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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 WKN A2ANZK

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

8.32%
$72.8m

1YR Return
(View Total Returns)

Manager Tenure

4.79%
3yrs

Inception Date 08-Jul-2016

Performance figures calculated in USD

Other Literature

Charles M.  Shriver
Charles M. Shriver, Lead Portfolio Manager

Charles M. Shriver is a portfolio manager for several asset allocation portfolios within the Asset Allocation Group. He is the lead portfolio manager for the Global Allocation, Balanced, Spectrum, and Personal Strategy Funds. Mr. Shriver is a vice president of T. Rowe Price Group, Inc., and he is cochair of the Asset Allocation Committee.

 

Strategy

Investment Objective

To maximise the value of its shares, over the long term, through both growth in the value of, and income from, its investments.

Investment Approach

  • The Fund seeks long-term capital appreciation and income. The Fund blends active security selection and asset allocation positioning in a broadly diversified global portfolio of stocks, bonds, cash, and alternatives across sectors, regions, and market capitalizations.
  • The Fund’s broad opportunity set includes developed and emerging market equities, a wide range of global developed and emerging market fixed income strategies across sectors and credit quality, plus various diversifying strategies providing exposure to hedge funds, currency hedging, real asset equities, and an equity index-option strategy.
  • The Fund has the ability to utilize tactical asset allocation within defined ranges for each asset class or sector to potentially capitalize on a variety of global market environments.
  • Sources of value added:
    • Portfolio Design: Strategic allocation that is diversified across asset classes and sectors with low correlations to dampen volatility and includes investments that have the potential to enhance long-term returns.
    • Tactical Asset Allocation: The Asset Allocation Committee makes tactical decisions to overweight or underweight asset classes and sectors based on a 6-18 month investment horizon.
    • Fundamentally-Driven Security Selection: Underlying portfolio managers select individual securities leveraging the T. Rowe Price global research platform of approximately 200 fundamental equity and credit analysts.
  • The Fund is subject to the unique risks of international investing, including unfavorable currency exchange rates and political or economic uncertainty abroad. To the extent the fund has investments in emerging market countries; it will be subject to abrupt and severe price declines. The portfolio’s investments in alternative investments and hedge funds are difficult to value and monitor when compared with more traditional investments, and may increase the fund’s liquidity risks. Diversification cannot assure a profit or protect against loss in a declining market. Derivatives are used in the fund for selective market exposures.

Portfolio Construction

  • The Fund’s long-term strategic neutral asset allocation is 60% stocks, 30% bonds and cash, and 10% alternative investments and has an allocation to diversifying strategies seeking to enhance the risk and return profile of the portfolio through sources of less correlated returns and diversified sources of income.
  • Approximately 40% of the Fund’s investments are in international stocks and bonds, representing both developed and emerging markets.
  • An allocation to global equities is designed to capture the breadth of global investing opportunities with approximately 50% of the equity allocation in international equities.
  • An allocation to global fixed income markets, with one-third in international bonds, designed to emphasize specific attributes that contribute to the overall portfolio across a range of economic environments.

Performance (Class I)

Annualised Performance

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Since Manager Inception
Annualised
Fund % 4.79% 8.32% N/A 8.80% 8.80%
Indicative Benchmark % 5.50% 7.94% N/A 8.27% 8.27%
Excess Return % -0.71% 0.38% N/A 0.53% 0.53%

Inception Date 08-Jul-2016

Manager Inception Date 08-Jul-2016

Indicative Benchmark: Custom Benchmark - WB for Global Allocation Fund SICAV

Data as of  30-Sep-2019

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Fund % 4.79% 8.32% N/A 8.80%
Indicative Benchmark % 5.50% 7.94% N/A 8.27%
Excess Return % -0.71% 0.38% N/A 0.53%

Inception Date 08-Jul-2016

Indicative Benchmark: Custom Benchmark - WB for Global Allocation Fund SICAV

Data as of  30-Sep-2019

Performance figures calculated in USD

The indicative benchmark is 60% MSCI AC World Index (Developed Markets only hedged to USD), 28% Bloomberg Barclays Global Aggregate Bond Index (hedged to USD) and 12% USD LIBOR.

Recent Performance

  Month to DateData as of 17-Oct-2019 Quarter to DateData as of 17-Oct-2019 Year to DateData as of 17-Oct-2019 1 MonthData as of 30-Sep-2019 3 MonthsData as of 30-Sep-2019
Fund % 0.61% 0.61% 13.39% 1.00% 0.61%
Indicative Benchmark % 0.39% 0.39% 13.78% 1.29% 1.43%
Excess Return % 0.22% 0.22% -0.39% -0.29% -0.82%

Inception Date 08-Jul-2016

Indicative Benchmark: Custom Benchmark - WB for Global Allocation Fund SICAV

Indicative Benchmark: Custom Benchmark - WB for Global Allocation Fund SICAV

Performance figures calculated in USD

Past performance is not a reliable indicator of future performance.  Source for fund performance: T. Rowe Price. Fund performance is calculated using the official NAV with dividends reinvested, if any. 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. It will be affected by changes in the exchange rate between the base currency of the fund and the subscription currency, if different. Sales charges (up to a maximum of 5% for the A Class), taxes and other locally applied costs have not been deducted and if applicable, they will reduce the performance figures. 

Where the base currency of the fund differs from the share class currency, exchange rate movements may affect returns.

Returns shown with gross dividends reinvested.

Asset Allocation

Net Assets
(USD)
$72.8m
Largest Category US Stock 29.35% $21.4m Global ex-US Stock Global ex-US Bonds US Bonds Reserves Preferred Convertibles
View complete Asset Allocation

Monthly Data as of 30-Sep-2019

Holdings

Total
Holdings
797
Largest Holding T Rowe Price Funds SICAV - Dynamic Global Bond Fund 7.36% Was (30-Jun-2019) 7.12%
Other View Full Holdings Quarterly data as of 30-Sep-2019

Total Equity

Holdings

617
% of fund 57.99%

Total Fixed Income

Holdings

175
% of fund 34.97%

Quarterly Data as of 30-Sep-2019

Sectors

Total
Sectors - Equity Only
12
Largest Sector Financials 15.99% Was (31-Aug-2019) 15.64%
Other View complete Sector Diversification

Monthly Data as of 30-Sep-2019

Indicative Benchmark: Morningstar Global Allocation Index

Largest Overweight - Equity Only

Financials
By15.99%
Fund 15.99%
Indicative Benchmark 0.00%

Largest Underweight - Equity Only

N/A

Monthly Data as of 30-Sep-2019

Total
Sectors - Fixed Income Only
11
Largest Sector Non-US$ Denominated 62.20% Was (31-Aug-2019) 63.20%
Other View complete Sector Diversification

Monthly Data as of 30-Sep-2019

Indicative Benchmark: Morningstar Global Allocation Index

Largest Overweight - Fixed Income Only

Non-US$ Denominated
By62.20%
Fund 62.20%
Indicative Benchmark 0.00%

Largest Underweight - Fixed Income Only

Equity & Other
By-0.05%
Fund -0.05%
Indicative Benchmark 0.00%

Monthly Data as of 30-Sep-2019

Team (As of 31-Aug-2019)

Charles M.  Shriver

Charles M. Shriver is a portfolio manager for several asset allocation portfolios within the Asset Allocation Group. He is the lead portfolio manager for the Global Allocation, Balanced, Spectrum, and Personal Strategy Funds. Mr. Shriver is a vice president of T. Rowe Price Group, Inc., and he is cochair of the Asset Allocation Committee.

Mr. Shriver has 18 years of investment experience, all of which have been with T. Rowe Price. He has been with the firm since 1991.

Mr. Shriver earned a B.A. in economics and rhetoric/communications studies from the University of Virginia, an M.S.F. in finance from Loyola University Maryland, and a graduate diploma in public economics from Stockholm University. He also has earned the Chartered Financial Analyst designation.

  • Fund manager
    since
    2016
  • Years at
    T. Rowe Price
    27
  • Years investment
    experience
    20
Stefan Hubrich

Stefan Hubrich is a director of Multi-Asset Research at T. Rowe Price. He is co-portfolio manager of the Multi-Strategy Total Return Strategy and an associate portfolio manager for the Global Allocation Strategy. Mr. Hubrich also is an Investment Advisory Committee member of the Global Focused Growth Equity and Dynamic Global Bond Strategies and a member of the Multi-Asset Steering Committee. He is a vice president of T. Rowe Price Group, Inc.

Mr. Hubrich has 16 years of investment experience, 14 of which have been with T. Rowe Price. Prior to joining the firm in 2005 as a quantitative analyst, he was employed in a project management capacity at strategy consulting firm McKinsey & Company, Inc., in Munich, Germany, where he focused on clients in the financial industry.

Mr. Hubrich earned an M.A. and a Ph.D. in economics from the University of Maryland College Park. He also has earned the Chartered Financial Analyst designation.

  • Fund manager
    since
    2016
  • Years at
    T. Rowe Price
    14
  • Years investment
    experience
    16
Darrell Riley

Darrell Riley is a vice president of T. Rowe Price Group, Inc., and a member of the Multi-Asset Division, the team responsible for managing the firm's multi-asset investment strategies. Prior to joining the Multi-Asset Division, Darrell held various leadership positions in T. Rowe Price International Ltd, the organization responsible for the firm's institutional business worldwide.

Mr. Riley started his career at T. Rowe Price in 1997 as an investment analyst in the Equity Research Group, covering medical technology, hospital supply, and specialty pharmaceutical companies. Prior to joining the firm, he was an analyst at the investment management firm of Sanford C. Bernstein & Co., Inc., in New York. He was previously a director of pharmaceutical and medical device business development for American Cyanamid and a business planning analyst for Eli Lilly & Co.

Mr. Riley has a B.S. in psychobiology, with highest honors, from the University of California at Los Angeles and an M.B.A. in finance, marketing, and statistics from the University of Chicago.

  • Years at
    T. Rowe Price
    22
  • Years investment
    experience
    25

Fee Schedule

Share Class Minimum Initial Investment and Holding Amount Minimum Subsequent Investment Minimum Redemption Amount Sales Charge (up to) Investment Management Fee (up to) Ongoing Charges
Class A $15,000 $100 $100 5.00% 140 basis points 1.57%
Class I $2,500,000 $100,000 $0 0.00% 65 basis points 0.75%
Class Q $15,000 $100 $100 0.00% 65 basis points 0.82%

Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.

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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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