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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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Past performance is not a reliable indicator of future performance.

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)

24.07%
6.27%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

30.15%
1.55

Inception Date 31-Jan-1996

Performance figures calculated in USD

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.

 

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
76
Largest Holding Amazon.com 4.36% Was (30-Jun-2021) 2.46%
Other View Full Holdings Quarterly data as of  30-Sep-2021
Top 10 Holdings 32.19% View Top 10 Holdings Monthly data as of  30-Sep-2021

Top Purchase

Amazon.com
4.34%
Was (30-Jun-2021) 2.46%

Top Sale

Bank of America
2.03%
Was (30-Jun-2021) 3.29%

Quarterly Data as of 30-Sep-2021

Sectors

Total
Sectors
9
Largest Sector Information Technology 17.09% Was (30-Jun-2021) 18.08%
Other View complete Sector Diversification

Monthly Data as of 30-Sep-2021

Benchmark: MSCI All Country World Index

Top Contributor^

Industrials & Business Services
Net Contribution 0.84%
Sector
-0.05%
Selection 0.89%

Top Detractor^

Consumer Discretionary
Net Contribution -0.44%
Sector
-0.16%
Selection
-0.28%

^Relative

Quarterly Data as of 30-Sep-2021

Largest Overweight

Communication Services
By7.49%
Portfolio 16.74%
Benchmark 9.25%

Largest Underweight

Information Technology
By-5.25%
Portfolio 17.09%
Benchmark 22.33%

Monthly Data as of 30-Sep-2021

Regions

Total
Regions
5
Largest Region North America 57.61% Was (30-Jun-2021) 58.27%
Other View complete Region Diversification

Monthly Data as of 30-Sep-2021

Benchmark: MSCI All Country World Index

Top Contributor^

Pacific ex Japan
Net Contribution 0.75%
Region
0.18%
Selection 0.58%

Top Detractor^

Latin America
Net Contribution -0.72%
Region
-0.05%
Selection
-0.67%

^Relative

Quarterly Data as of 30-Sep-2021

Largest Overweight

Europe
By4.18%
Portfolio 21.34%
Benchmark 17.15%

Largest Underweight

North America
By-4.57%
Portfolio 57.61%
Benchmark 62.17%

Monthly Data as of 30-Sep-2021

Countries

Total
Countries
18
Largest Country United States 56.66% Was (30-Jun-2021) 57.20%
Other View complete Country Diversification

Monthly Data as of 30-Sep-2021

Benchmark: MSCI All Country World Index

Largest Overweight

United Kingdom
By5.95%
Portfolio 9.65%
Benchmark 3.70%

Largest Underweight

United States
By-2.67%
Portfolio 56.66%
Benchmark 59.33%

Monthly Data as of 30-Sep-2021