SICAV
Global Focused Growth Equity Fund
Concentrating high conviction positions in leading global investment prospects.
3YR Return Annualised
(View Total Returns)
Total Assets
(USD)
1YR Return
(View Total Returns)
Manager Tenure
Information Ratio
(5 Years)
Tracking Error
(5 Years)
Inception Date 31-Jan-2014
Performance figures calculated in GBP
Strategy
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.
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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.
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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.
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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% |
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% |
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% |
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.
Holdings
Total
Holdings
78
Largest Top Contributor^
Charles Schwab
By 1.33%Largest Top Detractor^
Airbus
By -0.78%Top Purchase
Alphabet Class A (N)
2.45%Top Sale
Apple (E)
0.00%Sectors
Total
Sectors
9
Top Contributor^
Information Technology
Net Contribution 2.02%Top Detractor^
Communication Services
Net Contribution -0.51%Largest Overweight
Industrials & Business Services
Largest Underweight
Consumer Staples
Countries
Total
Countries
17
Largest Overweight
United Kingdom
Largest Underweight
United States
Currency
Total
Currencies
12
Largest Overweight
British pound sterling
Largest Underweight
Hong Kong dollar
Team (As of 25-Feb-2021)

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 manager2012
since - Years at17
T. Rowe Price - Years investment20
experience

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 manager2009
since - Years at13
T. Rowe Price - Years investment18
experience

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 at1
T. Rowe Price - Years investment1
experience

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 at12
T. Rowe Price - Years investment21
experience
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.
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.