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Strategy

Global Focused Growth Equity

The Global Focused Growth Equity Composite seeks long-term capital appreciation primarily through investment in established companies operating in developed markets throughout the world, with faster earnings growth and reasonable valuation levels relative to market/sector averages. Further, the strategy seeks to buy companies where there is insight about improving economic returns of the business that are not fully reflected in their valuation.

3YR Return Annualised (Net)
(View Total Returns)

Tracking Error
(5 Years)

9.54%
5.40%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

-3.43%
1.23

Inception Date 31-Jan-1996

Performance figures calculated in USD

Other Literature

David J. Eiswert
David J. Eiswert, Lead Portfolio Manager

David Eiswert is a portfolio manager in the U.S. Equity Division of T. Rowe Price. He is the portfolio manager for the Global Focused Growth Equity Strategy, a role he has held since October 1, 2012. Prior to his current role, Mr. Eiswert was the portfolio manager for the Global Technology Strategy from October 2008 until May 2012. He was a technology analyst from 2003 until 2012. Mr. Eiswert is a vice president of T. Rowe Price Group, Inc.

 

Strategy

Investment Approach

  • Single decision maker provides clear accountability.
  • Identify “best ideas” by assessing companies in a global sector context, using bottom-up approach to create focused, high-conviction portfolio.
  • Global research platform uses fundamental analysis to identify companies with superior and sustainable growth prospects, and improving fundamentals.
  • Macroeconomic and local market factors are integrated in stock selection decisions.
  • Valuation appeal is measured against local market and broad sector opportunity set.
  • Broad range of stocks across all capitalizations, incorporating developed and emerging markets.

Portfolio Construction

  • Number of holdings: typically 60-80 stocks
  • Individual positions: Typically 0.5%-5.0%
  • Emerging markets exposure: +/-15% of benchmark
  • Broad sector ranges: +/-15% of benchmark
  • Country ranges: +/-10% of benchmark (USA is +/-20%)
  • Currency hedging: Currency views incorporated in stock selection
  • Cash target range: Typically less than 5%, maximum 10%
  • Expected tracking error: 400 to 800 basis points
  • Primary benchmark is MSCI AC World Index and secondary benchmark is MSCI World Index.

Holdings

Total
Holdings
80
Largest Holding Amazon.com 3.40% Was (31-Dec-2019) 1.96%
Other View Full Holdings Quarterly data as of 31-Mar-2020
Top 10 Holdings 25.38% View Top 10 Holdings Monthly data as of 31-Mar-2020

Top Purchase

UnitedHealth Group (N)
2.00%
Was (31-Dec-2019) 0.00%

Top Sale

Tencent Holdings (E)
0.00%
Was (31-Dec-2019) 2.63%

Quarterly Data as of 31-Mar-2020

Sectors

Total
Sectors
10
Largest Sector Information Technology 36.61% Was (31-Dec-2019) 33.86%
Other View complete Sector Diversification

Monthly Data as of 31-Mar-2020

Benchmark: MSCI All Country World Index

Top Contributor^

Information Technology
Net Contribution 1.61%
Sector
1.47%
Selection 0.14%

Top Detractor^

Consumer Staples
Net Contribution -0.87%
Sector
-0.65%
Selection
-0.22%

^Relative

Quarterly Data as of 31-Mar-2020

Largest Overweight

Information Technology
By17.74%
Portfolio 36.61%
Benchmark 18.87%

Largest Underweight

Consumer Staples
By-7.01%
Portfolio 1.85%
Benchmark 8.86%

Monthly Data as of 31-Mar-2020

Regions

Total
Regions
5
Largest Region North America 54.41% Was (31-Dec-2019) 48.59%
Other View complete Region Diversification

Monthly Data as of 31-Mar-2020

Benchmark: MSCI All Country World Index

Top Contributor^

United States
Net Contribution 2.78%
Region
-0.21%
Selection 2.99%

Top Detractor

N/A

^Relative

Quarterly Data as of 31-Mar-2020

Largest Overweight

Europe
By3.05%
Portfolio 21.49%
Benchmark 18.44%

Largest Underweight

North America
By-4.78%
Portfolio 54.41%
Benchmark 59.19%

Monthly Data as of 31-Mar-2020

Countries

Total
Countries
22
Largest Country United States 53.43% Was (31-Dec-2019) 47.93%
Other View complete Country Diversification

Monthly Data as of 31-Mar-2020

Benchmark: MSCI All Country World Index

Largest Overweight

Italy
By2.27%
Portfolio 2.88%
Benchmark 0.61%

Largest Underweight

United States
By-3.03%
Portfolio 53.43%
Benchmark 56.46%

Monthly Data as of 31-Mar-2020

Currency

Total
Currencies
15
Largest Currency U.S. dollar 64.71% Was (31-Dec-2019) 58.99%
Other View complete Currency Diversification

Monthly Data as of 31-Mar-2020

Benchmark : MSCI All Country World Index

Largest Overweight

U.S. dollar
By 6.38%
Portfolio 64.71%
Benchmark 58.33%

Largest Underweight

Canadian dollar
By -2.74%
Portfolio 0.00%
Benchmark 2.74%

Monthly Data as of 31-Mar-2020

Team (As of 21-May-2020)

David J. Eiswert

David Eiswert is a portfolio manager in the U.S. Equity Division of T. Rowe Price. He is the portfolio manager for the Global Focused Growth Equity Strategy, a role he has held since October 1, 2012. Prior to his current role, Mr. Eiswert was the portfolio manager for the Global Technology Strategy from October 2008 until May 2012. He was a technology analyst from 2003 until 2012. Mr. Eiswert is a vice president of T. Rowe Price Group, Inc.

Mr. Eiswert has 19 years of investment experience, 16 of which have been with T. Rowe Price. Prior to joining the firm in 2003, he was an analyst at Mellon Growth Advisors and Fidelity Management and Research. He also worked as a consultant in the communications industry.

Mr. Eiswert earned a B.A., summa cum laude, in economics and political science from St. Mary's College of Maryland and an M.A. in economics from the University of Maryland, College Park. He also has earned the Chartered Financial Analyst designation.

  • Portfolio manager
    since
    2012
  • Years at
    T. Rowe Price
    16
  • Years investment
    experience
    19
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
Kurt A.  Umbarger

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
Jennifer O'Hara Martin

Jennifer O'Hara Martin is a global equity portfolio specialist in the U.S. Equity Division of T. Rowe Price. She is a member of the Global Growth Equity, Global Focused Growth Equity, Global Technology Equity, Communications & Technology Equity, Science & Technology Equity, and US Structured Research Equity Strategy teams. Ms. Martin is a vice president of T. Rowe Price Group, Inc.

Ms. Martin has 23 years of investment experience, 14 of which have been at T. Rowe Price. She joined the firm in 2005 as an equity research analyst covering food retailing and discount stores and had portfolio management responsibilities for the firm's US Structured Research Equity Strategy. Prior to joining the firm, she was an equity research analyst at Northern Trust, following telecommunications and business services companies. Ms. Martin was also employed by Merrill Lynch, where she was an investment banking analyst.

Ms. Martin earned a B.S. in agricultural economics from the University of Illinois at Urbana-Champaign and an M.B.A. from Northwestern University, Kellogg School of Management. She presently serves on the Board of Trustees of the Baltimore Museum of Art and as a committee member for the Northwestern University, Kellogg School of Management, Asset Management Practicum.

  • Years at
    T. Rowe Price
    15
  • Years investment
    experience
    24
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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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