I | T. Rowe Price

Strategy

Manager's Outlook

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

Calculated:

	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.

31-Jan-2021 - Scott Berg, 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 consumer discretionary holdings contributed added the most. Shop Apotheke Europe is a disruptive online pharmacy currently focusing on the German market. Shares spiked following the company’s decision to launch EUR 225 million in convertible bonds amid strong demand for the issuance. We think the company is a well-run e-commerce business with a strong position in a large and structurally growing addressable market with low online penetration. Conversely, stock selection in the information technology sector hurt relative performance. Shares of digital payments business Global Payments lost ground following several months of strong performance, as investors became more pessimistic on certain secular growth names that had done well in 2020. We think the firm is a well-managed, high-quality payments business that benefits from secular tailwinds of cash-to-card conversions and a shift to faster-growth, technology-enabled distribution channels. We think Global Payments can drive double-digits earnings growth over the next few years, especially as it unlocks synergies from its recent takeover of Total Systems Services.

Holdings

Total
Holdings

181

Largest Holding Amazon.com 3.43% Was (30-Sep-2020) 3.40%

Other View Full Holdings Quarterly data as of 31-Dec-2020

Top 10 Holdings 16.29% View Top 10 Holdings Monthly data as of 31-Jan-2021

Largest Top Contributor^

Alphabet

By 0.80%

% of fund 2.24%

Largest Top Detractor^

Alibaba Group Holding

By -0.82%

% of fund 1.62%

Top Purchase

AvalonBay Communities (N)

1.02%

Was (30-Sep-2020) 0%

Top Sale

MetLife (E)

0.00%

Was (30-Sep-2020) 0.62%

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

We continue to be surprised by the degree of optimism reflected in today's market, especially when looking at the world through a near-term lens as coronavirus caseloads and hospitalizations rise throughout Europe and the U.S. and will most likely continue to do so through the winter. While we share this optimism as we look out over one to two years, we think it makes sense to be prudent in terms of portfolio positioning in the near term. To us, this means focusing on having a balanced and diversified portfolio of names, being relatively sector neutral, and having a variety of ways to win regardless of the current market backdrop. 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.

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Sector-wise, we are overweight consumer discretionary and financials, though not dramatically so. During the quarter, our allocations to real estate and industrials and business services increased, while our exposure to materials and utilities decreased as we trimmed or eliminated strong winners. Regionally, our allocation to Pacific ex-Japan increased, while exposure to Europe decreased. Given we are in a low interest rate, low-growth world for longer, we continue to be overweight fast-growing emerging market countries that have low debt-to-GDP ratios and attractive demographic growth, such as India, Indonesia, the Philippines, Vietnam, and Peru.

Real Estate

We reduced our underweight position over the quarter. Real estate has been challenged as the pandemic has reduced demand, but we think the sector stands to benefit as the pandemic wanes and demand accelerates. Additionally, in a lower-growth world, we think this is an area that offers solid yield backed by tangible, quality assets. Within the sector, we have a diverse mix of high-quality names of both residential and commercial assets in the U.S., Philippines, China, and London.

We initiated a position in AvalonBay Communities, the second-largest apartment REIT in the U.S. We think AvalonBay has a very high-quality portfolio of assets focused on urban and transit-oriented suburban areas on the East and West Coasts with a significant moat due to the company's experience, construction footprint, and financial strength. Although the stock rallied following Pfizer's positive vaccine announcement in early November, we think AvalonBay is well positioned for growth on the other side of the pandemic.
We initiated a position in American Campus Communities, the largest owner of student housing assets in the U.S. We think American Campus Communities is a high-quality, durable growth stock due to its portfolio of well-located, historically well-run assets and strong free cash flow. The stock was hammered during the initial stages of the pandemic as demand for student housing evaporated; however, we think the REIT represents a compelling long-term growth opportunity, and recent underperformance created an attractive entry point.

Information Technology

Advancements in areas like artificial intelligence (AI) and enterprise software are not only affecting technology companies, but also reshaping more traditional industries once viewed as less susceptible to business model disruption. The powerful long-run trends that we believe will drive value creation in the technology sector remain and, in some cases, have been accelerated by the ongoing pandemic. Aftereffects from the pandemic 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 increasing AI adoption as well as the growing technology consumption in emerging markets.

We initiated a position in Zoom Video Communications. This is a name we owned at the beginning of the year and sold after strong performance at the start of the pandemic. More recently, the stock pulled back amid the early rollout of the coronavirus vaccines, which investors feared would reduce demand for video conferencing services. However, we still think the company has room to grow internationally as the world moves to a hybrid work model on the other side of the coronavirus pandemic. In our view, Zoom Video Communications remains a long-term secular winner with a substantial growth runway.

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 and fourth quarters 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 containers and packaging companies and metals and mining.

Lundin Mining is a Canadian base metals miner mainly focused on copper. We eliminated our position in the wake of management's annual three-year guidance release, which came in below our expectations. We also believe the stock is trading near the top of its near-term range, so we elected to move on from our position.
Boliden is a zinc and copper mining and smelting company that we believe ranks among the highest-quality names in diversified metals and mining. The company has a strong management team that understands how to create value by investing countercyclically, keeping leverage low, using automation and technology to lower costs, and dampening volatility with an integrated smelting business. Shares rose in conjunction with zinc and copper prices. However, with these metals trading at cyclical highs, we eliminated� our position on reduced near-term upside.

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.

DoorDash operates the leading online food delivery platform in the U.S. We participated in the initial public offering and added to our position throughout the month. In our view, DoorDash operates in a nascent market that is still largely untapped. We are excited about the stock's growth potential as the business scales further and digital penetration rates increase over the medium to long term.
Hilton Worldwide and Marriott International benefited from positive vaccine news and a continued strong cyclical recovery in the broader market. With shares trading at elevated levels, we eliminated our positions. In our view, the stocks face a wide range of outcomes given the potential for a structural impairment in travel that lasts beyond the coronavirus pandemic.

Sectors

Total
Sectors

Largest Sector Information Technology 20.67% Was (31-Dec-2020) 21.76%

Other View complete Sector Diversification

Top Contributor^

Financials

Net Contribution 1.19%

Sector

0.38%

Selection 0.81%

Top Detractor^

Energy

Net Contribution -0.08%

Sector

-0.17%

Selection

0.08%

Largest Overweight

Consumer Discretionary

By4.64%

Fund 17.80%

Indicative Benchmark 13.16%

Largest Underweight

Energy

By-2.58%

Fund 0.51%

Indicative Benchmark 3.09%

31-Jan-2021 - Scott Berg, Portfolio Manager,

Real estate has been challenged as the pandemic has reduced demand, but we think the sector stands to benefit as the health crisis wanes and demand accelerates. In addition, in a lower growth world, we think this is an area that offers solid yield backed by tangible, quality assets. Within the sector, we own a diverse mix of high-quality companies of both residential and commercial assets in the U.S., Philippines, China, and London.

Countries

Total
Countries

Largest Country United States 52.74% Was (31-Dec-2020) 53.41%

Other View complete Country Diversification

Largest Overweight

Germany

By4.60%

Fund 7.08%

Indicative Benchmark 2.48%

Largest Underweight

Japan

By-5.19%

Fund 1.55%

Indicative Benchmark 6.74%

Currency

Total
Currencies

Largest Currency 65.22% Was (31-Dec-2020) 64.23%

Other View completeCurrency Diversification

Largest Overweight

U.S. dollar

By 6.12%

Fund 65.22%

Indicative Benchmark 59.10%

Largest Underweight

Japanese yen

By -5.19%

Fund 1.55%

Indicative Benchmark 6.74%

Team (As of 25-Feb-2021)

Scott Berg
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

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
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	1.77%
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-Jan-2021

Characteristic	Fund	Benchmark
Projected Earnings Growth Rate (IBES)	16.1%	10.5%
Price to Earnings (Current Fiscal Year)	31.7x	23.4x
Return on Equity (Current Fiscal Year)	12.6%	14.7%
Price to Book	6.3x	4.9x
Investment Weighted Median Market Cap (USD mm)	52,839	79,406
Investment Weighted Average Market Cap (USD mm)	227,588	315,649
Number of Issuers	182	2,880
Top 20 Holdings as % of Total	25.8%	21.8%
Portfolio Holdings Turnover (12 Months)	96.0%	N/A
Percent of Portfolio in Cash	0.5%	0.0%
Active Share Percentage	76.71%	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-Jan-2021

Risk/Return (5 Years)	Fund	Indicative Benchmark
Alpha	6.70%	0.00%
Beta	1.05	1.00
R-Squared	0.91	1.00
Annualized Std. Deviation	16.09%	14.62%
Information Ratio	1.59	0.00
Sharpe Ratio	1.26	0.84
Tracking Error	5.03%	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

2011	2012	2013	2014	2015	2016	2017	2018	2019	2020
-11.00%	20.94%	20.93%	9.12%	1.13%	2.51%	34.34%	-7.60%	30.40%	43.81%	Fund
-7.35%	16.13%	22.80%	4.16%	-2.36%	7.86%	23.97%	-9.41%	26.60%	16.25%	Indicative Benchmark
-3.65%	4.81%	-1.87%	4.96%	3.49%	-5.35%	10.37%	1.81%	3.80%	27.56%	Value added

Fund
Indicative Benchmark

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

Purchases - 10 Largest (31-Dec-2020)

Quarterly as of:

Major Purchases	% of Fund	Previous Quarter Change	Industry	Country
AvalonBay Communities (N)	1.02%	1.02%	Equity Real Estate Investment Trusts (REITs)	United States
Zoom Video Communications (N)	0.64%	0.64%	Software	United States
Amazon.com	3.40%	0.00%	Internet & Direct Marketing Retail	United States
NARI Technology (N)	0.53%	0.53%	Electrical Equipment	China
Eli Lilly And (N)	0.49%	0.49%	Pharmaceuticals	United States
Trimble (N)	0.49%	0.49%	Electronic Equip, Instr & Cmpts	United States
Packaging Corporation of America (N)	0.42%	0.42%	Containers & Packaging	United States
GDS Holdings (N)	0.42%	0.42%	IT Services	China
Yatsen Holding (N)	0.37%	0.37%	Personal Products	China
Apple	1.32%	0.28%	Technology Hardware, Storage & Peripherals	United States

(N) New Position.

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

We initiated a position in AvalonBay Communities, the second-largest apartment REIT in the U.S. We think AvalonBay has a very high-quality portfolio of assets focused on urban and transit-oriented suburban areas on the East and West Coasts with a significant moat due to the company's experience, construction footprint, and financial strength. Although the stock rallied following Pfizer's positive vaccine announcement in early November, we think AvalonBay is well positioned for growth on the other side of the pandemic.
We initiated a position in American Campus Communities, the largest owner of student housing assets in the U.S. We think American Campus Communities is a high-quality, durable growth stock due to its portfolio of well-located, historically well-run assets and strong free cash flow. The stock was hammered during the initial stages of the pandemic as demand for student housing evaporated; however, we think the REIT represents a compelling long-term growth opportunity, and recent underperformance created an attractive entry point.
We initiated a position in Zoom Video Communications. This is a name we owned at the beginning of the year and sold after strong performance at the start of the pandemic. More recently, the stock pulled back amid the early rollout of the coronavirus vaccines, which investors feared would reduce demand for video conferencing services. However, we still think the company has room to grow internationally as the world moves to a hybrid work model on the other side of the coronavirus pandemic. In our view, Zoom Video Communications remains a long-term secular winner with a substantial growth runway.
Lundin Mining is a Canadian base metals miner mainly focused on copper. We eliminated our position in the wake of management's annual three-year guidance release, which came in below our expectations. We also believe the stock is trading near the top of its near-term range, so we elected to move on from our position.
Boliden is a zinc and copper mining and smelting company that we believe ranks among the highest-quality names in diversified metals and mining. The company has a strong management team that understands how to create value by investing countercyclically, keeping leverage low, using automation and technology to lower costs, and dampening volatility with an integrated smelting business. Shares rose in conjunction with zinc and copper prices. However, with these metals trading at cyclical highs, we eliminated� our position on reduced near-term upside.
DoorDash operates the leading online food delivery platform in the U.S. We participated in the initial public offering and added to our position throughout the month. In our view, DoorDash operates in a nascent market that is still largely untapped. We are excited about the stock's growth potential as the business scales further and digital penetration rates increase over the medium to long term.
Hilton Worldwide and Marriott International benefited from positive vaccine news and a continued strong cyclical recovery in the broader market. With shares trading at elevated levels, we eliminated our positions. In our view, the stocks face a wide range of outcomes given the potential for a structural impairment in travel that lasts beyond the coronavirus pandemic.

Sales - 10 Largest (31-Dec-2020)

Major Sales	% of Fund	Previous Quarter Change	Industry	Country
MetLife (E)	0.00%	-0.62%	Insurance	United States
Wells Fargo	0.91%	-0.17%	Banks	United States
Fifth Third Bancorp	0.35%	-0.41%	Banks	United States
Lundin Mining (E)	0.00%	-0.40%	Metals & Mining	Canada
Boliden (E)	0.00%	-0.44%	Metals & Mining	Sweden
Marriott (E)	0.00%	-0.07%	Hotels Restaurants & Leisure	United States
Swedbank (E)	0.00%	-0.34%	Banks	Sweden
Farfetch	0.83%	0.21%	Internet & Direct Marketing Retail	United Kingdom
Hilton Worldwide Holdings (E)	0.00%	-0.30%	Hotels Restaurants & Leisure	United States
Snap Inc.	0.79%	0.10%	Interactive Media & Services	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 (31-Dec-2020)

Quarterly as of:

Contributors	% of Fund	Industry	Country
Farfetch	0.83%	Internet & Direct Marketing Retail	United Kingdom
Snap Inc.	0.79%	Interactive Media & Services	United States
Evotec	1.44%	Life Sciences Tools & Services	Germany
Alphabet	2.24%	Interactive Media & Services	United States
Kotak Mahindra Bank	1.02%	Banks	India

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

Private Indian bank Kotak Mahindra Bank gained ground on strong earninargs results, with improving asset quality and fee income amid a backdrop of continued economic recovery in India. We think Kotak Mahindra Bank is one of the highest-quality banks in India led by a solid management team, with a strong underwriting culture and a transparent and disciplined loan mix.

Shares of Morgan Stanley climbed after positive vaccine news renewed faith in a return to economic normalcy. The company also benefited from its finalized acquisition of E*TRADE Financial and pending acquisition of Eaton Vance, while the Federal Reserve's authorization of buybacks following positive stress test results was another encouraging development. We think Morgan Stanley has resilient underlying business segments in wealth management and investment management that should help the firm weather the storm from the coronavirus and offset headwinds from lower interest rates, market volatility, and loan loss provisions. Ultimately, we think Morgan Stanley's high-quality franchise will continue to drive earnings growth over the long term.
Shares of Farfetch, which operates an online luxury fashion retail platform, rallied on the back of intensifying retail e-commerce growth driven by the coronavirus pandemic. We believe Farfetch is strongly positioned to be a long-term winner in the online luxury segment as e-commerce penetration accelerates and its strong partnerships with brands and boutiques increase its total addressable market.
Masan Group is a Vietnamese conglomerate with exposure to supermarkets, minimarts, branded food and beverages, financial services, and mining. The company has benefited from strong momentum in its consumer-retail businesses. With Vietnam having one of the best frontier macro backdrops with export-led growth, steady levels of foreign investment, job growth, and low inflation, we believe Masan is well positioned longer term to harness the ongoing development of the country's middle-class consumers.

Detractors (31-Dec-2020)

Detractors	% of Fund	Industry	Country
Alibaba Group Holding	1.62%	Internet & Direct Marketing Retail	China
Wayfair	0.62%	Internet & Direct Marketing Retail	United States
Zoom Video Communications	0.64%	Software	United States
Salesforce.com	0.80%	Software	United States
DoorDash	0.29%	Internet & Direct Marketing Retail	United States

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

N/A indicates Not Available.

Holdings (31-Dec-2020)

Quarterly as of:

Company	% of Fund	Previous Qtr Change	Value (USD)	Shares	Sector	Industry	Country
Amazon.com	3.43%	0.04	$18,763,138.84	5,734	Consumer Discretionary	Internet & Direct Marketing Retail	United States
Alphabet Class C	2.24%	0.02	$12,268,323.05	7,015	Communication Services	Interactive Media & Services	United States
Facebook	1.74%	-0.32	$9,526,609.50	34,675	Communication Services	Interactive Media & Services	United States
Alibaba Group Holding	1.66%	-0.73	$9,053,338.10	38,386	Consumer Discretionary	Internet & Direct Marketing Retail	China
Evotec	1.44%	0.25	$7,869,344.79	213,048	Health Care	Life Sciences Tools & Services	Germany
Apple	1.34%	0.30	$7,320,518.40	54,860	Information Technology	Technology Hardware, Storage & Peripherals	United States
Morgan Stanley	1.20%	0.43	$6,558,804.38	96,709	Financials	Capital Markets	United States
Sea	1.18%	-0.00	$6,427,898.95	32,945	Communication Services	Entertainment	Singapore
Goldman Sachs	1.17%	0.46	$6,401,431.71	24,637	Financials	Capital Markets	United States
Roper Technologies	1.05%	0.06	$5,717,403.48	13,501	Industrials & Business Services	Industrial Conglomerates	United States
Kotak Mahindra Bank	1.03%	0.28	$5,604,504.32	204,907	Financials	Banks	India
AvalonBay Communities	1.01%	N/A	$5,531,414.40	35,040	Real Estate	Equity Real Estate Investment Trusts (REITs)	United States
Charles Schwab	1.01%	0.31	$5,530,951.68	105,472	Financials	Capital Markets	United States
HDFC Bank	1.01%	0.07	$5,500,587.20	279,398	Financials	Banks	India
Zalando	0.99%	0.19	$5,385,451.77	48,573	Consumer Discretionary	Internet & Direct Marketing Retail	Germany
NextEra Energy	0.94%	-0.18	$5,160,246.44	67,702	Utilities	Electric Utilities	United States
Global Payments	0.92%	0.08	$5,028,624.30	23,730	Information Technology	IT Services	United States
Fiserv	0.91%	-0.13	$4,967,620.66	44,047	Information Technology	IT Services	United States
Microsoft	0.90%	-0.14	$4,931,476.00	22,264	Information Technology	Software	United States
Wells Fargo	0.90%	-0.18	$4,913,562.60	164,940	Financials	Banks	United States
Etsy	0.88%	0.40	$4,794,237.70	26,866	Consumer Discretionary	Internet & Direct Marketing Retail	United States
Sempra Energy	0.87%	-0.19	$4,745,120.00	37,600	Utilities	Multi-Utilities	United States
Tencent Holdings	0.86%	-0.14	$4,724,809.21	65,700	Communication Services	Interactive Media & Services	China
Intuit	0.86%	0.06	$4,700,070.70	12,415	Information Technology	Software	United States
Farfetch	0.84%	0.22	$4,572,814.62	71,798	Consumer Discretionary	Internet & Direct Marketing Retail	United Kingdom
Infineon Technologies	0.82%	0.08	$4,486,010.01	116,251	Information Technology	Semiconductors & Semiconductor Equipment	Germany
Salesforce.com	0.80%	-0.20	$4,376,709.84	19,788	Information Technology	Software	United States
Delivery Hero	0.80%	-0.02	$4,372,042.12	28,363	Consumer Discretionary	Internet & Direct Marketing Retail	Germany
Snap Inc.	0.79%	0.10	$4,322,183.49	86,913	Communication Services	Interactive Media & Services	United States
Danaher	0.77%	-0.13	$4,211,825.64	19,052	Health Care	Health Care Equipment & Supplies	United States
FedEx	0.76%	-0.22	$4,130,321.10	15,970	Industrials & Business Services	Air Freight & Logistics	United States
Symrise	0.74%	-0.09	$4,049,211.13	30,388	Materials	Chemicals	Germany
KKR	0.73%	0.07	$4,004,506.50	101,175	Financials	Capital Markets	United States
Visa	0.73%	0.01	$3,992,218.56	18,216	Information Technology	IT Services	United States
Bank Central Asia	0.71%	0.09	$3,900,965.18	1,626,700	Financials	Banks	Indonesia
Brookfield Asset Management	0.71%	0.09	$3,898,214.04	94,548	Financials	Capital Markets	Canada
Cigna	0.71%	0.08	$3,883,788.90	19,020	Health Care	Health Care Providers & Services	United States
Shopify	0.71%	0.08	$3,883,684.00	3,383	Information Technology	IT Services	Canada
GE	0.70%	0.23	$3,803,239.65	359,135	Industrials & Business Services	Industrial Conglomerates	United States
Netflix	0.69%	0.03	$3,748,588.40	6,956	Communication Services	Entertainment	United States
Eurofins Scientific	0.68%	N/A	$3,727,750.49	44,270	Health Care	Life Sciences Tools & Services	France
Tesla	0.67%	0.11	$3,688,090.00	5,320	Consumer Discretionary	Automobiles	United States
Chubb	0.66%	-0.12	$3,609,286.66	23,882	Financials	Insurance	United States
Zoom Video Communications	0.66%	N/A	$3,586,140.00	10,440	Information Technology	Software	United States
Zurich Insurance Group	0.63%	0.23	$3,469,923.31	8,224	Financials	Insurance	Switzerland
Peloton Interactive	0.63%	-0.09	$3,449,025.00	22,500	Consumer Discretionary	Leisure Products	United States
ServiceNow	0.63%	0.03	$3,435,137.64	6,291	Information Technology	Software	United States
Wayfair	0.63%	0.03	$3,417,840.00	15,040	Consumer Discretionary	Internet & Direct Marketing Retail	United States
MercadoLibre	0.62%	0.05	$3,393,230.40	2,016	Consumer Discretionary	Internet & Direct Marketing Retail	Argentina
Atlassian	0.62%	0.13	$3,389,554.00	14,525	Information Technology	Software	United States
Experian	0.60%	-0.00	$3,303,183.58	87,082	Industrials & Business Services	Professional Services	United Kingdom
Intuitive Surgical	0.60%	-0.06	$3,285,720.16	4,028	Health Care	Health Care Equipment & Supplies	United States
THG	0.60%	N/A	$3,278,292.59	307,698	Consumer Discretionary	Internet & Direct Marketing Retail	United Kingdom
AIA Group	0.60%	-0.08	$3,272,588.28	269,000	Financials	Insurance	Hong Kong
Keyence	0.60%	-0.06	$3,262,352.18	5,800	Information Technology	Electronic Equip, Instr & Cmpts	Japan
Unilever	0.58%	-0.27	$3,195,035.01	53,258	Consumer Staples	Personal Products	United Kingdom
Stryker	0.58%	-0.05	$3,187,777.13	13,171	Health Care	Health Care Equipment & Supplies	United States
Sun Life Financial	0.58%	-0.01	$3,182,733.40	71,764	Financials	Insurance	Canada
Masan	0.58%	0.17	$3,169,240.53	827,785	Consumer Staples	Food Products	Vietnam
Marsh & McLennan	0.58%	0.23	$3,163,211.40	27,380	Financials	Insurance	United States
Adyen	0.58%	-0.14	$3,148,370.91	1,347	Information Technology	IT Services	Netherlands
Vertex Pharmaceuticals	0.57%	0.29	$3,097,823.94	13,446	Health Care	Biotechnology	United States
SM Investments	0.56%	-0.02	$3,036,051.14	139,095	Industrials & Business Services	Industrial Conglomerates	Philippines
ASML Holding	0.55%	0.01	$2,988,208.22	6,161	Information Technology	Semiconductors & Semiconductor Equipment	Netherlands
PayPal Holdings	0.55%	-0.12	$2,982,719.25	12,915	Information Technology	IT Services	United States
UnitedHealth Group	0.54%	-0.06	$2,970,052.80	8,580	Health Care	Health Care Providers & Services	United States
Siemens	0.54%	0.17	$2,956,570.64	20,628	Industrials & Business Services	Industrial Conglomerates	Germany
Samsung Electronics	0.53%	0.05	$2,919,898.50	39,296	Information Technology	Technology Hardware, Storage & Peripherals	South Korea
NARI Technology	0.53%	N/A	$2,917,689.75	717,900	Industrials & Business Services	Electrical Equipment	China
EssilorLuxottica	0.53%	0.11	$2,875,148.06	18,372	Consumer Discretionary	Textiles, Apparel & Luxury Goods	France
Ocado	0.52%	-0.05	$2,858,914.20	91,518	Consumer Discretionary	Internet & Direct Marketing Retail	United Kingdom
London Stock Exchange	0.52%	0.09	$2,836,632.68	23,054	Financials	Capital Markets	United Kingdom
Lonza Group	0.52%	-0.10	$2,833,223.20	4,414	Health Care	Life Sciences Tools & Services	Switzerland
Veeva Systems	0.51%	-0.15	$2,809,221.44	10,336	Health Care	Health Care Technology	United States
PPD	0.51%	0.14	$2,794,665.42	82,854	Health Care	Life Sciences Tools & Services	United States
Linde	0.51%	0.00	$2,782,271.24	10,636	Materials	Chemicals	United States
Workday	0.51%	-0.33	$2,781,912.00	11,600	Information Technology	Software	United States
Assa Abloy	0.51%	-0.04	$2,772,121.62	112,945	Industrials & Business Services	Building Products	Sweden
Boohoo	0.51%	0.14	$2,766,762.47	590,540	Consumer Discretionary	Internet & Direct Marketing Retail	United Kingdom
AstraZeneca	0.50%	0.01	$2,729,202.80	55,180	Health Care	Pharmaceuticals	United Kingdom
Trimble	0.49%	N/A	$2,698,089.60	40,640	Information Technology	Electronic Equip, Instr & Cmpts	United States
Crowdstrike Holdings	0.49%	0.07	$2,692,359.16	12,707	Information Technology	Software	United States
Tradeweb Markets	0.49%	-0.12	$2,684,461.74	43,586	Financials	Capital Markets	United States
Eli Lilly And	0.48%	N/A	$2,648,461.40	15,860	Health Care	Pharmaceuticals	United States
StoneCo	0.48%	-0.03	$2,604,752.64	31,428	Information Technology	IT Services	Brazil
JD.com	0.47%	0.12	$2,577,316.23	29,311	Consumer Discretionary	Internet & Direct Marketing Retail	China
IDEX	0.47%	0.03	$2,554,192.20	12,930	Industrials & Business Services	Machinery	United States
Hexagon	0.46%	-0.15	$2,524,136.61	27,671	Information Technology	Electronic Equip, Instr & Cmpts	Sweden
China Resources Beer Holdings	0.46%	0.07	$2,522,352.77	274,000	Consumer Staples	Beverages	China
InRetail Peru	0.46%	-0.04	$2,515,553.70	64,009	Consumer Staples	Food & Staples Retailing	Peru
Shop Apotheke Europe	0.45%	-0.09	$2,480,419.09	13,763	Consumer Discretionary	Internet & Direct Marketing Retail	Germany
Clorox	0.45%	0.01	$2,458,596.90	12,230	Consumer Staples	Household Products	United States
Coupa Software	0.45%	0.05	$2,450,804.40	7,164	Information Technology	Software	United States
Partners Group Holding	0.45%	0.08	$2,448,299.17	2,082	Financials	Capital Markets	Switzerland
DiaSorin	0.45%	-0.07	$2,437,735.24	11,702	Health Care	Health Care Equipment & Supplies	Italy
Teledyne Technologies	0.44%	0.07	$2,426,788.56	6,216	Industrials & Business Services	Aerospace & Defense	United States
Splunk	0.44%	0.04	$2,412,797.80	14,077	Information Technology	Software	United States
Credicorp	0.44%	-0.06	$2,408,708.64	14,898	Financials	Banks	Peru
XP	0.44%	0.00	$2,399,950.32	59,879	Financials	Capital Markets	Brazil
Koninklijke DSM	0.44%	-0.02	$2,394,531.38	13,861	Materials	Chemicals	Netherlands
Housing Development Finance	0.44%	0.07	$2,384,786.26	67,994	Financials	Thrifts & Mortgage Finance	India
Datadog	0.43%	0.04	$2,372,471.10	24,246	Information Technology	Software	United States
Estee Lauder	0.43%	-0.02	$2,342,079.98	8,887	Consumer Staples	Personal Products	United States
WuXi Biologics	0.43%	N/A	$2,325,951.27	175,500	Health Care	Life Sciences Tools & Services	China
GDS Holdings	0.43%	N/A	$2,325,257.94	199,555	Information Technology	IT Services	China
Chart Industries	0.42%	-0.11	$2,305,251.00	19,380	Industrials & Business Services	Machinery	United States
Paycom Software	0.42%	-0.01	$2,293,554.33	5,141	Information Technology	Software	United States
Waste Connections	0.42%	-0.02	$2,289,949.20	22,530	Industrials & Business Services	Commercial Services & Supplies	United States
Amphenol	0.42%	-0.00	$2,279,379.56	17,558	Information Technology	Electronic Equip, Instr & Cmpts	United States
Packaging Corporation of America	0.42%	N/A	$2,277,807.00	16,590	Materials	Containers & Packaging	United States
Rentokil Initial	0.41%	-0.11	$2,267,000.48	325,682	Industrials & Business Services	Commercial Services & Supplies	United Kingdom
MINISO Group Holding	0.41%	N/A	$2,237,536.60	84,916	Consumer Discretionary	Multiline Retail	China
ASOS	0.41%	-0.01	$2,223,981.28	34,041	Consumer Discretionary	Internet & Direct Marketing Retail	United Kingdom
Havells India	0.41%	0.06	$2,217,460.26	176,613	Industrials & Business Services	Electrical Equipment	India
Okta	0.40%	0.01	$2,199,580.32	8,488	Information Technology	IT Services	United States
Weyerhaeuser	0.40%	-0.05	$2,198,205.28	66,032	Real Estate	Equity Real Estate Investment Trusts (REITs)	United States
Gree Electric Appliances Inc of Zhuhai	0.40%	0.02	$2,163,730.61	228,401	Consumer Discretionary	Household Durables	China
Axis Bank	0.40%	0.06	$2,159,345.56	253,873	Financials	Banks	India
Avalara	0.39%	-0.13	$2,147,221.80	12,820	Information Technology	Software	United States
Ashtead	0.39%	-0.00	$2,145,445.29	45,686	Industrials & Business Services	Trading Companies & Distributors	United Kingdom
HCA Healthcare	0.39%	0.05	$2,122,708.48	13,058	Health Care	Health Care Providers & Services	United States
Teamviewer	0.39%	0.01	$2,113,899.98	39,457	Information Technology	Software	Germany
Magazine Luiza	0.38%	-0.00	$2,081,498.14	434,772	Consumer Discretionary	Multiline Retail	Brazil
DocuSign	0.38%	-0.33	$2,077,298.50	9,253	Information Technology	Software	United States
China Resources Mixc Lifestyle Services	0.38%	N/A	$2,070,608.43	446,600	Real Estate	Real Estate Management & Development	China
Sumitomo Metal Mining	0.38%	0.09	$2,055,038.35	46,300	Materials	Metals & Mining	Japan
Yatsen Holding	0.37%	N/A	$2,037,756.00	119,868	Consumer Staples	Personal Products	China
Derwent London	0.36%	N/A	$1,984,335.76	46,923	Real Estate	Equity Real Estate Investment Trusts (REITs)	United Kingdom
Sartorius	0.36%	-0.05	$1,972,436.54	4,702	Health Care	Health Care Equipment & Supplies	Germany
Naspers	0.35%	0.01	$1,938,096.28	9,405	Consumer Discretionary	Internet & Direct Marketing Retail	South Africa
CoStar Group	0.35%	-0.06	$1,935,257.76	2,096	Industrials & Business Services	Professional Services	United States
Incyte	0.35%	0.08	$1,924,201.44	22,458	Health Care	Biotechnology	United States
Teladoc Health	0.35%	-0.11	$1,887,609.42	9,558	Health Care	Health Care Technology	United States
Fifth Third Bancorp	0.34%	-0.42	$1,877,341.74	69,198	Financials	Banks	United States
Julius Baer	0.34%	0.04	$1,871,614.14	32,209	Financials	Capital Markets	Switzerland
EOG Resources	0.34%	0.03	$1,862,976.00	37,560	Energy	Oil, Gas & Consumable Fuels	United States
International Paper	0.34%	-0.09	$1,860,401.70	37,790	Materials	Containers & Packaging	United States
EPAM Systems	0.34%	N/A	$1,857,492.00	5,200	Information Technology	IT Services	United States
Colgate-Palmolive	0.34%	-0.24	$1,856,821.66	21,881	Consumer Staples	Household Products	United States
Wix.com	0.34%	-0.06	$1,838,439.18	7,209	Information Technology	IT Services	United States
Flatex	0.34%	N/A	$1,835,135.79	23,906	Financials	Capital Markets	Germany
Zendesk	0.34%	0.01	$1,832,119.80	12,957	Information Technology	Software	United States
Universal Robina	0.33%	-0.01	$1,802,605.70	568,730	Consumer Staples	Food Products	Philippines
Sumber Alfaria Trijaya	0.33%	0.04	$1,779,309.48	31,381,800	Consumer Staples	Food & Staples Retailing	Indonesia
Alibaba Health Information Technology	0.32%	N/A	$1,741,798.92	590,000	Health Care	Health Care Technology	China
Next	0.32%	-0.05	$1,741,732.42	17,995	Consumer Discretionary	Multiline Retail	United Kingdom
MongoDB	0.32%	N/A	$1,728,973.80	4,780	Information Technology	IT Services	United States
Pidilite Industries	0.31%	0.02	$1,716,452.66	70,950	Materials	Chemicals	India
Ayala Land	0.31%	0.04	$1,703,729.55	2,005,900	Real Estate	Real Estate Management & Development	Philippines
HomeServe	0.31%	0.06	$1,699,680.97	121,399	Industrials & Business Services	Commercial Services & Supplies	United Kingdom
Argenx	0.31%	-0.05	$1,690,283.62	5,794	Health Care	Biotechnology	Netherlands
Britannia Industries	0.31%	-0.07	$1,681,998.40	34,316	Consumer Staples	Food Products	India
Recruit Holdings	0.30%	0.07	$1,666,186.38	39,800	Industrials & Business Services	Professional Services	Japan
Mondi	0.30%	-0.07	$1,663,149.72	70,811	Materials	Paper & Forest Products	United Kingdom
United Spirits	0.30%	0.03	$1,655,773.53	209,017	Consumer Staples	Beverages	India
Galaxy Entertainment	0.30%	-0.01	$1,654,147.47	213,000	Consumer Discretionary	Hotels Restaurants & Leisure	Hong Kong
Thermo Fisher Scientific	0.30%	-0.09	$1,651,143.20	3,577	Health Care	Life Sciences Tools & Services	United States
Jollibee Foods	0.29%	-0.00	$1,596,504.87	393,330	Consumer Discretionary	Hotels Restaurants & Leisure	Philippines
DoorDash	0.29%	N/A	$1,595,063.76	11,356	Consumer Discretionary	Internet & Direct Marketing Retail	United States
BDO Unibank	0.29%	0.04	$1,581,730.76	712,591	Financials	Banks	Philippines
Military Commercial Joint Stock Bank	0.29%	0.04	$1,564,941.93	1,579,921	Financials	Banks	Vietnam
NVIDIA	0.29%	-0.06	$1,559,374.70	2,990	Information Technology	Semiconductors & Semiconductor Equipment	United States
Agilent Technologies	0.28%	-0.03	$1,555,787.64	13,243	Health Care	Life Sciences Tools & Services	United States
Godrej Consumer Products	0.28%	-0.04	$1,519,365.48	149,780	Consumer Staples	Personal Products	India
Walt Disney	0.28%	N/A	$1,512,877.05	8,310	Communication Services	Entertainment	United States
Rede D Or Sao Luiz	0.28%	N/A	$1,504,172.96	114,370	Health Care	Health Care Providers & Services	Brazil
Temenos	0.27%	-0.03	$1,484,962.99	10,636	Information Technology	Software	Switzerland
JD Health International	0.25%	N/A	$1,366,733.34	70,650	Consumer Discretionary	Internet & Direct Marketing Retail	China
HDFC Asset Management	0.24%	0.02	$1,336,791.09	33,429	Financials	Capital Markets	India
Galp Energia Sgps	0.23%	0.00	$1,260,166.19	117,327	Energy	Oil, Gas & Consumable Fuels	Portugal
Daiichi Sankyo	0.23%	-0.06	$1,250,079.94	36,500	Health Care	Pharmaceuticals	Japan
Unilever Indonesia	0.22%	-0.06	$1,221,456.56	2,345,300	Consumer Staples	Household Products	Indonesia
Monolithic Power Systems	0.22%	-0.08	$1,191,197.60	3,280	Information Technology	Semiconductors & Semiconductor Equipment	United States
Alnylam Pharmaceuticals	0.20%	-0.07	$1,115,637.00	8,682	Health Care	Biotechnology	United States
Snowflake Computing	0.19%	-0.15	$1,025,438.70	3,445	Information Technology	IT Services	United States
FleetCor Technologies	0.19%	-0.13	$1,022,015.62	3,802	Information Technology	IT Services	United States
Kalbe Farma	0.18%	-0.03	$979,853.16	9,344,900	Health Care	Pharmaceuticals	Indonesia
Deere	0.15%	N/A	$835,428.30	3,130	Industrials & Business Services	Machinery	United States
FANUC	0.14%	-0.05	$786,095.15	3,200	Industrials & Business Services	Machinery	Japan
Nestle Foods Nigeria	0.13%	0.01	$692,801.40	175,479	Consumer Staples	Food Products	Nigeria
Airbnb	0.12%	N/A	$659,159.76	4,508	Consumer Discretionary	Hotels Restaurants & Leisure	United States

N/A indicates Not Available.

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

Sector Diversification (31-Jan-2021)

Monthly as of:

Sector Diversification	% of Fund	% of Indicative Benchmark
Consumer Discretionary	17.80%	13.16%
Health Care	14.59%	12.06%
Financials	15.73%	13.30%
Real Estate	2.65%	2.56%
Industrials & Business Services	9.42%	9.48%
Utilities	1.80%	2.96%
Information Technology	20.67%	22.01%
Consumer Staples	5.54%	7.14%
Materials	3.26%	4.90%
Communication Services	7.53%	9.34%
Energy	0.51%	3.09%

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

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.

Sector Attribution - Top and Bottom Five by Total Value Added (31-Dec-2020)

Data as of:

Sector	Total Value Added %	Value from SectorWeight %	Value from Stock Selection %
Financials	1.19%	0.38%	0.81%
Consumer Discretionary	0.65%	-0.01%	0.66%
Consumer Staples	0.55%	0.16%	0.38%
Communication Services	0.49%	0.02%	0.46%
Information Technology	0.42%	0.06%	0.36%
Real Estate	0.35%	0.05%	0.30%
Industrials & Business Services	0.25%	0.02%	0.23%
Utilities	0.08%	0.07%	0.02%
Materials	0.01%	-0.02%	0.03%
Energy	-0.08%	-0.17%	0.08%
Total	4.20%	0.45%	3.75%

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.

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

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