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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.

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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


1YR Return
(View Total Returns)

Manager Tenure


Information Ratio
(5 Years)

Tracking Error
(5 Years)


Inception Date 15-Jun-2015

Performance figures calculated in USD

31-Jan-2020 - Alan Tu, Portfolio Manager ,
We believe the portfolio is well positioned given our emphasis on high-quality companies that have the potential to compound value for shareholders. We remain optimistic that long-term progress in areas such as e-commerce, cloud computing, big data, and artificial intelligence should offer meaningful upside potential for technology stocks exposed to these trends. We remain opportunistic as we invest intelligently and tactically in the innovative companies that we believe are best-positioned to drive differentiated returns.
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.

Click for Manager Outlook


Manager's Outlook

In our current environment in which stock prices seem to be influenced more by market sentiment than by fundamentals, we have been pleased to see many of our positions, shaped by our long-term thinking, perform well nonetheless. Often, our bets align with emerging trends in technology. In software, for example, several of our stocks are positioned to potentially benefit from the "consumerization of enterprise," a trend where solutions are developed and marketed to end users rather than to top executives. This trend has been fueled by the growing competition in enterprise software, an increase in tech-savvy users, and a shortage of developers. The growing number of software tools targeting lower-skilled IT workers to help them develop customized, easy-to-use applications is a symptom of the developer shortage. Another emerging trend that we believe may have long-term implications for enterprise value is social commerce. The companies that benefit from monetizing social networks are not only established social media platforms but e-commerce companies as well. Finally, within e-commerce, we recognize that the proliferation of different business models and geographies and the advancement of logistics technology point to an accelerating and investable trend that is likely to be lasting: food and convenience delivery. Our global research platform maintains incredible coverage and insights to many of the emerging and disruptive trends in the broader technology sector. Importantly, we factor in a company's relationship to emerging trends like these in our attempt to create a portfolio that is on the right side of change.

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 technology development or utilization companies, with a focus on leading global technology companies. The companies may be anywhere in the world, including emerging markets.

Investment Approach

  • Seeks long-term growth by investing primarily in the common stocks of companies that generate the majority of revenues from the development, advancement, and use of technology.
  • Stock selection is driven by rigorous research and analysis of companies, sectors, and industry trends.
  • The portfolio invests primarily in the common stocks of technology companies or companies enabled by technology across the entire market capitalization spectrum. We seek companies which can successfully weather economic cycles and deliver sustainable growth through product development and innovation, at a reasonable valuation.
  • While our primary emphasis is on a company’s prospects for future growth, valuation can also be an important consideration, particularly when valuation reaches extreme levels.
  • The portfolio is less diversified than a non-focused fund and its substantial reward potential is coupled with significant risk. In addition, any foreign holdings could be affected by declining local currencies or adverse political or economic events.
  • 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

  • Typically 35-60 stock portfolio
  • Non-U.S. companies typically make up 25-45% of the portfolio
  • Portfolio consists of highest conviction ideas from a global perspective
  • Diversification across sectors, countries/currencies, and end markets is a risk management tool
  • Bottom-up stock picking is used to capitalize on rapid and extreme changes in technology trends

Performance (Class I)

Annualised Performance

  1 YR 3 YR
5 YR
Since Inception
Since Manager Inception
Fund % 40.83% 32.17% 29.25% 26.32% 39.35%
Indicative Benchmark % 33.13% 28.26% 28.40% 24.12% 38.08%
Excess Return % 7.70% 3.91% 0.85% 2.20% 1.27%

Inception Date 15-Jun-2015

Manager Inception Date 28-Feb-2019

Indicative Benchmark: MSCI All Country World Index Information Technology Net

Data as of 31-Aug-2021

Performance figures calculated in USD

  1 YR 3 YR
5 YR
Since Inception
Fund % 60.49% 30.86% 31.04% 26.43%
Indicative Benchmark % 46.01% 28.37% 29.31% 23.55%
Excess Return % 14.48% 2.49% 1.73% 2.88%

Inception Date 15-Jun-2015

Indicative Benchmark: MSCI All Country World Index Information Technology Net

Data as of 30-Jun-2021

Performance figures calculated in USD

Recent Performance

  Month to DateData as of 24-Sep-2021 Quarter to DateData as of 24-Sep-2021 Year to DateData as of 24-Sep-2021 1 MonthData as of 31-Aug-2021 3 MonthsData as of 31-Aug-2021
Fund % 0.54% 4.05% 19.40% 3.67% 14.40%
Indicative Benchmark % -0.75% 5.81% 19.05% 3.74% 13.03%
Excess Return % 1.29% -1.76% 0.35% -0.07% 1.37%

Inception Date 15-Jun-2015

Indicative Benchmark: MSCI All Country World Index Information Technology Net

Indicative Benchmark: MSCI All Country World Index Information Technology 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.

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. 

31-Aug-2021 - Alan Tu, Portfolio Manager ,
Global technology stocks were largely positive in August, driven by generally strong earnings. The software, semiconductors, and hardware subsectors gained significant ground, while the financial services subsector declined. Within the portfolio, positive stock selection in internet more than offset the negative effects of an overweight position in the subsector. In particular, Sea gained ground after reporting a large increase in sales across its businesses, beating most estimates and raising its guidance for its gaming and e-commerce units. Sea is a Singaporean internet company operating in Southeast Asia and Latin America. Conversely, our favourable overweight position in software was not sufficient to offset the negative effects of stock selection in the subsector. Shares of Zoom Video Communications sold off after the company delivered a mixed earnings report and raised its guidance to a level that could signal a meaningful deceleration in its core small and medium-sized business (SMB) segment. While we have tempered our expectations for the rest of 2021, we believe our thesis remains intact and that Zoom’s valuation is well-supported by the strength in its non-SMB segments. Furthermore, we believe Zoom’s global product, viral adoption model, and ecosystem strategy will allow it to maintain its leadership in converting users to paid customers.


Largest Holding Zoom Video Communications 8.25% Was (31-Mar-2021) 6.31%
Other View Full Holdings Quarterly data as of  30-Jun-2021
Top 10 Holdings 52.63% View Top 10 Holdings Monthly data as of  31-Aug-2021

Largest Top Contributor^

Zoom Video Communications
% of fund 8.17%

Largest Top Detractor^

% of fund 1.40%

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

Quarterly Data as of 30-Jun-2021

Top Purchase

Was (31-Mar-2021) 2.41%

Top Sale

Was (31-Mar-2021) 3.16%

Quarterly Data as of 30-Jun-2021

30-Jun-2021 - Alan Tu, Portfolio Manager ,

We increased our exposure to high-quality software stocks on weakness. In addition, we leaned into emerging trends in online gaming and social video. We funded these purchases by selling internet stocks that appear to have limited upside potential. In addition, we further reduced our semiconductor allocation due to our bearish medium-term assessments.


We trimmed or exited positions that appear to have limited immediate upside potential in favor of companies that continue to grow market share and are led by strong management teams.

  • We reduced our position in Workday, a leader in enterprise human capital software, as it continues to work on its plans for penetrating other enterprise segments. Given its track record for innovation, strong competitive position, and large addressable market, we believe Workday should produce durable, long-term growth.
  • We trimmed Zendesk to rebalance risk/reward attributes in our position. Zendesk is a cloud-based customer service software developer. We believe Zendesk's market position and commitment to innovation create a long runway for robust revenue growth as its solutions gain traction and attract larger enterprises across multiple channels such as email, chat, voice, and even customer relationship management.
  • We added to our position in HubSpot, a company that provides cloud-based marketing and content management solutions to small and mid-size businesses. In our view, HubSpot should continue to benefit from its strong management team and the trend toward process digitization across enterprises.
  • We added to our position in Atlassian, a leading provider of on-premises and cloud-based workflow and collaboration software. We expect Atlassian to benefit as software and application developers become increasingly important at enterprises of all sizes and see the potential for its collaboration and project management tools to gain further traction outside the IT department. In addition to Atlassian's long growth runway, we also value its sales efficiency.


We trimmed or exited e-commerce and social media stocks, consolidating our bets while rebalancing risk and reward. Also, we added new names that provide the potential for new growth.

  • While we appreciate Alibaba's leadership role in China's e-commerce and cloud computing markets, we exited our position at this time to focus on other, more promising investment opportunities within the Asian tech sector.
  • We eliminated DeliveryHero, a leading global online delivery platform. While we appreciate the company's leading position in many of the markets in which it operates, we chose to invest in other, more strategic relative values at this time.
  • We added to our position in Etsy, an online marketplace for unique, creative, and often homemade goods. We believe the company has a very large total addressable market, including its opportunities outside the U.S., and is currently underestimated by the stock market. Even though it may be dilutive to profits in the short term, we think its recent purchase of Depop, a fashion resale marketplace catering to Gen Z buyers, will add to its growth runway over the long term.
  • We established a new position in Bilibili, a Chinese social video platform backed by tech giants Tencent Holdings and Alibaba Group Holding, offering users a platform for short-form video content. We anticipate that its stock price will be driven by increases in monthly active users and in advertising revenues. First-quarter results were encouraging, and our thesis is on track.
  • We bought additional shares of Coupang. We believe this leading South Korean e-commerce company can leverage its wide moat in logistics technology to offer consumers better product selection, faster shipping, and lower prices than many of its competitors and, in doing so, continue to grow its market share. We also find value in Coupang's large and increasing scale, which should benefit its profitability over time.


As the relative value of semiconductor stocks continued to wane, we further pared our allocation to this subsector.

  • We liquidated our position in Infineon Technologies, a leading maker of automotive and industrial semiconductors based in Germany. Our perceived risk in holding shares outweighed potential reward.
  • We exited MediaTek, a fabless semiconductor design house. Our thesis played out and we believe its shares are now fully valued by the market. We project that the 5G market will grow more competitive as supply constraints ease later this year.
  • Micron Technology, a U.S.-based leader in memory and storage, was eliminated from the portfolio to invest in other, less cyclical opportunities within the subsector.

Media & Entertainment

We reduced positions that face strong competitive risks while looking for opportunities to further support high-conviction names.

  • Given disappointing net subscriber additions, we trimmed Netflix throughout the period in an attempt to rebalance risk and reward. Overall, we like the company's business strategy and large addressable market.
  • We added to our position in ROBLOX as its price peaked during the period. We are attracted to the firm's sophisticated developer base and technological capabilities along with the powerful social network effects ROBLOX utilizes in drawing in new active users.

Financial Services

We reduced our positions in global payment brands which are now underweighted. While we like their steady returns and leverage to the reopening, we redeployed the capital to other, potentially higher-growth opportunities.

  • We trimmed our position in MasterCard to fund new investment opportunities. MasterCard is an electronic payment brand that owns the second largest payment switch connecting banks and merchants across the globe. We like its steady earnings growth, wide moat, and the strong levels of free cash flow it generates.
  • We sold shares of Visa to invest in other stocks. We still like its exposure to global travel, secular growth prospects in electronic payments, and high margins.
  • We trimmed our holding in Square, a point-of-sale, mobile payment service provider. We see value in the synergies that the firm is building across its small and mid-sized businesses and Cash App segments.


31-Jul-2020 - Alan Tu, Portfolio Manager ,
We increased the portfolio’s exposure to semiconductors, focusing on memory chipmakers and names with meaningful exposure to the automotive end market. Low inventories after last year’s downcycle suggest that key segments of this subsector should benefit when economic activity fully recovers. Within semiconductors, we also bought shares of companies that we believe are well-positioned to benefit from a shifting competitive landscape.


Largest Region North America 74.69% Was (31-Jul-2021) 76.48%
Other View complete Region Diversification

Monthly Data as of 31-Aug-2021

Indicative Benchmark: MSCI All Country World Index Information Technology

Largest Overweight

Pacific Ex Japan
Fund 17.11%
Indicative Benchmark 11.46%

Largest Underweight

Fund 0.00%
Indicative Benchmark 3.75%

Monthly Data as of 31-Aug-2021


Largest Country United States 69.09% Was (31-Jul-2021) 70.81%
Other View complete Country Diversification

Monthly Data as of 31-Aug-2021

Indicative Benchmark: MSCI All Country World Index Information Technology

Top Contributor


Top Detractor


Largest Overweight

Fund 8.50%
Indicative Benchmark 0.03%

Largest Underweight

United States
Fund 69.09%
Indicative Benchmark 75.83%

Monthly Data as of 31-Aug-2021

Team (As of 10-Sep-2021)

Alan Tu, CFA

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. 

Alan’s investment experience began in 2012, and he has been with T. Rowe Price since 2014, beginning in the U.S. Equity Division. After that, he was an investment analyst following software companies in the technology sector. He also served as a summer intern in 2013. Prior to T. Rowe Price, Alan was employed by Ananda Capital Management as an analyst, conducting analyses of small-cap Chinese and U.S. equities. He also was a valuation associate at Huron Consulting Group.

Alan earned a B.S., summa cum laude, in business administration from the University of California, Berkeley, and an M.B.A., with honors, from the University of Chicago, Booth School of Business. He also has earned the Chartered Financial Analyst® designation.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

  • Fund manager
  • Years at
    T. Rowe Price
  • Years investment

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% 175 basis points 1.87%
Class I $2,500,000 $100,000 $0 0.00% 85 basis points 0.94%
Class Q $1,000 $100 $100 0.00% 85 basis points 0.97%
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.