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SICAV

Global Growth Equity Fund

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

ISIN LU0382933546 WKN A1H8DJ

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

13.43%
$353.3m

1YR Return
(View Total Returns)

Manager Tenure

18.73%
9yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

1.11
5.09%

Inception Date 11-Mar-2011

Performance figures calculated in USD

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R. Scott Berg
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.

 

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 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 S)

Annualised Performance

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Fund % 18.73% 13.43% 10.93% 11.09%
Indicative Benchmark % 5.43% 5.19% 5.29% 6.79%
Excess Return % 13.30% 8.24% 5.64% 4.30%

Inception Date 11-Mar-2011

Indicative Benchmark: MSCI All Country World Index Net

Data as of  31-May-2020

Performance figures calculated in USD

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Fund % -6.39% 8.00% 6.77% 8.68%
Indicative Benchmark % -11.26% 1.50% 2.85% 5.23%
Excess Return % 4.87% 6.50% 3.92% 3.45%

Inception Date 11-Mar-2011

Indicative Benchmark: MSCI All Country World Index Net

Data as of  31-Mar-2020

Performance figures calculated in USD

Recent Performance

  Month to DateData as of 06-Jul-2020 Quarter to DateData as of 06-Jul-2020 Year to DateData as of 06-Jul-2020 1 MonthData as of 31-May-2020 3 MonthsData as of 31-May-2020
Fund % 4.94% 4.94% 14.61% 7.90% 10.38%
Indicative Benchmark % 3.34% 3.34% -3.12% 4.35% -0.07%
Excess Return % 1.60% 1.60% 17.73% 3.55% 10.45%

Inception Date 11-Mar-2011

Indicative Benchmark: MSCI All Country World Index Net

Indicative Benchmark: MSCI All Country World Index Net

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. 

Please note that no management fees are charged to the S and J share classes. No administration agent fees are charged to the J class. Fee arrangements for the S and J classes are made directly with the investment manager. Please see the prospectus for further information.

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
161
Largest Holding Amazon.com 3.31% Was (31-Dec-2019) 2.69%
Other View Full Holdings Quarterly data as of 31-Mar-2020
Top 10 Holdings 17.20% View Top 10 Holdings Monthly data as of 31-May-2020

Largest Top Contributor^

Amazon.com
By 2.38%
% of fund 3.29%

Largest Top Detractor^

Facebook
By -1.06%
% of fund 1.81%

^Absolute

Quarterly Data as of 31-Mar-2020

Top Purchase

Evotec
1.53%
Was (31-Dec-2019) 0.50%

Top Sale

Airbus
0.26%
Was (31-Dec-2019) 0.84%

Quarterly Data as of 31-Mar-2020

Sectors

Total
Sectors
11
Largest Sector Information Technology 23.09% Was (30-Apr-2020) 23.18%
Other View complete Sector Diversification

Monthly Data as of 31-May-2020

Indicative Benchmark: MSCI All Country World Index

Top Contributor^

Information Technology
Net Contribution 1.17%
Sector
0.34%
Selection 0.83%

Top Detractor^

Consumer Staples
Net Contribution -0.64%
Sector
-0.09%
Selection
-0.55%

^Relative

Quarterly Data as of 31-Mar-2020

Largest Overweight

Financials
By4.39%
Fund 17.99%
Indicative Benchmark 13.60%

Largest Underweight

Energy
By-3.02%
Fund 0.75%
Indicative Benchmark 3.78%

Monthly Data as of 31-May-2020

Countries

Total
Countries
27
Largest Country United States 52.47% Was (30-Apr-2020) 53.08%
Other View complete Country Diversification

Monthly Data as of 31-May-2020

Indicative Benchmark: MSCI All Country World Index

Largest Overweight

India
By3.64%
Fund 4.56%
Indicative Benchmark 0.92%

Largest Underweight

United States
By-5.67%
Fund 52.47%
Indicative Benchmark 58.14%

Monthly Data as of 31-May-2020

Currency

Total
Currencies
22
Largest Currency U.S. dollar 62.05% Was (30-Apr-2020) 63.23%
Other View complete Currency Diversification

Monthly Data as of 31-May-2020

Indicative Benchmark : MSCI All Country World Index

Largest Overweight

Indian rupee
By 3.69%
Fund 4.61%
Indicative Benchmark 0.92%

Largest Underweight

Japanese yen
By -5.08%
Fund 2.20%
Indicative Benchmark 7.28%

Monthly Data as of 31-May-2020

Team (As of 02-Jul-2020)

R. Scott Berg

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
    2011
  • Years at
    T. Rowe Price
    18
  • Years investment
    experience
    18
Harishankar Balkrishna

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
Samuel Ruiz
  • Years at
    T. Rowe Price
    <1 year
  • Years investment
    experience
    0
Laurence Taylor

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
    11
  • Years investment
    experience
    20

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 1.77%
Class I $2,500,000 $100,000 $0 0.00% 75 basis points 0.81%
Class Q $1,000 $100 $100 0.00% 75 basis points 0.92%
Class S $10,000,000 $0 $0 0.00% 0 basis points 0.06%

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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