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Strategy

Global Focused Growth Equity

The Global Focused Growth Equity Composite seeks long-term capital appreciation primarily through investment in established companies operating in developed markets throughout the world, with faster earnings growth and reasonable valuation levels relative to market/sector averages. Further, the strategy seeks to buy companies where there is insight about improving economic returns of the business that are not fully reflected in their valuation.

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

Tracking Error
(5 Years)

14.63%
5.19%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

3.09%
1.06

Inception Date 31-Jan-1996

Performance figures calculated in USD

Other Literature

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.

 

Strategy

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 stocks across all capitalizations, incorporating developed and emerging markets.

Portfolio Construction

  • Number of holdings: typically 60-80 stocks
  • Individual positions: Typically 0.5%-5.0%
  • Emerging markets exposure: +/-15% of benchmark
  • Broad sector ranges: +/-15% 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%, maximum 10%
  • Expected tracking error: 400 to 800 basis points
  • Primary benchmark is MSCI AC World Index and secondary benchmark is MSCI World Index.

Holdings

Total
Holdings
78
Largest Holding JPMorgan Chase 3.01% Was (30-Jun-2019) 1.74%
Other View Full Holdings Quarterly data as of 30-Sep-2019
Top 10 Holdings 24.16% View Top 10 Holdings Monthly data as of 30-Sep-2019

Top Purchase

Applied Materials (N)
1.45%
Was (30-Jun-2019) 0.00%

Top Sale

Essity (E)
0.00%
Was (30-Jun-2019) 2.72%

Quarterly Data as of 30-Sep-2019

Sectors

Total
Sectors
11
Largest Sector Information Technology 31.46% Was (30-Jun-2019) 25.85%
Other View complete Sector Diversification

Monthly Data as of 30-Sep-2019

Benchmark: MSCI All Country World Index

Top Contributor^

Materials
Net Contribution 0.57%
Sector
0.13%
Selection 0.44%

Top Detractor^

Communication Services
Net Contribution -0.75%
Sector
0.06%
Selection
-0.81%

^Relative

Quarterly Data as of 30-Sep-2019

Largest Overweight

Information Technology
By15.14%
Portfolio 31.46%
Benchmark 16.32%

Largest Underweight

Consumer Staples
By-7.12%
Portfolio 1.52%
Benchmark 8.63%

Monthly Data as of 30-Sep-2019

Regions

Total
Regions
5
Largest Region North America 52.11% Was (30-Jun-2019) 53.80%
Other View complete Region Diversification

Monthly Data as of 30-Sep-2019

Benchmark: MSCI All Country World Index

Top Contributor^

Japan
Net Contribution 0.35%
Region
-0.04%
Selection 0.39%

Top Detractor^

United States
Net Contribution -1.15%
Region
-0.03%
Selection
-1.13%

^Relative

Quarterly Data as of 30-Sep-2019

Largest Overweight

Pacific Ex Japan
By4.85%
Portfolio 16.77%
Benchmark 11.92%

Largest Underweight

North America
By-6.61%
Portfolio 52.11%
Benchmark 58.72%

Monthly Data as of 30-Sep-2019

Countries

Total
Countries
21
Largest Country United States 50.56% Was (30-Jun-2019) 53.01%
Other View complete Country Diversification

Monthly Data as of 30-Sep-2019

Benchmark: MSCI All Country World Index

Largest Overweight

China
By3.26%
Portfolio 6.94%
Benchmark 3.68%

Largest Underweight

United States
By-5.07%
Portfolio 50.56%
Benchmark 55.63%

Monthly Data as of 30-Sep-2019

Currency

Total
Currencies
13
Largest Currency U.S. dollar 61.88% Was (30-Jun-2019) 63.36%
Other View complete Currency Diversification

Monthly Data as of 30-Sep-2019

Benchmark : MSCI All Country World Index

Largest Overweight

U.S. dollar
By 4.76%
Portfolio 61.88%
Benchmark 57.12%

Largest Underweight

Canadian dollar
By -3.08%
Portfolio 0.00%
Benchmark 3.08%

Monthly Data as of 30-Sep-2019

Team (As of 31-Aug-2019)

David J. Eiswert

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.

Mr. Eiswert has 19 years of investment experience, 16 of which have been with T. Rowe Price. Prior to joining the firm in 2003, he was an analyst at Mellon Growth Advisors and Fidelity Management and Research. He also worked as a consultant in the communications industry.

Mr. Eiswert earned a B.A., summa cum laude, in economics and political science from St. Mary's College of Maryland and an M.A. in economics from the University of Maryland, College Park. He also has earned the Chartered Financial Analyst designation.

  • Portfolio manager
    since
    2012
  • Years at
    T. Rowe Price
    16
  • Years investment
    experience
    19
Josh Nelson

Josh  Nelson is a director of research in the U.S. Equity Department of T. Rowe Price. Previously, he was an associate portfolio manager for the Global Focused Growth Equity Strategy. He is on the Investment Advisory Committee of the Global Stock Strategy. He also serves on the Equity Steering Committee. Mr. Nelson is a vice president of T. Rowe Price Group, Inc.

Mr. Nelson has 17 years of investment experience, two of which have been with T. Rowe Price. He served as a summer intern with T. Rowe Price in 2006, covering agricultural commodities and ethanol companies. Prior to joining the firm in 2007, he was an investment banker for Citigroup Global Markets, Inc. 

Mr. Nelson earned a B.S., with honors, in industrial systems and engineering from the University of Florida. He also earned an M.B.A., with honors, in finance from The Wharton School, University of Pennsylvania.

  • Portfolio manager
    since
    2009
  • Years at
    T. Rowe Price
    12
  • Years investment
    experience
    17
Laurence Taylor

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.

Mr. Taylor has 19 years of investment experience, 10 of which have been with T. Rowe Price. Prior to joining the firm in 2008, Mr. Taylor was a quantitative portfolio manager at AXA Rosenberg, with responsibility for European institutional clients, and began his career at Hewitt Associates in the UK investment practice. At Hewitt, Mr. Taylor provided investment advice to European institutions as a client-facing consultant before specializing in the research and selection of global and regional equity managers in the manager research team.

Mr. Taylor obtained his B.A., with honours, from Greenwich University and has earned the Chartered Financial Analyst designation.

  • Years at
    T. Rowe Price
    10
  • Years investment
    experience
    19
Kurt A.  Umbarger

Kurt Umbarger is the regional head of the Equity Investment Specialist Group of T. Rowe Price. Previously, he was a global equity portfolio specialist in the International Equity Division. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

Mr. Umbarger has 26 years of investment experience, all of which have been at T. Rowe Price. He joined the firm in 1992 and has been a portfolio specialist since 2001.  Prior to joining the global equity team in 2005, Mr. Umbarger worked with the international and emerging market equity teams. As a portfolio specialist, he has traveled the world, working closely with institutional clients, consultants, and prospects.

Mr. Umbarger earned a B.S. in finance from Towson University and an M.S.F. in finance from Loyola University Maryland. He also has earned the Chartered Financial Analyst designation and is a Series 6, 7, 63, and 65 registered representative.

  • Years at
    T. Rowe Price
    26
  • Years investment
    experience
    26
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GIPS® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®). TRP has been independently verified for the twenty one- year period ended June 30, 2017 by KPMG LLP. The verification report is available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

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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