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GIPS® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. T. Rowe Price has been independently verified for the twenty four-year period ended June 30, 2020, by KPMG LLP. The verification report is available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report.

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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All Products

Products Table Products Overview
  • All Asset Classes
  • Equity
  • Fixed Income
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  • Global
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Global Equity

SICAV

Global Focused Growth Equity Fund

Concentrating high conviction positions in leading global investment prospects.

ISIN LU0143563046 Bloomberg TRPGEQI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

30.59%
$5.3b

1YR Return
(View Total Returns)

Manager Tenure

9.66%
9yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

1.22
6.99%

Inception Date 12-Jan-2006

Performance figures calculated in USD

31-Dec-2021 - David J. Eiswert, Portfolio Manager,
We believe the world is learning to live with COVID-19 as it becomes endemic and that current market distortions should wane as inflation moderates and interest rates normalise. We appreciate the inherent difficulty of investing in the current market but are happy with the way our portfolio is positioned heading into 2022 and beyond.
David J. Eiswert, CFA
David J. Eiswert, CFA, 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.

 

SICAV

Global Growth Equity Fund

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

ISIN LU0382933116 Bloomberg TRGBLEI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

27.01%
$778.3m

1YR Return
(View Total Returns)

Manager Tenure

9.24%
13yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.98
6.24%

Inception Date 27-Oct-2008

Performance figures calculated in USD

31-Dec-2021 - Scott Berg, Portfolio Manager,
We retain a gently optimistic, as opposed to defensive, perspective on global equities. Our core outlook remains; we will increasingly live with and adapt to COVID-19 and that a growing economy, solid corporate earnings, and rising consumption is a good environment for equities, particularly those companies that have yet to recover earnings power.
Scott Berg
Scott Berg, 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.

 

SICAV

Global Natural Resources Equity Fund

Seeking to identify long-term global winners in the arena of natural resources extraction and production.

ISIN LU0272423913 Bloomberg TRPGNRI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

11.70%
$117.3m

1YR Return
(View Total Returns)

Manager Tenure

24.12%
<1yr

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.07
6.32%

Inception Date 15-Nov-2006

Performance figures calculated in USD

31-Dec-2021 - Shinwoo Kim, Portfolio Manager ,
We continue to believe that we are in the middle of a secular downcycle for commodities. Despite the recovery in oil prices, productivity gains continue, pressuring the cost curve and challenging the long-term outlook for energy stocks. We remain committed to our philosophy of buying and holding a diverse selection of fundamentally sound natural resources companies.
Shinwoo Kim
Shinwoo Kim, Portfolio Manager

Shinwoo Kim is the portfolio manager for the Global Natural Resources Equity Strategy, including the New Era Fund. He is the president and chairman of the fund’s Investment Advisory Committee. In addition, Shinwoo is a member of the Investment Advisory Committees of the US Large-Cap Value Equity and US Large-Cap Equity Income Strategies. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

 

SICAV

Global Real Estate Securities Fund

Equity investment alert to the changing supply and demand dynamics of the global property market.

ISIN LU0382932225 Bloomberg TRGRESI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

14.82%
$11.2m

1YR Return
(View Total Returns)

Manager Tenure

29.32%
2yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.14
3.85%

Inception Date 27-Oct-2008

Performance figures calculated in USD

31-Dec-2021 - Jai Kapadia, Portfolio Manager ,
Following a strong 2021, we are cautiously optimistic for global real estate returns in 2022. While valuations based on net asset value and dividend yield spreads are no longer cheap compared to historical averages, we remain constructive on the earnings potential for several property types driven by recovering rents and falling supply.
Jai Kapadia
Jai Kapadia, Portfolio Manager

Jai Kapadia is a sector portfolio manager in the International Equity Division. He manages the Global Real Estate Equity Strategy.

 

SICAV

Global Technology Equity Fund

To provide long-term capital growth by investing mainly in technology companies, and companies enabled by technology.

ISIN LU1244139827 Bloomberg TRGBTEI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

35.73%
$1.4b

1YR Return
(View Total Returns)

Manager Tenure

8.02%
2yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

-0.22
10.87%

Inception Date 15-Jun-2015

Performance figures calculated in USD

31-Dec-2021 - Alan Tu, Portfolio Manager,
Despite macro headwinds, our outlook on the technology sector is unchanged. Throughout 2021, we increased our positions in high-conviction holdings with long growth runways and sold shares of mega-cap positions with increasing regulatory and data privacy issues. We believe that stocks with better relative fundamental growth profiles should outperform over the long term.
Alan Tu, CFA
Alan Tu, CFA, Portfolio Manager

Alan Tu is the portfolio manager for the Global Technology Equity Strategy in the U.S. Equity Division. He also is chairman of its Investment Advisory Committee. Alan is a vice president and an Investment Advisory Committee member of the US Small-Cap Growth II Equity, Science & Technology Equity, US Large-Cap Core Growth Equity, Communications and Technology Equity, and US Tax-Efficient Multi-Cap Growth Equity Strategies. In addition, he is an Investment Advisory Committee member of the Global Growth Equity Strategy. Alan also is a vice president of T. Rowe Price Group, Inc.

 

SICAV

Global Value Equity Fund

Targeting attractively valued global companies with prospects for improving earnings growth.

ISIN LU0859255472 Bloomberg TRPGVEI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

17.23%
$543.5m

1YR Return
(View Total Returns)

Manager Tenure

16.40%
9yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

-1.03
4.47%

Inception Date 28-Nov-2012

Performance figures calculated in USD

31-Dec-2021 - Sebastien Mallet, Portfolio Manager,
As the global economic recovery continues to strengthen, this could provide a more sustained positive backdrop for value investing. A more positive stance in the market’s longer-term prognosis for inflation and interest rates should similarly be very supportive. Our strategy continues to invest across the value spectrum in the best ideas from our global analysts.
Sebastien Mallet
Sebastien Mallet, Portfolio Manager

Sebastien Mallet is a portfolio manager in the Equity Division at T. Rowe Price, managing the Institutional Global Value Strategy. Mr. Mallet is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

 
 

Europe Equity

SICAV

Continental European Equity Fund

Style-agnostic, quality-driven European equity investment.

ISIN LU0285832068 Bloomberg TRPEXEI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(EUR)

19.68%
€91.9m

1YR Return
(View Total Returns)

Manager Tenure

23.99%
1yr

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.79
3.09%

Inception Date 26-Feb-2007

Performance figures calculated in EUR

31-Dec-2021 - Tobias Mueller, Portfolio Manager ,
Investor appetite for European stocks remained strong at the end of 2021 amid continued optimism that the economic recovery will weather the more infectious but less severe omicron strain of the coronavirus. However, the notable market progress seen last year may be less pronounced in 2022. Overall stock valuations are also less attractive.
Tobias Mueller, CFA
Tobias Mueller, CFA, Portfolio Manager

Tobias Mueller is a regional portfolio manager for the European Select Strategy, effective October 2018, and for the Europe Equity and Europe ex-UK Equity Strategies, effective October 2020. He is a vice president of T. Rowe Price International Ltd.

 

SICAV

European Equity Fund

Style agnostic, focus on quality to maintain a balanced portfolio.

ISIN LU0285831334 Bloomberg TRPEEQI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(EUR)

18.01%
€120.1m

1YR Return
(View Total Returns)

Manager Tenure

23.58%
1yr

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.64
3.56%

Inception Date 26-Feb-2007

Performance figures calculated in EUR

31-Dec-2021 - Tobias Mueller, Portfolio Manager ,
Investor appetite for European stocks remained strong at the end of 2021 amid continued optimism that the economic recovery will weather the more infectious but less severe omicron strain of the coronavirus. However, the notable market progress seen last year may be less pronounced in 2022. Overall stock valuations are also less attractive.
Tobias Mueller, CFA
Tobias Mueller, CFA, Portfolio Manager

Tobias Mueller is a regional portfolio manager for the European Select Strategy, effective October 2018, and for the Europe Equity and Europe ex-UK Equity Strategies, effective October 2020. He is a vice president of T. Rowe Price International Ltd.

 

SICAV

Responsible European Smaller Companies Equity Fund

Formerly European Smaller Companies Equity Fund

Seeking to identify tomorrow’s winning European growth companies.

ISIN LU0382931417 Bloomberg TPESCEI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(EUR)

21.34%
€173.2m

1YR Return
(View Total Returns)

Manager Tenure

19.15%
6yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.47
7.30%

Inception Date 26-Nov-2008

Performance figures calculated in EUR

31-Dec-2021 - Ben Griffiths, Portfolio Manager,
The outlook for the next 12 months is highly uncertain. The resurgent coronavirus pandemic threatens to renew pressure on supply chains and the manufacturing, leisure and travel industries. The risk is that this pressure may combine with a more rapid withdrawal of central bank stimulus to curb inflation. Market valuations are also looking extended.
Benjamin Griffiths
Benjamin Griffiths, Portfolio Manager

Ben Griffiths is the lead portfolio manager for the International Small-Cap Equity Strategy and the Europe Smaller Companies Equity Strategy in the International Equity Division. Ben is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

 
 

Asia-Pacific Equity

SICAV

Asian Opportunities Equity Fund

A concentrated portfolio of high-quality Asian companies.

ISIN LU1044871900 Bloomberg TRAOAEI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

15.06%
$322.0m

1YR Return
(View Total Returns)

Manager Tenure

-4.67%
7yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.69
4.53%

Inception Date 21-May-2014

Performance figures calculated in USD

31-Dec-2021 - Eric C. Moffett, Portfolio Manager ,
We remain constructive on the medium- to long-term outlook for Asia ex-Japan equities. Amid the regulatory risks in China, we continue to focus on the long-term fundamentals of individual companies and identify high-quality names that in our view are well positioned to withstand increased government scrutiny, or that may benefit from the policy changes.
Eric C. Moffett
Eric C. Moffett, Portfolio Manager

Eric Moffett is a portfolio manager in the International Equity Division. He manages the Asia Opportunities Equity Strategy and is chairman of the strategy's Investment Advisory Committee. Eric also is a co-portfolio manager of the Emerging Markets Equity Strategy. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Singapore Private Limited.

 

SICAV

Japanese Equity Fund

Seeking to uncover the best investment opportunities across the Japanese equity spectrum.

ISIN LU0230817925 Bloomberg TRPJAEI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(EUR)

14.95%
€2.0b

1YR Return
(View Total Returns)

Manager Tenure

-3.73%
8yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.59
6.16%

Inception Date 16-Dec-2005

Performance figures calculated in EUR

31-Dec-2021 - Archibald Ciganer, Portfolio Manager,
Our positive outlook for Japanese equities is predicated on normalising social and economic conditions following the coronavirus pandemic and expectations of policy continuity under new political leadership. The high degree to which corporate profits are levered to the global economic recovery adds to our optimism.
Archibald Ciganer, CFA
Archibald Ciganer, CFA, Portfolio Manager

Archibald Ciganer is the portfolio manager of the Japan Equity Strategy in the International Equity Division. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price Japan, Inc.

 

SICAV

Responsible Asian ex-Japan Equity Fund

Formerly Asian ex-Japan Equity Fund

A diversified fund, with a focus on sustainable growth.

ISIN LU0266341725 Bloomberg TRPAXJI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

16.31%
$942.6m

1YR Return
(View Total Returns)

Manager Tenure

-3.86%
12yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.70
3.34%

Inception Date 13-Dec-2006

Performance figures calculated in USD

31-Dec-2021 - Anh Lu, Portfolio Manager,
We maintain a positive view on Asia ex-Japan equities, backed by secular tailwinds and resilient fundamentals. We believe regional long-term trends such as China’s increasing focus on environmental protection and industrial infrastructure upgrading are intact. We remain vigilant regarding potential risks including a new coronavirus variant, a sharper-than-expected slowdown in China, and geopolitical tensions.
Anh Lu
Anh Lu, Portfolio Manager

Anh Lu is a portfolio manager in the Equity Division of T. Rowe Price Hong Kong Limited. Ms. Lu is the lead portfolio manager for the Asia ex-Japan Equity Strategy. She is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price Hong Kong Limited.

 
 

Emerging Markets Equity

SICAV

Emerging Markets Discovery Equity Fund

Utilises a contrarian approach to invest in undervalued emerging markets companies positioned to benefit from a re-rating thesis for change.

ISIN LU1244138340 Bloomberg TREMVEI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

9.83%
$118.3m

1YR Return
(View Total Returns)

Manager Tenure

5.12%
6yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.02
6.18%

Inception Date 14-Sep-2015

Performance figures calculated in USD

31-Dec-2021 - Ernest Yeung, Portfolio Manager,
Emerging Markets (EM) value stocks outperformed growth stocks in 2021, and this trend could continue. The portfolio is positioned to take advantage of an expanding and evolving universe of “forgotten stocks”. We expect further gains in value stocks benefitting from a pick-up in economic growth and green infrastructure spending.
Ernest C. Yeung, CFA
Ernest C. Yeung, CFA, Portfolio Manager

Ernest Yeung is a portfolio manager for the Emerging Markets Discovery Equity Strategy at T. Rowe Price. He was the co-portfolio manager for the International Small-Cap Equity Strategies from 2009 to 2014. Mr. Yeung is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price Hong Kong Limited.

 

SICAV

Emerging Markets Equity Fund

Seeking to capture compelling growth opportunities in dynamic emerging markets.

ISIN LU0133084979 Bloomberg TRPGEMI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

9.99%
$2.0b

1YR Return
(View Total Returns)

Manager Tenure

-10.27%
<1yr

Information Ratio
(5 Years)

Tracking Error
(5 Years)

-0.01
3.24%

Inception Date 02-Dec-2003

Performance figures calculated in USD

31-Dec-2021 - Eric C. Moffett, Portfolio Manager ,
We think that the prospects for gross domestic product (GDP) growth across the emerging world are generally encouraging and that the economic recovery may continue this year. Furthermore, we believe that company valuations in emerging markets appear to be attractive, as they have lagged their developed world counterparts recently.
Eric C. Moffett
Eric C. Moffett, Portfolio Manager

Eric Moffett is a portfolio manager in the International Equity Division. He manages the Asia Opportunities Equity Strategy and is chairman of the strategy's Investment Advisory Committee. Eric also is a co-portfolio manager of the Emerging Markets Equity Strategy. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Singapore Private Limited.

 

SICAV

Frontier Markets Equity Fund

Seeking to identify long-term market leaders in countries on the cusp of rapid development.

ISIN LU1079765662 Bloomberg TRPFMEI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

15.92%
$105.6m

1YR Return
(View Total Returns)

Manager Tenure

38.15%
1yr

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.07
5.81%

Inception Date 24-Jun-2014

Performance figures calculated in USD

31-Dec-2021 - Johannes Loefstrand, Portfolio Manager ,
The countries within the frontier universe have had wide-ranging experiences of the pandemic – in terms of both the health impact and the associated restrictions on movement, as well as government stimulus measures. We continue to focus on the long-term fundamentals of individual companies, their positioning, and the strength of their balance sheets to withstand these difficult times.
Johannes Loefstrand
Johannes Loefstrand, Portfolio Manager

Johannes Loefstrand is the Co-Portfolio Manager on the Frontier Markets Fund in the Equity Division of T. Rowe Price. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

 

SICAV

Middle East & Africa Equity Fund

Unconstrained, growth-orientated investing in the under explored markets of the Middle East and Africa.

ISIN LU0310188205 Bloomberg TRPMEAI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

10.16%
$7.0m

1YR Return
(View Total Returns)

Manager Tenure

30.15%
1yr

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.11
5.43%

Inception Date 04-Sep-2007

Performance figures calculated in USD

31-Dec-2021 - Seun Oyegunle, CFA, Portfolio Manager ,
Overall, we believe the long-term outlook for the Africa and Middle East region remains robust, as we look beyond the pandemic. Longer-term growth in this region is likely to be driven by some of the world’s most attractive demographics, rising urbanisation and levels of infrastructure investment, and a strong asset base in natural resources.
Seun Oyegunle, CFA
Seun Oyegunle, CFA, Portfolio Manager

Seun Oyegunle is the portfolio manager of the Africa & Middle East Fund in the Equity Division.

 
 

US Equity

SICAV

US Blue Chip Equity Fund

Seeking superior returns from high quality US companies.

ISIN LU0133088293 Bloomberg TRPUBCI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

27.31%
$1.3b

1YR Return
(View Total Returns)

Manager Tenure

18.57%
<1yr

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.66
8.17%

Inception Date 04-May-2015

Performance figures calculated in USD

31-Dec-2021 - Paul Greene, Portfolio Manager ,
We are monitoring several key factors closely: (1) inflationary pressures, (2) Fed monetary policy around the timing of tapering asset purchases and interest rate hikes, and (3) progression of Democratic infrastructure spending and corporate tax reform initiatives. That said, we believe that secular forces driving innovation and disruption will outweigh most political and economic crosscurrents.
Paul Greene, II
Paul Greene, II, Lead Portfolio Manager

Paul Greene is the portfolio manager of the US Large-Cap Core Growth Equity Strategy in the U.S. Equity Division. He is a vice president and an Investment Advisory Committee member of the US Large-Cap Core Growth Equity, Communications and Technology Equity, and US Growth Stock Equity Strategies. He is an Investment Advisory Committee member of the Global Growth Equity and Global Focused Growth Equity Strategies. Paul is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Trust Company.

 

SICAV

US Equity Fund

Style agnostic investing in larger US companies.

ISIN LU0429319774 Bloomberg TRUSLRI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

23.14%
$785.3m

1YR Return
(View Total Returns)

Manager Tenure

26.26%
12yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

-0.29
4.31%

Inception Date 26-Jun-2009

Performance figures calculated in USD

31-Dec-2021 - Jeff Rottinghaus, Portfolio Manager ,
After back-to-back years of remarkable gains, we think equity markets face more uncertain prospects in 2022. Higher inflation and a shift toward monetary tightening pose potential challenges for economic growth and earnings—at a time when valuations appear elevated across many asset categories.
Jeff Rottinghaus
Jeff Rottinghaus, Portfolio Manager

Jeff Rottinghaus is a portfolio manager in the U.S. Equity Division. He is president of the US Large-Cap Core Equity Strategy and chairman of its Investment Advisory Committee. In addition, he is a vice president and an Investment Advisory Committee member of the US Quantitative U.S. and US Dividend Growth Strategies. Jeff also is a vice president of T. Rowe Price Group, Inc.

 

SICAV

US Large Cap Growth Equity Fund

Seeking to identify investments with the potential to deliver double-digit earnings growth.

ISIN LU0174119775 Bloomberg TRPLGEI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

28.44%
$2.9b

1YR Return
(View Total Returns)

Manager Tenure

18.68%
5yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

-0.08
5.86%

Inception Date 31-Jul-2003

Performance figures calculated in USD

31-Dec-2021 - Taymour Tamaddon, Portfolio Manager,
We remain focused on identifying opportunities where we think that the market does not fully appreciate the possible strength and length of a company’s growth story. We continue to lean heavily on our analyst platform for unique insights as we look for companies that we think are best positioned to manage through the crisis.
Taymour Tamaddon, CFA
Taymour Tamaddon, CFA, Lead Portfolio Manager

Taymour Tamaddon is the portfolio manager of the US Large-Cap Growth Equity Strategy in the U.S. Equity Division. He is a vice president and a member of the Investment Advisory Committees for the Health Sciences Equity, Global Growth Equity, US Growth Stock Equity, and Global Focused Growth Equity Strategies. Taymour is an executive vice president of T. Rowe Price Equity Funds and a vice president of the T. Rowe Price International Funds, Inc., and T. Rowe Price Global Funds. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Trust Company.

 

SICAV

US Large-Cap Value Equity Fund

Invest in large US companies with hidden value and potential overlooked by the market majority.

ISIN LU0133100338 Bloomberg TRPULVI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

17.03%
$1.1b

1YR Return
(View Total Returns)

Manager Tenure

26.36%
19yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.03
4.73%

Inception Date 27-Mar-2002

Performance figures calculated in USD

31-Dec-2021 - Heather McPherson, Portfolio Manager ,
While we believe the economic cycle will be durable, key risks include potential monetary policy missteps, equity valuations in certain market areas, and a commodity supply shock. Our focus continues to be on companies trading at attractive valuations due to controversy or stress that we consider addressable in the intermediate to long term.
John D.  Linehan, CFA
John D. Linehan, CFA, Co-Portfolio Manager

John D. Linehan is the portfolio manager for the U.S. Large Cap Equity Income Strategy, U.S. Select Value Strategy and co-portfolio manager for the US Large-Cap Value Equity Strategy in the U.S. Equity Division. In addition, he is the chief investment officer of Equity and a member of the firm's U.S. Equity Steering and Equity Brokerage and Trading Control Committees. He also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

 

SICAV

US Smaller Companies Equity Fund

Seeks capital appreciation using both value and growth approaches.

ISIN LU0133096981 Bloomberg TRPSCEI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

27.41%
$3.5b

1YR Return
(View Total Returns)

Manager Tenure

16.72%
2yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.76
6.46%

Inception Date 28-Sep-2001

Performance figures calculated in USD

31-Dec-2021 - Curt Organt, Portfolio Manager,
Uncertainties have created a volatile macroeconomic environment. While we will monitor factors including inflation, the possibility for multiple interest rate increases in the U.S., the impact of new COVID-19 variants on economic activity, and potentially contentious U.S. mid-term elections, they do not drive portfolio construction. We maintain our focus on long-term investment outcomes.
Curt J. Organt, CFA
Curt J. Organt, CFA, Portfolio Manager

Curt Organt is the portfolio manager of the US Smaller Companies Equity Strategy in the U.S. Equity Division. Curt is a vice president and an Investment Advisory Committee member of the US Small-Cap Core Equity and US Diversified Small-Cap Value Equity Strategies. He is a vice president of T. Rowe Price Group, Inc.

 
 

Global Fixed Income

SICAV

Dynamic Global Bond Fund

Seeks to generate positive returns from global fixed income with a focus on downside risk and diversification from equity markets.

ISIN LU1216622214 Bloomberg TRGUIAU:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

2.79%
$1.7b

1YR Return
(View Total Returns)

Manager Tenure

0.26%
6yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.08
3.24%

Inception Date 10-Jun-2015

Performance figures calculated in USD

31-Dec-2021 - Arif Husain, Head of International Fixed Income,
A key theme for 2022 is liquidity tightening as governments withdraw pandemic-related fiscal support and central banks respond to inflation by removing accommodative policies and potentially hiking interest rates. We believe that the confluence of these factors is likely to drive developed government bond yields higher and cause volatility in risk markets at times.
Arif Husain, CFA
Arif Husain, CFA, Portfolio Manager

Arif Husain is the head of the International Fixed Income Division. He is a co-portfolio manager for the International Bond and Institutional International Bond Strategies and the lead portfolio manager for the Global Aggregate Bond Strategy. Arif also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

 

SICAV

Dynamic Global Investment Grade Bond Fund

Seeks to generate positive returns from global investment-grade fixed income with a focus on downside risk and diversification from equity markets.

ISIN LU1614212519 Bloomberg TRPDGIU:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

2.33%
$24.6m

1YR Return
(View Total Returns)

Manager Tenure

-0.46%
4yrs

Information Ratio
(3 Years)

Tracking Error
(3 Years)

0.55
2.83%

Inception Date 03-Aug-2017

Performance figures calculated in USD

Arif Husain, CFA
Arif Husain, CFA, Portfolio Manager

Arif Husain is the head of the International Fixed Income Division. He is a co-portfolio manager for the International Bond and Institutional International Bond Strategies and the lead portfolio manager for the Global Aggregate Bond Strategy. Arif also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

 

SICAV

Global High Income Bond Fund

A concentrated, high-income portfolio of primarily global high yield corporate bond opportunities supported by stringent risk management.

ISIN LU1216622644 Bloomberg TRPGHII:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

7.15%
$622.7m

1YR Return
(View Total Returns)

Manager Tenure

3.47%
6yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

-0.07
2.57%

Inception Date 04-Jun-2015

Performance figures calculated in USD

31-Dec-2021 - Michael Della Vedova, Portfolio Manager,
We believe high yield is well positioned versus other fixed income sectors and offers a lower duration profile relative to higher quality segments of the market. In our view, the diversification benefits of our approach as well as our rigorous fundamental research process leave us strongly placed to deliver attractive risk-adjusted returns for our long-term investors.
Michael Della Vedova
Michael Della Vedova, Co-Portfolio Manager

Mike Della Vedova is a global high yield portfolio manager in the Fixed Income Division. He is a portfolio manager for the Europe High Yield Bond Strategy and co-portfolio manager for the Global High Yield Bond Fund and Global High Income Bond Strategy. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

 

SICAV

Global High Yield Bond Fund

Seeks to capture enhanced returns from a diversified global portfolio of income bearing, high yield securities.

ISIN LU0133083492 Bloomberg TRPGHBI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

8.30%
$1.2b

1YR Return
(View Total Returns)

Manager Tenure

5.08%
6yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

-0.34
1.32%

Inception Date 04-Mar-2002

Performance figures calculated in USD

31-Dec-2021 - Michael Della Vedova, Portfolio Manager,
Fundamental conditions in the high yield market are extremely favourable due to ample liquidity and interest coverage ratios that are at the best levels in a decade, which reinforce our benign default outlook. We are mindful of valuations and believe the portfolio’s higher average coupon compared with the benchmark could continue to add value.
Michael Della Vedova
Michael Della Vedova, Portfolio Manager

Mike Della Vedova is a global high yield portfolio manager in the Fixed Income Division. He is a portfolio manager for the Europe High Yield Bond Strategy and co-portfolio manager for the Global High Yield Bond Fund and Global High Income Bond Strategy. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

 

SICAV

Responsible Diversified Income Bond Fund

Formerly Diversified Income Bond Fund

The fund invests mainly in a diversified portfolio of high yield corporate bonds from issuers around the world, including emerging markets.

ISIN LU1244139231 Bloomberg TRPGMSI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

5.34%
$129.8m

1YR Return
(View Total Returns)

Manager Tenure

1.12%
3yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.23
5.44%

Inception Date 15-Dec-2016

Performance figures calculated in USD

31-Dec-2021 - Ken Orchard, Portfolio Manager,
The removal of liquidity and march toward a hiking cycle creates a challenging environment for risk assets such as credit in the near term. However, we believe that credit could outperform other asset classes until the latter stage of the rate hiking cycle, thus we are prepared to add during market pull-backs.
Kenneth A.  Orchard
Kenneth A. Orchard, Portfolio Manager

Kenneth Orchard is a senior portfolio manager in the Fixed Income Division and a member of the Global Fixed Income Investment team. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

 

SICAV

Responsible Global Aggregate Bond Fund

Formerly Global Aggregate Bond Fund

Risk-aware investing, exploiting inefficiencies in global bond markets.

ISIN LU0133095660 Bloomberg TRPGLBI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

4.19%
$653.6m

1YR Return
(View Total Returns)

Manager Tenure

-5.80%
8yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.10
1.38%

Inception Date 25-Jan-2006

Performance figures calculated in USD

31-Dec-2021 - Arif Husain, Head of International Fixed Income,
Uncertainty over the direction of both the omicron variant of the coronavirus and monetary policy has created an unsteady market environment heading into the new year. With this in mind, we await further clarity on these factors and remain flexible in the portfolio in order to adapt to different market environments.
Arif Husain, CFA
Arif Husain, CFA, Co-Portfolio Manager

Arif Husain is the head of the International Fixed Income Division. He is a co-portfolio manager for the International Bond and Institutional International Bond Strategies and the lead portfolio manager for the Global Aggregate Bond Strategy. Arif also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

 

SICAV

Responsible Global Investment Grade Corporate Bond Fund

Formerly Global Investment Grade Corporate Bond Fund

Seeks to maximise returns through investment in a portfolio of global corporate bonds.

ISIN LU1216623295 Bloomberg TRGIGBI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

5.85%
$30.2m

1YR Return
(View Total Returns)

Manager Tenure

-0.44%
6yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

-0.08
2.25%

Inception Date 08-Jun-2015

Performance figures calculated in USD

31-Dec-2021 - Steven Boothe, Portfolio Manager,
While there is potential for disruption in the credit market given the new coronavirus variant, renewed uncertainty over policy tightening timelines and rising inflation, we believe a strong technical backdrop should be supportive if spreads widen. We are confident that our bottom-up fundamental research can uncover opportunities in a newly dispersed market.
Steve Boothe, CFA
Steve Boothe, CFA, Portfolio Manager

Steve Boothe is the head of Investment Grade and a portfolio manager in the Fixed Income Division. He has lead portfolio management responsibilities for the Global Investment Grade Corporate Bond and US Investment Grade Corporate Bond Strategies. He is a member of the Sector Strategy Advisory Group, with a focus on global and U.S. investment-grade corporate bond portfolios. Steve is a co-president and cochair of the Investment Advisory Committee of the Corporate Income Fund; an executive vice president and Investment Advisory Committee chairman of the Investment-Grade Corporate Multi-Sector Account Portfolio; and a vice president and Investment Advisory Committee member of the Global Multi-Sector Bond, New Income, and Institutional International Disciplined Equity Funds. In addition, he is a vice president of the Institutional Income, International, Global, and China Evolution Equity Funds and an Investment Advisory Committee member of the Institutional Long Duration Credit, Dynamic Credit, and International Disciplined Equity Funds. Steve also is a member of the Fixed Income Steering, Global Trading, and Core/Core Plus Strategy Committees. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

 
 

Europe Fixed Income

SICAV

Responsible Euro Corporate Bond Fund

Formerly Euro Corporate Bond Fund

A diversified investment grade corporate fund with a focus on security selection.

ISIN LU0133091248 Bloomberg TRPECBI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(EUR)

3.09%
€258.1m

1YR Return
(View Total Returns)

Manager Tenure

-1.23%
18yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.43
0.81%

Inception Date 05-Feb-2002

Performance figures calculated in EUR

31-Dec-2021 - David Stanley, Portfolio Manager,
The coronavirus remains an overarching risk. Strong corporate fundamentals and supportive technical factors could offset tight valuations and keep spreads trading within a range, provided we enter an endemic phase. However, the reduction in central bank support in 2022 could cause market volatility, which could cause this range in spreads to widen as the year progresses.
David Stanley
David Stanley, Portfolio Manager

David Stanley is a portfolio manager in the Fixed Income Division at T. Rowe Price, responsible for European corporate bond selection. Mr. Stanley is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

 

SICAV

Responsible European High Yield Bond Fund

Formerly European High Yield Bond Fund

Research-driven, targeting consistent high income.

ISIN LU0596125814 Bloomberg TREHYBI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(EUR)

6.93%
€228.8m

1YR Return
(View Total Returns)

Manager Tenure

3.37%
10yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

-0.49
1.88%

Inception Date 20-Sep-2011

Performance figures calculated in EUR

31-Dec-2021 - Michael Della Vedova, Portfolio Manager,
We remain fairly positive on the macroeconomic backdrop. Furthermore, the European Central Bank’s flexible stance over its emergency purchase programme suggests that the indirect, fundamental support to European high yield markets could continue should the pandemic worsen. However, given tight valuations, we remain mindful of inflation and technical factors that could cause near-term volatility.
Michael Della Vedova
Michael Della Vedova, Portfolio Manager

Mike Della Vedova is a global high yield portfolio manager in the Fixed Income Division. He is a portfolio manager for the Europe High Yield Bond Strategy and co-portfolio manager for the Global High Yield Bond Fund and Global High Income Bond Strategy. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

 
 

Emerging Markets Fixed Income

SICAV

Emerging Local Markets Bond Fund

Research-driven investment in emerging market local currency sovereign bonds.

ISIN LU0310189781 Bloomberg TRPELMI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

2.60%
$143.2m

1YR Return
(View Total Returns)

Manager Tenure

-9.18%
9yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.08
1.57%

Inception Date 09-Aug-2007

Performance figures calculated in USD

31-Dec-2021 - Andrew Keirle, Portfolio Manager,
We remain constructive on emerging market (EM) local assets due to attractive valuations and favourable technical factors. That said, we are mindful of near-term headwinds, including the omicron variant and inflation. However, early indications of the variant being less severe than initially thought boosts 2022 global growth forecasts, which should be supportive for EM’s.
Andrew Keirle
Andrew Keirle, Portfolio Manager

Andrew Keirle is a senior portfolio manager in the Fixed Income Division and a member of the Global Fixed Income Investment Team. Mr. Keirle is the lead portfolio manager for the Emerging Markets Local Currency Bond Strategy and has important input on a number of emerging markets bond strategies and global fixed income strategies. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

 

SICAV

Emerging Markets Bond Fund

Active investment in mainly sovereign emerging-market bonds.

ISIN LU0207127753 Bloomberg TRPGEBI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

4.28%
$234.5m

1YR Return
(View Total Returns)

Manager Tenure

-2.15%
1yr

Information Ratio
(5 Years)

Tracking Error
(5 Years)

-0.45
3.36%

Inception Date 31-Dec-2004

Performance figures calculated in USD

31-Dec-2021 - Samy Muaddi, Portfolio Manager ,
Exogenous risks combined with absolute valuations that are below historic averages and building idiosyncratic risks in a few markets give us cause for caution. However, the relative value of emerging markets debt versus other asset classes is still compelling, in our view, and will likely continue to attract investors.
Samy Muaddi, CFA
Samy Muaddi, CFA, Portfolio Manager

Samy Muaddi is a portfolio manager in the International Fixed Income Division. He is the portfolio manager of the Emerging Markets Bond Strategy and co-manages the Emerging Markets Corporate Bond and Global High Income Bond Strategies. He previously managed the firm’s Asia Credit Bond Strategy from its inception until 2020. Samy also is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price International Ltd.

 

SICAV

Responsible Emerging Markets Corporate Bond Fund

Formerly Emerging Markets Corporate Bond Fund

Accessing diversified emerging market corporate debt.

ISIN LU0596126465 Bloomberg TRPEMCI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

6.09%
$235.0m

1YR Return
(View Total Returns)

Manager Tenure

-1.46%
6yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

-0.06
2.21%

Inception Date 18-May-2011

Performance figures calculated in USD

31-Dec-2021 - Samy Muaddi, Portfolio Manager ,
Exogenous risks, absolute valuations below historic averages, and building idiosyncratic risks in a few markets give us cause for caution. However, our concerns are tempered by attractive relative value. Emerging markets corporate debt offers a meaningful yield pickup across the rating spectrum compared to developed market credit, and crossover and institutional investor demand remains strong.
Samy Muaddi, CFA
Samy Muaddi, CFA, Co-Portfolio Manager

Samy Muaddi is a portfolio manager in the International Fixed Income Division. He is the portfolio manager of the Emerging Markets Bond Strategy and co-manages the Emerging Markets Corporate Bond and Global High Income Bond Strategies. He previously managed the firm’s Asia Credit Bond Strategy from its inception until 2020. Samy also is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price International Ltd.

 
 

US Fixed Income

SICAV

Responsible US Aggregate Bond Fund

Formerly US Aggregate Bond Fund

Seeks to extract return from a broad spectrum of US debt securities.

ISIN LU0181329318 Bloomberg TRUABIC:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

4.89%
$473.0m

1YR Return
(View Total Returns)

Manager Tenure

-1.15%
10yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

-0.01
1.59%

Inception Date 07-Jun-2011

Performance figures calculated in USD

31-Dec-2021 - Brian J. Brennan, Portfolio Manager ,
Although a less-dovish U.S. Federal Reserve (Fed) and the emergence of the omicron variant have complicated the interest rate outlook, we believe that higher Treasury yields are likely in 2022 as a result of a strengthening U.S. economy and moderating inflation. However, any policy missteps by the Fed could lead to increased levels of market volatility.
Brian Brennan, CFA
Brian Brennan, CFA, Portfolio Manager

Brian Brennan is a portfolio manager in the Fixed Income Division. He has lead portfolio management responsibilities for the US Treasury, US Investment Grade Core Bond, US Core Plus Bond, and Stable Value Strategies. He also is a member of the Core/Core Plus Portfolio strategy team. Brian is the president and chairman of the Investment Advisory Committees of the U.S. Treasury Funds, Inc.; a vice president of the Multi-Sector Account Portfolios, Inc.; and a vice president and Investment Advisory Committee member of the GNMA, Inflation Protected Bond, New Income, Limited Duration Inflation Focused Bond, Total Return, QM U.S. Bond Index, and U.S. Limited Duration TIPS Index Funds. In addition, he is an Investment Advisory Committee member of the Mortgage-Backed Securities Multi-Sector Account Portfolio. Brian is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., T. Rowe Price International Ltd, and T. Rowe Price Trust Company.

 
 

Multi-Asset

SICAV

Global Allocation Extended Fund

Invests in a broadly diversified global portfolio of investments including developed and emerging market equities, a wide range of global developed and emerging market fixed income strategies, plus various diversifying strategies providing exposure to hedge funds, currency hedging, and equity index call writing.

ISIN LU1614212279 Bloomberg TRPGAIU:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

13.68%
$103.2m

1YR Return
(View Total Returns)

Manager Tenure

7.88%
4yrs

Information Ratio
(3 Years)

Tracking Error
(3 Years)

-0.01
2.51%

Inception Date 26-Jul-2017

Performance figures calculated in USD

Charles M.  Shriver, CFA
Charles M. Shriver, CFA, Co-Portfolio Manager

Charles Shriver is the portfolio manager of the Global Allocation, Balanced, and Spectrum Funds, and he is cochair of the Asset Allocation Committee. Charles is a vice president of T. Rowe Price Group, Inc.

 

SICAV

Global Allocation Fund

Invests in a broadly diversified global portfolio of investments including developed and emerging market equities, a wide range of global developed and emerging market fixed income strategies, plus various diversifying strategies providing exposure to hedge funds, currency hedging, and equity index call writing.

ISIN LU1417861645 Bloomberg TRGUBID:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

13.36%
$87.4m

1YR Return
(View Total Returns)

Manager Tenure

7.41%
5yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.08
2.02%

Inception Date 08-Jul-2016

Performance figures calculated in USD

Charles M.  Shriver, CFA
Charles M. Shriver, CFA, Co-Portfolio Manager

Charles Shriver is the portfolio manager of the Global Allocation, Balanced, and Spectrum Funds, and he is cochair of the Asset Allocation Committee. Charles is a vice president of T. Rowe Price Group, Inc.