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Equity Capabilities

Always on, because the world never stays still

Markets are constantly changing, so we have built an equity investment ecosystem that’s designed to evolve with them. Our broad range of equity products is fueled by specialists applying their intellect, leveraging the collective wisdom of our global teams to generate investable ideas for our clients.

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At a Glance

85+

years managing equity assets

475+

equity investment professionals

$829.7B

USD of equity AUM*

An equity investment ecosystem that's alive for a holistic view of the investible universe.

To give our clients the best opportunity to meet their goals, we stay focused on our process, people and culture.

Seeing more to know more

Our research is powered by an ability to derive, decipher, and process a deeper world of information. This gives us the potential to collect more pieces of the investment puzzle to generate a more complete picture of a company’s future, and potentially deliver better outcomes for our clients. 

A universe of talent, powering us forward

What drives us is a universe of talent, not individual stars. Each associate’s expertise plays a critical role in understanding what matters most to discern signal from noise and to develop impactful insights that help position client portfolios for long-term success.

Together, we are better

We believe working together makes us better and creates an environment of compounding knowledge and shared success. Our real-time marketplace of ideas helps us bring one another to the right answer and generate stronger investment ideas for our clients.

Our thoughts on the issues that matter to you.

To identify actionable insights, our research across market caps, industries, and local markets never stops—building a real understanding of how companies and economies operate.

Oct 2024 Manager Perspectives

Key considerations for global equities beyond the U.S. election

Powerful factors provide a relatively positive backdrop for equity markets in 2025.
By  David J. Eiswert
Nov 2024 Regional Thoughts

Unlocking opportunities: Market broadening and a new chapter for emerging markets

How broadening equity returns and reemergence of EMs require a different mindset.
By  Scott Berg
Jan 2025 Sector Views

Highlights from T. Rowe Price’s annual technology tour

T. Rowe Price investment professionals met with U.S. technology companies in Silicon Valley.
All Insights
PODCAST

Revolution to Reality – Exploring the Power of Artificial Intelligence

In the second season of The Angle from T. Rowe Price, we explore the rapid rise of generative artificial intelligence (AI). Does AI represent the monumental change that headlines often indicate, or should we temper expectations? Where are we seeing the initial impacts on industries, and are there hidden risks to monitor? Host Jennifer Martin, portfolio specialist, and guests consider the evolving implications for financial markets and the global economy—including the potential opportunities and pitfalls.

Listen Now

Our equity strategies beat their benchmarks more often—and at a higher level—than other top active managers.​

Ten-year periods, rolling monthly, over the last 20 years ended 12/31/24.

These strategies delivered higher average returns than their benchmark over time. This outperformance stemmed from our experience and commitment to rigorous global research, which allowed us to uncover equity investment opportunities with long-term growth potential.​​

More return. More often.​​

That's the T. Rowe Price ​difference.

Past performance is no guarantee of future results.

Learn more about the full study and all our results.

Generational knowledge and a deep understanding of the market to recognize patterns and perpetually connect the dots of the financial world.

Scott Berg, CFA® Scott Berg, CFA® Portfolio Manager

Scott Berg is the portfolio manager for the Global Growth Equity Strategy in the Global Equity Division. In addition, he is an Investment Advisory Committee member of the Global Impact Equity, Institutional International Disciplined Equity, and International Disciplined Equity Funds. He is an executive vice president of T. Rowe Price Global Funds, Inc., and T. Rowe Price International Funds, Inc. In addition, he is a vice president of T. Rowe Price Group, Inc.

Peter J. Bates, CFA® Peter J. Bates, CFA® Portfolio Manager

Peter Bates is the portfolio manager of the Global Select Equity Strategy (marketed in Australia as Concentrated Global Equity) in the Global Equity Division. He is a member of the Investment Advisory Committees of the Global Focused Growth Equity and Japan Equity Strategies. Peter is a vice president of T. Rowe Price Group, Inc., and an executive vice president of T. Rowe Price International Ltd.

Ernest C. Yeung, CFA®, IMC Ernest C. Yeung, CFA®, IMC Portfolio Manager

Ernest Yeung is a portfolio manager for the Emerging Markets Discovery Equity Strategy in the Global Equity Division. He also is a member of the Global Equity Steering Committee. Ernest was the co-portfolio manager for the International Small-Cap Equity Strategies from 2009 to 2014. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Hong Kong Limited. 

Ann Holcomb, CFA® Ann Holcomb, CFA® Director, Research

Ann Holcomb is a director of research, North America, in the Global Equity Division. Ann is a member of the Global Equity Steering Committee, and she is co-portfolio manager of the US Structured Research Equity Strategy. She also is cochair of the Investment Advisory Committee of the US Structured Research Equity Strategy. Ann is a vice president of T. Rowe Price Group, Inc. 

Experience our original ideas — contact us.

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A broad range of solutions designed to help meet your needs.

Portfolio managers independently applying their bespoke investment frameworks to help generate outcomes for specific client needs. See how these investment products go beyond active investing to help clients thrive in a changing world.

Leveraging our global network of knowledge to stay more alive to new and developing opportunities, wherever they may be.

Global Focused Growth Equity

Seeks to increase the value of its shares, over the long term, through growth in the value of its investments mainly in a diversified portfolio of shares of companies that have the potential for above-average and sustainable rates of earnings growth.

Strategy Pool

Global Growth Equity

Seeks long-term capital appreciation by investing primarily in a diversified portfolio of transferable equity and equity-related securities of larger-cap companies listed on the world's stock markets.

Strategy Pool

Global Impact Equity

Seeks to have a positive impact on the environment and society whilst at the same time seeking to increase the value of its shares through growth in the value of its investments over the long term (a minimum of five years).

Strategy
All Investments

Frequently asked questions

What are equity investments?

Equity investments involve buying shares of a company which represent partial ownership in that company. These shares are also known as stocks and can be bought and sold on a stock exchange.  

Stocks can be either individually owned or through an investment product, like the ones offered by T. Rowe Price, that include multiple stocks with the aim of achieving a specific investment objective. 

What is the difference between active and passive equity strategies?

Active equity strategies are managed by portfolio managers who aim to outperform a specific benchmark over time. They seek to achieve higher returns than the benchmark or achieve a specific investment objective by identifying undervalued stocks or market trends through deep research, analysis and tactical decisions. 

Passive equity strategies aim to replicate the performance of a specific market index (e.g. S&P 500 Index). Their focus is to match the benchmark’s returns and not outperform it. Fees associated with passive investment products can result in lower than benchmark performance. 

Are there different types of equity investments?

Investment managers employ two types of management style: active and passive.

  • Active management uses research and analysis to select stocks with the goal of outperforming a specific benchmark (e.g. S&P 500 Index) or achieving a specific investment objective
  • Passive managers aim to replicate the performance of a specific market index and stocks within the index 

Equity managers also focus their investing across different attributes:

  • Geography: Focus on individual country, region, multiple countries or regions and world (e.g. US, Europe, Emerging Markets, Global)
  • Market Cap: Focus on different company sizes (e.g. large cap, mid-cap, small cap) 
  • Style: Focus on company business characteristics (e.g. growth, value, core)
  • Sector/Industry: Focus on a specific type of business (e.g. technology, energy, media)
What are the potential benefits of investing in equities?

Returns: The main benefit of investing in equities is the potential for returns on the capital invested. This can take the form of:

  • capital growth as the investment may increase in value over time
  • dividend income, as companies may distribute some profits to their shareholders as regular income payments 

Inflation Hedge: Equities have tended to outperform inflation over the long term, which in turn helps investors to preserve and increase purchasing power.

Liquidity: Investors can typically buy and sell equities quickly, giving them flexibility and control over their investments. Stocks are sold at their current market price, which could be higher or lower than original purchase price. 

Diversification: Ownership in multiple parts of the equity market can help diversify an investment portfolio through investment across geographies, company sizes, company characteristics and sector/industries. 

What are the potential risks of investing in equities?

Market Risk: Market changes can result in the whole equity market taking a downturn, which can drag down the value of individual stocks.

Volatility Risk: Prices of stocks have the potential to go up and down, fluctuating significantly in short periods.

Business Risk: Internal business factors such as management decisions or operational issues may result in poor financial performance.   

Liquidity Risk: Market changes can prevent investors from being able to buy or sell stocks quickly enough to prevent or minimize loss. 

Interest Rate Risk: Changes in interest rates can affect the value of equities, particularly those of companies with high levels of debt.

Inflation Risk: Over time inflation has the potential to erode the purchasing power of returns from equity investments.

Currency Risk: When in investing in stock in other countries, changes in currency exchange rates can impact the value of equity investments. 

Regulatory Risk: Changes in laws or regulations can impact the operations and profitability of companies.

Event Risk: Unforeseen events such as natural disasters, geopolitical events, or pandemics can affect market conditions and equity values.

Concentration Risk: Investing in an individual stock, sector, or geographic area makes it more vulnerable to adverse events affecting that specific investment.

What defines T. Rowe Price’s approach to equities?

We have an ‘always on’ approach to equity investing. The financial markets are constantly changing, so our process, people, and culture are built to evolve with them.

Our broad range of equity products is informed by a holistic view of the investable universe and run by experts who apply their knowledge and experience, while working closely with our global investment teams to analyze and refine their ideas. Through this collaborative process, we can distill a wealth of information into actionable insights and transform them into investable ideas.

By always staying alive to the shifting market landscape, we believe we have the best chance to achieve success and select investments that help our clients meet their long-term investment objectives.

What are the key differentiators of T. Rowe Price’s equity capability?

We have built an equity investment ecosystem to move with the constantly changing financial markets. We differentiate ourselves and seek consistently strong long-term performance for our clients through:

  1. Our Process: Our power to process a world of living information gives us the potential to collect more pieces of the investment puzzle and the knowledge that comes with them.
  2. Our People: Our associates’ collective ability to discern signal from noise and understand what matters most propels actionable insights that can come from anywhere.
  3. Our Culture: Our belief in being better together gives us the potential to sharpen insights and make strong investment ideas even stronger.
Why is T. Rowe Price’s equity investment research described as an ecosystem?

In a dynamic and changing world, we believe that equity investing needs to continuously evolve and adapt. At T. Rowe Price, we've developed an equity investment ecosystem that we describe as ‘always on’. 

Our extensive research resources support ongoing data collection and analysis, where innovation combines with specialized expertise. A culture of collaboration across industries, regions and market capitalization fosters an ongoing exchange of information and the refinement of insights.1

Our teams are always questioning and analyzing these new discoveries to convert them into investable ideas, which we apply to portfolios designed to meet the evolving needs of our clients.  

What industries or sectors do your equity products focus on?

We offer a wide range of industry and sector-focused investments but do not limit ourselves to a single area of expertise. 

Our investment team contains one of the world’s largest buy-side equity research engines, seeking out greater knowledge and a holistic view of the investable universe. Our research across market caps, industries, local markets, and capital structures gives us an in-depth understanding of how companies and economies operate.

This allows us to offer a broad range of equity investment products. 

Do your equity products invest in small or large-cap companies?

We offer investments focused on different market capitalizations, without specializing in any one size. 

Our investment team contains one of the world’s largest buy-side equity research engines, seeking out greater knowledge and a holistic view of the investable universe. Our research across market caps, industries, local markets, and capital structures underpins our deep understanding of how companies and economies operate.

This allows us to offer a broad range of equity investment products.

Which global markets do your equity products invest in?

We have built one of the world’s largest buy-side equity research engines to seek greater knowledge and garner a holistic view of the investable universe. This gives us the ability to offer a broad range of equity investment products across multiple geographies. 

T. Rowe Price currently invests in 100+ countries.

How do actively managed equity portfolios handle market volatility?

Actively managed equity portfolios handle market volatility through the expertise of their portfolio managers who strive to make strategic investment decisions that can adapt to changing market conditions. These managers actively select stocks and adjust portfolio allocations with an aim to mitigate risks and capitalize on opportunities as they arise. 

Their goal is to outperform the market or achieve specific investment objectives, even during volatile periods. Actively managed portfolios can also offer more tailored diversification and risk management strategies compared to passive portfolios, which may help in navigating volatile markets.

However, it's always important to note that while active management aims to mitigate volatility, it does not guarantee protection against market losses.

What is the typical portfolio management team structure for T. Rowe Price equity portfolios?

The portfolio management team at T. Rowe Price handles the day-to-day management and ongoing oversight of investment products, supported by an Investment Advisory Committee and investment analysts. 

  • Portfolio Management Team: Directly manages portfolios, making final decisions on security selection and portfolio management.
  • Investment Advisory Committee: Comprises senior equity professionals, reviewing and recommending potential investment ideas, providing a collaborative "sounding board" for portfolio managers.
  • Investment Analysts: Offer specialized insights and analysis on specific companies, sectors or regions, aiding in strategic allocation and risk management.
What factors should be considered when choosing between active and passive investing?

Investor’s goals, risk tolerance and investment philosophy should be considered when evaluating active and passive investment strategies.

We believe there is greater potential for outperformance in an active equity strategy because managers aim to beat the market or achieve a specific investment objective. They are able to actively adjust portfolios based on market conditions, economic shifts or geopolitical events which can mitigate risk during downturns.

Active strategies give investors more flexibility to align with their risk tolerance and goals. These advantages also come with additional investment risk. Active investing involves manager risk and higher costs, as well as market timing and concentration risks, which can lead to underperformance if decisions or sector bets are incorrect. Furthermore, active portfolios may experience tracking error and style drift, causing deviations from their benchmark.

What ESG resources are available to our equity portfolio managers? 

We have integrated ESG analysis into our equity investment approach, so portfolio managers can assess how companies or issuers are positioned to navigate key environmental, social and governance concerns.2

T. Rowe Price also supports portfolio managers with ESG resources, including a dedicated Responsible Investing team and proprietary research tools like the Responsible Investing Indicator Models (RIIM).ESG integration is reinforced through accessible research and performance reviews, ensuring this information is taken into consideration during the investment process (where applicable).

1T. Rowe Price Associates, Inc.'s (TRPA) research platform is global, T. Rowe Price Investment Management, Inc.'s (TRPIM) is not. TRPA and TRPIM are separate investment advisor entities and do not collaborate on research.

2Where appropriate and where data coverage is sufficient. ESG considerations form part of our overall investment decision-making process alongside other factors to identify investment opportunities and manage investment risk. For certain types of investments, including, but not limited to, cash, currency positions, and particular types of derivatives, an ESG analysis may not be relevant or possible due to a lack of data. Where ESG considerations are integrated into the investment research process, we may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions.

3T. Rowe Price Associates, Inc. (TRPA) and T. Rowe Price Investment Management, Inc. (TRPIM) have separate  ESG teams and RIIM products. Decisions for TRPA and TRPIM ESG teams are made completely independently, but they use a similar approach, framework, and philosophy. RIIM rates companies in a traffic light system measuring their environmental, social, and governance profile and flagging companies with elevated risks. TRPA RIIM has a framework for rating corporate, sovereign, securitized, and municipal issuers whereas TRPIM RIIM only has a framework for rating corporate issuers alongside other factors to identify investment opportunities and manage investment risk.

Important Information

All data as of December 31 2024 unless otherwise stated.

*The total equity assets managed by T. Rowe Price Associates, Inc., and its investment advisory affiliates. Total equity assets include all equity separate accounts and funds along with a portion of certain T. Rowe Price U.S.-registered multi-asset funds as of December 31 2024.

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. Prospective investors are recommended to seek independent legal, financial, and tax advice before making any 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 reliable indicator of future performance. 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.

T. Rowe Price Associates, Inc., and T. Rowe Price Investment Management, Inc., investment advisers of T. Rowe Price strategies.

Analysis by T. Rowe Price. Represents a comparison of all marketable institutional equity composites compared with the official composite primary benchmark assigned to each. Excludes index/passive composites. In order to avoid double-counting in the analysis, specialized composites viewed as substantially similar to strategies already included (e.g. constrained strategies, ex-single country excluded strategies, etc.) are also excluded. Composite net returns are calculated using the highest applicable separate account fee schedule for institutional clients. An aggregated view of 10-year rolling monthly periods net returns from 1/1/05 to 12/31/24 is shown. All figures in USD. For more information on the methodology of this analysis, please visit troweprice.com/active-performance-study.

Competitor data is sourced from Nasdaq’s eVestment Analytics database, an calculated on available net performance over manager selected benchmark figures for comparable products selected based on eVestment Primary Universe and eA Universe Classifications. All Equity Composites considered except SMA/Wrap – Other, Liquid Real Assets, All Lifestyle/Target Risk Aggressive. Performance information reported by eVestment Alliance is self-reported by contributing firms and is unaudited. Results from other time periods may differ.

Number and Time Periods of Composites​

153 funds covering 5,440 rolling 10-year periods.

2328 funds covering 31,586 rolling 10-year periods. The active assets under management (AUM) as of 12/31/24 across all funds considered in the analysis are aggregated and those funds offered at any point in the analysis period by the largest five active fund managers by AUM, identified by Morningstar, other than T. Rowe Price are grouped together here. Source: Morningstar.

33,112 funds covering 257,282 rolling 10-year periods.

Risks: All investments are subject to risk, including the possible loss of principal. Equity security prices can be volatile, which may result in gains or losses.

The above graphic shows a circular chart and bar graph that demonstrate how T. Rowe Price equity strategies beat their benchmarks in 78% of periods analyzed and delivered an average of 1.31% in additional return over their benchmarks across all periods analyzed. Results shown after fees.

The Fund is an open-end unit trust under the laws of the Province of Ontario pursuant to a trust agreement between CIBC Mellon Trust Company (the “Trustee”) and T. Rowe Price (Canada), Inc. (the “Manager”). The Fund is offered on the basis of the offering memorandum and is available only to Accredited Investors as defined under National Instrument 45-106.

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