I | T. Rowe Price

Strategy

Manager's Outlook

We think we are now at a point where tactically it makes sense to be more prudent than two or three months ago as there are still a number of significant risks for investors to contend with. Firstly, we are seeing a resurgence of coronavirus cases in Europe and an extended first wave in many places in the U.S. It has proven more difficult to keep the spread at bay and, even though there are many vaccine candidates in development utilizing diverse technologies and platforms, it is far from a certainty that we will have an effective near-term solution. Secondly, China U.S. tensions are flashing amber and could worsen ahead of the U.S. presidential election in November. Thirdly, the election itself is a difficult call at this point. A Biden victory would likely usher in a less business friendly regulatory and tax regime, but we would also presumably experience some geopolitical calming. Fourthly, the growing possibility of a hard Brexit, which could be viewed as a negative modifier if it were to occur, is another risk that needs to be monitored.

The breathtaking amount of fiscal and monetary stimulus from governments and central banks in both developed and emerging economies since March has created a firmly entrenched narrative that we are in an extremely low interest rate environment for longer, in a world with extremely low growth. We have seen a clear demarcation of winners and losers with the ongoing health crisis rapidly accelerating what were already durable secular trends, and with limited alternatives for investors, more money has been chasing those winners. Concurrently, we are seeing other investor behaviors and broad sets of data points that suggest some areas of the market could be early in a bubble. These prospects just raise the complexity of the environment we are in and re-emphasizes the importance of focusing on the portfolio stock by stock.

With these increasing risks creating a higher degree of difficulty in navigating markets, we are maintaining a broadly balanced portfolio with sector exposures relatively neutral to our core benchmark. We still own a blend of structural winners, durable compounders, and higher yielding names that held up well during the March equity selloff but lagged on the way back up. The continued strong performance of developed equity markets relative to their emerging markets counterparts has led to our EM weighting trending modestly lower. However, in a low growth world, we continue to think investing in the fast growing emerging market countries, such as India, Indonesia, Philippines, Vietnam, and Peru, will be more important than ever.

While we have a more cautious near-term outlook for global equities, we continue to like what we own in the portfolio and remain more constructive over the medium term given the scale of the stimulus efforts around the globe, which should further support risk assets. However, there are still significant and unpredictable risks to manage, and we think a measure of diversification remains key. With volatility likely to be an ongoing feature of markets near term, we will remain focused on our holdings and make use of stock specific opportunities to upgrade the portfolio when they arise.

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.

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

Performance (Class I)

Annualised Performance

Calculated:

	1 YR	3 YR Annualised	5 YR Annualised	10 YR Annualised	Since Manager Inception Annualised
Fund %	28.85%	14.80%	14.74%	11.51%	15.97%
Indicative Benchmark %	4.89%	5.52%	8.11%	7.90%	10.90%
Excess Return %	23.96%	9.28%	6.63%	3.61%	5.07%

	1 YR	3 YR Annualised	5 YR Annualised	10 YR Annualised
Fund %	33.15%	16.37%	16.88%	12.06%
Indicative Benchmark %	10.44%	7.12%	10.30%	8.55%
Excess Return %	22.71%	9.25%	6.58%	3.51%

Recent Performance

	Month to DateData as of 20-Nov-2020	Quarter to DateData as of 20-Nov-2020	Year to DateData as of 20-Nov-2020	1 MonthData as of 31-Oct-2020	3 MonthsData as of 31-Oct-2020
Fund %	10.83%	9.90%	34.12%	-0.84%	3.15%
Indicative Benchmark %	10.71%	8.02%	9.50%	-2.43%	0.20%
Excess Return %	0.12%	1.88%	24.62%	1.59%	2.95%

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-Oct-2020 - Scott Berg, Portfolio Manager,

Global equities lost ground in October amid surging coronavirus cases in the U.S. and Europe, lack of additional stimulus in the U.S., and uncertainty over the upcoming U.S. election. Within the portfolio, our holdings in the communication service sector contributed the most to relative returns. Shares of Snap, which owns social media app Snapchat, spiked on extremely impressive results, with much better than expected revenue and earnings driven by a steep rebound in advertising. We think Snap represents a compelling opportunity given the platform’s growing popularity among Generation Z consumers and the nascent monetisation of its service. The firm also has solid plans to increase user growth and revenue through investments in its salesforce, new content on its Discover newsfeed and augmented reality technology. Conversely, stock picks in materials modestly detracted from relative performance. Flavor and fragrance developer Symrise lost ground despite solid earnings results amid broader weakness in the materials sector. We think Symrise offers staples-like stable and durable growth due to attractive end markets and strong management, combined with margin improvement derived from a better product mix as it grows higher-margin segments like pet food and probiotics.

Holdings

Total
Holdings

179

Largest Holding Amazon.com 3.40% Was (30-Jun-2020) 3.62%

Other View Full Holdings Quarterly data as of 30-Sep-2020

Top 10 Holdings 17.36% View Top 10 Holdings Monthly data as of 31-Oct-2020

Largest Top Contributor^

Amazon.com

By 0.92%

% of fund 3.39%

Largest Top Detractor^

Wells Fargo

By -0.29%

% of fund 1.08%

Top Purchase

FedEx (N)

0.96%

Was (30-Jun-2020) 0%

Top Sale

Volkswagen (E)

0.00%

Was (30-Jun-2020) 0%

30-Sep-2020 - Scott Berg, Portfolio Manager,

Given the high degree of difficulty we are seeing in navigating today's market, we are focused on maintaining a broadly balanced portfolio and remain largely sector neutral in our positioning. We also want to be cognizant of heightened risk and a diversified portfolio helps us mitigate these risks and avoid high correlation and unintended bets. We still own a blend of structural winners, durable compounders, and higher yielding names that held up well during the March sell-off but lagged on the way back up.

Sector-wise, we are overweight consumer discretionary and financials, though not dramatically so. During the quarter, our allocations to industrials and business services and utilities increased, while our exposure to information technology and materials decreased as we trimmed or eliminated strong winners. From a regional perspective, the continued strong performance of developed equity markets relative to their emerging markets counterparts has led to our EM weighting trending modestly lower. However, in a low growth world, we continue to think investing in the fast growing emerging market countries, such as India, Indonesia, Philippines, Vietnam, and Peru, will be more important than ever.

Industrials and Business Services

The industrial economy is slowly starting to recover. Areas such as the airline industry remained challenged, but we are finding opportunities elsewhere within the sector, and are taking a long-term approach with our investments in the space. We remain focused on high-quality companies that can benefit from multiyear growth trends and increases in global trade and capital spending. We are attracted to less cyclical, durable earnings growers in industries with attractive growth dynamics and are largely avoiding companies with commodity capital expenditures exposure.

We began a position in global parcel and freight delivery service FedEx. We think FedEx offers a compelling cyclical opportunity due to a number of positive growth drivers that should coalesce over the near term. In particular, the coronavirus has increased demand and tightened capacity, leading to higher pricing for the industry. We also think there are company-specific tailwinds that should help drive accelerating earnings and margin improvement, including better cost synergies and prolonged capacity constraint and pricing strength in air freight, where FedEx has a dominant position.
We started a position in Chart Industries, which provides equipment and supplies for the industrial gas, energy, and biomedical industries. We think the firm's most compelling segments are in supplying industrial gases like hydrogen as well as cryogenics, and believe there are a number of growth drivers, both cyclical and structural, that could help fuel accelerating earnings over the long term. With a diversified business structure in an industry with high barriers to entry and little competition, we think Chart Industries is well positioned for growth over the long term.

Financials

With leading central banks having cut rates and ramped up quantitative easing measures to help counteract the negative economic impact from the coronavirus, we think we are in a lower rate environment for longer than we had anticipated. While we remain underweight developed market banks due to the challenging rate environment, we have found idiosyncratic ideas in the U.S., Europe, and Canada to add to the portfolio. Our bets within the sector are largely concentrated in capital markets names and emerging market banks. We also have exposure to high-quality insurance companies.

We moved on from our position in E*TRADE Financial. The stock has performed well in recent months, and the company is set to be acquired by Morgan Stanley. With upside limited, we chose to exit our position.
We eliminated our position in DNB, Norway's largest retail and commercial bank. The stock spiked on strong earnings results, so we chose to move on to higher conviction names.

Consumer Discretionary

In our view, there are more coronavirus beneficiaries in the consumer discretionary sector than anywhere else, but this has led to a dramatic demarcation between winners and losers. The coronavirus has pulled forward years of e-commerce share gains in the span of a few months and we have an expanded set of names levered to that trend.

We initiated a position in THG Holdings, participating in the firm's initial public offering (IPO). THG owns The Hut Group, which operates as a multi-website online retailer that provides health, beauty, fashion, lifestyle, and marketplace services. We think THG is an extremely compelling company that is only just beginning to develop a differentiated enterprise e-commerce platform to help brands and retailers build a global online direct-to-consumer footprint.
We initiated a position in Boohoo, a UK-based online fashion retailer that exclusively sells its own brands. We think Boohoo has an attractive business that offers a sizeable opportunity for further market share gains in Europe and the U.S. over the long term given the accelerated shift to online, an effective marketing and customer acquisition strategy, strong product and supply chain management, and a top-notch management team.

Materials

The coronavirus-induced economic downturn has, not surprisingly, had a negative impact on the materials sector. Historically, the time to increase exposure to materials is during a recession and we added several high-quality names that were out of favor between the first and second quarters. However, a number of those names performed extremely well, so we exited our positions in the third quarter as valuations became more reasonable. Our focus is mainly on high-quality companies that offer particularly attractive valuations and are more highly correlated to staples-like industries and secular growth trends, but we also have exposure to metals and mining companies as well.

We eliminated our position in Kirkland Lake Gold. The stock has done well and provided solid exposure to real commodities, but we chose to move on after strong performance to reallocate to names with greater upside potential.
We added a position in Lundin Mining, a Canadian base metals miner mainly focused on copper. As the best conductor of electricity, we think the demand for copper will remain strong for the foreseeable future given the growing electrification of the world driven by technology (electric vehicles, charging stations, power generation, etc.). We think it is beneficial to have exposure to metals with strong demand and an improving cost curve.

Sectors

Total
Sectors

Largest Sector Information Technology 20.21% Was (30-Sep-2020) 21.13%

Other View complete Sector Diversification

Top Contributor^

Consumer Discretionary

Net Contribution 1.44%

Sector

0.43%

Selection 1.01%

Top Detractor^

Consumer Staples

Net Contribution -0.28%

Sector

0.01%

Selection

-0.28%

Largest Overweight

Consumer Discretionary

By4.22%

Fund 17.26%

Indicative Benchmark 13.04%

Largest Underweight

Energy

By-2.21%

Fund 0.54%

Indicative Benchmark 2.75%

31-Oct-2020 - Scott Berg, Portfolio Manager,

We continue to have a subdued outlook for the energy sector given the global oversupply of oil driven by the disruptive impact of U.S. shale production. The coronavirus-led global economic slowdown further exacerbates the near- and intermediate-term issues facing the sector, in our view. Our focus is on companies with high-quality balance sheets, low-cost production, and better production growth profiles.

Countries

Total
Countries

Largest Country United States 52.98% Was (30-Sep-2020) 52.01%

Other View complete Country Diversification

Largest Overweight

Germany

By3.81%

Fund 6.18%

Indicative Benchmark 2.36%

Largest Underweight

Japan

By-5.37%

Fund 1.58%

Indicative Benchmark 6.94%

Currency

Total
Currencies

Largest Currency U.S. dollar 64.82% Was (30-Sep-2020) 65.02%

Other View complete Currency Diversification

Largest Overweight

U.S. dollar

By 4.54%

Fund 64.82%

Indicative Benchmark 60.28%

Largest Underweight

Japanese yen

By -5.36%

Fund 1.58%

Indicative Benchmark 6.94%

Team (As of 01-Oct-2020)

Scott Berg
Lead 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.

Mr. Berg has 17 years of investment experience, all of which have been with T. Rowe Price. He joined the firm in 2002 as a research analyst covering the business services sector after serving as a summer intern in 2001. In 2005, he joined the global equity team as an associate portfolio manager and in 2008 launched the Global Growth Equity Strategy. Prior to T. Rowe Price, he was the manager of financial analysis and planning for Mead Consumer and Office Products. Previously, Mr. Berg was also employed by McKinsey & Company as a business analyst and was a core team member on the firm's global growth initiative.

Mr. Berg graduated first in his class from Macquarie University in Australia, with a B.Ec. in actuarial studies and finance. He also holds an M.B.A. from the Stanford Graduate School of Business, where he again graduated at the top of his class. Mr. Berg has earned the Chartered Financial Analyst designation.

Fund manager
since
2008
Years at
T. Rowe Price
18
Years investment
experience
18

Harishankar Balkrishna
Portfolio Manager

Hari Balkrishna is an associate portfolio manager for the Global Growth Equity Strategy in the Equity Division of T. Rowe Price. Mr. Balkrishna is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

Mr. Balkrishna has 12 years of investment experience. He completed an internship at T. Rowe Price in 2009. Prior to joining the firm in 2010, he worked at Goldman Sachs, Sydney, Australia, in the financial institutions group of the Investment Banking Division.

Mr. Balkrishna has a bachelor of commerce in finance and accounting (university medal and first-class honours) from the University of New South Wales and also has earned an M.B.A., with distinction, from Harvard Business School.

Fund manager
since
2015
Years at
T. Rowe Price
10
Years investment
experience
13

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 year
Years investment
experience
0

Laurence Taylor
Portfolio Specialist

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

Mr. Taylor has 19 years of investment experience, 10 of which have been with T. Rowe Price. Prior to joining the firm in 2008, Mr. Taylor was a quantitative portfolio manager at AXA Rosenberg, with responsibility for European institutional clients, and began his career at Hewitt Associates in the UK investment practice. At Hewitt, Mr. Taylor 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.

Mr. Taylor obtained his B.A., with honours, from Greenwich University and has earned the Chartered Financial Analyst designation.

Years at
T. Rowe Price
11
Years investment
experience
20

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.

Portfolio Characteristics

as of 31-Oct-2020

Characteristic	Fund	Indicative Benchmark
Projected Earnings Growth Rate (IBES)	12.7%	8.7%
Price to Earnings (Current Fiscal Year)	32.3x	24.4x
Return on Equity (Current Fiscal Year)	12.1%	15.1%
Price to Book	6.0x	4.7x
Investment Weighted Median Market Cap (USD mm)	45,049	70,628
Investment Weighted Average Market Cap (USD mm)	204,233	283,044
Number of Issuers	179	2,908
Top 20 Holdings as % of Total	27.0%	22.4%
Portfolio Holdings Turnover (12 Months)	98.5%	N/A
Percent of Portfolio in Cash	1.2%	0.0%
Active Share Percentage	76.88%	N/A

Statistics are Investment Weighted Median unless otherwise noted.

These statistics are based on the portfolio's underlying holdings and are not a projection of future portfolio performance. Actual results may vary.

Risks

The following risks are materially relevant to the fund (refer to prospectus for further details):

Capital risk
Country risk (China)
Country risk (Russia and Ukraine)
Currency risk
Emerging markets risk
Equity risk
Geographic concentration risk
Hedging risk
Investment fund risk
Management risk
Market risk
Operational risk
Small and mid-cap risk
Style risk

Risk/Return Characteristics

as of 31-Oct-2020

Risk/Return (5 Years)	Fund	Indicative Benchmark
Alpha	5.86%	0.00%
Beta	1.07	1.00
R-Squared	0.90	1.00
Annualized Std. Deviation	15.85%	14.03%
Information Ratio	1.28	0.00
Sharpe Ratio	0.85	0.49
Tracking Error	5.20%	0.00%

Past performance is not a reliable indicator of future performance.

Statistics based on monthly net returns of the Fund's Class I shares.

Returns shown with reinvestment of dividends after the deduction of withholding taxes.

Calendar Year Performance (Class I)

2010	2011	2012	2013	2014	2015	2016	2017	2018	2019
13.54%	-11.00%	20.94%	20.93%	9.12%	1.13%	2.51%	34.34%	-7.60%	30.40%	Fund
12.67%	-7.35%	16.13%	22.80%	4.16%	-2.36%	7.86%	23.97%	-9.41%	26.60%	Indicative Benchmark
0.87%	-3.65%	4.81%	-1.87%	4.96%	3.49%	-5.35%	10.37%	1.81%	3.80%	Value added

Fund
Indicative Benchmark

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

Purchases - 10 Largest (30-Sep-2020)

Quarterly as of:

Major Purchases	% of Fund	Previous Quarter Change	Industry	Country
FedEx (N)	0.96%	0.96%	Air Freight & Logistics	United States
Volkswagen (N)	0.00%	0.00%	Automobiles	Germany
Peloton Interactive	0.71%	0.35%	Leisure Products	United States
Wayfair	0.57%	0.19%	Internet & Direct Marketing Retail	United States
Apple	1.04%	-0.08%	Technology Hardware, Storage & Peripherals	United States
Sempra Energy	1.09%	0.31%	Multi-Utilities	United States
Chart Industries (N)	0.57%	0.57%	Machinery	United States
Clorox (N)	0.46%	0.46%	Household Products	United States
THG Holdings (N)	0.52%	0.52%	Internet & Direct Marketing Retail	United Kingdom
Wells Fargo	1.08%	0.03%	Banks	United States

(N) New Position.

30-Sep-2020 - Scott Berg, Portfolio Manager,

We began a position in global parcel and freight delivery service FedEx. We think FedEx offers a compelling cyclical opportunity due to a number of positive growth drivers that should coalesce over the near term. In particular, the coronavirus has increased demand and tightened capacity, leading to higher pricing for the industry. We also think there are company-specific tailwinds that should help drive accelerating earnings and margin improvement, including better cost synergies and prolonged capacity constraint and pricing strength in air freight, where FedEx has a dominant position.
We started a position in Chart Industries, which provides equipment and supplies for the industrial gas, energy, and biomedical industries. We think the firm's most compelling segments are in supplying industrial gases like hydrogen as well as cryogenics, and believe there are a number of growth drivers, both cyclical and structural, that could help fuel accelerating earnings over the long term. With a diversified business structure in an industry with high barriers to entry and little competition, we think Chart Industries is well positioned for growth over the long term.
We moved on from our position in E*TRADE Financial. The stock has performed well in recent months, and the company is set to be acquired by Morgan Stanley. With upside limited, we chose to exit our position.
We eliminated our position in DNB, Norway's largest retail and commercial bank. The stock spiked on strong earnings results, so we chose to move on to higher conviction names.
We initiated a position in THG Holdings, participating in the firm's initial public offering (IPO). THG owns The Hut Group, which operates as a multi-website online retailer that provides health, beauty, fashion, lifestyle, and marketplace services. We think THG is an extremely compelling company that is only just beginning to develop a differentiated enterprise e-commerce platform to help brands and retailers build a global online direct-to-consumer footprint.
We initiated a position in Boohoo, a UK-based online fashion retailer that exclusively sells its own brands. We think Boohoo has an attractive business that offers a sizeable opportunity for further market share gains in Europe and the U.S. over the long term given the accelerated shift to online, an effective marketing and customer acquisition strategy, strong product and supply chain management, and a top-notch management team.
We eliminated our position in Kirkland Lake Gold. The stock has done well and provided solid exposure to real commodities, but we chose to move on after strong performance to reallocate to names with greater upside potential.
We added a position in Lundin Mining, a Canadian base metals miner mainly focused on copper. As the best conductor of electricity, we think the demand for copper will remain strong for the foreseeable future given the growing electrification of the world driven by technology (electric vehicles, charging stations, power generation, etc.). We think it is beneficial to have exposure to metals with strong demand and an improving cost curve.

Sales - 10 Largest (30-Sep-2020)

Major Sales	% of Fund	Previous Quarter Change	Industry	Country
Volkswagen (E)	0.00%	0.00%	Automobiles	Germany
Apple	1.04%	-0.08%	Technology Hardware, Storage & Peripherals	United States
Peloton Interactive	0.71%	0.35%	Leisure Products	United States
Salesforce.com	1.01%	-0.29%	Software	United States
Tesla	0.57%	0.10%	Automobiles	United States
Kirkland Lake Gold (E)	0.00%	-0.48%	Metals & Mining	Canada
Farfetch	0.61%	-0.16%	Internet & Direct Marketing Retail	United Kingdom
Amazon.com	3.39%	-0.23%	Internet & Direct Marketing Retail	United States
Colgate-Palmolive	0.58%	-0.31%	Household Products	United States
Wayfair	0.57%	0.19%	Internet & Direct Marketing Retail	United States

(E) Eliminated.

Major Purchases/Sales represent the highest to lowest total cost (purchases) and proceeds (sales) for the time period indicated.

The information shown does not reflect any ETFs that may be held in the portfolio.

Contributors (30-Sep-2020)

Quarterly as of:

Contributors	% of Fund	Industry	Country
Alibaba Group Holding	2.46%	Internet & Direct Marketing Retail	China
Amazon.com	3.39%	Internet & Direct Marketing Retail	United States
Salesforce.com	1.01%	Software	United States
Tesla	0.57%	Automobiles	United States
Sea	1.16%	Entertainment	Singapore

30-Sep-2020 - Scott Berg, Portfolio Manager,

China's dominant e-commerce platform Alibaba Group Holding gained ground on a strong earnings report, with robust top line growth across segments. The firm's cloud computing business was particularly strong, and free cash flow and margin improvement were also impressive. We have high conviction in the company given its asset-light business model, which we think is scalable, self-enhancing, and highly cash flow generative.
Eurofins Scientific is a leading global bioanalysis company specializing in clinical diagnostic testing as well as manufacturing food and pharmaceutical products. Shares spiked after the firm reported strong earnings results across the board, with solid growth in revenue, earnings, margins, and cash flow. Despite a challenging backdrop with lab closures due to the coronavirus, Eurofins delivered robust numbers in part due to the firm's major role in coronavirus testing. We think Eurofins has built a unique niche platform of bioanalytic testing of a variety of substances and products with high competitive moat that should help drive durable growth over the long term.
Indonesian mini market operator Sumber Alfaria Trijaya fell as coronavirus cases continued to rise in the region, driving concerns about consumer demand and economic growth. We continue to like the company, which is less prone to competition from online channels as it offers convenience at low price points and caters to the local preference to shop for smaller quantities more frequently. The firm continues to expand its footprint and take market share while remaining focused on increasing operational efficiencies.

Detractors (30-Sep-2020)

Detractors	% of Fund	Industry	Country
EOG Resources	0.31%	Oil, Gas & Consumable Fuels	United States
Wells Fargo	1.08%	Banks	United States
Sumber Alfaria Trijaya	0.28%	Food & Staples Retailing	Indonesia
Chubb	0.79%	Insurance	United States
Cigna	0.64%	Health Care Providers & Services	United States

The information shown does not reflect any ETFs that may be held in the portfolio.

N/A indicates Not Available.

Holdings (30-Sep-2020)

Quarterly as of:

Company	% of Fund	Previous Qtr Change	Value (USD)	Shares	Sector	Industry	Country
Amazon.com	3.40%	-0.22	$16,196,759.04	5,124	Consumer Discretionary	Internet & Direct Marketing Retail	United States
Alibaba Group Holding	2.38%	0.27	$11,362,079.84	38,986	Consumer Discretionary	Internet & Direct Marketing Retail	China
Alphabet Class C	2.22%	-0.25	$10,605,059.80	7,165	Communication Services	Interactive Media & Services	United States
Facebook	2.06%	0.06	$9,824,944.50	37,275	Communication Services	Interactive Media & Services	United States
Evotec	1.19%	-0.16	$5,687,940.04	215,567	Health Care	Life Sciences Tools & Services	Germany
Sea	1.18%	0.19	$5,613,799.84	35,816	Communication Services	Entertainment	Singapore
NextEra Energy	1.13%	0.18	$5,380,226.24	19,573	Utilities	Electric Utilities	United States
Wells Fargo	1.08%	0.03	$5,129,241.60	218,080	Financials	Banks	United States
Sempra Energy	1.05%	0.28	$5,022,114.00	42,600	Utilities	Multi-Utilities	United States
Apple	1.04%	-0.07	$4,974,207.20	42,970	Information Technology	Technology Hardware, Storage & Peripherals	United States
Microsoft	1.04%	-0.24	$4,955,872.08	23,784	Information Technology	Software	United States
Fiserv	1.04%	0.11	$4,936,720.36	47,707	Information Technology	IT Services	United States
Tencent Holdings	1.01%	-0.21	$4,807,363.28	71,400	Communication Services	Interactive Media & Services	China
Salesforce.com	1.00%	-0.30	$4,766,427.96	19,068	Information Technology	Software	United States
Roper Technologies	0.99%	-0.09	$4,710,254.38	11,741	Industrials & Business Services	Industrial Conglomerates	United States
FedEx	0.98%	N/A	$4,671,456.30	18,270	Industrials & Business Services	Air Freight & Logistics	United States
HDFC Bank	0.94%	-0.03	$4,474,643.26	303,680	Financials	Banks	India
Danaher	0.90%	-0.05	$4,307,565.84	20,312	Health Care	Health Care Equipment & Supplies	United States
Unilever	0.85%	-0.01	$4,051,591.71	65,506	Consumer Staples	Personal Products	United Kingdom
Workday	0.84%	0.08	$4,023,002.40	18,120	Information Technology	Software	United States
Global Payments	0.84%	0.11	$4,009,813.50	22,350	Information Technology	IT Services	United States
Symrise	0.83%	-0.14	$3,941,819.79	28,453	Materials	Chemicals	Germany
Delivery Hero	0.82%	0.36	$3,930,043.83	34,079	Consumer Discretionary	Internet & Direct Marketing Retail	Germany
Zalando	0.80%	-0.02	$3,793,880.68	41,102	Consumer Discretionary	Internet & Direct Marketing Retail	Germany
Intuit	0.80%	0.02	$3,791,249.52	11,758	Information Technology	Software	United States
Chubb	0.78%	-0.10	$3,712,611.24	32,292	Financials	Insurance	United States
Morgan Stanley	0.77%	0.01	$3,667,347.81	76,419	Financials	Capital Markets	United States
Fifth Third Bancorp	0.76%	0.20	$3,641,399.02	171,038	Financials	Banks	United States
Infineon Technologies	0.75%	0.01	$3,552,132.70	126,203	Information Technology	Semiconductors & Semiconductor Equipment	Germany
Eurofins Scientific	0.74%	0.03	$3,547,801.48	4,474	Health Care	Life Sciences Tools & Services	France
Kotak Mahindra Bank	0.74%	-0.17	$3,540,975.23	204,907	Financials	Banks	India
Peloton Interactive	0.72%	0.36	$3,431,366.40	33,880	Consumer Discretionary	Leisure Products	United States
Adyen	0.72%	-0.12	$3,427,813.82	1,845	Information Technology	IT Services	Netherlands
Visa	0.72%	-0.09	$3,422,702.76	17,036	Information Technology	IT Services	United States
Goldman Sachs	0.71%	-0.10	$3,408,631.81	16,897	Financials	Capital Markets	United States
DocuSign	0.71%	-0.27	$3,389,249.88	15,723	Information Technology	Software	United States
Charles Schwab	0.70%	0.07	$3,325,705.52	91,592	Financials	Capital Markets	United States
Snap Inc.	0.69%	-0.07	$3,283,765.67	125,863	Communication Services	Interactive Media & Services	United States
AIA Group	0.68%	-0.07	$3,249,264.55	329,600	Financials	Insurance	Hong Kong
PayPal Holdings	0.67%	-0.03	$3,194,457.00	16,275	Information Technology	IT Services	United States
Veeva Systems	0.67%	-0.16	$3,181,380.24	11,316	Health Care	Health Care Technology	United States
KKR	0.66%	-0.07	$3,169,798.75	91,375	Financials	Capital Markets	United States
Intuitive Surgical	0.66%	0.00	$3,151,442.72	4,528	Health Care	Health Care Equipment & Supplies	United States
Netflix	0.66%	-0.07	$3,127,776.00	6,306	Communication Services	Entertainment	United States
Keyence	0.66%	-0.09	$3,123,773.45	6,700	Information Technology	Electronic Equip, Instr & Cmpts	Japan
Stryker	0.63%	0.12	$3,025,460.48	14,681	Health Care	Health Care Equipment & Supplies	United States
Shopify	0.63%	-0.15	$3,008,278.53	2,923	Information Technology	IT Services	Canada
Cigna	0.63%	-0.05	$2,987,892.12	17,898	Health Care	Health Care Providers & Services	United States
Brookfield Asset Management	0.62%	0.12	$2,953,405.60	88,958	Financials	Capital Markets	Canada
Bank Central Asia	0.62%	-0.16	$2,952,126.14	1,615,500	Financials	Banks	Indonesia
Farfetch	0.62%	-0.15	$2,939,976.78	114,798	Consumer Discretionary	Internet & Direct Marketing Retail	United Kingdom
MetLife	0.62%	-0.07	$2,939,328.64	79,808	Financials	Insurance	United States
Lonza Group	0.62%	-0.15	$2,935,980.78	4,762	Health Care	Life Sciences Tools & Services	Switzerland
Tradeweb Markets	0.61%	0.20	$2,903,649.84	49,686	Financials	Capital Markets	United States
UnitedHealth Group	0.61%	-0.11	$2,898,138.60	9,380	Health Care	Health Care Providers & Services	United States
Hexagon	0.61%	-0.08	$2,897,522.92	38,295	Information Technology	Electronic Equip, Instr & Cmpts	Sweden
Experian	0.61%	-0.18	$2,896,042.12	76,491	Industrials & Business Services	Professional Services	United Kingdom
ServiceNow	0.60%	-0.09	$2,853,720.56	5,831	Information Technology	Software	United States
Wayfair	0.60%	0.21	$2,849,986.00	9,400	Consumer Discretionary	Internet & Direct Marketing Retail	United States
Sun Life Financial	0.59%	0.02	$2,807,847.04	68,384	Financials	Insurance	Canada
Colgate-Palmolive	0.58%	-0.31	$2,764,297.05	36,111	Consumer Staples	Household Products	United States
SM Investments	0.58%	-0.23	$2,748,942.85	151,295	Industrials & Business Services	Industrial Conglomerates	Philippines
Ocado	0.58%	0.04	$2,743,095.03	76,285	Consumer Discretionary	Internet & Direct Marketing Retail	United Kingdom
MercadoLibre	0.57%	-0.05	$2,732,861.96	2,498	Consumer Discretionary	Internet & Direct Marketing Retail	Argentina
Tesla	0.57%	0.10	$2,708,536.90	6,290	Consumer Discretionary	Automobiles	United States
Assa Abloy	0.54%	-0.02	$2,589,318.79	110,697	Industrials & Business Services	Building Products	Sweden
Shop Apotheke Europe	0.54%	0.11	$2,571,889.05	14,778	Consumer Discretionary	Internet & Direct Marketing Retail	Germany
ASML Holding	0.54%	0.00	$2,552,154.78	6,861	Information Technology	Semiconductors & Semiconductor Equipment	Netherlands
Chart Industries	0.53%	N/A	$2,540,049.40	36,070	Industrials & Business Services	Machinery	United States
Rentokil Initial	0.53%	-0.10	$2,525,054.02	361,046	Industrials & Business Services	Commercial Services & Supplies	United Kingdom
Avalara	0.52%	0.13	$2,499,422.00	19,160	Information Technology	Software	United States
DiaSorin	0.52%	-0.05	$2,466,926.66	12,185	Health Care	Health Care Equipment & Supplies	Italy
THG Holdings	0.51%	N/A	$2,445,353.60	321,300	Consumer Discretionary	Internet & Direct Marketing Retail	United Kingdom
Linde	0.51%	-0.00	$2,417,879.44	10,196	Materials	Chemicals	United States
StoneCo	0.50%	0.02	$2,393,740.08	44,676	Information Technology	IT Services	Brazil
Credicorp	0.50%	-0.09	$2,390,904.96	19,048	Financials	Banks	Peru
InRetail Peru	0.50%	-0.07	$2,381,381.00	71,086	Consumer Staples	Food & Staples Retailing	Peru
AstraZeneca	0.49%	0.09	$2,336,650.00	42,500	Health Care	Pharmaceuticals	United Kingdom
Atlassian	0.49%	0.03	$2,335,343.40	12,795	Information Technology	Software	United States
Samsung Electronics	0.48%	0.11	$2,306,270.29	46,499	Information Technology	Technology Hardware, Storage & Peripherals	South Korea
Etsy	0.47%	0.02	$2,259,546.66	18,206	Consumer Discretionary	Internet & Direct Marketing Retail	United States
GE	0.46%	-0.12	$2,201,906.25	352,305	Industrials & Business Services	Industrial Conglomerates	United States
Weyerhaeuser	0.46%	-0.07	$2,176,970.32	76,762	Real Estate	Equity Real Estate Investment Trusts (REITs)	United States
Koninklijke DSM	0.46%	-0.01	$2,172,588.87	13,207	Materials	Chemicals	Netherlands
Teladoc Health	0.46%	-0.05	$2,171,740.22	9,958	Health Care	Health Care Technology	United States
Estee Lauder	0.45%	0.02	$2,128,511.28	9,807	Consumer Staples	Personal Products	United States
Boliden	0.44%	0.01	$2,111,444.53	71,569	Materials	Metals & Mining	Sweden
Clorox	0.44%	N/A	$2,107,469.40	10,060	Consumer Staples	Household Products	United States
IDEX	0.44%	N/A	$2,104,623.30	11,490	Industrials & Business Services	Machinery	United States
Waste Connections	0.44%	N/A	$2,094,380.40	20,040	Industrials & Business Services	Commercial Services & Supplies	United States
XP	0.44%	-0.08	$2,084,672.20	49,190	Financials	Capital Markets	Brazil
Paycom Software	0.43%	0.05	$2,061,368.75	6,731	Information Technology	Software	United States
International Paper	0.43%	0.02	$2,045,893.20	50,280	Materials	Containers & Packaging	United States
London Stock Exchange	0.43%	0.02	$2,037,455.78	17,767	Financials	Capital Markets	United Kingdom
Amphenol	0.42%	-0.03	$2,011,669.64	18,358	Information Technology	Electronic Equip, Instr & Cmpts	United States
ASOS	0.42%	-0.06	$2,010,357.70	30,188	Consumer Discretionary	Internet & Direct Marketing Retail	United Kingdom
EssilorLuxottica	0.42%	0.01	$1,997,431.14	14,799	Consumer Discretionary	Textiles, Apparel & Luxury Goods	France
Crowdstrike Holdings	0.42%	0.03	$1,996,624.22	14,687	Information Technology	Software	United States
CoStar Group	0.42%	-0.14	$1,991,484.66	2,306	Industrials & Business Services	Professional Services	United States
Masan	0.41%	-0.09	$1,950,992.71	827,785	Consumer Staples	Food Products	Vietnam
Sartorius	0.41%	-0.02	$1,945,119.82	4,768	Health Care	Health Care Equipment & Supplies	Germany
Zurich Insurance Group	0.40%	-0.05	$1,917,697.49	5,480	Financials	Insurance	Switzerland
Lundin Mining	0.40%	N/A	$1,914,330.92	342,860	Materials	Metals & Mining	Canada
Splunk	0.40%	-0.11	$1,903,129.30	10,070	Information Technology	Software	United States
Glodon	0.40%	-0.16	$1,896,766.32	175,998	Information Technology	Software	China
Datadog	0.40%	-0.08	$1,887,355.56	20,546	Information Technology	Software	United States
Ashtead	0.40%	0.02	$1,883,627.84	51,993	Industrials & Business Services	Trading Companies & Distributors	United Kingdom
Coupa Software	0.39%	-0.01	$1,879,877.16	6,804	Information Technology	Software	United States
Wix.com	0.39%	-0.33	$1,869,925.43	7,229	Information Technology	IT Services	United States
China Resources Beer Holdings	0.39%	-0.05	$1,864,380.95	304,000	Consumer Staples	Beverages	China
Thermo Fisher Scientific	0.39%	-0.04	$1,851,600.36	4,217	Health Care	Life Sciences Tools & Services	United States
Okta	0.39%	-0.01	$1,847,632.98	8,678	Information Technology	IT Services	United States
Magazine Luiza	0.38%	-0.09	$1,835,432.71	118,068	Consumer Discretionary	Multiline Retail	Brazil
Britannia Industries	0.38%	-0.05	$1,819,212.51	35,207	Consumer Staples	Food Products	India
Teamviewer	0.38%	-0.22	$1,805,879.22	36,571	Information Technology	Software	Germany
Gree Electric Appliances Inc of Zhuhai	0.38%	-0.09	$1,805,309.06	229,001	Consumer Discretionary	Household Durables	China
Mondi	0.38%	0.08	$1,803,566.46	84,972	Materials	Paper & Forest Products	United Kingdom
Siemens	0.37%	N/A	$1,765,683.03	13,873	Industrials & Business Services	Industrial Conglomerates	Germany
WuXi Biologics	0.37%	-0.00	$1,765,604.37	72,000	Health Care	Life Sciences Tools & Services	China
PPD	0.37%	N/A	$1,764,174.88	49,114	Health Care	Life Sciences Tools & Services	United States
Teledyne Technologies	0.37%	0.13	$1,763,817.12	5,616	Industrials & Business Services	Aerospace & Defense	United States
Prologis	0.37%	-0.03	$1,763,717.44	17,609	Real Estate	Equity Real Estate Investment Trusts (REITs)	United States
Partners Group Holding	0.37%	N/A	$1,756,333.86	1,913	Financials	Capital Markets	Switzerland
Housing Development Finance	0.37%	-0.00	$1,749,256.05	73,592	Financials	Thrifts & Mortgage Finance	India
Next	0.37%	-0.10	$1,748,085.50	22,799	Consumer Discretionary	Multiline Retail	United Kingdom
Boohoo	0.36%	N/A	$1,728,730.26	354,422	Consumer Discretionary	Internet & Direct Marketing Retail	United Kingdom
Argenx	0.36%	0.11	$1,725,910.38	6,494	Health Care	Biotechnology	Netherlands
CME Group	0.36%	-0.09	$1,714,812.12	10,206	Financials	Capital Markets	United States
Havells India	0.35%	-0.01	$1,661,505.80	180,117	Industrials & Business Services	Electrical Equipment	India
JD.com	0.35%	-0.02	$1,658,845.57	21,221	Consumer Discretionary	Internet & Direct Marketing Retail	China
NVIDIA	0.35%	N/A	$1,658,333.60	3,080	Information Technology	Semiconductors & Semiconductor Equipment	United States
Marsh & McLennan	0.34%	0.05	$1,640,448.00	14,400	Financials	Insurance	United States
Swedbank	0.34%	-0.11	$1,633,346.01	103,870	Financials	Banks	Sweden
Naspers	0.34%	0.02	$1,629,627.61	9,268	Consumer Discretionary	Internet & Direct Marketing Retail	South Africa
HCA Healthcare	0.34%	0.02	$1,620,351.60	12,968	Health Care	Health Care Providers & Services	United States
Universal Robina	0.34%	N/A	$1,608,527.04	580,010	Consumer Staples	Food Products	Philippines
Axis Bank	0.34%	0.09	$1,606,545.16	276,712	Financials	Banks	India
Snowflake Computing	0.34%	N/A	$1,600,432.15	5,905	Information Technology	IT Services	United States
Zendesk	0.32%	-0.05	$1,539,445.89	14,907	Information Technology	Software	United States
FleetCor Technologies	0.32%	-0.05	$1,513,775.88	6,262	Information Technology	IT Services	United States
Godrej Consumer Products	0.32%	-0.08	$1,508,751.94	152,751	Consumer Staples	Personal Products	India
EOG Resources	0.32%	-0.12	$1,502,507.80	41,380	Energy	Oil, Gas & Consumable Fuels	United States
Galaxy Entertainment	0.31%	0.10	$1,495,464.50	221,000	Consumer Discretionary	Hotels Restaurants & Leisure	Hong Kong
Novartis	0.31%	N/A	$1,493,629.20	17,180	Health Care	Pharmaceuticals	Switzerland
Agilent Technologies	0.31%	0.01	$1,489,413.86	14,773	Health Care	Life Sciences Tools & Services	United States
Julius Baer	0.30%	0.04	$1,438,852.82	33,833	Financials	Capital Markets	Switzerland
Temenos	0.30%	-0.13	$1,433,606.66	10,651	Information Technology	Software	Switzerland
Hilton Worldwide Holdings	0.30%	-0.03	$1,431,309.60	16,228	Consumer Discretionary	Hotels Restaurants & Leisure	United States
Pidilite Industries	0.30%	0.02	$1,419,958.06	72,600	Materials	Chemicals	India
Monolithic Power Systems	0.30%	N/A	$1,408,328.40	5,080	Information Technology	Semiconductors & Semiconductor Equipment	United States
Jollibee Foods	0.29%	-0.04	$1,400,155.88	467,360	Consumer Discretionary	Hotels Restaurants & Leisure	Philippines
Sumitomo Metal Mining	0.29%	0.06	$1,372,772.13	44,200	Materials	Metals & Mining	Japan
Daiichi Sankyo	0.29%	-0.06	$1,372,416.29	44,700	Health Care	Pharmaceuticals	Japan
Sumber Alfaria Trijaya	0.28%	-0.16	$1,345,082.77	30,023,600	Consumer Staples	Food & Staples Retailing	Indonesia
Unilever Indonesia	0.28%	-0.10	$1,334,128.68	2,445,000	Consumer Staples	Household Products	Indonesia
National Bank of Canada	0.28%	0.03	$1,329,205.02	26,570	Financials	Banks	Canada
Concho Resources	0.28%	-0.00	$1,326,954.96	29,646	Energy	Oil, Gas & Consumable Fuels	United States
Vertex Pharmaceuticals	0.28%	-0.07	$1,324,272.84	4,876	Health Care	Biotechnology	United States
Incyte	0.27%	-0.12	$1,302,988.08	14,468	Health Care	Biotechnology	United States
Hope Education	0.27%	-0.04	$1,296,269.79	4,218,000	Consumer Discretionary	Diversified Consumer Services	China
Alnylam Pharmaceuticals	0.27%	-0.08	$1,295,024.76	8,982	Health Care	Biotechnology	United States
Ayala Land	0.27%	-0.09	$1,286,201.15	2,091,200	Real Estate	Real Estate Management & Development	Philippines
United Spirits	0.27%	-0.11	$1,280,762.87	182,579	Consumer Staples	Beverages	India
Booking Holdings	0.26%	-0.09	$1,252,969.20	735	Consumer Discretionary	Internet & Direct Marketing Retail	United States
Magna International	0.25%	N/A	$1,213,999.00	26,420	Consumer Discretionary	Auto Components	Canada
BDO Unibank	0.25%	-0.08	$1,188,413.05	667,321	Financials	Banks	Philippines
HomeServe	0.25%	-0.03	$1,182,750.24	75,471	Industrials & Business Services	Commercial Services & Supplies	United Kingdom
Military Commercial Joint Stock Bank	0.25%	0.02	$1,181,092.30	1,373,845	Financials	Banks	Vietnam
Recruit Holdings	0.24%	-0.02	$1,143,314.59	28,800	Industrials & Business Services	Professional Services	Japan
Safran	0.24%	-0.13	$1,125,172.71	11,257	Industrials & Business Services	Aerospace & Defense	France
Galp Energia Sgps	0.23%	-0.06	$1,096,815.85	118,586	Energy	Oil, Gas & Consumable Fuels	Portugal
Norsk Hydro	0.22%	-0.01	$1,063,738.79	390,242	Materials	Metals & Mining	Norway
HDFC Asset Management	0.22%	-0.03	$1,062,259.69	34,328	Financials	Capital Markets	India
Kalbe Farma	0.21%	0.01	$1,017,552.29	9,736,700	Health Care	Pharmaceuticals	Indonesia
FANUC	0.19%	-0.02	$904,037.35	4,700	Industrials & Business Services	Machinery	Japan
Zhongsheng Group Holdings	0.14%	-0.30	$661,666.56	105,000	Consumer Discretionary	Specialty Retail	China
Nestle Foods Nigeria	0.11%	-0.04	$541,886.53	175,479	Consumer Staples	Food Products	Nigeria
Marriott	0.07%	-0.23	$335,205.27	3,517	Consumer Discretionary	Hotels Restaurants & Leisure	United States
Siemens Energy	0.04%	N/A	$181,714.98	6,936	Industrials & Business Services	Electrical Equipment	Germany

N/A indicates Not Available.

Numbers may not add due to rounding and/or the exclusion of reserves and other assets.

Sector Diversification (31-Oct-2020)

Monthly as of:

Sector Diversification	% of Fund	% of Indicative Benchmark
Consumer Discretionary	17.26%	13.04%
Financials	16.92%	12.72%
Health Care	12.15%	12.31%
Industrials & Business Services	9.46%	9.63%
Materials	4.01%	4.79%
Utilities	2.37%	3.22%
Real Estate	1.80%	2.73%
Information Technology	20.21%	21.22%
Communication Services	8.44%	9.74%
Consumer Staples	5.70%	7.85%
Energy	0.54%	2.75%

Numbers may not add due to rounding and/or the exclusion of reserves and other assets.

T. Rowe Price uses the MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. T. Rowe Price will adhere to all updates to GICS for prospective reporting.

Sector Attribution - Top and Bottom Five by Total Value Added (30-Sep-2020)

Representative Portfolio vs Benchmark
Data as of:

Sector	Total Value Added %	Value from Sector Weight %	Value from Stock Selection %
Consumer Discretionary	1.44%	0.43%	1.01%
Health Care	0.87%	0.01%	0.86%
Energy	0.41%	0.52%	-0.11%
Communication Services	0.41%	0.02%	0.39%
Real Estate	0.21%	0.10%	0.11%
Utilities	0.11%	0.03%	0.09%
Information Technology	0.08%	0.02%	0.06%
Financials	-0.09%	-0.27%	0.19%
Industrials & Business Services	-0.15%	-0.04%	-0.11%
Consumer Staples	-0.28%	0.01%	-0.28%
Total	3.08%	0.72%	2.36%

Numbers may not add to 100% due to rounding; all numbers are percentages.

Analysis represents the total performance of the portfolio as calculated by the FactSet attribution model and is inclusive of other assets that that will not receive a classification assignment in the detailed structure shown. Returns will not match official T. Rowe Price performance because FactSet uses different exchange rate sources and does not capture intra-day trading. Performance for each security is obtained in the local currency and, if necessary, is converted using an exchange rate determined by an independent third party. Figures are shown with gross dividends reinvested.

Sources: Financial data and analytics provider FactSet. Copyright 2019 FactSet. All Rights Reserved. MSCI/S&P GICS Sectors; Analysis by T. Rowe Price Associates, Inc. T. Rowe Price uses the current MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. T. Rowe Price will adhere to all updates to GICS for prospective reporting.

Figures are shown gross of fees. Returns would be lower as a result of the deduction of such fees.

30-Sep-2020 - Scott Berg, Portfolio Manager,