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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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SICAV

Global Growth Equity Fund

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

ISIN LU0382933546 Bloomberg TRGBLES:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

27.63%
$873.6m

1YR Return
(View Total Returns)

Manager Tenure

35.77%
10yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

1.31
5.69%

Inception Date 11-Mar-2011

Performance figures calculated in USD

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.

 

Strategy

Investment Objective

To increase the value of its shares, over the long term, through growth in the value of its investments. The fund invests mainly in a diversified portfolio of stocks of companies that have the potential for above-average and sustainable rates of earnings growth. The companies may be anywhere in the world, including emerging markets.

Investment Approach

  • Single decision-maker provides clear accountability.
  • Identify “best ideas” by assessing companies in a global sector context, using bottom-up approach to create focused, high conviction portfolio.
  • Global research platform uses fundamental analysis to identify companies with superior and sustainable growth prospects, and improving fundamentals.
  • Macroeconomic and local market factors are integrated in stock selection decisions.
  • Valuation appeal is measured against local market and broad sector opportunity set.
  • Broad range of large-cap stocks, incorporating developed and emerging markets.
  • Environmental, social and governance ("ESG") factors with particular focus on those considered most likely to have a material impact on the performance of the holdings or potential holdings in the funds’ portfolio are assessed. These ESG factors, which are incorporated into the investment process alongside financials, valuation, macro-economics and other factors, are components of the investment decision. Consequently, ESG factors are not the sole driver of an investment decision but are instead one of several important inputs considered during investment analysis.

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

Annualised Performance

  1 YR 3 YR
Annualised
5 YR
Annualised
10 YR
Annualised
Fund % 35.77% 27.63% 22.19% 15.80%
Indicative Benchmark % 37.28% 17.47% 14.72% 11.32%
Excess Return % -1.51% 10.16% 7.47% 4.48%

Inception Date 11-Mar-2011

Indicative Benchmark: MSCI All Country World Index Net

Data as of 31-Oct-2021

Performance figures calculated in USD

  1 YR 3 YR
Annualised
5 YR
Annualised
10 YR
Annualised
Fund % 30.68% 22.91% 20.95% 17.17%
Indicative Benchmark % 27.44% 12.58% 13.20% 11.90%
Excess Return % 3.24% 10.33% 7.75% 5.27%

Inception Date 11-Mar-2011

Indicative Benchmark: MSCI All Country World Index Net

Data as of 30-Sep-2021

Performance figures calculated in USD

Recent Performance

  Month to DateData as of 01-Dec-2021 Quarter to DateData as of 01-Dec-2021 Year to DateData as of 01-Dec-2021 1 MonthData as of 31-Oct-2021 3 MonthsData as of 31-Oct-2021
Fund % -1.21% 0.32% 11.01% 3.09% 1.72%
Indicative Benchmark % -0.25% 2.31% 13.69% 5.10% 3.28%
Excess Return % -0.96% -1.99% -2.68% -2.01% -1.56%

Inception Date 11-Mar-2011

Indicative Benchmark: MSCI All Country World Index Net

Indicative Benchmark: MSCI All Country World Index Net

Performance figures calculated in USD

Past performance is not a reliable indicator of future performance.  Source for fund performance: T. Rowe Price. Fund performance is calculated using the official NAV with dividends reinvested, if any. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested. It will be affected by changes in the exchange rate between the base currency of the fund and the subscription currency, if different. Sales charges (up to a maximum of 5% for the A Class), taxes and other locally applied costs have not been deducted and if applicable, they will reduce the performance figures. Where the base currency of the fund differs from the share class currency, exchange rate movements may affect returns.

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

Where the base currency of the fund differs from the share class currency, exchange rate movements may affect returns.

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

Effective 1 July 2018, the "net" version of the indicative benchmark replaced the "gross" version of the indicative benchmark. The "net" version of the indicative benchmark assumes the reinvestment of dividends after the deduction of withholding taxes applicable to the country where the dividend is paid; as such, the returns of the new benchmark are more representative of the returns experienced by investors in foreign issuers. Historical benchmark performance has been restated accordingly. 

Holdings

Total
Holdings
183
Largest Holding Amazon.com 3.83% Was (30-Jun-2021) 3.71%
Other View Full Holdings Quarterly data as of  30-Sep-2021
Top 10 Holdings 16.57% View Top 10 Holdings Monthly data as of  31-Oct-2021

Largest Top Contributor^

Alphabet
% of fund 2.92%

Largest Top Detractor^

Zoom Video Communications
% of fund 1.13%

^Absolute, percentages based on the difference between the total net assets of the two largest holdings of the fund.

Quarterly Data as of 30-Sep-2021

Top Purchase

Amazon.com
3.81%
Was (30-Jun-2021) 3.71%

Top Sale

Okta (E)
0.00%
Was (30-Jun-2021) 0.43%

Quarterly Data as of 30-Sep-2021

Sectors

Total
Sectors
11
Largest Sector Information Technology 22.66% Was (30-Sep-2021) 22.07%
Other View complete Sector Diversification

Monthly Data as of 31-Oct-2021

Indicative Benchmark: MSCI All Country World Index

Top Contributor^

Health Care
Net Contribution 0.39%
Sector
0.01%
Selection 0.38%

Top Detractor^

Consumer Discretionary
Net Contribution -1.97%
Sector
-0.18%
Selection
-1.79%

^Relative

Quarterly Data as of 30-Sep-2021

Largest Overweight

Consumer Discretionary
By3.53%
Fund 16.27%
Indicative Benchmark 12.74%

Largest Underweight

Energy
By-3.26%
Fund 0.30%
Indicative Benchmark 3.56%

Monthly Data as of 31-Oct-2021

Countries

Total
Countries
28
Largest Country United States 54.81% Was (30-Sep-2021) 54.59%
Other View complete Country Diversification

Monthly Data as of 31-Oct-2021

Indicative Benchmark: MSCI All Country World Index

Largest Overweight

Germany
By3.80%
Fund 6.04%
Indicative Benchmark 2.24%

Largest Underweight

United States
By-5.62%
Fund 54.81%
Indicative Benchmark 60.43%

Monthly Data as of 31-Oct-2021

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.