Global Growth Equity Fund

Strategy

Manager's Outlook

The amount of volatility we have seen in markets through the first three months of the year has been striking. Investors have had to continually digest new information related to what is now being labeled as a global pandemic with the coronavirus outbreak and a monumental pullback in oil prices. The recent volatility we've experienced is understandable given markets are fearful of the unknown. However, while times like these are challenging for investors, we also believe they can help sharpen conviction in underlying investments.

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We have followed this tragic and evolving pandemic closely from its early stages in China's Hubei province, analyzing its implications for regional economies, economic sectors, and individual companies. The near-term economic outlook is highly uncertain, but it is incredibly encouraging to see that governments and central banks are willing to take swift and meaningful actions to ensure we avoid a worst-case scenario. The U.S. Federal Reserve and other major central banks have sharply lowered interest rates while also pledging a return to aggressive quantitative easing measures to help with credit markets. The largest ever U.S. fiscal stimulus package was signed into law with strong bipartisan support, which should help the unemployed as well as small business owners, and other countries are also implementing fiscal stimulus measures to support their economies. While a global recession now appears likely, we think these measures should help mitigate the stresses to global economies.

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In terms of the outlook for equities on a risk-adjusted basis, we have for some time viewed the world as a shade of gray as opposed to black or white. We reduced the degree of potential risk within the portfolio coming into 2020 to maintain a balanced portfolio and account for the mosaic of risk and return opportunities. We are comfortable with the durability and medium-term growth prospects for many of our holdings and have not made any wholesale or strategic changes. Most of our recent trades have been repositioning the portfolio on the margin into high-quality businesses that were trading at much more reasonable valuations.

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While we certainly do not want to underestimate the near-term impact from the coronavirus outbreak, history shows that events like this tend to offer opportunities for investors that have a long-term orientation. We are likely to see more volatility in the coming weeks and months until we obtain more certainty around the outbreak's economic impact, but it should not alter the long-term fundamental thesis of many of the companies we own. Regardless of how long this challenging period lasts, we anchor our decisions in fundamental research and thoughtful analysis, as we seek to best position the portfolio for potential risks and opportunities.

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 %	3.25%	10.95%	8.65%	9.54%	14.40%
Indicative Benchmark %	-4.96%	4.46%	4.37%	6.94%	10.17%
Excess Return %	8.21%	6.49%	4.28%	2.60%	4.23%

	1 YR	3 YR Annualised	5 YR Annualised	10 YR Annualised
Fund %	-7.07%	7.20%	5.98%	8.07%
Indicative Benchmark %	-11.26%	1.50%	2.85%	5.88%
Excess Return %	4.19%	5.70%	3.13%	2.19%

Recent Performance

	Month to DateData as of 03-Jun-2020	Quarter to DateData as of 03-Jun-2020	Year to DateData as of 03-Jun-2020	1 MonthData as of 30-Apr-2020	3 MonthsData as of 30-Apr-2020
Fund %	4.38%	29.41%	8.06%	14.96%	-6.80%
Indicative Benchmark %	3.82%	19.94%	-5.69%	10.71%	-11.97%
Excess Return %	0.56%	9.47%	13.75%	4.25%	5.17%

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.

30-Apr-2020 - Scott Berg, Portfolio Manager,

Global equities rebounded in April following several months of losses as slowing coronavirus infection rates in a number of global hot spots and massive monetary and fiscal stimulus efforts helped support investor optimism. At the portfolio level, our holdings in consumer discretionary contributed the most to relative returns. European retailer ASOS spiked after reporting strong first-half earnings results, with impressive revenue and sales growth. Investors were also encouraged by the company’s decision to issue a capital raise in order to improve its balance sheet, which many interpreted as a sign that the firm was in a strong position to weather the challenges from the coronavirus pandemic. We think ASOS’ underlying fundamentals remain strong and that the firm is well positioned to benefit on the other side of the pandemic due to its differentiating fashion positioning, sophisticated website, and attractive own brand offer. Conversely, industrials and business services hurt relative results. General Electric fell as investors anticipated a tough quarterly earnings announcement. The firm is particularly vulnerable to negative effects from the coronavirus pandemic, with sizeable debt and an Aviation division that represents a large portion of sales and earnings. We reduced our position size in light of the stock’s changing risk/reward profile.

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 16.81% View Top 10 Holdings Monthly data as of 30-Apr-2020

Largest Top Contributor^

Amazon.com

By 2.38%

% of fund 3.29%

Largest Top Detractor^

Facebook

By -1.06%

% of fund 1.81%

Top Purchase

Evotec

1.53%

Was (31-Dec-2019) 0.50%

Top Sale

Airbus

0.26%

Was (31-Dec-2019) 0.84%

31-Mar-2020 - Scott Berg, Portfolio Manager,

Even in the face of the acute market sell-off and high volatility that we saw during the quarter, we always focus on building the portfolio from the bottom up. Moving into 2020, we had already reduced the degree of potential risk within the portfolio and were "playing it down the middle of the fairway" to maintain a balanced portfolio and account for the mosaic of risk and return opportunities that we were seeing in the market. While the coronavirus outbreak was a shock to the global financial system and there remains significant uncertainty, we gradually started to add more risk to the portfolio, buying names we want to own on the other side of the pandemic at very cheap prices. We remain largely sector neutral, with most of our recent trades aimed at repositioning the portfolio on the margin into high-quality businesses that are trading at a compelling discount but still have the potential for robust returns over a two- to three-year time horizon.

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Our allocations to health care, information technology, and financials increased, while exposure to consumer discretionary and utilities decreased. Regionally, our allocation to North America increased, while exposure to Pacific ex-Japan decreased. Within emerging markets, we continue to favor what we consider the more fertile and demographically advantaged regions, such as India, Indonesia, the Philippines, Peru, and Vietnam. Our exposure to China is very purposeful in areas such as artificial intelligence and health care, which we think offer long-term growth potential.

Financials

Traditional developed market financials are facing a difficult environment as leading central banks have cut rates and ramped up quantitative easing measures to help counteract the negative economic impact from the coronavirus. Therefore, we retain a focus on commercial banks in fertile emerging market economies. However, we also have exposure to nontraditional financials like security exchanges that have low correlation to the rest of the portfolio and provide support with volatility, private equity firms that benefit from low rates but are still levered to real assets, and online brokerages that don't have the credit risk exposure of banks.

We initiated a position in Wells Fargo. The company has experienced some high-profile challenges in the past few years and is therefore trading at a discounted valuation compared with peers. With a new CEO and relatively solid fundamentals, we think the market is underestimating Wells Fargo's growth potential.
We started a position in electronic fixed income trading platform Tradeweb Markets. Fixed income is one of the last groups of securities markets to go electronic, providing a long runway for growth in the industry. We think the firm should benefit from increased adoption of electronic fixed income trading, global bond issuance growth, and greater demand for data and analytics. The company has a history of strong revenue growth and a top-notch management team.

Health Care

While the health care sector has not been immune from the broad market sell-off, the long-term secular tailwinds for the sector remain in place. With political and regulatory noise heating up in the U.S. ahead of the 2020 presidential election, we had already been adjusting the portfolio to limit our exposure to areas that are more highly correlated to such an environment. We have largely focused our health care exposure in life sciences tools and equipment and supplies related to biologics. This crisis should lead a number of emerging markets countries to improve and modernize their health care systems, especially China. We think the crisis could also be a catalyst for developed economies that have been falling behind to revamp their systems.

Evotec is a core holding in the portfolio, and we took up our position meaningfully during the quarter. Evotec is a large European contract research organization, which provides support to the pharmaceutical, biotechnology, and medical device industries in the form of research services outsourced on a contract basis. The company has been producing solid double-digit earnings growth, which we think will continue, driven by secular tailwinds and deeper customer penetration as end-market businesses choose to outsource these services more often.
We initiated a position in Thermo Fisher Scientific, a diversified medical diagnostic and biologics company. In our view, Thermo Fisher Scientific is a high-quality, durable growth company with a compelling portfolio of offerings on the forefront of medical advances and research, including the discovery and production of new drugs, vaccines, and disease diagnosis. The stock came down amid widespread volatility, and we took the opportunity to start a position at an attractive valuation.
We eliminated our position in global medical technology firm Becton, Dickinson and Company. The stock has held up well amid recent volatility, and we chose to reallocate funds to names with greater upside potential.

Information Technology

Advancements in areas like artificial intelligence (AI) and enterprise software are not only affecting technology companies, but also reshaping more traditional industries once viewed as less susceptible to business model disruption. Despite the near-term uncertainty and volatility created by the coronavirus outbreak, the powerful long-run trends that we believe will drive value creation in the technology sector should remain in play. Aftereffects from the virus outbreak could also result in lasting behavioral changes, with more people working remotely and payment methods skewing more digitally. As a result, software and electronic payments are areas of focus for our sector exposure, but we also remain positioned to benefit from increasing AI adoption as well as the growing technology consumption in emerging markets.

We initiated a position in Global Payments. We think the firm is a well-managed, high-quality payments business that benefits from secular tailwinds of cash-to-card conversions and a shift to faster-growth, technology-enabled distribution channels. We think Global Payments can drive double-digits earnings growth over the next few years, especially as it unlocks synergies from its recent takeover of Total Systems Services.
Datadog is a fast-growing, cloud native monitoring company. The firm began by monitoring the performance of physical IT infrastructure in distributed public, hybrid, and private cloud environments and has since branched out to application performance management and other areas that should expand the company's total addressable market. Monitoring services are becoming increasingly important as companies' IT infrastructure becomes more complex, and Datadog's best-in-class software should help it outperform over the long term.

Consumer Discretionary

The consumer discretionary sector has become increasingly challenged as market disruption, driven in part by rapid changes in consumer behavior and e-commerce, has led to a more dramatic demarcation between winners and losers. Given the polarized structure of the sector, our focus is on high-quality names that we believe are on the right side of change and have dominant market positions. Our holdings are tilted toward online and e-commerce.

We trimmed our position in electric automaker Tesla. The stock held up well compared with peers in an extremely volatile period, so we elected to reallocate a portion of funds to high conviction names with compelling valuations. We continue to believe Tesla is a highly differentiated innovator that will continue to disrupt the automobile industry.
We exited our position in China's dominant online travel agency Trip.com. The coronavirus outbreak represents a significant headwind to the firm's business as travel remains restricted worldwide and most likely will for some time. Thus, we chose to move on the from the stock and reallocate to names where we have greater conviction.

Sectors

Total
Sectors

Largest Sector Information Technology 23.18% Was (31-Mar-2020) 22.99%

Other View complete Sector Diversification

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%

Largest Overweight

Information Technology

By23.18%

Fund 23.18%

Indicative Benchmark 0.00%

Largest Underweight

N/A

30-Apr-2020 - Scott Berg, Portfolio Manager,

Advancements in areas like artificial intelligence (AI) and enterprise software are not only affecting technology companies, but also reshaping more traditional industries once viewed as less susceptible to business model disruption. Despite the near-term uncertainty and volatility created by the coronavirus outbreak, the powerful long-run trends that we believe will drive value creation in the technology sector remain in play. Meanwhile, the aftereffects from the virus outbreak could also result in lasting behavioural changes with more people working remotely and payment methods skewing more digitally. As a result, software and electronic payments are areas of focus within our IT sector exposure. We believe we also remain positioned to benefit from increasing AI adoption as well as the growing technology consumption in emerging markets.

Countries

Total
Countries

Largest Country United States 53.08% Was (31-Mar-2020) 53.02%

Other View complete Country Diversification

Top Contributor

N/A

Top Detractor

N/A

Largest Overweight

United States

By53.08%

Fund 53.08%

Indicative Benchmark 0.00%

Largest Underweight

N/A

Currency

Total
Currencies

Largest Currency U.S. dollar 63.23% Was (31-Mar-2020) 63.56%

Other View complete Currency Diversification

Largest Overweight

U.S. dollar

By 63.23%

Fund 63.23%

Indicative Benchmark 0.00%

Largest Underweight

Mexican peso

By 0.00%

Fund 0.00%

Indicative Benchmark 0.00%

Team (As of 21-May-2020)

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
27
Years investment
experience
27

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
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.

Portfolio Characteristics

as of 30-Apr-2020

Characteristic	Fund
Projected Earnings Growth Rate (IBES)	12.5%
Price to Earnings (Current Fiscal Year)	28.5x
Return on Equity (Current Fiscal Year)	14.6%
Price to Book	4.9x
Investment Weighted Median Market Cap (USD mm)	34,575
Investment Weighted Average Market Cap (USD mm)	165,586
Number of Holdings	165
Top 20 Holdings as % of Total	26.8%
Portfolio Holdings Turnover (12 Months)	80.1%
Percent of Portfolio in Cash	0.6%
Active Share Percentage	79.04%

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-Apr-2020

Risk/Return (5 Years)	Fund	Indicative Benchmark
Alpha	4.06%	0.00%
Beta	1.07	1.00
R-Squared	0.91	1.00
Annualized Std. Deviation	16.03%	14.29%
Information Ratio	0.88	0.00
Sharpe Ratio	0.46	0.22
Tracking Error	4.88%	0.00%

Past performance is not a reliable indicator of future performance.

Statistics based on monthly net returns of the Fund's Class I shares.

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

Calendar Year Performance (Class I)

2010	2011	2012	2013	2014	2015	2016	2017	2018	2019
13.54%	-11.00%	20.94%	20.93%	9.12%	1.13%	2.51%	34.34%	-7.60%	30.40%	Fund
12.67%	-7.35%	16.13%	22.80%	4.16%	-2.36%	7.86%	23.97%	-9.41%	26.60%	Indicative Benchmark
0.87%	-3.65%	4.81%	-1.87%	4.96%	3.49%	-5.35%	10.37%	1.81%	3.80%	Value added

Fund
Indicative Benchmark

Index returns shown with reinvestment of dividends after the deduction of withholding taxes.

Purchases - 10 Largest (31-Mar-2020)

Quarterly as of:

Major Purchases	% of Fund	Previous Quarter Change	Industry	Country
Wells Fargo (N)	0.92%	0.92%	Banks	United States
Evotec	1.53%	1.03%	Life Sciences Tools & Services	Germany
Global Payments (N)	1.02%	1.02%	IT Services	United States
Amazon.com	3.25%	0.56%	Internet & Direct Marketing Retail	United States
Coupa Software (N)	0.52%	0.52%	Software	United States
AbbVie (N)	0.43%	0.43%	Biotechnology	United States
Datadog (N)	0.58%	0.58%	Software	United States
Swedbank (N)	0.33%	0.33%	Banks	Sweden
Thermo Fisher Scientific (N)	0.63%	0.63%	Life Sciences Tools & Services	United States
Tradeweb Markets (N)	0.49%	0.49%	Capital Markets	United States

(N) New Position.

31-Mar-2020 - Scott Berg, Portfolio Manager,

We initiated a position in Wells Fargo. The company has experienced some high-profile challenges in the past few years and is therefore trading at a discounted valuation compared with peers. With a new CEO and relatively solid fundamentals, we think the market is underestimating Wells Fargo's growth potential.
We started a position in electronic fixed income trading platform Tradeweb Markets. Fixed income is one of the last groups of securities markets to go electronic, providing a long runway for growth in the industry. We think the firm should benefit from increased adoption of electronic fixed income trading, global bond issuance growth, and greater demand for data and analytics. The company has a history of strong revenue growth and a top-notch management team.
Evotec is a core holding in the portfolio, and we took up our position meaningfully during the quarter. Evotec is a large European contract research organization, which provides support to the pharmaceutical, biotechnology, and medical device industries in the form of research services outsourced on a contract basis. The company has been producing solid double-digit earnings growth, which we think will continue, driven by secular tailwinds and deeper customer penetration as end-market businesses choose to outsource these services more often.
We initiated a position in Thermo Fisher Scientific, a diversified medical diagnostic and biologics company. In our view, Thermo Fisher Scientific is a high-quality, durable growth company with a compelling portfolio of offerings on the forefront of medical advances and research, including the discovery and production of new drugs, vaccines, and disease diagnosis. The stock came down amid widespread volatility, and we took the opportunity to start a position at an attractive valuation.
We eliminated our position in global medical technology firm Becton, Dickinson and Company. The stock has held up well amid recent volatility, and we chose to reallocate funds to names with greater upside potential.
We initiated a position in Global Payments. We think the firm is a well-managed, high-quality payments business that benefits from secular tailwinds of cash-to-card conversions and a shift to faster-growth, technology-enabled distribution channels. We think Global Payments can drive double-digits earnings growth over the next few years, especially as it unlocks synergies from its recent takeover of Total Systems Services.
Datadog is a fast-growing, cloud native monitoring company. The firm began by monitoring the performance of physical IT infrastructure in distributed public, hybrid, and private cloud environments and has since branched out to application performance management and other areas that should expand the company's total addressable market. Monitoring services are becoming increasingly important as companies' IT infrastructure becomes more complex, and Datadog's best-in-class software should help it outperform over the long term.
We trimmed our position in electric automaker Tesla. The stock held up well compared with peers in an extremely volatile period, so we elected to reallocate a portion of funds to high conviction names with compelling valuations. We continue to believe Tesla is a highly differentiated innovator that will continue to disrupt the automobile industry.
We exited our position in China's dominant online travel agency Trip.com. The coronavirus outbreak represents a significant headwind to the firm's business as travel remains restricted worldwide and most likely will for some time. Thus, we chose to move on the from the stock and reallocate to names where we have greater conviction.

Sales - 10 Largest (31-Mar-2020)

Major Sales	% of Fund	Previous Quarter Change	Industry	Country
Tesla	0.58%	-0.56%	Automobiles	United States
GE	1.03%	-0.13%	Industrial Conglomerates	United States
Eversource Energy (E)	0.00%	-0.58%	Electric Utilities	United States
Boeing	0.44%	-0.22%	Aerospace & Defense	United States
Kotak Mahindra Bank	0.71%	-0.39%	Banks	India
NextEra Energy	0.90%	-0.43%	Electric Utilities	United States
Airbus	0.26%	-0.58%	Aerospace & Defense	France
JPMorgan Chase (E)	0.00%	-0.51%	Banks	United States
HDFC Bank	0.61%	-0.40%	Banks	India
Samsung Electronics	0.24%	-0.36%	Technology Hardware, Storage & Peripherals	South Korea

(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 (31-Mar-2020)

Quarterly as of:

Contributors	% of Fund	Industry	Country
Tesla	0.59%	Automobiles	United States
Amazon.com	3.29%	Internet & Direct Marketing Retail	United States
Zoom Video Communications	0.00%	Software	United States
Atlassian	0.59%	Software	United States
Shopify	0.62%	IT Services	Canada
ServiceNow	0.84%	Software	United States
Netflix	0.76%	Entertainment	United States
DocuSign	0.83%	Software	United States
Glodon	0.52%	Software	China
NextEra Energy	0.91%	Electric Utilities	United States

31-Mar-2020 - Scott Berg, Portfolio Manager,

Shares of video conferencing solutions firm Zoom Video Communications spiked on anticipation that the coronavirus outbreak could drive up demand as businesses deploy contingency plans like working from home. We think Zoom Video has an outstanding product with better technology than competitors that can address a widespread pain point (unreliable video conferencing from work and home); however, with the stock experiencing such a strong runup in a short period of time, we chose to exit our position and reallocate funds to names with greater upside potential.
Veeva Systems is a software company that provides cloud-based services primarily to the life sciences and other health care industries in both the commercial and clinical business segments. Shares rose over the period, driven by strong quarterly results released near the beginning of the period as well as investors' belief that Veeva's business would be resilient amid increasing health care demand. We think Veeva represents a durable, high-quality business with strong free cash flows and recurring revenue streams. The company is only just beginning to penetrate its end markets, meaning there is a long runway for growth.
Shares of Nestle Nigeria slumped amid negative currency effects and fears that the coronavirus outbreak could more severely affect emerging economies with fragile health care infrastructure and resources. There were also concerns that supply chain disruptions would be a headwind for the company. We believe these fears are overblown and think Nestle Nigeria is among the highest-quality and well-managed staples operating in the region, with a strong competitive moat and top-notch operational efficiency.

Detractors (31-Mar-2020)

Detractors	% of Fund	Industry	Country
ASOS	0.46%	Internet & Direct Marketing Retail	United Kingdom
Airbus	0.27%	Aerospace & Defense	France
Boeing	0.44%	Aerospace & Defense	United States
HDFC Bank	0.62%	Banks	India
Facebook	1.81%	Interactive Media & Services	United States
Jollibee Foods	0.31%	Hotels Restaurants & Leisure	Philippines
Bank Central Asia	0.75%	Banks	Indonesia
EOG Resources	0.30%	Oil, Gas & Consumable Fuels	United States
XP	0.51%	Capital Markets	Brazil
Concho Resources	0.30%	Oil, Gas & Consumable Fuels	United States

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

N/A indicates Not Available.

Holdings (31-Mar-2020)

Quarterly as of:

Company	% of Fund	Previous Qtr Change	Value (USD)	Shares	Sector	Industry	Country
Amazon.com	3.31%	0.62	$7,759,487.43	3,951	Consumer Discretionary	Internet & Direct Marketing Retail	United States
Alphabet Class C	2.46%	-0.29	$5,747,502.85	5,035	Communication Services	Interactive Media & Services	United States
Alibaba Group Holding	1.96%	-0.43	$4,594,673.16	23,679	Consumer Discretionary	Internet & Direct Marketing Retail	China
Facebook	1.81%	-0.14	$4,226,191.20	25,410	Communication Services	Interactive Media & Services	United States
Evotec	1.54%	1.05	$3,617,019.86	162,022	Health Care	Life Sciences Tools & Services	Germany
Microsoft	1.39%	-0.07	$3,252,475.80	20,510	Information Technology	Software	United States
Roper Technologies	1.35%	0.23	$3,171,320.64	10,188	Industrials & Business Services	Industrial Conglomerates	United States
Salesforce.com	1.28%	-0.07	$2,986,265.60	20,096	Information Technology	Software	United States
Danaher	1.27%	0.14	$2,976,030.72	21,528	Health Care	Health Care Equipment & Supplies	United States
Tencent Holdings	1.26%	0.03	$2,945,500.07	59,800	Communication Services	Interactive Media & Services	China
Apple	1.25%	-0.21	$2,933,868.85	11,495	Information Technology	Technology Hardware, Storage & Peripherals	United States
Visa	1.18%	0.06	$2,757,625.00	16,970	Information Technology	IT Services	United States
Sempra Energy	1.09%	-0.14	$2,547,898.62	22,054	Utilities	Multi-Utilities	United States
Zalando	1.08%	0.34	$2,533,293.83	67,840	Consumer Discretionary	Internet & Direct Marketing Retail	Germany
KKR	1.07%	0.51	$2,509,944.10	101,330	Financials	Capital Markets	United States
Global Payments	1.06%	N/A	$2,490,572.30	16,930	Information Technology	IT Services	United States
GE	1.05%	-0.12	$2,452,232.00	306,529	Industrials & Business Services	Industrial Conglomerates	United States
Charles Schwab	1.02%	0.30	$2,391,453.18	69,742	Financials	Capital Markets	United States
Sea	1.02%	0.25	$2,378,478.51	52,961	Communication Services	Entertainment	Singapore
SM Investments	0.99%	-0.16	$2,306,664.14	144,115	Industrials & Business Services	Industrial Conglomerates	Philippines
Cigna	0.97%	0.32	$2,262,179.26	12,926	Health Care	Health Care Providers & Services	United States
Wells Fargo	0.95%	N/A	$2,230,374.40	75,760	Financials	Banks	United States
Intuit	0.95%	0.15	$2,213,256.72	9,439	Information Technology	Software	United States
Intuitive Surgical	0.94%	0.13	$2,210,759.32	4,466	Health Care	Health Care Equipment & Supplies	United States
Adyen	0.93%	0.03	$2,183,421.33	2,590	Information Technology	IT Services	Netherlands
Stryker	0.93%	0.21	$2,179,521.00	13,350	Health Care	Health Care Equipment & Supplies	United States
Veeva Systems	0.93%	0.34	$2,177,278.74	13,923	Health Care	Health Care Technology	United States
NextEra Energy	0.93%	-0.40	$2,165,565.60	8,880	Utilities	Electric Utilities	United States
Brookfield Asset Management	0.92%	0.34	$2,160,200.60	49,580	Financials	Capital Markets	Canada
Experian	0.90%	-0.09	$2,111,405.28	76,176	Industrials & Business Services	Professional Services	United Kingdom
Bank Central Asia	0.90%	-0.33	$2,101,306.59	1,246,000	Financials	Banks	Indonesia
Kotak Mahindra Bank	0.87%	-0.23	$2,036,268.34	118,534	Financials	Banks	India
Keyence	0.86%	0.12	$2,010,263.93	6,300	Information Technology	Electronic Equip, Instr & Cmpts	Japan
ServiceNow	0.85%	-0.20	$1,980,198.00	6,850	Information Technology	Software	United States
Goldman Sachs	0.83%	0.28	$1,934,609.60	12,320	Financials	Capital Markets	United States
UnitedHealth Group	0.82%	0.23	$1,929,375.00	7,875	Health Care	Health Care Providers & Services	United States
Booking Holdings	0.82%	0.24	$1,922,385.76	1,424	Consumer Discretionary	Internet & Direct Marketing Retail	United States
Workday	0.81%	-0.11	$1,899,031.52	14,192	Information Technology	Software	United States
Morgan Stanley	0.81%	0.31	$1,893,513.40	55,060	Financials	Capital Markets	United States
DocuSign	0.79%	0.49	$1,841,862.27	20,513	Information Technology	Software	United States
Hexagon	0.79%	0.10	$1,841,440.52	43,778	Information Technology	Electronic Equip, Instr & Cmpts	Sweden
InRetail Peru	0.78%	-0.01	$1,820,468.75	58,255	Consumer Staples	Food & Staples Retailing	Peru
Netflix	0.77%	0.11	$1,806,404.80	4,790	Communication Services	Entertainment	United States
Lonza Group	0.75%	0.21	$1,762,189.60	4,259	Health Care	Life Sciences Tools & Services	Switzerland
HDFC Bank	0.75%	-0.27	$1,747,552.04	153,487	Financials	Banks	India
MercadoLibre	0.73%	-0.03	$1,713,785.06	3,562	Consumer Discretionary	Internet & Direct Marketing Retail	Argentina
Rentokil Initial	0.68%	-0.07	$1,588,053.67	332,456	Industrials & Business Services	Commercial Services & Supplies	United Kingdom
AIA Group	0.66%	0.16	$1,555,658.50	173,400	Financials	Insurance	Hong Kong
Splunk	0.66%	-0.16	$1,534,559.42	12,086	Information Technology	Software	United States
Infineon Technologies	0.65%	0.05	$1,517,845.40	105,165	Information Technology	Semiconductors & Semiconductor Equipment	Germany
Credicorp	0.65%	-0.05	$1,511,836.20	10,980	Financials	Banks	Peru
Thermo Fisher Scientific	0.64%	N/A	$1,489,752.00	5,280	Health Care	Life Sciences Tools & Services	United States
ASML Holding	0.63%	0.01	$1,480,821.65	5,635	Information Technology	Semiconductors & Semiconductor Equipment	Netherlands
Shopify	0.63%	-0.06	$1,467,613.44	3,438	Information Technology	IT Services	Canada
Masan	0.63%	0.02	$1,464,176.83	707,155	Consumer Staples	Food Products	Vietnam
Glodon	0.62%	0.21	$1,445,913.80	241,800	Information Technology	Software	China
Cadence Design Systems	0.61%	0.24	$1,424,024.00	21,550	Information Technology	Software	United States
Atlassian	0.60%	-0.11	$1,415,109.52	10,082	Information Technology	Software	United States
Gree Electric Appliances Inc of Zhuhai	0.60%	-0.14	$1,395,308.51	191,100	Consumer Discretionary	Household Durables	China
Vertex Pharmaceuticals	0.59%	-0.07	$1,383,030.54	5,958	Health Care	Biotechnology	United States
Nestle	0.58%	-0.14	$1,369,269.06	13,180	Consumer Staples	Food Products	Switzerland
Linde	0.58%	0.11	$1,368,483.20	7,960	Materials	Chemicals	United States
Chubb	0.58%	-0.30	$1,362,222.56	12,248	Financials	Insurance	United States
Hilton Worldwide Holdings	0.58%	-0.13	$1,351,218.60	19,515	Consumer Discretionary	Hotels Restaurants & Leisure	United States
Marriott	0.57%	-0.08	$1,333,822.49	17,479	Consumer Discretionary	Hotels Restaurants & Leisure	United States
Temenos	0.57%	0.26	$1,333,017.95	10,362	Information Technology	Software	Switzerland
Datadog	0.57%	N/A	$1,332,827.00	38,410	Information Technology	Software	United States
China Resources Beer Holdings	0.57%	0.04	$1,327,022.10	292,000	Consumer Staples	Beverages	China
Tesla	0.56%	-0.58	$1,320,335.01	2,553	Consumer Discretionary	Automobiles	United States
CoStar Group	0.56%	0.06	$1,311,162.75	2,235	Industrials & Business Services	Professional Services	United States
Amphenol	0.56%	-0.01	$1,309,238.70	17,270	Information Technology	Electronic Equip, Instr & Cmpts	United States
PayPal Holdings	0.56%	-0.03	$1,305,485.00	13,670	Information Technology	IT Services	United States
Coupa Software	0.55%	N/A	$1,293,737.20	8,860	Information Technology	Software	United States
ASOS	0.55%	-0.14	$1,284,907.59	86,663	Consumer Discretionary	Internet & Direct Marketing Retail	United Kingdom
Paycom Software	0.55%	0.10	$1,279,301.46	6,157	Information Technology	Software	United States
Fifth Third Bancorp	0.54%	N/A	$1,264,945.85	81,347	Financials	Banks	United States
Sumber Alfaria Trijaya	0.54%	-0.01	$1,263,846.72	25,789,700	Consumer Staples	Food & Staples Retailing	Indonesia
Prologis	0.53%	-0.19	$1,246,440.00	15,600	Real Estate	Equity Real Estate Investment Trusts (REITs)	United States
Teladoc Health	0.53%	N/A	$1,246,304.00	7,900	Health Care	Health Care Technology	United States
Ocado	0.53%	0.04	$1,232,872.71	81,117	Consumer Discretionary	Internet & Direct Marketing Retail	United Kingdom
Sartorius	0.52%	0.03	$1,215,402.35	5,007	Health Care	Health Care Equipment & Supplies	Germany
Boliden	0.51%	0.14	$1,188,278.79	67,819	Materials	Metals & Mining	Sweden
BDO Unibank	0.50%	-0.18	$1,171,312.87	577,311	Financials	Banks	Philippines
Housing Development Finance	0.50%	-0.18	$1,169,976.72	53,913	Financials	Thrifts & Mortgage Finance	India
Roche Holding	0.50%	-0.01	$1,166,340.69	3,575	Health Care	Pharmaceuticals	Switzerland
XP	0.50%	0.20	$1,160,875.80	57,186	Financials	Capital Markets	Brazil
Unilever	0.50%	-0.02	$1,160,208.93	23,308	Consumer Staples	Personal Products	United Kingdom
Okta	0.49%	0.20	$1,144,654.80	9,285	Information Technology	IT Services	United States
Tradeweb Markets	0.49%	N/A	$1,141,686.00	27,880	Financials	Capital Markets	United States
Koninklijke DSM	0.48%	0.03	$1,117,363.84	10,030	Materials	Chemicals	Netherlands
Farfetch	0.48%	0.03	$1,117,099.62	136,398	Consumer Discretionary	Internet & Direct Marketing Retail	United Kingdom
Britannia Industries	0.47%	-0.01	$1,102,577.82	30,949	Consumer Staples	Food Products	India
Estee Lauder	0.47%	-0.02	$1,098,929.70	6,810	Consumer Staples	Personal Products	United States
HCA Healthcare	0.46%	N/A	$1,084,676.40	12,060	Health Care	Health Care Providers & Services	United States
Boeing	0.46%	-0.20	$1,073,256.25	6,875	Industrials & Business Services	Aerospace & Defense	United States
Snap Inc.	0.46%	N/A	$1,072,289.78	88,327	Communication Services	Interactive Media & Services	United States
Ayala Land	0.46%	-0.16	$1,068,867.38	1,809,100	Real Estate	Real Estate Management & Development	Philippines
Daiichi Sankyo	0.45%	0.04	$1,052,481.50	15,400	Health Care	Pharmaceuticals	Japan
United Spirits	0.44%	-0.01	$1,038,446.36	161,227	Consumer Staples	Beverages	India
EssilorLuxottica	0.44%	-0.25	$1,036,683.82	9,612	Consumer Discretionary	Textiles, Apparel & Luxury Goods	France
Unilever Indonesia	0.44%	0.12	$1,024,380.42	2,314,400	Consumer Staples	Household Products	Indonesia
Havells India	0.44%	0.05	$1,023,823.85	160,556	Industrials & Business Services	Electrical Equipment	India
Godrej Consumer Products	0.44%	-0.02	$1,021,395.76	148,283	Consumer Staples	Personal Products	India
AbbVie	0.43%	N/A	$1,011,501.90	13,290	Health Care	Biotechnology	United States
Safran	0.43%	N/A	$1,004,390.59	11,098	Industrials & Business Services	Aerospace & Defense	France
Magazine Luiza	0.43%	-0.24	$996,313.27	123,268	Consumer Discretionary	Multiline Retail	Brazil
Zendesk	0.43%	N/A	$995,200.80	15,180	Information Technology	Software	United States
Eurofins Scientific	0.42%	0.08	$978,750.83	1,990	Health Care	Life Sciences Tools & Services	France
Zhongsheng Group Holdings	0.42%	N/A	$971,981.95	280,000	Consumer Discretionary	Specialty Retail	China
WuXi Biologics	0.41%	-0.21	$970,825.38	75,500	Health Care	Life Sciences Tools & Services	China
Galapagos	0.40%	N/A	$939,452.10	4,737	Health Care	Biotechnology	Belgium
Pidilite Industries	0.39%	-0.01	$924,253.54	51,397	Materials	Chemicals	India
Rio Tinto	0.39%	N/A	$921,182.75	20,417	Materials	Metals & Mining	United Kingdom
Kirkland Lake Gold	0.39%	N/A	$911,595.85	30,260	Materials	Metals & Mining	Canada
Agilent Technologies	0.39%	-0.20	$908,401.80	12,580	Health Care	Life Sciences Tools & Services	United States
Rolls-Royce	0.39%	0.03	$902,722.32	213,556	Industrials & Business Services	Aerospace & Defense	United Kingdom
CME Group	0.38%	-0.20	$890,485.60	5,240	Financials	Capital Markets	United States
MarketAxess Holdings	0.37%	0.16	$868,963.50	2,550	Financials	Capital Markets	United States
Dassault Systemes	0.37%	-0.14	$863,797.97	5,999	Information Technology	Software	France
StoneCo	0.37%	-0.06	$863,297.22	37,437	Information Technology	IT Services	Brazil
FleetCor Technologies	0.37%	-0.05	$858,915.82	4,447	Information Technology	IT Services	United States
Jollibee Foods	0.37%	-0.11	$854,915.07	410,770	Consumer Discretionary	Hotels Restaurants & Leisure	Philippines
Gartner	0.36%	-0.11	$840,395.85	7,935	Information Technology	IT Services	United States
Incyte	0.35%	N/A	$817,305.64	11,372	Health Care	Biotechnology	United States
Jiangsu Hengrui Medicine	0.35%	-0.10	$809,647.87	62,664	Health Care	Pharmaceuticals	China
London Stock Exchange	0.34%	N/A	$800,693.57	9,036	Financials	Capital Markets	United Kingdom
Alnylam Pharmaceuticals	0.34%	N/A	$796,639.80	7,260	Health Care	Biotechnology	United States
CP ALL	0.34%	-0.02	$790,003.37	426,000	Consumer Staples	Food & Staples Retailing	Thailand
PACCAR	0.33%	N/A	$783,363.60	13,030	Industrials & Business Services	Machinery	United States
Swedbank	0.32%	N/A	$749,538.39	69,659	Financials	Banks	Sweden
James Hardie Industries	0.32%	-0.17	$745,726.23	64,996	Materials	Construction Materials	Australia
EOG Resources	0.31%	-0.07	$732,000.00	19,520	Energy	Oil, Gas & Consumable Fuels	United States
Ulker Biskuvi Sanayi	0.31%	-0.05	$720,147.36	242,156	Consumer Staples	Food Products	Turkey
Heineken	0.31%	-0.11	$719,532.49	8,867	Consumer Staples	Beverages	Netherlands
Concho Resources	0.31%	-0.19	$719,468.00	16,400	Energy	Oil, Gas & Consumable Fuels	United States
Diageo	0.30%	-0.10	$706,829.37	22,625	Consumer Staples	Beverages	United Kingdom
Samsung Electronics	0.29%	-0.31	$678,402.19	17,462	Information Technology	Technology Hardware, Storage & Peripherals	South Korea
Fiserv	0.29%	N/A	$677,824.00	7,120	Information Technology	IT Services	United States
E*TRADE Financial	0.28%	-0.16	$666,228.50	19,150	Financials	Capital Markets	United States
Naspers	0.28%	N/A	$654,942.11	4,646	Consumer Discretionary	Internet & Direct Marketing Retail	South Africa
Airbus	0.27%	-0.57	$633,686.61	9,632	Industrials & Business Services	Aerospace & Defense	France
HomeServe	0.26%	-0.06	$609,963.91	47,870	Industrials & Business Services	Commercial Services & Supplies	United Kingdom
Marsh & McLennan	0.26%	-0.18	$609,793.00	6,950	Financials	Insurance	United States
Axis Bank	0.25%	-0.15	$580,972.55	115,979	Financials	Banks	India
Sumitomo Metal Mining	0.25%	-0.12	$576,338.49	28,400	Materials	Metals & Mining	Japan
Galaxy Entertainment	0.25%	-0.15	$574,167.76	109,000	Consumer Discretionary	Hotels Restaurants & Leisure	Hong Kong
FANUC	0.23%	-0.13	$548,316.40	4,100	Industrials & Business Services	Machinery	Japan
Symrise	0.23%	-0.24	$537,191.68	5,883	Materials	Chemicals	Germany
Recruit Holdings	0.22%	-0.10	$522,287.69	20,600	Industrials & Business Services	Professional Services	Japan
Kalbe Farma	0.22%	-0.07	$517,044.69	7,040,000	Health Care	Pharmaceuticals	Indonesia
Umicore	0.20%	-0.24	$479,393.86	13,655	Materials	Chemicals	Belgium
HDFC Asset Management	0.20%	-0.06	$475,056.61	16,963	Financials	Capital Markets	India
Military Commercial Joint Stock Bank	0.19%	-0.06	$448,706.20	734,875	Financials	Banks	Vietnam
Dexcom	0.19%	N/A	$446,080.00	1,640	Health Care	Health Care Equipment & Supplies	United States
SOFTBANK GROUP CORP	0.19%	-0.26	$434,551.17	12,600	Communication Services	Wireless Telecommunication Services	Japan
Sanlam	0.18%	-0.12	$411,500.07	143,031	Financials	Insurance	South Africa
Concentradora Fibra Danhos	0.16%	-0.26	$376,642.83	460,893	Real Estate	Equity Real Estate Investment Trusts (REITs)	Mexico
Teamviewer	0.16%	N/A	$363,754.51	8,879	Information Technology	Software	Germany
Humana	0.15%	N/A	$352,026.50	1,150	Health Care	Health Care Providers & Services	United States
Nestle Foods Nigeria	0.15%	-0.21	$349,852.83	178,210	Consumer Staples	Food Products	Nigeria
Teledyne Technologies	0.04%	N/A	$105,272.64	352	Industrials & Business Services	Aerospace & Defense	United States

N/A indicates Not Available.

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

Sector Diversification (30-Apr-2020)

Monthly as of:

Sector Diversification	% of Fund	% of Indicative Benchmark
Information Technology	23.18%	0.00%
Financials	18.03%	0.00%
Consumer Discretionary	14.75%	0.00%
Health Care	13.67%	0.00%
Communication Services	7.96%	0.00%
Industrials & Business Services	7.24%	0.00%
Consumer Staples	6.16%	0.00%
Materials	4.65%	0.00%
Utilities	1.69%	0.00%
Real Estate	1.26%	0.00%
Energy	0.80%	0.00%

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 (31-Mar-2020)

Representative Portfolio vs Benchmark
Data as of:

Sector	Total Value Added %	Value from Sector Weight %	Value from Stock Selection %
Information Technology	1.17%	0.34%	0.83%
Health Care	0.88%	0.30%	0.57%
Energy	0.86%	0.97%	-0.11%
Financials	0.76%	0.17%	0.60%
Communication Services	0.67%	-0.08%	0.74%
Materials	0.22%	0.02%	0.20%
Industrials & Business Services	0.03%	-0.01%	0.04%
Utilities	0.01%	-0.08%	0.09%
Real Estate	-0.12%	-0.01%	-0.11%
Consumer Staples	-0.64%	-0.09%	-0.55%
Total	4.50%	1.57%	2.92%

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.

31-Mar-2020 - Scott Berg, Portfolio Manager,

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