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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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AUT

Global Equity (Hedged) Fund

High-conviction, global equity portfolio targeting companies throughout the world.

APIR ETL0312AU

3YR Return Annualised (Net)
(View Total Returns)

Total Assets
(AUD)

18.23%
$668.6m

1YR Return (Net)
(View Total Returns)

Manager Tenure

27.28%
5yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.97
5.38%

Inception Date 05-Apr-2016

Performance figures calculated in AUD

Scott Berg
Scott Berg, Portfolio Manager

Scott Berg is the portfolio manager for the T. Rowe Price Global Growth Equity Strategy and a vice president of T. Rowe Price Group, Inc.

 

Strategy

Investment Objective

The fund’s objective is to provide long-term capital appreciation by investing primarily in a portfolio of securities of companies which are traded, listed or due to be listed, on recognised exchanges and/or markets throughout the world. The portfolio may include investments in the securities of companies traded, listed or due to be listed, on recognised exchanges and/or markets of developing countries.

Investment Approach

  • Single decision maker provides clear accountability.
  • Identify "best ideas" by assessing companies in a global sector context, using bottom-up approach to create focused, high-conviction portfolio.
  • Global research platform uses fundamental analysis to identify companies with superior and sustainable growth prospects, and improving fundamentals.
  • Macroeconomic and local market factors are integrated in stock selection decisions.
  • Valuation appeal is measured against local market and broad sector opportunity set.
  • Broad range of large-cap stocks, incorporating developed and emerging markets.

Portfolio Construction

  • Number of holdings: Typically around 90-145 holdings.
  • Individual positions: Typically 0.3%-3.0%, maximum 5%.
  • Emerging markets exposure: +/- 15% of benchmark.
  • Broad sector ranges: +/- 10% of benchmark.
  • Country ranges: +/- 10% of benchmark (USA is +/- 20%).
  • Currency hedging: Currency views incorporated in stock selection.
  • Cash target range: Typically less than 5%.
  • Expected tracking error: 300 to 700 basis points.

Performance - Net of Fees 

Annualised Performance

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Since Manager Inception
Annualised
Fund % 27.28% 18.23% 18.05% 18.40% 18.40%
Benchmark % 26.49% 11.06% 12.82% 13.34% 13.34%
Excess Return % 0.79% 7.17% 5.23% 5.06% 5.06%

Inception Date 05-Apr-2016

Manager Inception Date 05-Apr-2016

Benchmark: MSCI All Country World Index ex Australia Hedged to AUD Net

Data as of 30-Sep-2021

Performance figures calculated in AUD

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Fund % 27.28% 18.23% 18.05% 18.40%
Benchmark % 26.49% 11.06% 12.82% 13.34%
Excess Return % 0.79% 7.17% 5.23% 5.06%

Inception Date 05-Apr-2016

Benchmark: MSCI All Country World Index ex Australia Hedged to AUD Net

Data as of 30-Sep-2021

Performance figures calculated in AUD

Recent Performance

  Month to DateData as of 22-Oct-2021 Quarter to DateData as of 22-Oct-2021 Year to DateData as of 22-Oct-2021 1 MonthData as of 30-Sep-2021 3 MonthsData as of 30-Sep-2021
Fund % 3.86% 3.86% 14.73% -4.61% -1.53%
Benchmark % 4.32% 4.32% 17.60% -3.66% -0.45%
Excess Return % -0.46% -0.46% -2.87% -0.95% -1.08%

Inception Date 05-Apr-2016

Benchmark: MSCI All Country World Index ex Australia Hedged to AUD Net

Benchmark: MSCI All Country World Index ex Australia Hedged to AUD Net

Performance figures calculated in AUD

Past performance is not a reliable indicator of future performance.

Source for performance: T Rowe Price. Net of fees performance is based on end of month redemption prices after the deduction of fees and expenses and the reinvestment of all distributions. Figures include changes in principal value. Investment return and principal value will vary, and an account may be worth more or less at termination than at inception. For further details, please refer to the fund's product disclosure statement and reference guide which are available from Equity Trustees or TRPAU.

Daily performance (MTD, QTD, and YTD) data is based on the latest available NAV minus one business day.

Effective 1 June 2019, 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 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.

Returns for time periods greater than one year are annualised.

Fund performance is shown in I Class.

Sectors

Total
Sectors
11
Largest Sector Information Technology 22.58% Was (31-Aug-2021) 22.33%
Other View complete Sector Diversification

Monthly Data as of 30-Sep-2021

Benchmark: MSCI All Country World Index ex Australia (Hedged)

Largest Overweight

Consumer Discretionary
By5.24%
Fund 17.77%
Benchmark 12.53%

Largest Underweight

Energy
By-3.49%
Fund 0.03%
Benchmark 3.51%

Monthly Data as of 30-Sep-2021

Countries

Total
Countries
29
Largest Country United States 54.42% Was (31-Aug-2021) 53.37%
Other View complete Country Diversification

Monthly Data as of 30-Sep-2021

Benchmark: MSCI All Country World Index ex Australia (Hedged)

Largest Overweight

India
By4.01%
Fund 5.50%
Benchmark 1.48%

Largest Underweight

United States
By-5.98%
Fund 54.42%
Benchmark 60.40%

Monthly Data as of 30-Sep-2021

Team (As of 01-Oct-2021)

Scott Berg

Scott Berg is the portfolio manager for the T. Rowe Price Global Growth Equity Strategy and a vice president of T. Rowe Price Group, Inc.

Mr. Berg has 17 years of investment experience, all of which have been with T. Rowe Price. He joined the firm in 2002 as a research analyst covering the business services sector after serving as a summer intern in 2001. In 2005, he joined the global equity team as an associate portfolio manager and in 2008 launched the Global Growth Equity Strategy. Prior to T. Rowe Price, he was the manager of financial analysis and planning for Mead Consumer and Office Products. Previously, Mr. Berg was also employed by McKinsey & Company as a business analyst and was a core team member on the firm's global growth initiative.

Mr. Berg graduated first in his class from Macquarie University in Australia, with a B.Ec. in actuarial studies and finance. He also holds an M.B.A. from the Stanford Graduate School of Business, where he again graduated at the top of his class. Mr. Berg has earned the Chartered Financial Analyst designation.

  • Fund manager
    since
    2016
  • Years at
    T. Rowe Price
    19
  • Years investment
    experience
    19
Samuel Ruiz

Samuel Ruiz is a portfolio specialist in the Equity Division. He is a vice president of T. Rowe Price Australia Ltd.

Sam’s investment experience began in 2008, and he has been with T. Rowe Price since 2020, beginning in the Equity Division working on the Global and Australia Equity Strategies. Prior to this, Sam was employed by Macquarie Investment Management in the area of strategy in the Equities Division.

Sam earned a bachelor of applied finance degree from the University of South Australia.

  • Years at
    T. Rowe Price
    1
  • Years investment
    experience
    13

Fees

APIR Minimum Initial Investment (AUD) Minimum Subsequent Investment (AUD) Buy/Sell Spread Management Fees
ETL0312AU $500,000 $100,000 Buy +0.25%/ Sell -0.20% 0.96% pa