SICAV
Global Growth Equity Fund
Seeking to select superior stocks from the broadest global equity opportunity set.
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 27-Oct-2008
Performance figures calculated in USD
Strategy
Global equities advanced in the fourth quarter as investors weighed the worsening coronavirus pandemic against hopes of a potential coronavirus vaccine. As sentiment has risen, however, we believe it makes sense to be prudent in terms of portfolio positioning. To be clear, we are optimistic as we look out over one to two years, but we are seeing what has turned out to be pretty severe second and even third waves of the virus across much of Europe, as well as meaningfully growing caseloads across much of the U.S. Vaccine developments are a clear positive, but the market's extremely positive reaction to the prospect of a post-coronavirus world creates some near-term uncertainty and risk.
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Companies have used the health crisis as an opportunity to accelerate initiatives aimed at improving fundamental business practices and furthering digital and cloud adoption. Over time, we think these types of initiatives will result in better-run organizations with improved operating margins. Interest rates remain at ultralow levels as central banks around the globe continue to be extremely accommodative during the pandemic, an environment that will likely persist for the foreseeable future. We should also see multiyear growth in corporate earnings coming off depressed 2020 levels, which should be positive for equities.
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However, markets have recovered not just what they lost early in the crisis; they are at all-time highs despite the economy facing potential headwinds due to restrictions aimed at controlling virus spread. Progress on coronavirus vaccine development has been unequivocally more positive than most expected in terms of both the speed of progress and their efficacy in preventing infections, but the virus continues to be highly disruptive, and production and distribution complexities mean we are still likely months away from achieving an adequate level of protection against the virus on a global scale.
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In what remains a low-growth world, we believe real profit generation will continue to matter for investors, as will the durability of a business in a world of accelerating disruption. In the current environment, we think the key is to maintain portfolio breadth (having a balanced portfolio of holdings), diversification, and to apply risk control and active stock decision-making as we work through what is going to be an uneven path of recovery and improvement. Valuations are important, and we need to manage pockets of excessive optimism along with any uncertainty that arises with respect to U.S. policymaking.
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It is also important to maintain a time horizon that allows for stocks to compound higher returns over the long term. Even though some disruptive growth stocks appear expensive when looking at their recent performance and near-term projections, we still see strong growth prospects and attractive valuations for some of these companies when looking out over a two- to three-year time horizon. We believe this nuanced approach to valuation is being overlooked by many investors and will help us provide better value add for our clients over the long term.
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
1 YR | 3 YR Annualised |
5 YR Annualised |
10 YR Annualised |
Since Manager Inception Annualised |
|
---|---|---|---|---|---|
Fund % | 41.90% | 17.71% | 21.57% | 13.42% | 17.41% |
Indicative Benchmark % | 17.02% | 7.90% | 13.56% | 8.91% | 12.09% |
Excess Return % | 24.88% | 9.81% | 8.01% | 4.51% | 5.32% |
1 YR | 3 YR Annualised |
5 YR Annualised |
10 YR Annualised |
|
---|---|---|---|---|
Fund % | 43.81% | 20.11% | 19.00% | 13.11% |
Indicative Benchmark % | 16.25% | 10.06% | 12.26% | 9.13% |
Excess Return % | 27.56% | 10.05% | 6.74% | 3.98% |
Recent Performance
Month to DateData as of 01-Mar-2021 | Quarter to DateData as of 01-Mar-2021 | Year to DateData as of 01-Mar-2021 | 1 MonthData as of 31-Jan-2021 | 3 MonthsData as of 31-Jan-2021 | |
---|---|---|---|---|---|
Fund % | 1.58% | 4.88% | 4.88% | 1.63% | 20.79% |
Indicative Benchmark % | 2.04% | 3.93% | 3.93% | -0.45% | 17.01% |
Excess Return % | -0.46% | 0.95% | 0.95% | 2.08% | 3.78% |
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
181
Largest Top Contributor^
Alphabet
By 0.80%Largest Top Detractor^
Alibaba Group Holding
By -0.82%Top Purchase
AvalonBay Communities (N)
1.02%Top Sale
MetLife (E)
0.00%Sectors
Total
Sectors
11
Top Contributor^
Financials
Net Contribution 1.19%Top Detractor^
Energy
Net Contribution -0.08%Largest Overweight
Consumer Discretionary
Largest Underweight
Energy
Countries
Total
Countries
26
Largest Overweight
Germany
Largest Underweight
Japan
Currency
Total
Currencies
20
Largest Overweight
U.S. dollar
Largest Underweight
Japanese yen
Team (As of 25-Feb-2021)

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 manager2008
since - Years at18
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 | 1.77% |
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.
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.