Past performance is not a reliable indicator of future performance.
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)
1YR Return (Net)
(View Total Returns)
Information Ratio
(5 Years)
Inception Date 31-Jan-1996
Performance figures calculated in USD
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.
Performance
Annualised Performance
Quarterly| 1 YR | 3 YR Annualised |
5 YR Annualised |
10 YR Annualised |
|
|---|---|---|---|---|
| Composite Gross % | 51.20% | 26.27% | 25.92% | 17.28% |
| Composite Net % | 50.32% | 25.53% | 25.18% | 16.59% |
| Benchmark % | 39.87% | 15.14% | 15.20% | 10.48% |
| Excess Return (Gross) % | 11.33% | 11.13% | 10.72% | 6.80% |
Recent Performance
| 3 MonthsData as of 30-Jun-2021 | Year to DateData as of 30-Jun-2021 | |
|---|---|---|
| Composite Gross % | 6.63% | 9.66% |
| Composite Net % | 6.47% | 9.33% |
| Benchmark % | 7.53% | 12.56% |
| Excess Return (Gross) % | -0.90% | -2.90% |
Past performance is not a reliable indicator of future performance.
Returns for time periods greater than one year are annualised.
Gross performance returns are presented before management and all other fees, where applicable, but after trading expenses. Net of fees performance reflects the deduction of the highest applicable management fee that would be charged based on the fee schedule contained within this material, without the benefit of breakpoints. Gross and net performance returns reflect the reinvestment of dividends and are net of all non-reclaimable withholding taxes on dividends, interest income, and capital gains.
Index returns shown with gross dividends reinvested.
Holdings
Total
Holdings
90
Top Purchase
T-Mobile US (N)
2.27%Top Sale
Caterpillar (E)
0.00%Sectors
Total
Sectors
9
Top Contributor^
Communication Services
Net Contribution 0.78%Top Detractor^
Consumer Discretionary
Net Contribution -1.44%Largest Overweight
Industrials & Business Services
Largest Underweight
Materials
Regions
Total
Regions
5
Top Contributor^
United States
Net Contribution 0.46%Top Detractor^
Pacific ex Japan
Net Contribution -0.52%Largest Overweight
Europe
Largest Underweight
North America
Countries
Total
Countries
18
Largest Overweight
United Kingdom
Largest Underweight
Switzerland
Currency
Total
Currencies
10
Largest Overweight
U.S. dollar
Largest Underweight
Hong Kong dollar
Team (As of 10-Sep-2021)
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 manager2012
since - Years at18
T. Rowe Price - Years investment21
experience
Laurence Taylor is a portfolio specialist in the Equity Division. He represents the firm's global equity strategies to institutional clients, consultants, and prospects. Laurence is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.
Laurence’s investment experience began in 1999, and he has been with T. Rowe Price since 2008, beginning in the Investment Specialist Group. Prior to this, Laurence was employed by AXA Rosenberg as a quantitative portfolio manager, with responsibility for global and European equity portfolios, and began his career at AonHewitt Associates in the UK investment practice. At AonHewitt, Laurence 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.
Laurence earned a B.A., with honors, from Greenwich University. He also has earned the Chartered Financial Analyst® designation.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Years at12
T. Rowe Price - Years investment21
experience
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 at1
T. Rowe Price - Years investment13
experience
Jennifer O’Hara Martin is a global equity portfolio specialist in the U.S. Equity Division. She is a member of the Global Growth Equity, Global Focused Growth Equity, Global Technology Equity, Communications & Technology Equity, and Science & Technology Equity Strategy teams. Jennifer is a vice president of T. Rowe Price Group, Inc.
Jennifer’s investment experience began in 1996, and she has been with T. Rowe Price since 2005, beginning in the U.S. Equity Division, when she joined the firm as an equity research analyst covering food retailing and discount stores, in addition to having portfolio management responsibilities for the US Structured Research Equity Strategy. Prior to this, Jennifer was employed by Northern Trust, following telecommunications and business services companies. Jennifer also was employed by Merrill Lynch as an investment banking analyst.
Jennifer earned a B.S. in agricultural economics from the University of Illinois, Urbana-Champaign and an M.B.A. from Northwestern University, Kellogg School of Management. She presently serves on the Board of Trustees of the Baltimore Museum of Art and is a committee member for the Northwestern University, Kellogg School of Management, Asset Management Practicum.
- Years at16
T. Rowe Price - Years investment25
experience
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.