%

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

Effective 1 March 2020, the indicative benchmark changed to 60% MSCI AC World Net Index, 23% Bloomberg Barclays Global Aggregate Bond Index (Developed Markets only hedged to USD) and 17% 3-month USD LIBOR. Prior to 1 March 2020, the 60% MSCI AC World Net Index was Developed Markets only hedged to USD. Historical returns have not been restated.

Past performance is not a reliable indicator of future performance.  Source for fund 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. Performance returns for share classes less than 1 year old (and associated benchmarks) are cumulative rather than annualised.

Please note that no management fees are charged to the S and J share classes. No administration agent fees are charged to the J class. Fee arrangements for the S and J classes are made directly with the investment manager. Please see the prospectus for further information.

Effective 1 March 2020, Toby Thompson assumed co-portfolio management responsibility for the Global Allocation Extended Fund.

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 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.

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.

Net Asset figure applies to all share classes.

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

The specific securities identified and described in this report 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.