I | T. Rowe Price

Strategy

Manager's Outlook

Heading into the second half of 2019, we remain cautiously positive on global equity markets despite multi-dimensional challenges that exist. Entering the year, the two biggest dimensions were global interest rates and the relationship between the two world superpowers, the U.S. and China.
On the positive side, monetary expectations have shifted dramatically since the beginning of the year, with the U.S. Federal Reserve now seen as likely to cut interest rates. The dovish tone has spread to other leading central banks including the European Central Bank, which has announced plans for further stimulus if economic conditions deteriorate in the coming months, and the Reserve Bank of Australia, which cut interest rates in early June for the first time since August 2016. We've also seen the Reserve Bank of India lower rates for the third time this year. With the process of normalizing interest rates appearing to break down, we think we are in an even lower interest rate environment for even longer than we had initially anticipated. As an equity investor, the notion of a lower discount rate makes us even more positive on the interest rate dimension.
On the trade front, it appeared the U.S. and China were close to a deal, but negotiations sharply deteriorated in early May when China called for substantial changes to a draft trade agreement. The breakdown in talks has had a negative effect on business confidence and capital spending, particularly in export-heavy economies. The rhetoric on the ground in China also worsened both publicly and on the corporate side. While the odds of not resolving the trade dispute with China may have risen, we are not bearish on trade. We think logic still suggests that a deal will get done, but ongoing trade tensions will continue to cause uncertainty in markets, which makes us more cautious.
From a portfolio perspective, finding names we like that normally fit our investment process has become more challenging from a valuation standpoint. We have proactively repositioned the portfolio to help reduce beta given our more cautious stance by scaling back our exposure to secular growers, which look somewhat expensive, and adding to consumer staples, real estate, and utilities, which are the clearest and most direct beneficiaries of lower interest rates. With election-related rhetoric on health care intensifying in the U.S., we also pared back our managed care exposure and took profits in several health care names that have performed well. We continue to like our investments in India, Indonesia, the Philippines, Peru, and Vietnam. These remain the most fertile, strongest-growing, demographically driven countries in the world with low debt to GDP and positive real interest rates. In China, our exposure is very purposeful in areas we think can be long-term holds.
In our view, the world is far from a recession, but if a trade deal between the U.S. and China is not reached, it's hard to imagine the global economy won't be impacted negatively. While the current investment landscape is a challenging one, we continue to have a positive view on the companies we own and believe our fundamentally driven investment process is well suited to add value for our clients.

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 of companies 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 large-cap stocks, incorporating developed and emerging markets.

Portfolio Construction

Number of holdings: Typically around 130 holdings.
Individual positions: Typically 0.3%-3.0%, maximum 5%
Emerging markets exposure: +/- 15% of benchmark
Broad sector ranges: +/- 10% of benchmark
Country ranges: +/- 10% of benchmark (USA is +/- 20%)
Currency hedging: Currency views incorporated in stock selection
Cash target range: Typically less than 5%
Expected tracking error: 300 to 700 basis points

Performance (Class I)

Annualised Performance

Calculated:

	1 YR	3 YR Annualised	5 YR Annualised	10 YR Annualised	Since Manager Inception Annualised
Fund %	5.13%	13.05%	9.53%	10.16%	14.73%
Indicative Benchmark %	1.38%	9.71%	6.65%	8.35%	11.28%
Excess Return %	3.75%	3.34%	2.88%	1.81%	3.45%

	1 YR	3 YR Annualised	5 YR Annualised	10 YR Annualised
Fund %	5.13%	13.05%	9.53%	10.16%
Indicative Benchmark %	1.38%	9.71%	6.65%	8.35%
Excess Return %	3.75%	3.34%	2.88%	1.81%

Recent Performance

	Month to DateData as of 09-Oct-2019	Quarter to DateData as of 09-Oct-2019	Year to DateData as of 09-Oct-2019	1 MonthData as of 30-Sep-2019	3 MonthsData as of 30-Sep-2019
Fund %	-1.94%	-1.94%	17.20%	0.29%	-1.17%
Indicative Benchmark %	-1.78%	-1.78%	14.13%	2.10%	-0.03%
Excess Return %	-0.16%	-0.16%	3.07%	-1.81%	-1.14%

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.

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.

31-Aug-2019 - Scott Berg, Portfolio Manager,

Global equities pulled back in August as escalating trade tensions and weak economic data ignited fears of slowing global growth and recession. At the portfolio level, stock selection in the consumer discretionary space hurt relative returns the most. For example, shares of Farfetch, the online luxury fashion marketplace, fell over the month. While the company reported generally solid earnings results, profitability remained weak, which unnerved investors. We continue to believe Farfetch is a unique platform that can capitalise on the growth of the luxury market and the shift online. On the positive side, holdings in the materials sector helped relative performance. Shares of fibre cement siding manufacturer James Hardie Industries spiked in August after reporting strong quarterly results that demonstrated early progress on market share gains and cost cutting momentum. Investors also viewed the firm as a likely beneficiary of a potential boost for the U.S. housing market from falling interest rates. We think James Hardie is well positioned to benefit from continued recovery in its end markets, market share gains, price increases, and manufacturing efficiencies. At the regional level, holdings in developed Europe weighed on relative results. On the positive side, stock selection in emerging markets boosted performance, although this was somewhat muted by the negative effect of our overweight here.

Holdings

Total
Holdings

161

Largest Holding Amazon.com 3.04% Was (31-Mar-2019) 2.96%

Other View Full Holdings Quarterly data as of 30-Sep-2019

Top 10 Holdings 17.60% View Top 10 Holdings Monthly data as of 30-Sep-2019

Largest Top Contributor^

Amazon.com

By 0.81%

% of fund 3.01%

Largest Top Detractor^

Alphabet

By -0.75%

% of fund 3.03%

Top Purchase

EssilorLuxottica (N)

0.75%

Was (31-Mar-2019) 0.00%

Top Sale

Altaba (E)

0.00%

Was (31-Mar-2019) 1.18%

30-Jun-2019 - Scott Berg, Portfolio Manager,

As always, our trading activity during the quarter was driven from the bottom up. The portfolio's sector and region allocations are driven primarily by individual stock considerations but are also influenced, to a lesser degree, by an assessment of macroeconomic and geopolitical considerations. Over the quarter, the portfolio's exposure increased to the communication services, consumer staples, and information technology sectors, while exposure decreased in health care and financials. Regionally, our allocation to the Pacific ex-Japan increased, while exposure to North America decreased. Within emerging markets, we continue to favor what we consider the more fertile and demographically advantaged regions, such as China, India, Indonesia, the Philippines, Peru, and Vietnam.

Communication Services

Amid the changing media, entertainment, and communications landscape, certain sector names benefit from strong user engagement and/or subscriber growth. Due to limited opportunities for strong growth in legacy telecommunications companies, our focus is on highly innovative, secular growers within the entertainment and internet services spaces that are on the right side of change.

We added to our position in global search leader Alphabet. With its world-class computing infrastructure and elite engineering and data science capabilities, we think Alphabet is well placed to extract value from the economy as the world becomes increasingly digital.
We initiated a position in Tencent Music Entertainment, the dominant player in China's online music industry, when a recent pullback offered an attractive entry point. With over 600 million users, monetization opportunities are large from music subscription, selling online music content, user's tipping to music-related live streaming hosts, and payment for online karaoke services. Tencent Holdings is the controlling stakeholder of Tencent Music Entertainment.

Consumer Discretionary

Our holdings in consumer discretionary are diversified across industries and geographies. However, many of our holdings have a strong presence in online retail and/or exposure to emerging markets with attractive demographics.

EssilorLuxottica is the newly formed combined entity of two leading eyewear makers into a single, dominant global leader in a secularly advantaged industry. We think the firm is well positioned to take advantage of the move toward more complex eyewear, which should prove to be higher-margin products, as well as increasing penetration into emerging markets. The stock had pulled back in recent months, making valuation more interesting and providing an attractive entry point.
Altaba, the investment company left over after the 2016 merger of Yahoo and Verizon, announced in April that it was seeking shareholder approval for liquidation and dissolution. The primary holding of Altaba is a stake in Chinese internet giant Alibaba Group Holding. Given that Altaba's share price is now less attractive relative to the underlying value of the Alibaba holding, we eliminated our holding in Altaba in favor of adding to Alibaba directly.
We added to our position in Alibaba Group Holdings, China's dominant e-commerce platform. We continue to have high conviction in Alibaba given its combination of e-commerce dominance and hypergrowth cloud business. Additionally, the benefits from its ownership stake in Ant Financial make it a very strong and durable platform with multiple compelling avenues to value creation.

Health Care

Our holdings are tilted toward drugmakers with strong pipelines, equipment makers with significant technology advantages, and health care providers that should benefit from increasing memberships as well as the ongoing trend of lower health care utilization in the U.S. In addition, we think there is tremendous growth and innovation happening in China with regard to health care and own several high-quality names in the region.

Services names have been pressured by increased political rhetoric around health care reform proposals. While the fundamental earnings backdrop for these companies remains robust, the continued and growing sentiment overhang on the group led us to exit our position in WellCare Health Plans and trim our exposure to UnitedHealth Group.
As part of upping the quality of the Chinese names we hold, we moved on from health care firm BeiGene, choosing to put more emphasis on the other names in the sector that we believe offer higher-quality returns.

Information Technology

We continue to believe that innovations in artificial intelligence (AI) are not only affecting technology companies, but also reshaping more traditional industries, ones viewed as less susceptible to business model disruption. We remain positioned to benefit from increasing AI adoption and application as well as the ongoing transition toward greater computing mobility, increasing use of the Web, and growing technology consumption in emerging markets. As a result, our holdings are tilted toward payment and cloud software companies.

We bought Atlassian, an enterprise software company that provides both on-premises and cloud-based collaboration and workflow software and services. We think Atlassian is a well-managed, secularly advantaged software company with a disruptive business model that has a long and durable growth runway.
We initiated a position in Amphenol as a recent stock pullback offered a compelling entry point to this high-quality company. Amphenol is an industrial supplier of sensors, cables, and connectors to a broad diversity of attractive and growing end markets including military, telecommunications, and automotive applications. Decentralized and entrepreneurial business management fosters a competitively advantaged, industry-specific approach to its numerous end markets. Growth is supported by secular tailwinds such as the increasing trend toward connectivity and the growing Internet of Things. Amphenol also has a proven track record of solid capital allocation and successful M&A, which should prove beneficial given the low current cost of capital.
While we maintain a favorable long-term view of NVIDIA, transient issues including central processing unit shortages and data center weakness may weigh on the stock in the near term, so we exited our position.

Industrials and Business Services

We are focused on high-quality companies that can benefit from multiyear growth trends and increases in global trade and capital spending. We are attracted to less cyclical, durable earnings growers in industries with attractive growth dynamics and seek to avoid companies with commodity capital expenditures exposure.

We eliminated our position in diversified industrials firm Illinois Tool Works. We think the risk/reward has become less favorable and that earnings and the multiple may be pressured by moderating demand due to lower levels of auto builds and industrial activity in China and Europe as well as weakening private nonresidential spend in North America. We directed the proceeds into a new holding in Amphenol.
We sold out of our stake in building products supplier Fortune Brands Home & Security. Although the firm's recent earnings were above consensus, we feel that there is limited upside remaining in the stock and are choosing to reallocate funds to opportunities with more attractive potential.

Sectors

Total
Sectors

Largest Sector Information Technology 18.23% Was (31-Aug-2019) 17.79%

Other View complete Sector Diversification

Top Contributor^

Materials

Net Contribution 0.44%

Sector

0.08%

Selection 0.36%

Top Detractor^

Consumer Discretionary

Net Contribution -1.08%

Sector

-0.01%

Selection

-1.07%

Largest Overweight

Consumer Discretionary

By2.98%

Fund 13.82%

Indicative Benchmark 10.84%

Largest Underweight

Energy

By-3.48%

Fund 1.98%

Indicative Benchmark 5.46%

31-Aug-2019 - Scott Berg, Portfolio Manager,

Our outlook for the energy sector remains subdued given the global oversupply of oil. The recent extension of the OPEC production cuts may help keep oil prices from collapsing, but overall we do not see the cut in production as a reason to be bullish. We expect the surge in U.S. shale oil production and productivity may continue to drive oversupply for some time to come. Our focus in the sector is on companies with high-quality balance sheets, low-cost production, and relatively good production growth profiles.

Countries

Total
Countries

Largest Country United States 46.07% Was (31-Aug-2019) 47.23%

Other View complete Country Diversification

Largest Overweight

India

By5.84%

Fund 6.85%

Indicative Benchmark 1.02%

Largest Underweight

United States

By-9.56%

Fund 46.07%

Indicative Benchmark 55.63%

Currency

Total
Currencies

Largest Currency U.S. dollar 57.20% Was (31-Aug-2019) 59.83%

Other View complete Currency Diversification

Largest Overweight

Indian rupee

By 5.92%

Fund 6.94%

Indicative Benchmark 1.02%

Largest Underweight

Japanese yen

By -5.95%

Fund 1.31%

Indicative Benchmark 7.27%

Team (As of 31-Aug-2019)

R. Scott Berg
Lead 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.

Mr. Berg has 17 years of investment experience, all of which have been with T. Rowe Price. He joined the firm in 2002 as a research analyst covering the business services sector after serving as a summer intern in 2001. In 2005, he joined the global equity team as an associate portfolio manager and in 2008 launched the Global Growth Equity Strategy. Prior to T. Rowe Price, he was the manager of financial analysis and planning for Mead Consumer and Office Products. Previously, Mr. Berg was also employed by McKinsey & Company as a business analyst and was a core team member on the firm's global growth initiative.

Mr. Berg graduated first in his class from Macquarie University in Australia, with a B.Ec. in actuarial studies and finance. He also holds an M.B.A. from the Stanford Graduate School of Business, where he again graduated at the top of his class. Mr. Berg has earned the Chartered Financial Analyst designation.

Fund manager
since
2008
Years at
T. Rowe Price
17
Years investment
experience
17

Harishankar Balkrishna
Portfolio Manager

Hari Balkrishna is an associate portfolio manager for the Global Growth Equity Strategy in the Equity Division of T. Rowe Price. Mr. Balkrishna is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

Mr. Balkrishna has 12 years of investment experience. He completed an internship at T. Rowe Price in 2009. Prior to joining the firm in 2010, he worked at Goldman Sachs, Sydney, Australia, in the financial institutions group of the Investment Banking Division.

Mr. Balkrishna has a bachelor of commerce in finance and accounting (university medal and first-class honours) from the University of New South Wales and also has earned an M.B.A., with distinction, from Harvard Business School.

Fund manager
since
2015
Years at
T. Rowe Price
9
Years investment
experience
12

Kurt A. Umbarger
Portfolio Specialist

Kurt Umbarger is the regional head of the Equity Investment Specialist Group of T. Rowe Price. Previously, he was a global equity portfolio specialist in the International Equity Division. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

Mr. Umbarger has 26 years of investment experience, all of which have been at T. Rowe Price. He joined the firm in 1992 and has been a portfolio specialist since 2001. Prior to joining the global equity team in 2005, Mr. Umbarger worked with the international and emerging market equity teams. As a portfolio specialist, he has traveled the world, working closely with institutional clients, consultants, and prospects.

Mr. Umbarger earned a B.S. in finance from Towson University and an M.S.F. in finance from Loyola University Maryland. He also has earned the Chartered Financial Analyst designation and is a Series 6, 7, 63, and 65 registered representative.

Years at
T. Rowe Price
26
Years investment
experience
26

Laurence Taylor
Portfolio Specialist

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 at
T. Rowe Price
10
Years investment
experience
19

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%	160 basis points	1.77%
Class I	$2,500,000	$100,000	$0	0.00%	75 basis points	0.82%
Class Q	$15,000	$100	$100	0.00%	75 basis points	0.92%
Class S	$10,000,000	$0	$0	0.00%	0 basis points	0.07%

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

Portfolio Characteristics

as of 30-Sep-2019

Characteristic	Fund	Indicative Benchmark
Projected Earnings Growth Rate (IBES)	12.5%	8.7%
Price to Earnings (Current Fiscal Year)	26.6x	18.4x
Return on Equity (Current Fiscal Year)	16.7%	15.7%
Price to Book	5.4x	3.1x
Investment Weighted Median Market Cap (USD mm)	44,139	61,059
Investment Weighted Average Market Cap (USD mm)	144,640	163,791
Number of Holdings	158	2,765
Top 20 Holdings as % of Total	28.8%	17.6%
Portfolio Holdings Turnover (12 Months)	66.8%	N/A
Percent of Portfolio in Cash	0.2%	0.0%
Active Share Percentage	79.51%	N/A

Statistics are Investment Weighted Median unless otherwise noted.

Risks

The following risks are materially relevant to the fund (refer to prospectus for further details):

Capital risk
Country risk (China)
Country risk (Russia and Ukraine)
Currency risk
Emerging markets risk
Equity risk
Geographic concentration risk
Hedging risk
Investment fund risk
Management risk
Market risk
Operational risk
Small and mid-cap risk
Style risk

Risk/Return Characteristics

as of 30-Sep-2019

Risk/Return (5 Years)	Fund	Indicative Benchmark
Alpha	2.42%	0.00%
Beta	1.08	1.00
R-Squared	0.91	1.00
Annualized Std. Deviation	13.14%	11.61%
Information Ratio	0.69	0.00
Sharpe Ratio	0.65	0.49
Tracking Error	4.17%	0.00%

Returns shown with reinvestment of dividends after the deduction of withholding taxes.

Calendar Year Performance (Class I)

2009	2010	2011	2012	2013	2014	2015	2016	2017	2018
52.61%	13.54%	-11.00%	20.94%	20.93%	9.12%	1.13%	2.51%	34.34%	-7.60%	Fund
34.63%	12.67%	-7.35%	16.13%	22.80%	4.16%	-2.36%	7.86%	23.97%	-9.41%	Indicative Benchmark
17.98%	0.87%	-3.65%	4.81%	-1.87%	4.96%	3.49%	-5.35%	10.37%	1.81%	Value added

Fund
Indicative Benchmark
Annual Report

Returns shown with reinvestment of dividends after the deduction of withholding taxes.

Purchases - 10 Largest (30-Jun-2019)

Quarterly as of:

Major Purchases	% of Fund	Previous Quarter Change	Industry	Country
Alibaba Group Holding	2.28%	0.49%	Internet & Direct Marketing Retail	China
EssilorLuxottica (N)	0.75%	0.75%	Textiles, Apparel & Luxury Goods	France
Alphabet Class C	3.03%	0.21%	Interactive Media & Services	United States
Atlassian (N)	0.51%	0.51%	Software	United States
Linde (N)	0.38%	0.38%	Chemicals	United States
Tableau Software	0.61%	0.32%	Software	United States
GE	0.95%	0.37%	Industrial Conglomerates	United States
KKR (N)	0.45%	0.45%	Capital Markets	United States
MarketAxess Holdings (N)	0.43%	0.43%	Capital Markets	United States
Eversource Energy (N)	0.43%	0.43%	Electric Utilities	United States

(N) New Position.

30-Jun-2019 - Scott Berg, Portfolio Manager,

We added to our position in global search leader Alphabet. With its world-class computing infrastructure and elite engineering and data science capabilities, we think Alphabet is well placed to extract value from the economy as the world becomes increasingly digital.
We initiated a position in Tencent Music Entertainment, the dominant player in China's online music industry, when a recent pullback offered an attractive entry point. With over 600 million users, monetization opportunities are large from music subscription, selling online music content, user's tipping to music-related live streaming hosts, and payment for online karaoke services. Tencent Holdings is the controlling stakeholder of Tencent Music Entertainment.
EssilorLuxottica is the newly formed combined entity of two leading eyewear makers into a single, dominant global leader in a secularly advantaged industry. We think the firm is well positioned to take advantage of the move toward more complex eyewear, which should prove to be higher-margin products, as well as increasing penetration into emerging markets. The stock had pulled back in recent months, making valuation more interesting and providing an attractive entry point.
Altaba, the investment company left over after the 2016 merger of Yahoo and Verizon, announced in April that it was seeking shareholder approval for liquidation and dissolution. The primary holding of Altaba is a stake in Chinese internet giant Alibaba Group Holding. Given that Altaba's share price is now less attractive relative to the underlying value of the Alibaba holding, we eliminated our holding in Altaba in favor of adding to Alibaba directly.
We added to our position in Alibaba Group Holdings, China's dominant e-commerce platform. We continue to have high conviction in Alibaba given its combination of e-commerce dominance and hypergrowth cloud business. Additionally, the benefits from its ownership stake in Ant Financial make it a very strong and durable platform with multiple compelling avenues to value creation.
Services names have been pressured by increased political rhetoric around health care reform proposals. While the fundamental earnings backdrop for these companies remains robust, the continued and growing sentiment overhang on the group led us to exit our position in WellCare Health Plans and trim our exposure to UnitedHealth Group.
As part of upping the quality of the Chinese names we hold, we moved on from health care firm BeiGene, choosing to put more emphasis on the other names in the sector that we believe offer higher-quality returns.
We bought Atlassian, an enterprise software company that provides both on-premises and cloud-based collaboration and workflow software and services. We think Atlassian is a well-managed, secularly advantaged software company with a disruptive business model that has a long and durable growth runway.
We initiated a position in Amphenol as a recent stock pullback offered a compelling entry point to this high-quality company. Amphenol is an industrial supplier of sensors, cables, and connectors to a broad diversity of attractive and growing end markets including military, telecommunications, and automotive applications. Decentralized and entrepreneurial business management fosters a competitively advantaged, industry-specific approach to its numerous end markets. Growth is supported by secular tailwinds such as the increasing trend toward connectivity and the growing Internet of Things. Amphenol also has a proven track record of solid capital allocation and successful M&A, which should prove beneficial given the low current cost of capital.
While we maintain a favorable long-term view of NVIDIA, transient issues including central processing unit shortages and data center weakness may weigh on the stock in the near term, so we exited our position.
We eliminated our position in diversified industrials firm Illinois Tool Works. We think the risk/reward has become less favorable and that earnings and the multiple may be pressured by moderating demand due to lower levels of auto builds and industrial activity in China and Europe as well as weakening private nonresidential spend in North America. We directed the proceeds into a new holding in Amphenol.
We sold out of our stake in building products supplier Fortune Brands Home & Security. Although the firm's recent earnings were above consensus, we feel that there is limited upside remaining in the stock and are choosing to reallocate funds to opportunities with more attractive potential.

Sales - 10 Largest (30-Jun-2019)

Major Sales	% of Fund	Previous Quarter Change	Industry	Country
Altaba (E)	0.00%	-1.18%	Internet & Direct Marketing Retail	United States
WellCare Health Plans (E)	0.00%	-0.60%	Health Care Providers & Services	United States
Illinois Tool Works (E)	0.00%	-0.52%	Machinery	United States
NVIDIA (E)	0.00%	-0.50%	Semiconductors & Semiconductor Equipment	United States
UnitedHealth Group	0.48%	-0.36%	Health Care Providers & Services	United States
Tableau Software	0.61%	0.32%	Software	United States
Air Products & Chemicals (E)	0.00%	-0.36%	Chemicals	United States
Amazon.com	3.01%	0.05%	Internet & Direct Marketing Retail	United States
Fortune Brands Home & Security (E)	0.00%	-0.30%	Building Products	United States
Chugai Pharmaceutical (E)	0.00%	-0.28%	Pharmaceuticals	Japan

(E) Eliminated.

Major Purchases/Sales represent the highest to lowest total cost (purchases) and proceeds (sales) for the time period indicated.

The information shown does not reflect any ETFs that may be held in the portfolio.

Contributors (30-Jun-2019)

Quarterly as of:

Contributors	% of Fund	Industry	Country
Facebook	2.20%	Interactive Media & Services	United States
Sea	0.94%	Entertainment	Singapore
Tableau Software	0.61%	Software	United States
Shopify	0.48%	IT Services	Canada
Amazon.com	3.01%	Internet & Direct Marketing Retail	United States
Microsoft	1.39%	Software	United States
MercadoLibre	0.75%	Internet & Direct Marketing Retail	Argentina
Northrop Grumman	0.73%	Aerospace & Defense	United States
Kotak Mahindra Bank	1.21%	Banks	India
Wirecard	0.37%	IT Services	Germany

30-Jun-2019 - Scott Berg, Portfolio Manager,

Shares of electric carmaker Tesla fell after the firm reported weaker-than-expected quarterly results due in part to softer demand and ongoing production woes. The increased likelihood of a capital raise also weighed on shares. We continue to think the firm's long-term growth trajectory and innovative position are attractive but are cognizant given the inherent risks with capital-intensive business models.
The lockup period for Farfetch, a third-party global online luxury fashion marketplace that had its initial public offering in September 2018, expired in March 2019, and shares subsequently trended down after strong performance in the first quarter. Given that the company is investing aggressively to solidify its leading position, we think Farfetch is gaining traction and is well positioned to be a long-term winner in the online luxury segment and added to our position during the period.
Shares of Yes Bank, a leading private Indian bank, plunged in late April after management reported an unexpected, large quarterly loss. Although the new CEO is taking decisive action to de-risk and improve transparency in the business by increasing contingency provisions within the loan book and adopting more conservative accounting for corporate fee bookings, we are becoming more cautious on the bank given a number of rising risks.
Despite solid growth in client assets, expanding margins, and execution on cost control, shares of Charles Schwab came under pressure as the U.S. Federal Reserve gave indications that it would be willing to cut interest rates if the economic outlook did not show signs of improvement. Although the company has significant earnings leverage to rising interest rates, we believe Charles Schwab is a premier franchise that should deliver durable earnings growth as it continues to gather assets, drive scale efficiencies, and grow its bank with low-cost brokerage sweep deposits.
Shares of aerospace and defense contractor Northrop Grumman traded higher, driven by broad margin expansion across segments and an increase in the quarterly dividend. With the U.S. defense budget likely at the beginning of a multiyear cyclical upturn, we believe Northrop Grumman and its best-in-class management team stands to benefit as it is levered to many of the fastest-growing areas of the budget.
Shares of Rentokil Initial, a leading global commercial pest control company, rose on solid quarterly results, driven by accelerating organic growth in its pest control and hygiene businesses. We continue to think Rentokil is a well-positioned, high-quality company with attractive exposure to emerging markets, particularly India and China, which could benefit from continued industry consolidation.
Shares of data visualization software company Tableau Software surged after it signed a definitive agreement to be acquired by Salesforce.com for a significant premium in an all-stock deal. The deal is expected to enable Salesforce.com to serve customers' increasing demand for data analytics and visualization while garnering larger, strategic deals for Tableau through cross-selling.
Canadian e-commerce company Shopify has enjoyed success with its cloud-based software platform that allows merchants to sell their products across many "storefronts." The company reported strong first-quarter results driven by higher contribution from its larger Shopify Plus customers, international expansion, and better-than-expected merchant adds. We think the company still has a long runway for growth.

Detractors (30-Jun-2019)

Detractors	% of Fund	Industry	Country
Yes Bank	0.34%	Banks	India
Tesla	0.75%	Automobiles	United States
Alphabet	3.03%	Interactive Media & Services	United States
Alibaba Group Holding	2.28%	Internet & Direct Marketing Retail	China
Farfetch	0.87%	Internet & Direct Marketing Retail	United Kingdom
StoneCo	0.47%	IT Services	Brazil
Seven Generations Energy	0.28%	Oil, Gas & Consumable Fuels	Canada
Umicore	0.31%	Chemicals	Belgium
ASOS	0.47%	Internet & Direct Marketing Retail	United Kingdom
Suofeiya Home Collection	0.19%	Household Durables	China

The information shown does not reflect any ETFs that may be held in the portfolio.

N/A indicates Not Available.

Holdings (30-Jun-2019)

Quarterly as of:

Company	% of Fund	Previous Qtr Change	Value (USD)	Shares	Sector	Industry	Country
Amazon.com	3.04%	0.07	$13,704,768.00	7,210	Consumer Discretionary	Internet & Direct Marketing Retail	United States
Alphabet Class C	3.03%	0.21	$13,681,792.75	12,725	Communication Services	Interactive Media & Services	United States
Alibaba Group Holding	2.29%	0.49	$10,319,810.82	60,999	Consumer Discretionary	Internet & Direct Marketing Retail	China
Facebook	2.18%	0.20	$9,839,518.10	51,670	Communication Services	Interactive Media & Services	United States
Microsoft	1.39%	0.42	$6,292,326.30	47,130	Information Technology	Software	United States
HDFC Bank	1.39%	N/A	$6,264,022.04	176,948	Financials	Banks	India
Tencent Holdings	1.25%	0.03	$5,666,136.10	125,500	Communication Services	Interactive Media & Services	China
Bank Central Asia	1.25%	0.05	$5,640,348.82	2,659,300	Financials	Banks	Indonesia
Sempra Energy	1.23%	0.05	$5,551,495.68	40,724	Utilities	Multi-Utilities	United States
NextEra Energy	1.22%	-0.06	$5,494,613.40	26,820	Utilities	Electric Utilities	United States
Kotak Mahindra Bank	1.21%	0.06	$5,463,188.99	255,374	Financials	Banks	India
SM Investments	1.20%	0.08	$5,437,847.15	287,740	Industrials & Business Services	Industrial Conglomerates	Philippines
Visa	1.10%	-0.04	$4,984,979.80	29,140	Information Technology	IT Services	United States
InRetail Peru	1.10%	-0.05	$4,977,037.43	125,985	Consumer Staples	Food & Staples Retailing	Peru
Danaher	1.10%	0.05	$4,956,137.68	35,048	Health Care	Health Care Equipment & Supplies	United States
Roper Technologies	1.00%	-0.06	$4,499,371.57	12,289	Industrials & Business Services	Industrial Conglomerates	United States
Masan	0.98%	0.20	$4,435,971.73	1,246,065	Consumer Staples	Food Products	Vietnam
Intuit	0.97%	-0.09	$4,370,854.46	16,919	Information Technology	Software	United States
Sea	0.95%	0.51	$4,303,762.27	128,971	Communication Services	Entertainment	Singapore
Workday	0.95%	-0.06	$4,288,005.60	20,912	Information Technology	Software	United States
GE	0.94%	0.36	$4,253,277.70	408,380	Industrials & Business Services	Industrial Conglomerates	United States
Farfetch	0.87%	0.14	$3,937,181.40	190,202	Consumer Discretionary	Internet & Direct Marketing Retail	United Kingdom
Prologis	0.86%	0.14	$3,899,105.20	48,910	Real Estate	Equity Real Estate Investment Trusts (REITs)	United States
Credicorp	0.85%	-0.06	$3,818,332.00	16,600	Financials	Banks	Peru
Charles Schwab	0.84%	-0.12	$3,811,140.84	94,172	Financials	Capital Markets	United States
Becton, Dickinson & Company	0.82%	-0.13	$3,701,197.55	14,737	Health Care	Health Care Equipment & Supplies	United States
Boeing	0.81%	0.00	$3,645,336.00	10,050	Industrials & Business Services	Aerospace & Defense	United States
TD Ameritrade Holding	0.79%	-0.04	$3,553,467.90	70,970	Financials	Capital Markets	United States
Axis Bank	0.78%	0.02	$3,528,637.72	301,278	Financials	Banks	India
Airbus	0.77%	0.02	$3,496,706.84	24,737	Industrials & Business Services	Aerospace & Defense	France
Ayala Land	0.76%	0.05	$3,440,682.87	3,472,600	Real Estate	Real Estate Management & Development	Philippines
Intuitive Surgical	0.76%	-0.11	$3,440,586.10	6,670	Health Care	Health Care Equipment & Supplies	United States
Housing Development Finance	0.76%	0.05	$3,438,977.28	108,302	Financials	Thrifts & Mortgage Finance	India
Tesla	0.76%	-0.41	$3,423,222.00	15,255	Consumer Discretionary	Automobiles	United States
EssilorLuxottica	0.75%	N/A	$3,407,386.88	26,143	Consumer Discretionary	Textiles, Apparel & Luxury Goods	France
MercadoLibre	0.74%	-0.01	$3,359,964.79	5,551	Consumer Discretionary	Internet & Direct Marketing Retail	Argentina
Northrop Grumman	0.72%	0.04	$3,269,750.40	10,290	Industrials & Business Services	Aerospace & Defense	United States
Jollibee Foods	0.72%	0.02	$3,266,112.38	594,170	Consumer Discretionary	Hotels Restaurants & Leisure	Philippines
Unilever	0.72%	0.24	$3,257,368.16	52,748	Consumer Staples	Personal Products	United Kingdom
Rentokil Initial	0.71%	0.02	$3,219,758.49	637,626	Industrials & Business Services	Commercial Services & Supplies	United Kingdom
Keyence	0.71%	-0.03	$3,198,439.67	5,200	Information Technology	Electronic Equip, Instr & Cmpts	Japan
Stryker	0.70%	-0.11	$3,182,559.60	15,690	Health Care	Health Care Equipment & Supplies	United States
Splunk	0.70%	0.01	$3,176,900.61	25,701	Information Technology	Software	United States
Salesforce.com	0.70%	-0.06	$3,168,399.90	21,110	Information Technology	Software	United States
Nestle	0.70%	0.11	$3,138,355.44	30,345	Consumer Staples	Food Products	Switzerland
AIA Group	0.69%	0.01	$3,123,998.09	290,400	Financials	Insurance	Hong Kong
Samsung Electronics	0.69%	0.28	$3,101,549.86	76,300	Information Technology	Technology Hardware, Storage & Peripherals	South Korea
PayPal Holdings	0.68%	0.01	$3,068,931.60	27,020	Information Technology	IT Services	United States
Citigroup	0.68%	-0.14	$3,059,780.10	44,070	Financials	Banks	United States
JPMorgan Chase	0.67%	-0.03	$3,024,225.60	27,060	Financials	Banks	United States
Netflix	0.65%	-0.08	$2,947,360.00	8,000	Communication Services	Entertainment	United States
BDO Unibank	0.65%	0.03	$2,932,429.02	1,074,041	Financials	Banks	Philippines
Vertex Pharmaceuticals	0.65%	-0.15	$2,920,681.60	16,208	Health Care	Biotechnology	United States
Zalando	0.64%	0.05	$2,901,275.90	65,336	Consumer Discretionary	Internet & Direct Marketing Retail	Germany
Sumber Alfaria Trijaya	0.64%	0.03	$2,885,323.95	44,531,700	Consumer Staples	Food & Staples Retailing	Indonesia
Lonza Group	0.63%	0.00	$2,855,855.52	8,536	Health Care	Life Sciences Tools & Services	Switzerland
Apple	0.63%	-0.06	$2,853,536.40	14,460	Information Technology	Technology Hardware, Storage & Peripherals	United States
Daikin Industries	0.61%	0.17	$2,759,960.90	21,100	Industrials & Business Services	Building Products	Japan
ASML Holding	0.61%	-0.11	$2,744,799.50	13,150	Information Technology	Semiconductors & Semiconductor Equipment	Netherlands
Tableau Software	0.60%	0.31	$2,721,537.00	16,615	Information Technology	Software	United States
Godrej Consumer Products	0.60%	0.04	$2,707,756.63	281,890	Consumer Staples	Personal Products	India
Marriott	0.60%	0.03	$2,687,097.00	19,290	Consumer Discretionary	Hotels Restaurants & Leisure	United States
Brookfield Asset Management	0.59%	0.14	$2,674,986.00	56,150	Financials	Capital Markets	Canada
ServiceNow	0.59%	0.07	$2,671,047.40	9,670	Information Technology	Software	United States
Clorox	0.58%	0.03	$2,609,847.50	17,030	Consumer Staples	Household Products	United States
American Water Works	0.57%	0.07	$2,594,925.00	22,500	Utilities	Water Utilities	United States
Britannia Industries	0.57%	-0.04	$2,593,947.69	65,266	Consumer Staples	Food Products	India
Chubb	0.57%	-0.04	$2,564,608.86	17,386	Financials	Insurance	United States
Jiangsu Hengrui Medicine	0.56%	-0.10	$2,543,946.02	264,764	Health Care	Pharmaceuticals	China
Roche Holding	0.56%	0.05	$2,523,711.57	9,016	Health Care	Pharmaceuticals	Switzerland
Gartner	0.54%	0.08	$2,442,161.20	15,320	Information Technology	IT Services	United States
Hilton Worldwide Holdings	0.54%	0.06	$2,429,266.00	25,075	Consumer Discretionary	Hotels Restaurants & Leisure	United States
Hexagon	0.54%	-0.04	$2,418,649.62	43,685	Information Technology	Electronic Equip, Instr & Cmpts	Sweden
Adyen	0.53%	-0.14	$2,391,917.07	3,140	Information Technology	IT Services	Netherlands
TC Energy	0.53%	N/A	$2,382,585.00	48,250	Energy	Oil, Gas & Consumable Fuels	Canada
FleetCor Technologies	0.53%	0.16	$2,375,306.13	8,517	Information Technology	IT Services	United States
SOFTBANK GROUP CORP	0.52%	-0.01	$2,363,242.92	49,200	Communication Services	Wireless Telecommunication Services	Japan
3SBio	0.52%	-0.06	$2,361,142.72	1,374,500	Health Care	Biotechnology	China
Dassault Systemes	0.52%	-0.07	$2,345,510.45	14,718	Information Technology	Software	France
James Hardie Industries	0.52%	0.01	$2,342,858.22	178,595	Materials	Construction Materials	Australia
Sartorius	0.52%	-0.10	$2,330,344.40	11,367	Health Care	Health Care Equipment & Supplies	Germany
MGM Resorts International	0.51%	0.10	$2,316,795.00	81,750	Consumer Discretionary	Hotels Restaurants & Leisure	United States
Atlassian	0.51%	N/A	$2,302,737.12	17,712	Information Technology	Software	United States
Pidilite Industries	0.51%	-0.03	$2,298,489.65	130,664	Materials	Chemicals	India
Gree Electric Appliances Inc of Zhuhai	0.51%	0.15	$2,296,905.59	286,900	Consumer Discretionary	Household Durables	China
Concentradora Fibra Danhos	0.51%	-0.04	$2,292,552.17	1,706,193	Real Estate	Equity Real Estate Investment Trusts (REITs)	Mexico
WuXi Biologics	0.50%	-0.11	$2,266,546.41	252,500	Health Care	Life Sciences Tools & Services	China
Morgan Stanley	0.50%	-0.07	$2,247,210.00	50,750	Financials	Capital Markets	United States
Koninklijke DSM	0.50%	0.00	$2,238,724.34	18,118	Materials	Chemicals	Netherlands
Estee Lauder	0.49%	0.05	$2,201,070.60	12,060	Consumer Staples	Personal Products	United States
Cigna	0.49%	-0.20	$2,190,252.80	13,940	Health Care	Health Care Providers & Services	United States
Itau Unibanco Holding	0.48%	-0.10	$2,169,635.69	228,500	Financials	Banks	Brazil
ASOS	0.48%	-0.08	$2,160,013.46	65,910	Consumer Discretionary	Internet & Direct Marketing Retail	United Kingdom
Agilent Technologies	0.48%	-0.00	$2,144,760.00	29,280	Health Care	Life Sciences Tools & Services	United States
Shopify	0.47%	0.02	$2,140,495.50	7,293	Information Technology	IT Services	Canada
UnitedHealth Group	0.47%	-0.37	$2,136,056.00	8,930	Health Care	Health Care Providers & Services	United States
StoneCo	0.47%	-0.07	$2,132,507.67	72,757	Information Technology	IT Services	Brazil
Diageo	0.47%	0.13	$2,115,713.32	49,310	Consumer Staples	Beverages	United Kingdom
Total	0.47%	-0.01	$2,112,034.54	37,750	Energy	Oil, Gas & Consumable Fuels	France
China Resources Beer Holdings	0.46%	0.01	$2,089,514.94	440,000	Consumer Staples	Beverages	China
Maxim Integrated Products	0.45%	0.04	$2,037,802.00	33,800	Information Technology	Semiconductors & Semiconductor Equipment	United States
Heineken	0.45%	0.06	$2,030,969.68	18,262	Consumer Staples	Beverages	Netherlands
KKR	0.45%	N/A	$2,019,057.30	80,730	Financials	Capital Markets	United States
Julius Baer	0.44%	-0.00	$1,970,925.33	44,240	Financials	Capital Markets	Switzerland
Ctrip.com International	0.43%	-0.01	$1,954,950.60	52,908	Consumer Discretionary	Internet & Direct Marketing Retail	China
Prudential	0.43%	-0.19	$1,948,815.62	89,462	Financials	Insurance	United Kingdom
Eversource Energy	0.43%	N/A	$1,948,572.45	25,785	Utilities	Electric Utilities	United States
MarketAxess Holdings	0.43%	N/A	$1,941,465.60	6,080	Financials	Capital Markets	United States
Booking Holdings	0.43%	0.04	$1,921,561.00	1,037	Consumer Discretionary	Internet & Direct Marketing Retail	United States
FANUC	0.42%	-0.04	$1,907,592.31	10,300	Industrials & Business Services	Machinery	Japan
Concho Resources	0.42%	-0.09	$1,899,608.40	18,540	Energy	Oil, Gas & Consumable Fuels	United States
Eurofins Scientific	0.41%	0.01	$1,853,434.99	4,190	Health Care	Life Sciences Tools & Services	France
CP ALL	0.40%	0.05	$1,786,246.46	638,000	Consumer Staples	Food & Staples Retailing	Thailand
Rolls-Royce	0.40%	-0.04	$1,785,831.61	167,829	Industrials & Business Services	Aerospace & Defense	United Kingdom
Unilever Indonesia	0.38%	-0.04	$1,732,999.74	544,100	Consumer Staples	Household Products	Indonesia
Veeva Systems	0.38%	0.01	$1,720,237.20	10,830	Health Care	Health Care Technology	United States
Country Garden Services Holdings	0.38%	N/A	$1,712,302.78	741,000	Real Estate	Real Estate Management & Development	China
Linde	0.38%	N/A	$1,705,981.50	8,550	Materials	Chemicals	United States
Wirecard	0.37%	0.07	$1,688,598.54	10,013	Information Technology	IT Services	Germany
Givaudan	0.37%	N/A	$1,680,677.94	599	Materials	Chemicals	Switzerland
LVMH Moet Hennessy Louis Vuitton	0.37%	0.01	$1,670,040.50	3,946	Consumer Discretionary	Textiles, Apparel & Luxury Goods	France
Daiichi Sankyo	0.37%	-0.10	$1,654,256.60	31,600	Health Care	Pharmaceuticals	Japan
Tencent Music Entertainment	0.35%	N/A	$1,602,089.40	107,020	Communication Services	Entertainment	China
Colgate-Palmolive	0.35%	-0.01	$1,597,901.00	22,150	Consumer Staples	Household Products	United States
Assa Abloy	0.35%	-0.02	$1,595,879.03	70,350	Industrials & Business Services	Building Products	Sweden
Ulker Biskuvi Sanayi	0.35%	0.02	$1,584,106.60	472,357	Consumer Staples	Food Products	Turkey
Ocado	0.35%	-0.14	$1,578,981.95	106,383	Consumer Discretionary	Internet & Direct Marketing Retail	United Kingdom
Yes Bank	0.35%	-0.59	$1,562,707.31	992,207	Financials	Banks	India
Galaxy Entertainment	0.34%	0.04	$1,529,458.95	227,000	Consumer Discretionary	Hotels Restaurants & Leisure	Hong Kong
Chr. Hansen Holding	0.34%	-0.13	$1,519,512.61	16,169	Materials	Chemicals	Denmark
Sanlam	0.34%	0.05	$1,519,338.96	274,468	Financials	Insurance	South Africa
Amphenol	0.34%	N/A	$1,513,044.00	15,860	Information Technology	Electronic Equip, Instr & Cmpts	United States
Recruit Holdings	0.33%	0.02	$1,490,300.40	44,600	Industrials & Business Services	Professional Services	Japan
EOG Resources	0.33%	-0.10	$1,487,429.60	16,210	Energy	Oil, Gas & Consumable Fuels	United States
Huazhu	0.32%	N/A	$1,457,324.70	40,470	Consumer Discretionary	Hotels Restaurants & Leisure	China
Eli Lilly	0.32%	-0.15	$1,427,180.80	12,890	Health Care	Pharmaceuticals	United States
Nestle Foods Nigeria	0.31%	-0.05	$1,408,908.12	364,892	Consumer Staples	Food Products	Nigeria
Kalbe Farma	0.31%	-0.03	$1,408,360.39	13,631,000	Health Care	Pharmaceuticals	Indonesia
Infineon Technologies	0.31%	0.01	$1,404,928.28	78,965	Information Technology	Semiconductors & Semiconductor Equipment	Germany
Umicore	0.31%	-0.17	$1,398,166.64	43,618	Materials	Chemicals	Belgium
Marsh & McLennan	0.30%	-0.03	$1,358,720.80	13,730	Financials	Insurance	United States
Naspers	0.29%	0.06	$1,297,582.27	5,366	Consumer Discretionary	Internet & Direct Marketing Retail	South Africa
First Republic Bank	0.29%	-0.05	$1,292,342.67	13,341	Financials	Banks	United States
Continental Resources	0.28%	-0.04	$1,269,496.80	30,140	Energy	Oil, Gas & Consumable Fuels	United States
Seven Generations Energy	0.28%	-0.16	$1,267,044.31	254,890	Energy	Oil, Gas & Consumable Fuels	Canada
Knorr-Bremse	0.27%	-0.10	$1,228,084.77	11,037	Industrials & Business Services	Machinery	Germany
Cognex	0.26%	-0.19	$1,159,118.80	24,290	Information Technology	Electronic Equip, Instr & Cmpts	United States
CoStar Group	0.25%	-0.05	$1,142,232.00	2,100	Industrials & Business Services	Professional Services	United States
Military Commercial Joint Stock Bank	0.25%	-0.03	$1,131,452.87	1,198,996	Financials	Banks	Vietnam
NVR	0.25%	-0.09	$1,109,628.30	330	Consumer Discretionary	Household Durables	United States
Legrand	0.24%	-0.03	$1,094,800.30	14,953	Industrials & Business Services	Electrical Equipment	France
Centene	0.24%	-0.07	$1,085,419.50	20,950	Health Care	Health Care Providers & Services	United States
State Street	0.24%	-0.07	$1,081,187.58	19,338	Financials	Capital Markets	United States
Waste Connections	0.24%	-0.17	$1,078,276.10	11,330	Industrials & Business Services	Commercial Services & Supplies	United States
Sumitomo Metal Mining	0.21%	-0.10	$958,310.34	32,000	Materials	Metals & Mining	Japan
Galp Energia Sgps	0.21%	-0.03	$949,944.54	62,511	Energy	Oil, Gas & Consumable Fuels	Portugal
Suofeiya Home Collection	0.19%	-0.18	$869,228.54	321,702	Consumer Discretionary	Household Durables	China
BIM Birlesik Magazalar	0.18%	-0.01	$829,071.77	60,065	Consumer Staples	Food & Staples Retailing	Turkey
Hang Lung Properties	0.17%	-0.02	$761,056.48	320,000	Real Estate	Real Estate Management & Development	Hong Kong
Central Pattana	0.17%	-0.01	$760,896.52	311,600	Real Estate	Real Estate Management & Development	Thailand
Rolls-Royce	0.00%	N/A	$14,987.70	11,789,266	Industrials & Business Services	Aerospace & Defense	United Kingdom

N/A indicates Not Available.

Numbers may not add due to rounding and/or the exclusion of reserves and other assets.

Sector Diversification (30-Sep-2019)

Monthly as of:

Sector Diversification	% of Fund	% of Indicative Benchmark
Consumer Discretionary	13.82%	10.84%
Information Technology	18.23%	16.32%
Consumer Staples	10.22%	8.63%
Industrials & Business Services	11.08%	10.43%
Utilities	4.08%	3.50%
Health Care	11.17%	11.30%
Materials	4.27%	4.68%
Real Estate	2.60%	3.34%
Communication Services	7.91%	8.77%
Financials	14.41%	16.73%
Energy	1.98%	5.46%

Numbers may not add due to rounding and/or the exclusion of reserves and other assets.

T. Rowe Price uses the MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. T. Rowe Price will adhere to all updates to GICS for prospective reporting.

Sector Attribution - Top and Bottom Five by Total Value Added (30-Sep-2019)

Data as of:

Sector	Total Value Added %	Value from Sector Weight %	Value from Stock Selection %
Materials	0.44%	0.08%	0.36%
Health Care	0.35%	0.01%	0.33%
Utilities	0.21%	0.02%	0.19%
Industrials & Business Services	0.11%	0.02%	0.10%
Energy	0.09%	0.18%	-0.09%
Consumer Staples	-0.13%	0.04%	-0.17%
Financials	-0.15%	-0.01%	-0.14%
Communication Services	-0.27%	0.02%	-0.29%
Information Technology	-0.79%	0.01%	-0.80%
Consumer Discretionary	-1.08%	-0.01%	-1.07%
Total	-1.28%	0.33%	-1.60%

Past performance is not a reliable indicator of future performance.

Numbers may not add to 100% due to rounding; all numbers are percentages.

Analysis represents the total performance of the portfolio as calculated by the FactSet attribution model and is inclusive of other assets that that will not receive a classification assignment in the detailed structure shown. Returns will not match official T. Rowe Price performance because FactSet uses different exchange rate sources and does not capture intra-day trading. Performance for each security is obtained in the local currency and, if necessary, is converted using an exchange rate determined by an independent third party. Figures are shown with gross dividends reinvested.

Sources: Financial data and analytics provider FactSet. Copyright 2019 FactSet. All Rights Reserved. MSCI/S&P GICS Sectors; Analysis by T. Rowe Price Associates, Inc. T. Rowe Price uses the current MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. T. Rowe Price will adhere to all updates to GICS for prospective reporting.

Figures are shown gross of fees. Returns would be lower as a result of the deduction of such fees.

30-Jun-2019 - Scott Berg, Portfolio Manager,