SICAV
Global Focused Growth Equity Fund
Concentrating high conviction positions in leading global investment prospects.
3YR Return Annualised
(View Total Returns)
Total Assets
(USD)
1YR Return
(View Total Returns)
Manager Tenure
Information Ratio
(5 Years)
Tracking Error
(5 Years)
Inception Date 12-Jan-2006
Performance figures calculated in USD
Strategy
Investment Objective
To increase the value of its shares, over the long term, through growth in the value of its investments. The fund invests mainly in a diversified portfolio of stocks that have the potential for above average and sustainable rates of earnings growth. The companies may be anywhere in the world, including emerging markets.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 (U.S.A. 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
Performance (Class I)
Annualised Performance
1 YR | 3 YR Annualised |
5 YR Annualised |
10 YR Annualised |
Since Manager Inception Annualised |
|
---|---|---|---|---|---|
Fund % | 51.20% | 24.36% | 22.05% | 15.36% | 19.08% |
Indicative Benchmark % | 16.25% | 10.06% | 12.26% | 9.13% | 10.57% |
Excess Return % | 34.95% | 14.30% | 9.79% | 6.23% | 8.51% |
1 YR | 3 YR Annualised |
5 YR Annualised |
10 YR Annualised |
|
---|---|---|---|---|
Fund % | 51.20% | 24.36% | 22.05% | 15.36% |
Indicative Benchmark % | 16.25% | 10.06% | 12.26% | 9.13% |
Excess Return % | 34.95% | 14.30% | 9.79% | 6.23% |
Recent Performance
Month to DateData as of 15-Jan-2021 | Quarter to DateData as of 15-Jan-2021 | Year to DateData as of 15-Jan-2021 | 1 MonthData as of 31-Dec-2020 | 3 MonthsData as of 31-Dec-2020 | |
---|---|---|---|---|---|
Fund % | 1.98% | 1.98% | 1.98% | 4.44% | 18.82% |
Indicative Benchmark % | 1.52% | 1.52% | 1.52% | 4.64% | 14.68% |
Excess Return % | 0.46% | 0.46% | 0.46% | -0.20% | 4.14% |
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.
Index returns shown with reinvestment of dividends after the deduction of withholding taxes.
Effective 1 July 2018, the "net" version of the indicative benchmark replaced the "gross" version of the indicative benchmark. The "net" version of the indicative benchmark assumes the reinvestment of dividends after the deduction of withholding taxes applicable to the country where the dividend is paid; as such, the returns of the new benchmark are more representative of the returns experienced by investors in foreign issuers. Historical benchmark performance has been restated accordingly.
Holdings
Total
Holdings
78
Largest Top Contributor^
Charles Schwab
By 1.33%Largest Top Detractor^
Airbus
By -0.78%Top Purchase
Alphabet Class A (N)
2.45%Top Sale
Apple (E)
0.00%Sectors
Total
Sectors
9
Top Contributor^
Information Technology
Net Contribution 2.07%Top Detractor^
Communication Services
Net Contribution -0.50%Largest Overweight
Industrials & Business Services
Largest Underweight
Consumer Staples
Countries
Total
Countries
17
Largest Overweight
United Kingdom
Largest Underweight
United States
Currency
Total
Currencies
13
Largest Overweight
British pound sterling
Largest Underweight
Hong Kong dollar
Team (As of 15-Jan-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.
- Fund manager2012
since - Years at17
T. Rowe Price - Years investment20
experience

Josh Nelson is a director of research in the U.S. Equity Division of T. Rowe Price. Previously, he was an associate portfolio manager for the Global Focused Growth Equity Strategy. He is an Investment Advisory Committee member of the Global Stock Strategy. He also serves on the Equity Steering Committee. Mr. Nelson is a vice president of T. Rowe Price Group, Inc.
Mr. Nelson has 17 years of investment experience, 12 of which have been with T. Rowe Price. He served as a summer intern with T. Rowe Price in 2006, covering agricultural commodities and ethanol companies. Prior to joining the firm in 2007, he was an investment banker for Citigroup Global Markets, Inc.
Mr. Nelson earned a B.S., with honors, in industrial systems and engineering from the University of Florida. He also earned an M.B.A., with honors, in finance from the University of Pennsylvania, The Wharton School.
- Fund manager2009
since - Years at13
T. Rowe Price - Years investment18
experience

Samuel Ruiz is a portfolio specialist in the Equity Division. He is a vice president of T. Rowe Price Australia Limited.
Sam’s investment experience began in 2008, and he has been with T. Rowe Price since 2020, beginning as an associate working with the Global Equity and Australia Equity Strategies in the Equity Division. 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 investment1
experience

Laurence Taylor is a portfolio specialist in the Equity Division at T. Rowe Price, representing the firm's global equity strategies to institutional clients, consultants and prospects. Mr. Taylor is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.
Mr. Taylor has 19 years of investment experience, 10 of which have been with T. Rowe Price. Prior to joining the firm in 2008, Mr. Taylor was a quantitative portfolio manager at AXA Rosenberg, with responsibility for European institutional clients, and began his career at Hewitt Associates in the UK investment practice. At Hewitt, Mr. Taylor provided investment advice to European institutions as a client-facing consultant before specializing in the research and selection of global and regional equity managers in the manager research team.
Mr. Taylor obtained his B.A., with honours, from Greenwich University and has earned the Chartered Financial Analyst designation.
- Years at12
T. Rowe Price - Years investment21
experience
Fee Schedule
Share Class | Minimum Initial Investment and Holding Amount (USD) | Minimum Subsequent Investment (USD) | Minimum Redemption Amount (USD) | Sales Charge (up to) | Investment Management Fee (up to) | Ongoing Charges |
---|---|---|---|---|---|---|
Class A | $1,000 | $100 | $100 | 5.00% | 160 basis points | 1.72% |
Class I | $2,500,000 | $100,000 | $0 | 0.00% | 75 basis points | 0.80% |
Class Q | $1,000 | $100 | $100 | 0.00% | 75 basis points | 0.88% |
Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.
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.