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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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Products Table Products Overview
  • All Asset Classes
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Global Equity

SICAV

Global Focused Growth Equity Fund

Concentrating high conviction positions in leading global investment prospects.

ISIN LU0143563046 Valoren 1579114

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

24.92%
$5.4b

1YR Return
(View Total Returns)

Manager Tenure

50.60%
8yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

1.55
6.71%

Inception Date 12-Jan-2006

Performance figures calculated in USD

30-Jun-2021 - David J. Eiswert, Portfolio Manager,
Now is the time to distinguish between those companies that will succeed and thrive and those that experienced temporary benefits that will likely not prove durable. This approach often requires imagination, a carefully contrarian mindset, and the ability to distinguish good companies from good stocks. We believe making difficult decisions by adhering to our investment framework with the support of our global research platform ultimately can add value for our clients.
David J. Eiswert, CFA
David J. Eiswert, CFA, 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.

 

SICAV

Global Growth Equity Fund

Seeking to select superior stocks from the broadest global equity opportunity set.

ISIN LU0382933116 Valoren 4775318

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

22.62%
$791.3m

1YR Return
(View Total Returns)

Manager Tenure

47.34%
12yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

1.33
5.54%

Inception Date 27-Oct-2008

Performance figures calculated in USD

30-Jun-2021 - Scott Berg, Portfolio Manager,
Continued uncertainty and growing debate around inflation, interest rates, growth, valuations, and market sentiment has led to heightened complexity, which we believe increases the merits of our strategy. We acknowledge what we don’t know and the risks of the portfolio defining “bets.” Although macro considerations are factored into our bottom-up, stock-specific theses, we do not try to predict their outcomes and instead remain focused on corporate earnings and the path of earnings growth over time.
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.

 

SICAV

Global Natural Resources Equity Fund

Seeking to identify long-term global winners in the arena of natural resources extraction and production.

ISIN LU0272423913 Valoren 2790339

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

2.14%
$124.1m

1YR Return
(View Total Returns)

Manager Tenure

46.52%
7yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

-0.08
5.97%

Inception Date 15-Nov-2006

Performance figures calculated in USD

30-Jun-2021 - Shawn T. Driscoll, Portfolio Manager ,
We continue to believe that we are in the middle of a secular downcycle for commodities. Despite the rally in oil prices, productivity gains remain strong. While the recent reflation rally likely has more room to run, we expect energy stocks to be relative laggards. We remain committed to our philosophy of buying and holding a diverse selection of fundamentally sound natural resources companies with solid balance sheets and talented management.
Shawn T.  Driscoll
Shawn T. Driscoll, Portfolio Manager

Shawn Driscoll is a co-portfolio manager of the Global Natural Resources Equity Strategy, including the New Era Fund, in the U.S. Equity Division. He is chairman of the Investment Advisory Committee of the Global Natural Resources Equity Strategy and a vice president and an Investment Advisory Committee member of the US Large-Cap Core Equity, US Growth Stock, US Multi-Cap Growth Equity, Global Focused Growth Equity, and US Dividend Growth Equity Strategies. In addition, he is an Investment Advisory Committee member of the US Large-Cap Value Equity and Global Growth Equity Strategies. Shawn is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Trust Company. 

 

SICAV

Global Real Estate Securities Fund

Equity investment alert to the changing supply and demand dynamics of the global property market.

ISIN LU0382932225 Valoren 4775312

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

8.41%
$9.7m

1YR Return
(View Total Returns)

Manager Tenure

35.43%
2yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.16
3.50%

Inception Date 27-Oct-2008

Performance figures calculated in USD

30-Jun-2021 - Jai Kapadia, Portfolio Manager ,
Despite strong recent performance, we remain optimistic about the potential in real estate stocks. We expect that the rollout of coronavirus vaccines will result in increasing consumer confidence and an improving employment picture. This could drive higher demand in many property types, while supply has been constrained by falling construction starts. Although valuations have generally recovered, we remain constructive on the earnings potential for several property types driven by recovering rents and falling supply.
Jai Kapadia
Jai Kapadia, Portfolio Manager

Jai Kapadia is a sector portfolio manager in the International Equity Division. He manages the Global Real Estate Equity Strategy.

 

SICAV

Global Technology Equity Fund

To provide long-term capital growth by investing mainly in technology companies, and companies enabled by technology.

ISIN LU1244139827 Valoren 28609344

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

30.86%
$1.5b

1YR Return
(View Total Returns)

Manager Tenure

60.49%
2yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.20
8.74%

Inception Date 15-Jun-2015

Performance figures calculated in USD

30-Jun-2021 - Alan Tu, Portfolio Manager ,
In the current environment where stock prices seem to be influenced more by market sentiment than by fundamentals, we have been pleased to see many of our positions - shaped by our long-term thinking - have performed well nonetheless. Often, in our investments we take into consideration a company’s relationship to emerging trends in technology in our attempt to create a portfolio that is on the right side of change.
Alan Tu, CFA
Alan Tu, CFA, Portfolio Manager

Alan Tu is the portfolio manager for the Global Technology Equity Strategy in the U.S. Equity Division. He also is chairman of its Investment Advisory Committee. Alan is a vice president and an Investment Advisory Committee member of the US Small-Cap Growth II Equity, Science & Technology Equity, US Large-Cap Core Growth Equity, Communications and Technology Equity, and US Tax-Efficient Multi-Cap Growth Equity Strategies. In addition, he is an Investment Advisory Committee member of the Global Growth Equity Strategy. Alan also is a vice president of T. Rowe Price Group, Inc.

 

SICAV

Global Value Equity Fund

Targeting attractively valued global companies with prospects for improving earnings growth.

ISIN LU0859255472 Valoren 20300968

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

11.91%
$516.0m

1YR Return
(View Total Returns)

Manager Tenure

45.64%
8yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

-0.61
4.37%

Inception Date 28-Nov-2012

Performance figures calculated in USD

30-Jun-2021 - Sebastien Mallet, Portfolio Manager,
As the global economic recovery strengthens, this could provide a more sustained positive backdrop for value investing. A more positive stance in the market’s longer-term prognosis for inflation and interest rates should be supportive. We focus on economically sensitive and “deep value” names, companies with strong free cash flow generation not yet fully appreciated by the market, and pockets of controversy where fundamentally sound, well-run businesses face unwarranted investor scepticism.
Sebastien Mallet
Sebastien Mallet, Portfolio Manager

Sebastien Mallet is a portfolio manager in the Equity Division at T. Rowe Price, managing the Institutional Global Value Strategy. Mr. Mallet is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

 
 

Europe Equity

SICAV

Continental European Equity Fund

Style-agnostic, quality-driven European equity investment.

ISIN LU0285832068 Valoren 3253520

3YR Return Annualised
(View Total Returns)

Total Assets
(EUR)

13.48%
€111.4m

1YR Return
(View Total Returns)

Manager Tenure

31.63%
<1yr

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.72
2.86%

Inception Date 26-Feb-2007

Performance figures calculated in EUR

30-Jun-2021 - Tobias Mueller, Portfolio Manager ,
It remains the case, in our view, that the path to economic recovery will be dictated by the development of effective vaccines and the gradual reopening of economies. In these uncertain times one should be prepared for market dislocations triggered by events. Opportunities may emerge to buy high-quality companies that have become stronger due to the coronavirus crisis and to sell those that are likely to have been fundamentally weakened.
Tobias Mueller, CFA
Tobias Mueller, CFA, Portfolio Manager

Tobias Mueller is a regional portfolio manager for the European Select Strategy, effective October 2018, and for the Europe Equity and Europe ex-UK Equity Strategies, effective October 2020. He is a vice president of T. Rowe Price International Ltd.

 

SICAV

European Equity Fund

Style agnostic, focus on quality to maintain a balanced portfolio.

ISIN LU0285831334 Valoren 3253501

3YR Return Annualised
(View Total Returns)

Total Assets
(EUR)

11.43%
€109.2m

1YR Return
(View Total Returns)

Manager Tenure

29.42%
<1yr

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.40
3.56%

Inception Date 26-Feb-2007

Performance figures calculated in EUR

30-Jun-2021 - Tobias Mueller, Portfolio Manager ,
It remains the case, in our view, that the path to economic recovery will be dictated by the development of effective vaccines and the gradual reopening of economies. In these uncertain times one should be prepared for market dislocations triggered by events. Opportunities may emerge to buy high-quality companies that have become stronger due to the coronavirus crisis and to sell those that are likely to have been fundamentally weakened.
Tobias Mueller, CFA
Tobias Mueller, CFA, Portfolio Manager

Tobias Mueller is a regional portfolio manager for the European Select Strategy, effective October 2018, and for the Europe Equity and Europe ex-UK Equity Strategies, effective October 2020. He is a vice president of T. Rowe Price International Ltd.

 

SICAV

European Smaller Companies Equity Fund

Seeking to identify tomorrow’s winning European growth companies.

ISIN LU0382931417 Valoren 4854532

3YR Return Annualised
(View Total Returns)

Total Assets
(EUR)

10.53%
€194.1m

1YR Return
(View Total Returns)

Manager Tenure

44.83%
5yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.55
7.07%

Inception Date 26-Nov-2008

Performance figures calculated in EUR

30-Jun-2021 - Ben Griffiths, Portfolio Manager,
We remain in a period of huge uncertainty-never have so many countries simultaneously and intentionally suppressed economic activity and then tried to restart it. At present, vaccine developments and rollouts offer hope for an end to the pandemic, although some countries have reintroduced lockdown measures. As economies rebound, cyclical businesses perform better at times. Instead, we remain invested in the disruptive, online, and health care names benefiting from the response to the pandemic.
Benjamin Griffiths
Benjamin Griffiths, Portfolio Manager

Ben Griffiths is the lead portfolio manager for the International Small-Cap Equity Strategy and the Europe Smaller Companies Equity Strategy in the International Equity Division. Ben is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

 
 

Asia-Pacific Equity

SICAV

Asian ex-Japan Equity Fund

A diversified fund, with a focus on sustainable growth.

ISIN LU0266341725 Valoren 2833332

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

15.22%
$1.1b

1YR Return
(View Total Returns)

Manager Tenure

37.80%
12yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.44
3.31%

Inception Date 13-Dec-2006

Performance figures calculated in USD

30-Jun-2021 - Anh Lu, Portfolio Manager,
We believe that domestic demand is holding up relatively well despite the uneven recovery of the economies in Asia ex-Japan. In China, we continue to find opportunities as the country seeks to stimulate innovation not only in the internet space but across industries. Its greater focus on environmental protection, the bid for self sufficiency in areas such as technology and the upgrade of its industrial infrastructure may lead us to find value in new businesses.
Anh Lu
Anh Lu, Portfolio Manager

Anh Lu is a portfolio manager in the Equity Division of T. Rowe Price Hong Kong Limited. Ms. Lu is the lead portfolio manager for the Asia ex-Japan Equity Strategy. She is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price Hong Kong Limited.

 

SICAV

Asian Opportunities Equity Fund

A concentrated portfolio of high-quality Asian companies.

ISIN LU1044871900 Valoren 24532532

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

15.53%
$503.1m

1YR Return
(View Total Returns)

Manager Tenure

37.48%
7yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.66
4.41%

Inception Date 21-May-2014

Performance figures calculated in USD

30-Jun-2021 - Eric C. Moffett, Portfolio Manager ,
Most Asian economies are on a steady path to more normalised economic activity and north Asia has broadly picked up the pace compared with the rest of the region. Demand for goods from these north Asian economies is driven by the West where economic activity is gaining traction. While concerns about inflation appear to be under control in Asia, the slow progress of vaccination rollouts in the developing world is a key risk.
Eric C. Moffett
Eric C. Moffett, Portfolio Manager

Eric Moffett is a portfolio manager in the International Equity Division. He manages the Asia Opportunities Equity Strategy and is chairman of the strategy's Investment Advisory Committee. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Singapore Private Limited. 

 

SICAV

Japanese Equity Fund

Seeking to uncover the best investment opportunities across the Japanese equity spectrum.

ISIN LU0230817925 Valoren 2434841

3YR Return Annualised
(View Total Returns)

Total Assets
(EUR)

9.63%
€2.0b

1YR Return
(View Total Returns)

Manager Tenure

17.36%
7yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.64
6.23%

Inception Date 16-Dec-2005

Performance figures calculated in EUR

30-Jun-2021 - Archibald Ciganer, Portfolio Manager,
We believe the anticipated global economic recovery will continue to build and broaden through 2021 and beyond and that we will slowly return to some semblance of “normality.” Given Japan is one of the most cyclical and open markets—highly levered to the health of the global economy—we believe it will be a major beneficiary of the prospective global recovery. The rapid economic recovery evident in China, Japan’s major trading partner, represents a significant tailwind.
Archibald Ciganer
Archibald Ciganer, Portfolio Manager

Archibald Ciganer is the portfolio manager of the Japan Equity Strategy in the International Equity Division. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price Japan, Inc.

 
 

Emerging Markets Equity

SICAV

Emerging Markets Discovery Equity Fund

Formerly Emerging Markets Value Equity Fund

Utilises a contrarian approach to invest in undervalued emerging markets companies positioned to benefit from a re-rating thesis for change.

ISIN LU1244138340 Valoren 29636631

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

10.17%
$161.1m

1YR Return
(View Total Returns)

Manager Tenure

45.94%
5yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.06
6.09%

Inception Date 14-Sep-2015

Performance figures calculated in USD

30-Jun-2021 - Ernest Yeung, Portfolio Manager,
We expect economic activities to accelerate in the next six months as Emerging market (EM) countries emerge from the pandemic. In our view, this will provide a favourable backdrop for value investing. We think “forgotten” EM stocks may be helped by the shift in the way governments deploy stimulus measures to target the consumer directly. We believe “green” infrastructure spending post-pandemic amid increased efforts to tackle climate change will also hasten economic activities, benefitting traditional industries.
Ernest C. Yeung, CFA
Ernest C. Yeung, CFA, Portfolio Manager

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

Click for Manager Outlook
 

SICAV

Emerging Markets Equity Fund

Seeking to capture compelling growth opportunities in dynamic emerging markets.

ISIN LU0133084979 Valoren 1274281

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

11.01%
$2.9b

1YR Return
(View Total Returns)

Manager Tenure

34.40%
12yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.15
3.31%

Inception Date 02-Dec-2003

Performance figures calculated in USD

30-Jun-2021 - Gonzalo Pángaro, Portfolio Manager ,
Our approach is to identify high-quality companies and hold them for the long run. We assess the calibre of company management teams as well as factors like return on equity, profit margins, earnings stability, and levels of leverage. While this quality bias has been a headwind of late, as it generally does not fare as well when markets are focused on sentiment and short-termism, we believe it has been beneficial over the longer term.
Gonzalo Pángaro
Gonzalo Pángaro, Co-Portfolio Manager

Gonzalo Pángaro is the lead portfolio manager for the Emerging Markets Equity Strategy in the Equity Division. He is chairman of the Investment Advisory Committee for the Emerging Markets Equity Strategy  and a member of the International Equity Steering Committee. Gonzalo is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

 

SICAV

Frontier Markets Equity Fund

Seeking to identify long-term market leaders in countries on the cusp of rapid development.

ISIN LU1079765662 Valoren 24785101

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

7.80%
$107.2m

1YR Return
(View Total Returns)

Manager Tenure

54.09%
<1yr

Information Ratio
(5 Years)

Tracking Error
(5 Years)

-0.07
5.80%

Inception Date 24-Jun-2014

Performance figures calculated in USD

30-Jun-2021 - Johannes Loefstrand, Portfolio Manager ,
Conditions and investment opportunities will vary widely among frontier markets, even those within the same region. While the current global crisis brings investment opportunities, and the long-term growth outlook of many corporations remains underpriced, we acknowledge that there will be individual winners and losers. We believe the macro fundamentals and demographics in many frontier markets today are favourable and, in some cases, resemble those of emerging countries approximately 15 to 20 years ago.
Johannes Loefstrand
Johannes Loefstrand, Portfolio Manager

Johannes Loefstrand is the Co-Portfolio Manager on the Frontier Markets Fund in the Equity Division of T. Rowe Price. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

 

SICAV

Middle East & Africa Equity Fund

Unconstrained, growth-orientated investing in the under explored markets of the Middle East and Africa.

ISIN LU0310188205 Valoren 3428876

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

5.91%
$6.2m

1YR Return
(View Total Returns)

Manager Tenure

49.14%
<1yr

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.01
5.29%

Inception Date 04-Sep-2007

Performance figures calculated in USD

30-Jun-2021 - Seun Oyegunle, CFA, Portfolio Manager ,
We believe the long-term outlook for the Africa and Middle East region remains robust. In our view, there is much scope for economic improvement, driven by reform implementation and growing structural domestic demand. This will likely translate into strong corporate earnings growth that we believe can be sustained by various businesses in the years ahead. We believe the fundamentals generally remain intact and that strong growth will resume on the other side of the crisis.
Seun Oyegunle, CFA
Seun Oyegunle, CFA, Portfolio Manager

Seun Oyegunle is the portfolio manager of the Africa & Middle East Fund in the Equity Division. 

 
 

US Equity

SICAV

US Blue Chip Equity Fund

Seeking superior returns from high quality US companies.

ISIN LU0133088293 Valoren 1274291

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

21.82%
$1.1b

1YR Return
(View Total Returns)

Manager Tenure

38.97%
6yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.92
7.69%

Inception Date 04-May-2015

Performance figures calculated in USD

30-Jun-2021 - Larry J. Puglia, Portfolio Manager,
We are monitoring several key factors closely: (1) the pace and longevity of inflationary pressures; (2) Fed monetary policy decisions around the timing of tapering asset purchases and interest rate hikes; and (3) progression of Democratic initiatives around infrastructure spending and corporate tax reform. That said, we try not to overreact to incremental changes in economic policy, with the belief that secular forces driving innovation and disruption will outweigh most political and economic cross-currents.
Larry J. Puglia, CFA, CPA
Larry J. Puglia, CFA, CPA, Lead Portfolio Manager

Larry J. Puglia is a portfolio manager in the U.S. Equity Division. Larry has been managing the US Large-Cap Core Growth Equity Strategy since 1993 and has had lead responsibility for all institutional accounts and other investment products within the strategy since 1997. He also is president of the Investment Advisory Committee of the US Large-Cap Core Growth Equity Strategy. Larry is a vice president of T. Rowe Price Group, Inc.

 

SICAV

US Equity Fund

Formerly US Large-Cap Equity Fund

Style agnostic investing in larger US companies.

ISIN LU0429319774 Valoren 10303036

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

16.87%
$748.6m

1YR Return
(View Total Returns)

Manager Tenure

40.80%
12yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

-0.35
4.26%

Inception Date 26-Jun-2009

Performance figures calculated in USD

30-Jun-2021 - Jeff Rottinghaus, Portfolio Manager ,
The global economic recovery has been faster and stronger than most expected, in large part due to sizable fiscal and monetary stimulus measures. However, there are potential risks to growth including challenges in further containing the pandemic, which we will be monitoring in the months ahead. As stimulus has continued, and significantly more spending is being discussed by policymakers, interest rate and inflation concerns have also increased - a market reaction we feel is well founded.
Jeff Rottinghaus
Jeff Rottinghaus, Portfolio Manager

Jeff Rottinghaus is a portfolio manager in the U.S. Equity Division. He is president of the US Large-Cap Core Equity Strategy and chairman of its Investment Advisory Committee. In addition, he is a vice president and an Investment Advisory Committee member of the US Quantitative U.S. and US Dividend Growth Strategies. Jeff also is a vice president of T. Rowe Price Group, Inc.

 

SICAV

US Large Cap Growth Equity Fund

Seeking to identify investments with the potential to deliver double-digit earnings growth.

ISIN LU0174119775 Valoren 1579138

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

23.31%
$3.1b

1YR Return
(View Total Returns)

Manager Tenure

43.59%
4yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.48
5.55%

Inception Date 31-Jul-2003

Performance figures calculated in USD

30-Jun-2021 - Taymour Tamaddon, Portfolio Manager,
Despite the strength and speed of the global economic recovery, potential risks to growth persist as vaccine progress remains slow in parts of the world and new variants remain. While the Biden administration is seeking to raise the U.S. corporate tax rate, we think any increase is likely to be moderate and neutral for U.S. equity markets. However, proposed increases in capital gains and dividend taxes could be negative for after-tax returns on most asset classes.
Taymour Tamaddon, CFA
Taymour Tamaddon, CFA, Lead Portfolio Manager

Taymour Tamaddon is the portfolio manager of the US Large-Cap Growth Equity Strategy in the U.S. Equity Division. He is a vice president and a member of the Investment Advisory Committees for the Health Sciences Equity, Global Growth Equity, US Growth Stock Equity, and Global Focused Growth Equity Strategies. Taymour is an executive vice president of T. Rowe Price Equity Funds and a vice president of the T. Rowe Price International Funds, Inc., and T. Rowe Price Global Funds. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Trust Company.

 

SICAV

US Large-Cap Value Equity Fund

Invest in large US companies with hidden value and potential overlooked by the market majority.

ISIN LU0133100338 Valoren 1274365

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

10.66%
$756.7m

1YR Return
(View Total Returns)

Manager Tenure

49.27%
19yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.10
4.58%

Inception Date 27-Mar-2002

Performance figures calculated in USD

30-Jun-2021 - Heather McPherson, Portfolio Manager,
The outlook for U.S. stocks continues to be uncertain. While a record amount of stimulus combined with ongoing vaccine rollouts could likely lead to a stronger economy for the remainder of the year, concerns about interest rates and inflation have also grown. Given this, we believe our long-term investment horizon will be helpful as we identify companies, many of which are defensive, that appear attractive in a reopening economy.
John D.  Linehan, CFA
John D. Linehan, CFA, Co-Portfolio Manager

John D. Linehan is the portfolio manager for the U.S. Large Cap Equity Income Strategy, U.S. Select Value Strategy and co-portfolio manager for the US Large-Cap Value Equity Strategy in the U.S. Equity Division. In addition, he is the chief investment officer of Equity and a member of the firm's U.S. Equity Steering and Equity Brokerage and Trading Control Committees. He also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

 

SICAV

US Smaller Companies Equity Fund

Seeks capital appreciation using both value and growth approaches.

ISIN LU0133096981 Valoren 1274355

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

20.57%
$3.5b

1YR Return
(View Total Returns)

Manager Tenure

48.50%
2yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.58
6.42%

Inception Date 28-Sep-2001

Performance figures calculated in USD

30-Jun-2021 - Curt Organt, Portfolio Manager ,
Markets continued their upward trajectory, but the pace has tapered as we begin to move toward the next stage of economic recovery. We saw some noise from "meme" stocks and retail investors, but those trades seem to have moderated for now. We are monitoring inflation, interest rates, and the details of potential infrastructure packages coming out of Washington. However, they do not drive portfolio construction, and we maintain our focus on long-term investment outcomes.
Curt J. Organt, CFA
Curt J. Organt, CFA, Portfolio Manager

Curt Organt is the portfolio manager of the US Smaller Companies Equity Strategy in the U.S. Equity Division. Curt is a vice president and an Investment Advisory Committee member of the US Small-Cap Core Equity and US Diversified Small-Cap Value Equity Strategies. He is a vice president of T. Rowe Price Group, Inc.

 
 

Global Fixed Income

SICAV

Diversified Income Bond Fund

Formerly Global Multi-Sector Bond Fund

The fund invests mainly in a diversified portfolio of high yield corporate bonds from issuers around the world, including emerging markets.

ISIN LU1244139231 Valoren 29636786

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

5.82%
$137.4m

1YR Return
(View Total Returns)

Manager Tenure

8.38%
2yrs

Information Ratio
(3 Years)

Tracking Error
(3 Years)

0.18
6.79%

Inception Date 15-Dec-2016

Performance figures calculated in USD

30-Jun-2021 - Ken Orchard, Portfolio Manager ,
Remarkably, most market risks seem to be known, appreciated, and priced, and some recent surprises, like the June U.S. Federal Reserve meeting, which could have led to a sell-off in risky assets, had almost no impact on riskier assets. While some central banks are turning hawkish, liquidity is unlikely to tighten significantly. Financial conditions, inventory restocking, and re-openings provide tailwinds, but Chinese policy, rising coronavirus variant cases and inflation in major economies create uncertainty.
Kenneth A.  Orchard
Kenneth A. Orchard, Portfolio Manager

Kenneth Orchard is a senior portfolio manager in the Fixed Income Division and a member of the Global Fixed Income Investment team. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

 

SICAV

Dynamic Global Bond Fund

Formerly Global Unconstrained Bond Fund

Seeks to generate positive returns from global fixed income with a focus on downside risk and diversification from equity markets.

ISIN LU1216622214 Valoren 28551283

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

3.74%
$1.8b

1YR Return
(View Total Returns)

Manager Tenure

4.93%
6yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.28
3.22%

Inception Date 10-Jun-2015

Performance figures calculated in USD

30-Jun-2021 - Arif Husain, Head of International Fixed Income,
Growth may be past the peak, but we still expect it to remain at a high level over the next few months. At the same time, we see potential for structural inflation. The combination of these factors is likely to drive developed market bond yields higher, in our view. It is important to keep monitoring economic data closely, and we are standing ready to take action in the portfolio should the dynamics change.
Arif Husain, CFA
Arif Husain, CFA, Portfolio Manager

Arif Husain is the head of the International Fixed Income Division. He is a co-portfolio manager for the International Bond and Institutional International Bond Strategies and the lead portfolio manager for the Global Aggregate Bond Strategy. Arif also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

 

SICAV

Dynamic Global Investment Grade Bond Fund

Seeks to generate positive returns from global investment-grade fixed income with a focus on downside risk and diversification from equity markets.

ISIN LU1614212519 Valoren 37809949

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

3.14%
$25.7m

1YR Return
(View Total Returns)

Manager Tenure

4.14%
3yrs

Information Ratio
(3 Years)

Tracking Error
(3 Years)

0.60
2.79%

Inception Date 03-Aug-2017

Performance figures calculated in USD

Arif Husain, CFA
Arif Husain, CFA, Portfolio Manager

Arif Husain is the head of the International Fixed Income Division. He is a co-portfolio manager for the International Bond and Institutional International Bond Strategies and the lead portfolio manager for the Global Aggregate Bond Strategy. Arif also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

 

SICAV

Global Aggregate Bond Fund

Risk-aware investing, exploiting inefficiencies in global bond markets.

ISIN LU0133095660 Valoren 1274350

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

4.83%
$628.2m

1YR Return
(View Total Returns)

Manager Tenure

3.35%
7yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.34
1.35%

Inception Date 25-Jan-2006

Performance figures calculated in USD

30-Jun-2021 - Arif Husain, Head of International Fixed Income,
We believe financial conditions remain supportive. However, signs of economic growth already peaking, coupled with concerns over the delta variant, mean recovery prospects are unclear. Furthermore, the sharp revision of inflation and interest rate hike expectations during the month has resulted in additional uncertainty. Overall, we believe the portfolio’s flexibility will be a key factor in this context, enabling us to adapt quickly against the backdrop of rapidly changing conditions.
Arif Husain, CFA
Arif Husain, CFA, Co-Portfolio Manager

Arif Husain is the head of the International Fixed Income Division. He is a co-portfolio manager for the International Bond and Institutional International Bond Strategies and the lead portfolio manager for the Global Aggregate Bond Strategy. Arif also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

 

SICAV

Global High Income Bond Fund

A concentrated, high-income portfolio of primarily global high yield corporate bond opportunities supported by stringent risk management.

ISIN LU1216622644 Valoren 28485278

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

6.96%
$717.4m

1YR Return
(View Total Returns)

Manager Tenure

14.55%
6yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

-0.07
2.56%

Inception Date 04-Jun-2015

Performance figures calculated in USD

30-Jun-2021 - Michael Della Vedova, Portfolio Manager ,
High yield spreads are near historic lows and have already priced in a strong economic recovery. Even with more muted return expectations, in our view, high yield is well positioned compared with other fixed income sectors and offers a lower duration profile relative to higher-quality segments of the market. We believe our globally diverse approach, as well as our rigorous fundamental research process, leave us well positioned to deliver attractive risk-adjusted returns for our investors.
Michael Della Vedova
Michael Della Vedova, Co-Portfolio Manager

Mike Della Vedova is a global high yield portfolio manager in the Fixed Income Division. He is a portfolio manager for the Europe High Yield Bond Strategy and co-portfolio manager for the Global High Yield Bond Fund and Global High Income Bond Strategy. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

 

SICAV

Global High Yield Bond Fund

Seeks to capture enhanced returns from a diversified global portfolio of income bearing, high yield securities.

ISIN LU0133083492 Valoren 1274260

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

6.88%
$1.3b

1YR Return
(View Total Returns)

Manager Tenure

14.38%
6yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

-0.55
1.34%

Inception Date 04-Mar-2002

Performance figures calculated in USD

30-Jun-2021 - Michael Della Vedova, Portfolio Manager,
We remain constructive on credit risk overall. Companies that were among the hardest hit by the pandemic shutdown are likely to experience significant recoveries as the economy continues to reopen. Many of these issuers could move from near-zero earnings to having meaningful revenues, which should create a supportive environment for taking credit risk. Nevertheless, we are mindful of valuations and remain committed to controlling risk exposures despite our benign default expectations for the year ahead.
Michael Della Vedova
Michael Della Vedova, Portfolio Manager

Mike Della Vedova is a global high yield portfolio manager in the Fixed Income Division. He is a portfolio manager for the Europe High Yield Bond Strategy and co-portfolio manager for the Global High Yield Bond Fund and Global High Income Bond Strategy. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

 

SICAV

Global Investment Grade Corporate Bond Fund

Seeks to maximise returns through investment in a portfolio of global corporate bonds.

ISIN LU1216623295 Valoren 28513499

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

6.31%
$40.1m

1YR Return
(View Total Returns)

Manager Tenure

5.27%
6yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.04
2.25%

Inception Date 08-Jun-2015

Performance figures calculated in USD

30-Jun-2021 - Steven Boothe, Portfolio Manager,
We believe a strong economic recovery remains supportive for global investment grade corporate bonds. However, challenges remain; valuations are tight and growing inflation expectations could hinder the asset class. Any derailment in the vaccine rollouts could also prove problematic. We hold a constructive outlook for the asset class, focusing on our fundamental research to uncover opportunities.
Steve Boothe, CFA
Steve Boothe, CFA, Portfolio Manager

Steve Boothe is the head of Global Investment Grade Corporate Bonds and a portfolio manager in the Fixed Income Division. He has lead portfolio management responsibilities for the Global Investment Grade Corporate Bond and US Investment Grade Corporate Bond Strategies. He is a member of the Global Multi-Sector and U.S. Taxable Bond teams, with a focus on global and U.S. investment-grade corporate bond portfolios. Steve is a co-president and cochair of the Investment Advisory Committee of the Corporate Income Fund, an executive vice president of the Multi-Sector Account Portfolios, a vice president and Investment Advisory Committee member of the New Income and Global Multi-Sector Bond Funds, and a vice president of the Global, Institutional Income, and International Funds. He also is the Investment Advisory Committee chairman of the Investment-Grade Corporate Multi-Sector Account Portfolio and a member of the Dynamic Credit, Institutional Long Duration Credit, International Disciplined Equity, and Institutional International Disciplined Equity Funds. Steve is a member of the Fixed Income Steering and Global Trading Committees. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

 
 

Europe Fixed Income

SICAV

Euro Corporate Bond Fund

A diversified investment grade corporate fund with a focus on security selection.

ISIN LU0133091248 Valoren 1274304

3YR Return Annualised
(View Total Returns)

Total Assets
(EUR)

3.22%
€260.7m

1YR Return
(View Total Returns)

Manager Tenure

4.63%
17yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.66
0.81%

Inception Date 05-Feb-2002

Performance figures calculated in EUR

30-Jun-2021 - David Stanley, Portfolio Manager,
Near-term improving corporate profitability due to Europe’s strengthening recovery will likely leave markets sensitive to tapering signals from the European Central Bank. This, coupled with tight valuations and low summer liquidity, could lead to some widening. In the medium term, however, with no catalyst, tight valuations balanced by strong technical and fundamental factors could keep spreads rangebound. Therefore, we think significant widening is only likely if the pandemic materially deteriorates, or vaccine rollouts are derailed.
David Stanley
David Stanley, Portfolio Manager

David Stanley is a portfolio manager in the Fixed Income Division at T. Rowe Price, responsible for European corporate bond selection. Mr. Stanley is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

 

SICAV

European High Yield Bond Fund

Research-driven, targeting consistent high income.

ISIN LU0596125814 Valoren 13937714

3YR Return Annualised
(View Total Returns)

Total Assets
(EUR)

4.51%
€241.4m

1YR Return
(View Total Returns)

Manager Tenure

12.31%
9yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

-0.43
1.92%

Inception Date 20-Sep-2011

Performance figures calculated in EUR

30-Jun-2021 - Michael Della Vedova, Portfolio Manager,
The improving macroeconomic backdrop and the European Central Bank’s highly accommodative near-term stance indirectly provides strong fundamental support for European high yield markets. While we remain wary of inflation, interest rate volatility and the delta coronavirus variant, historically tight spreads could continue to trade sideways in the absence of a catalyst. As economic conditions normalise, we anticipate more challenging and complex credit stories outperforming, therefore fundamental research and individual security selection remain imperative.
Michael Della Vedova
Michael Della Vedova, Portfolio Manager

Mike Della Vedova is a global high yield portfolio manager in the Fixed Income Division. He is a portfolio manager for the Europe High Yield Bond Strategy and co-portfolio manager for the Global High Yield Bond Fund and Global High Income Bond Strategy. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

 
 

Emerging Markets Fixed Income

SICAV

Emerging Local Markets Bond Fund

Research-driven investment in emerging market local currency sovereign bonds.

ISIN LU0310189781 Valoren 3428869

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

4.47%
$163.8m

1YR Return
(View Total Returns)

Manager Tenure

8.46%
8yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.35
1.68%

Inception Date 09-Aug-2007

Performance figures calculated in USD

30-Jun-2021 - Andrew Keirle, Portfolio Manager,
We hold a relatively optimistic medium-term view on emerging market (EM) local bonds, given improved valuations and a robust global growth outlook. We also expect U.S. exceptionalism and global capital costs to stabilise, which should provide further support. In the near-term, however, there are headwinds from lagging vaccine rollouts and fiscal imbalances. Against this backdrop, we cannot rule out further bouts of volatility, so security selection and active management remain imperative.
Andrew Keirle
Andrew Keirle, Portfolio Manager

Andrew Keirle is a senior portfolio manager in the Fixed Income Division and a member of the Global Fixed Income Investment Team. Mr. Keirle is the lead portfolio manager for the Emerging Markets Local Currency Bond Strategy and has important input on a number of emerging markets bond strategies and global fixed income strategies. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

 

SICAV

Emerging Markets Bond Fund

Active investment in mainly sovereign emerging-market bonds.

ISIN LU0207127753 Valoren 2026979

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

4.95%
$275.8m

1YR Return
(View Total Returns)

Manager Tenure

11.27%
1yr

Information Ratio
(5 Years)

Tracking Error
(5 Years)

-0.14
3.41%

Inception Date 31-Dec-2004

Performance figures calculated in USD

30-Jun-2021 - Samy Muaddi, Portfolio Manager ,
Despite the somewhat challenging fundamental backdrop, absolute risk premia in emerging markets (EM) debt are below historic averages. However, the relative value of EM debt versus other asset classes is still compelling. EM debt’s yield premium remains intact and the long-term coupon compounding opportunity combined with a benign default outlook will likely continue to attract investors. This balances our view, though we have been reducing active risk in the strategy.
Samy Muaddi, CFA
Samy Muaddi, CFA, Portfolio Manager

Samy Muaddi is a portfolio manager in the International Fixed Income Division. He is the portfolio manager of the Emerging Markets Bond Strategy and co-manages the Emerging Markets Corporate Bond and Global High Income Bond Strategies. He previously managed the firm’s Asia Credit Bond Strategy from its inception until 2020. Samy also is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price International Ltd.

 

SICAV

Emerging Markets Corporate Bond Fund

Accessing diversified emerging market corporate debt.

ISIN LU0596126465 Valoren 13064755

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

7.64%
$259.6m

1YR Return
(View Total Returns)

Manager Tenure

10.57%
5yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.15
2.18%

Inception Date 18-May-2011

Performance figures calculated in USD

30-Jun-2021 - Samy Muaddi, Portfolio Manager ,
Exogenous risks are our primary concern in emerging markets (EM) corporate debt today. The potential for further U.S. Treasury rates volatility combined with below-historic-average valuations are cause for caution. Corporate fundamentals are generally healthy, but largely in the price. However, technical factors remain favourable due to strong inflows and low net bond issuance. Furthermore, EM corporate debt also still offers a meaningful yield pickup across the rating spectrum compared to developed market credit.
Samy Muaddi, CFA
Samy Muaddi, CFA, Co-Portfolio Manager

Samy Muaddi is a portfolio manager in the International Fixed Income Division. He is the portfolio manager of the Emerging Markets Bond Strategy and co-manages the Emerging Markets Corporate Bond and Global High Income Bond Strategies. He previously managed the firm’s Asia Credit Bond Strategy from its inception until 2020. Samy also is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price International Ltd.

 
 

US Fixed Income

SICAV

US Aggregate Bond Fund

Seeks to extract return from a broad spectrum of US debt securities.

ISIN LU0181329318 Valoren 1880489

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

5.31%
$459.4m

1YR Return
(View Total Returns)

Manager Tenure

1.03%
10yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

-0.01
1.60%

Inception Date 07-Jun-2011

Performance figures calculated in USD

30-Jun-2021 - Brian J. Brennan, Portfolio Manager,
Although the reflation trade that fuelled the Treasury sell-off earlier in the year appears to have stalled, we believe that strong economic growth and accommodative monetary and fiscal policy still leave room for higher rates over an intermediate time horizon. However, recent economic reports that have come in below relatively high expectations and signs that inflation momentum has peaked have led us to believe that rates are likely to be range-bound in the short term.
Brian Brennan, CFA
Brian Brennan, CFA, Portfolio Manager

Brian Brennan is a portfolio manager in the Fixed Income Division. He has lead portfolio management responsibilities for the US Treasury, US Investment Grade Core Bond, US Core Plus Bond, and Stable Value Strategies. He also is a member of the portfolio strategy team for T. Rowe Price's investment-grade core and core plus mandates. Brian is the president of the U.S. Treasury Funds, Inc.; an executive vice president of the Institutional Income Funds, Inc.; a vice president of the Multi-Sector Account Portfolios, Inc.; and a vice president and Investment Advisory Committee member of the GNMA, Inflation Protected Bond, New Income, Limited Duration Inflation Focused Bond, Total Return, and QM U.S. Bond Index Funds. Brian also is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., T. Rowe Price International Ltd, and T. Rowe Price Trust Company.

 
 

Multi-Asset

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 LU1614212279 Valoren 37703827

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

11.38%
$75.5m

1YR Return
(View Total Returns)

Manager Tenure

26.51%
3yrs

Inception Date 26-Jul-2017

Performance figures calculated in USD

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.

 

SICAV

Global Allocation 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 LU1417861645 Valoren 33202367

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

11.08%
$84.3m

1YR Return
(View Total Returns)

Manager Tenure

25.37%
5yrs

Information Ratio
(3 Years)

Tracking Error
(3 Years)

0.05
2.05%

Inception Date 08-Jul-2016

Performance figures calculated in USD

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.