Confirm Cancel

Download

Latest Date Range
Audience for the document: Share Class: Language of the document:
Download Cancel

Download

Share Class: Language of the document:
Download Cancel

Change Details

If you need to change your email address please contact us.
Change password
Save Cancel
Subscriptions
OK
You are ready to start subscribing.
Get started by going to our products or insights section to follow what you're interested in.

Products Insights

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. 

You have successfully subscribed.

Notify me by email when
regular data and commentary is available
exceptional commentary is available
new articles become available

Thank you for your continued interest

T. Rowe Price

Please enter valid search characters

T. Rowe Price

Please enter valid search characters

Home / Products / SICAV / Global Focused Growth Equity Fund
All Products Documents

SICAV

Global Focused Growth Equity Fund

Concentrating high conviction positions in leading global investment prospects.

ISIN LU1028172499 Bloomberg TRGFGQG:LX
View more information on risks
Factsheet
KIID
Fund ProfileFund Commentary

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

22.14%
$4.5b
Data as of 31-Jan-2021
Data as of 31-Jan-2021

1YR Return
(View Total Returns)

Manager Tenure

39.96%
8yrs
Data as of 31-Jan-2021
Data as of 25-Feb-2021

Information Ratio
(5 Years)

Tracking Error
(5 Years)

1.65
6.76%
Data as of 31-Jan-2021
Data as of 31-Jan-2021

Inception Date 31-Jan-2014

Performance figures calculated in GBP

footerPhoto
31-Jan-2021 - David J. Eiswert, Portfolio Manager,
We believe that we are in an unusual period for markets that is defined by extreme fundamentals. We are looking to ensure the portfolio is positioned correctly for when high-quality companies that were temporarily depressed by the pandemic will likely reaccelerate. The market is currently lacking in patience and seemingly unwilling to look ahead to the other side of the crisis. However, we are confident that vaccines will bring COVID-19 under control over coming quarters.
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.

Click for Manager Outlook
 
  • This product's strategy also available as
  • a Strategy

Strategy

Manager's Outlook

Overall, we are optimistic heading into 2021. There is an extraordinary amount of liquidity in the system and there is no sign that it will reverse anytime soon. A less divisive U.S. presidential administration should ease geopolitical tensions, and, as we move into the spring, we think we will begin to see more durable economic acceleration. With coronavirus vaccines likely to be widely distributed by the summer, we should see a strong year-over-year acceleration in GDP. We will still have very low interest rates and are likely to see further stimulus from the new government in the United States.

�

This pandemic has been defined by extremes-both good and bad-and will likely result in long-term changed behaviors, in some cases in an extreme way. As such, we need to imagine what the world will look like in the future and what it will mean for markets and investors. Fundamentals for major coronavirus beneficiaries have been extremely positive, but their stocks have become more fairly valued. As we move toward a return to "normal," we anticipate a much more heterogenous world over the next several years where companies with pent-up demand across different sectors and regions will unlock accelerating returns and growth.

�

We feel comfortable with our medium-term outlook for the global economy, corporate profits, and especially the path of improvement for our portfolio holdings. We are cognizant that economic conditions could trigger a change in market leadership, but this is not a call for value to outright overtake growth given that the underlying economic cycle is still defined by low growth, low inflation, and low interest rates. Our emphasis remains on buying companies where we have insights about improving economic returns in the future while not paying too much. We don't need to buy only the beaten-down value stocks to participate in the "COVID-off" environment; we just need to find quality companies with accelerating earnings. In the current environment, we are finding companies with idiosyncratic innovation or product-driven cyclical upside where we have identified stock-specific drivers of improving fundamentals in 2021 and beyond that help both our return outlook and risk profile.

�

While we are still in the early phase of mass vaccinations, we now have a road map for a return to normalcy. Even though we are seeing a second wave of the virus with rising infections and hospitals that are becoming full, we think it is important to have a longer-term view and be willing to be carefully contrarian by leaning against what are clear positive fundamentals and into clear negative fundamentals. In our view, that arbitrage represents a great time for us to add value for our clients as alpha sources are likely to be different in 2021 than they were in 2020. The winners of 2021 will be high-quality companies that experience accelerating growth as the world emerges from the pandemic, regardless of style. As such, we believe 2021 will present an environment in which active management can shine.

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 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 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 (U.S.A. 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

Performance (Class Q | GBP)

Annualised Performance

  1 YR 3 YR
Annualised		 5 YR
Annualised		 Since Inception
Annualised
Fund % 39.96% 22.14% 25.46% 20.77%
Indicative Benchmark % 12.33% 9.17% 14.30% 12.28%
Excess Return % 27.63% 12.97% 11.16% 8.49%

Inception Date 31-Jan-2014

Indicative Benchmark: MSCI All Country World Index Net

Data as of 31-Jan-2021

Performance figures calculated in GBP

  1 YR 3 YR
Annualised		 5 YR
Annualised		 Since Inception
Annualised
Fund % 46.18% 23.83% 23.92% 21.32%
Indicative Benchmark % 12.67% 9.68% 13.96% 12.59%
Excess Return % 33.51% 14.15% 9.96% 8.73%

Inception Date 31-Jan-2014

Indicative Benchmark: MSCI All Country World Index Net

Data as of 31-Dec-2020

Performance figures calculated in GBP

Recent Performance

  Month to DateData as of 02-Mar-2021 Quarter to DateData as of 02-Mar-2021 Year to DateData as of 02-Mar-2021 1 MonthData as of 31-Jan-2021 3 MonthsData as of 31-Jan-2021
Fund % 2.82% 5.39% 5.39% -1.50% 12.25%
Indicative Benchmark % 1.75% 1.33% 1.33% -0.91% 10.17%
Excess Return % 1.07% 4.06% 4.06% -0.59% 2.08%

Inception Date 31-Jan-2014

Indicative Benchmark: MSCI All Country World Index Net

Indicative Benchmark: MSCI All Country World Index Net

Performance figures calculated in GBP

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. 

footerPhoto
31-Jan-2021 - David J. Eiswert, Portfolio Manager,
Global equities pulled back in January as complications in the rollout of coronavirus vaccines in many countries and worries about new outbreaks and strains of the virus weighed on sentiment. Within the portfolio, our holdings in the information technology sector had the most negative impact on relative performance. MasterCard suffered as investors priced in the possibility of sustained cross-border travel headwinds from further pandemic-related lockdowns. However, in our view, the stock has an attractive setup with travel and spending patterns likely to normalise on the other side of the pandemic. On the positive side, stock selection in financials helped relative returns. Shares of Axis Bank, an Indian private bank, finished higher thanks to solid underlying trends in both asset quality and net interest margins. We think Axis has a strong franchise that will continue to benefit from India’s underpenetrated financial sector, favourable demographics, and an improving economy, particularly as it focuses on growing its retail segment.

Holdings

Total
Holdings
78
Largest Holding Facebook 4.04% Was (30-Sep-2020) 3.05%
Other View Full Holdings Quarterly data as of  31-Dec-2020
Top 10 Holdings 30.52% View Top 10 Holdings Monthly data as of  31-Jan-2021

Largest Top Contributor^

Charles Schwab
By 1.33%
% of fund 3.69%

Largest Top Detractor^

Airbus
By -0.78%
% of fund 1.35%

^Absolute

Quarterly Data as of 31-Dec-2020

Top Purchase

Alphabet Class A (N)
2.45%
Was (30-Sep-2020) 0%

Top Sale

Apple (E)
0.00%
Was (30-Sep-2020) 3.17%

Quarterly Data as of 31-Dec-2020

footerPhoto
31-Dec-2020 - David J. Eiswert, Portfolio Manager,

We made a number of meaningful shifts in the portfolio over the quarter. With highly effective coronavirus vaccines beginning to roll out, we are anticipating a return to normalcy on the horizon and are trying to imagine what a post-pandemic world will look like and where the alpha sources will be over the next 12 to 24 months. We continue to own secular growth "COVID-on" names that have more room to run in the current environment, but we are also keeping an eye to the future, adding high-quality names at good prices that are well positioned for life after the pandemic, especially in cyclical areas where we have identified product- or innovation-driven cycles that should see accelerating economic returns in 2021 and beyond.

�

Sector-wise, our allocations to information technology and consumer discretionary decreased dramatically as a result of the aforementioned repositioning of the portfolio. These are two sectors that have a large number of "COVID-on" names that have done very well but which we feel have more limited upside moving into 2021. On the other hand, we added to industrials and business services and communication services, areas with more cyclical traits that have what we feel are good growth drivers for 2021. Regionally, our exposure to Pacific ex-Japan decreased the most, mainly due to reducing some of our Chinese names, while our allocations to Europe and Japan increased.

Information Technology

Although our exposure came down during the quarter as we trimmed or eliminated some of the largest and most fairly-valued coronavirus beneficiaries, we still have high conviction in the technology sector as this is an area where rapid market share shifts mean growth companies are plentiful regardless of the broader macroeconomic environment. The powerful long-run trends that we believe will drive value creation within the technology sector remain and, in some cases, have been accelerated by the ongoing pandemic. Aftereffects from the crisis could also result in lasting behavioral changes, with more people working remotely and payment methods skewing more digitally. As a result, software and electronic payments are areas of focus for our sector exposure, but we also remain positioned to benefit from the growing technology consumption in emerging markets, particularly in Asia. We also have a sizable exposure to semiconductor stocks that we anticipate should benefit from content growth in automotive and industrial end markets as well as investment in data centers and artificial intelligence.

  • We eliminated our position in Apple. The stock has been strong throughout the year and most recently gained ground on positive coronavirus vaccine news, which has spurred hope of an economic rebound. While we feel that there are still compelling drivers for growth as the company gears up for a new 5G product cycle, we opted to exit our position on strength in favor of other names that we believe feature more compelling risk/reward upside.
  • We eliminated our position in Samsung Electronics. While we still think the stock is well positioned for recovering DRAM and 5G cycles in 2021, we believe there are more compelling cyclical opportunities right now and chose to exit our position.
  • Shares of Synopsys, a leading electronic design automation (EDA) company, rose as investors were encouraged by the remarkably resilient nature of EDA industry spend amid the coronavirus pandemic. We took advantage of the share price appreciation, eliminating our position on strength. While the stock has benefited from a favorable cyclical backdrop, we used the sale proceeds to increase our exposure to names that we believe will be beneficiaries of the normalization of the global economy.

Consumer Discretionary

The consumer discretionary sector has become increasingly challenged as market disruption, driven in part by rapid changes in consumer behavior and e-commerce, has led to a more dramatic demarcation between winners and losers. Given the polarized structure of the sector, our focus is on high-quality names that are on the right side of change and have dominant market positions. We find internet-based retail particularly attractive, but several of our holdings are driven by product-specific stories. As we look forward to a post-coronavirus world, we have also added exposure to names that have been severely punished by the "COVID-on" trade of the last nine months-like travel-related companies-but that we think are well positioned for improvement as the world returns to a more normal way of life.

  • Amazon.com has been a clear beneficiary of the prolonged period of coronavirus-induced lockdowns, which has fueled resilient demand for essential products. We trimmed our position following strong year-to-date performance, rotating into names that we believe offer a more compelling growth story coming out of the pandemic.
  • Although we expect Alibaba Group Holding to continue to be a solid growth company, the stock's performance has been strong in recent months and there are a number of near-term risks that could dampen returns, including increased regulatory scrutiny, losses in some of the non-core businesses, and increasing competition. As a result, we chose to eliminate our position and reallocate funds to names where we have higher conviction.

Industrials and Business Services

Over the quarter, we moved from an underweight to an overweight position in the sector. Industrials have faced a tough environment over the last nine months as a result of the low-growth environment and stalled economic activity due to the coronavirus pandemic. However, with an end in sight, we have been adding some more cyclical names that we feel are undervalued due to the pandemic but are well positioned for accelerating returns over the next year or two as conditions normalize and economic activity accelerates. We also have more industrial exposure than our weight would imply, as we own several semiconductor and automation companies that are classified as technology, but that we view as more industrial technology.

  • We initiated a stake in Caterpillar, a leading manufacturer of construction and mining equipment as well as engines and turbines. With many of the company's end markets near recessionary levels, we think Caterpillar is poised to benefit from a cyclical recovery as the economy improves. Potential additional infrastructure stimulus would also be favorable for the company.
  • We initiated a position in Airbus, a global aerospace and defense company, late in the period. We believe that Airbus is in a strong position to benefit from the normalization of air travel on the other side of the coronavirus pandemic, and we are attracted to the stock's cyclical growth profile. In our view, the market underappreciates the company's improved competitive positioning in single-aisle aircraft and solid long-term earnings power.

Communication Services

Amid the changing media, entertainment, and communications landscape, certain sector names benefit from strong user engagement and/or subscriber growth. We believe that the lasting behavioral effects from the coronavirus pandemic could accelerate the long-term trend of streaming video services taking share from traditional television and exacerbate the ongoing shift toward digital advertising. We continue to see limited opportunities for strong growth in legacy telecommunications companies, so we remain focused on highly innovative, secular growers within the entertainment and internet services spaces that are on the right side of change and benefiting from accelerating popularity of digital media.

  • We initiated a position in music streaming service Spotify. Spotify helped revitalize the music industry and return to growth after 15 years of declines. With one of the largest music subscription businesses globally, we think the company's scale and dominant position should help it negotiate label revenue share and improve gross margins. Along with higher-margin advertising and artist promotions, we think the company has potential for double-digit growth over the long term.
  • We opened a position in media conglomerate Walt Disney. Despite the stock's strong recent performance, we believe it continues to offer attractive risk/reward potential given Walt Disney's world-class intellectual property (IP) portfolio and IP monetization engine. We are encouraged by signs that the company's Disney+ direct-to-consumer service is on its way to becoming a truly global platform, which could drive more interactions across Walt Disney's other business segments.
  • We reinitiated a position in Alphabet in October after exiting our position in the third quarter because we felt the near-term growth outlook was more opaque and had been pushed out further into 2021; however, the company's third-quarter earnings release in October illustrated that multiple near-term growth drivers were still in play, so we elected to restart a position. We believe that the global search giant stands to benefit from a secular rebound in advertising spending on the other side of the coronavirus pandemic. With its world-class computing infrastructure and elite engineering and data science capabilities, we think Alphabet is well placed to extract value from the economy as the world becomes increasingly digital.

Sectors

Total
Sectors
9
Largest Sector Information Technology 26.34% Was (31-Dec-2020) 26.56%
Other View complete Sector Diversification

Monthly Data as of 31-Jan-2021

Indicative Benchmark: MSCI All Country World Index

Top Contributor^

Information Technology
Net Contribution 2.02%
Sector
-0.04%
Selection 2.06%

Top Detractor^

Communication Services
Net Contribution -0.51%
Sector
-0.15%
Selection
-0.36%

^Relative

Quarterly Data as of 31-Dec-2020

Largest Overweight

Industrials & Business Services
By5.44%
Fund 14.92%
Indicative Benchmark 9.48%

Largest Underweight

Consumer Staples
By-4.36%
Fund 2.78%
Indicative Benchmark 7.14%

Monthly Data as of 31-Jan-2021

footerPhoto
31-Jan-2021 - David J. Eiswert, Portfolio Manager,
We are overweight industrials and business services. The sector has faced a tough environment over the last nine months as a result of low growth and stalled economic activity due to the coronavirus pandemic. However, with an end to this health crisis in sight, we have been adding some more cyclical companies that we feel are undervalued due to the pandemic but are well positioned for accelerating returns over the next year or two as conditions normalise and economic activity accelerates.

Countries

Total
Countries
17
Largest Country United States 49.88% Was (31-Dec-2020) 49.98%
Other View complete Country Diversification

Monthly Data as of 31-Jan-2021

Indicative Benchmark: MSCI All Country World Index

Largest Overweight

United Kingdom
By3.43%
Fund 7.22%
Indicative Benchmark 3.78%

Largest Underweight

United States
By-6.94%
Fund 49.88%
Indicative Benchmark 56.82%

Monthly Data as of 31-Jan-2021

Currency

Total
Currencies
12
Largest Currency 61.42% Was (31-Dec-2020) 61.89%
Other View completeCurrency Diversification

Monthly Data as of  31-Jan-2021

Indicative Benchmark :

Largest Overweight

British pound sterling
By 3.44%
Fund 7.20%
Indicative Benchmark 3.77%

Largest Underweight

Hong Kong dollar
By -2.82%
Fund 1.06%
Indicative Benchmark 3.89%

Monthly Data as of  31-Jan-2021

Team (As of 25-Feb-2021)

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.

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.

  • Fund manager
    since
    2012
  • Years at
    T. Rowe Price
    17
  • Years investment
    experience
    20
Josh Nelson

Josh Nelson
Portfolio Manager

Josh Nelson is a director of research in the U.S. Equity Division of T. Rowe Price. Previously, he was an associate portfolio manager for the Global Focused Growth Equity Strategy. He is an Investment Advisory Committee member of the Global Stock Strategy. He also serves on the Equity Steering Committee. Mr. Nelson is a vice president of T. Rowe Price Group, Inc.

Mr. Nelson has 17 years of investment experience, 12 of which have been with T. Rowe Price. He served as a summer intern with T. Rowe Price in 2006, covering agricultural commodities and ethanol companies. Prior to joining the firm in 2007, he was an investment banker for Citigroup Global Markets, Inc.

Mr. Nelson earned a B.S., with honors, in industrial systems and engineering from the University of Florida. He also earned an M.B.A., with honors, in finance from the University of Pennsylvania, The Wharton School.

  • Fund manager
    since
    2009
  • Years at
    T. Rowe Price
    13
  • Years investment
    experience
    18
Samuel Ruiz

Samuel Ruiz
Portfolio Specialist

Samuel Ruiz is a portfolio specialist in the Equity Division. He is a vice president of T. Rowe Price Australia Limited. 

Sam’s investment experience began in 2008, and he has been with T. Rowe Price since 2020, beginning as an associate working with the Global Equity and Australia Equity Strategies in the Equity Division. Prior to this, Sam was employed by Macquarie Investment Management in the area of strategy in the Equities Division. 

Sam earned a bachelor of applied finance degree from the University of South Australia.

  • Years at
    T. Rowe Price
    1
  • Years investment
    experience
    1
Laurence Taylor

Laurence Taylor
Portfolio Specialist

Laurence Taylor is a portfolio specialist in the Equity Division. He represents the firm's global equity strategies to institutional clients, consultants, and prospects. Laurence is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

Laurence’s investment experience began in 1999, and he has been with T. Rowe Price since 2008, beginning in the Investment Specialist Group. Prior to this, Laurence was employed by AXA Rosenberg as a quantitative portfolio manager, with responsibility for global and European equity portfolios, and began his career at AonHewitt Associates in the UK investment practice. At AonHewitt, Laurence 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.

Laurence earned a B.A., with honors, from Greenwich University. He also has earned the Chartered Financial Analyst® designation.

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

  • Years at
    T. Rowe Price
    12
  • Years investment
    experience
    21

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 1.72%
Class I $2,500,000 $100,000 $0 0.00% 75 basis points 0.80%
Class Q $1,000 $100 $100 0.00% 75 basis points 0.88%

Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.

Please note that the Fund typically has a risk of high volatility.

Indicative Benchmark Data Source: MSCI. MSCI and its affiliates and third party sources and providers (collectively, “MSCI”) makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. Historical MSCI data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

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. 

Daily performance data is based on the latest available NAV. Performance returns for share classes less than 1 year old (and associated benchmarks) are cumulative rather than annualised.

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.

The Funds are sub-funds of the T. Rowe Price Funds SICAV, a Luxembourg investment company with variable capital which is registered with Commission de Surveillance du Secteur Financier and which qualifies as an undertaking for collective investment in transferable securities (“UCITS”). Full details of the objectives, investment policies and risks are located in the prospectus which is available with the key investor information documents in English and in an official language of the jurisdictions in which the Funds are registered for public sale, together with the annual and semi-annual reports (together “Fund Documents”). Any decision to invest should be made on the basis of the Fund Documents which are available free of charge from the local representative, local information/paying agent or from authorised distributors and via www.troweprice.com.

Hedged share classes (denoted by 'h') utilise investment techniques to mitigate currency risk between the underlying investment currency(ies) of the fund and the currency of the hedged share class. The costs of doing so will be borne by the share class and there is no guarantee that such hedging will be effective.

Net Asset figure applies to all share classes.

Number of years managing the fund. In the case of co-portfolio management, the longer tenure is displayed.

The specific securities identified and described in this report do not represent all of the securities purchased, sold, or recommended for the sub-fund and no assumptions should be made that the securities identified and discussed were or will be profitable.

A full list of the currently issued Share Classes including Distributing, Hedged, and Accumulating Categories may be obtained, free of charge and upon request, from the registered office of the Company.