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SICAV

Global Natural Resources Equity Fund

Seeking to identify long-term global winners in the arena of natural resources extraction and production.

ISIN LU0272423673 Bloomberg TRPGNRA:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

0.59%
$202.5m

1YR Return
(View Total Returns)

Manager Tenure

-4.78%
6yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

-0.30
4.22%

Inception Date 05-Nov-2007

Performance figures calculated in USD

Other Literature

31-Oct-2019 - Shawn T. Driscoll, Portfolio Manager,
We believe the global commodities market is in middle of a long-term, secular downcycle. Although countercyclical rallies in oil prices can occur, we believe any periods of outperformance will likely be brief, due to a declining cost curve and the disruptive effects of short-cycle shale production. Nevertheless, we continue to find pockets of opportunity in several areas of the market.
Shawn T.  Driscoll
Shawn T. Driscoll, Portfolio Manager

Shawn Driscoll is a portfolio manager in the U.S. Equity Division of T. Rowe Price. He is the portfolio manager for the Global Natural Resources Strategy and is president and chairman of its Investment Advisory Committee. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Click for Manager Outlook
 

Strategy

Manager's Outlook

We continue to believe that the global commodities market is in the midst of a long-term, secular downcycle, although there will be periods of cyclical disruption. In our view, the market has started to see the sustainable disruptive impact of U.S. shale production growth, which we expect to continue to flatten the cost curve and put a ceiling on oil prices.

This point is underscored by the action in crude prices after a drone attack on critical oil infrastructure in Saudi Arabia took about 5.7 million barrels per day of output (roughly half the country's production capacity) offline. Although spot oil prices surged in a knee-jerk response to this attack, the rally reversed in a single day, with crude prices ultimately finishing the quarter below where they stood prior to the attack. This rapid retrenchment in oil prices and the lack of movement in longer-dated futures (despite U.S. sanctions against Iran and heightened geopolitical risks in the Middle East) suggest that the market has started to accept the new reality that it's harder for geopolitics to disrupt the declining cost curve and that OPEC is no longer the swing producer in the global oil market.

We continue to expect any periods of oil and commodity outperformance to be brief, with oil prices ultimately settling� into a long-term average in the USD 40 to USD 50 per barrel range. We note, however, that this outlook ultimately depends on the degree to which technological innovation continues to improve productivity and drive down costs.

Since November 2014, we have seen volatility in the markets for commodities and high-yield debt, with prices trading in a wide cyclical range. We expect this volatility to persist and will continue to make tactical portfolio adjustments as appropriate in the context of a secular downcycle in commodities. Although the opportunity set in natural resources has narrowed as commodities prices trend lower over time and balance sheets come under pressure, we are still finding pockets of opportunity in several areas of the market:

  • Majors and integrated oil companies with clean balance sheets and a significant number of financial and operating levers to pull.
  • Commodity-related companies that stand to benefit from relatively low input costs and growing demand from end markets, including specialty chemicals and packaging.
  • Regulated utilities that can maintain durable growth in a low interest rate environment, with an emphasis on electric utilities. The industry also stands to benefit from the thematic tailwind in renewables.
  • Companies with lower financial leverage and no hidden counterparty risk, given the bankruptcy potential in the commodities marketplace.
  • Industries, including specific segments of utilities, chemicals, and metals, with exposure to the emerging electric vehicle theme stand to benefit from disruption and boast long runways for growth.

Energy exploration and production companies that are able to cut costs and maintain growth, with North American shale producers among the best examples.We remain committed to our bottom-up stock selection process and our philosophy of buying and holding a diverse selection of fundamentally sound natural resources companies with solid balance sheets and talented management. Our expansive global research platform continues to assist in identifying those companies that can provide long-term capital appreciation for our clients. Even if the near-term environment poses challenges, we believe the market will reward our disciplined and consistent approach to investing 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 widely diversified portfolio of stocks of natural resources or commodities-related companies. The companies may be anywhere in the world, including emerging markets.

Investment Approach

  • Focus on well-managed companies that own or develop natural resources and other basic commodities with attractive long-term supply-demand fundamentals.
  • Invest in companies that operate “downstream” from these resources, e.g., refining, paper manufacturing, steel fabrication, and petrochemicals.
  • The portfolio invests in resource companies on a global basis including — international energy, forest products, mining, and commodities.
  • Assessment of resource/commodity cycle, industry valuation, and company fundamentals is key.
  • Broadly diversify holdings to manage portfolio risk profile relative to highly concentrated energy or gold strategies.

Portfolio Construction

  • Typically 90-120 securities
  • Positions typically range to 5%
  • Reserves typically range from 0% to 5%

Performance (Class A)

Annualised Performance

  1 YR 3 YR
Annualised
5 YR
Annualised
10 YR
Annualised
Since Manager Inception
Annualised
Fund % -4.78% 0.59% -2.81% 0.37% -1.72%
Indicative Benchmark % -3.56% 2.45% -1.53% 2.43% -0.87%
Excess Return % -1.22% -1.86% -1.28% -2.06% -0.85%

Inception Date 05-Nov-2007

Manager Inception Date 30-Sep-2013

Indicative Benchmark: MSCI World Select Natural Resources Index Net

Data as of  31-Oct-2019

  1 YR 3 YR
Annualised
5 YR
Annualised
10 YR
Annualised
Fund % -13.67% -0.45% -4.06% 0.67%
Indicative Benchmark % -13.85% 1.63% -2.49% 2.33%
Excess Return % 0.18% -2.08% -1.57% -1.66%

Inception Date 05-Nov-2007

Indicative Benchmark: MSCI World Select Natural Resources Index Net

Data as of  30-Sep-2019

Performance figures calculated in USD

Recent Performance

  Month to DateData as of 18-Nov-2019 Quarter to DateData as of 18-Nov-2019 Year to DateData as of 18-Nov-2019 1 MonthData as of 31-Oct-2019 3 MonthsData as of 31-Oct-2019
Fund % 2.58% 2.30% 9.88% -0.27% -3.66%
Indicative Benchmark % 2.25% 2.48% 11.22% 0.23% -2.07%
Excess Return % 0.33% -0.18% -1.34% -0.50% -1.59%

Inception Date 05-Nov-2007

Indicative Benchmark: MSCI World Select Natural Resources Index Net

Indicative Benchmark: MSCI World Select Natural Resources Index Net

Performance figures calculated in USD

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.

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-2019 - Shawn T. Driscoll, Portfolio Manager,
Commodities experienced mixed performance in October. West Texas Intermediate crude oil prices finished the month flat, while Brent prices were modestly lower. Steel, iron ore, and coal prices suffered declines in the mid-single digits, reflecting concerns about the uncertain macroeconomic outlook. Silver, platinum, and gold prices rallied on weakness in the U.S. dollar. Palladium prices continued to climb on healthy demand and constrained supply. Within the portfolio, stock selection in specialty chemicals lifted relative performance the most. Shares of coatings and sealings company RPM gained ground on quarterly earnings per share that topped the consensus estimate, as the margin benefits from its ongoing restructuring programme helped to offset weakness in revenue growth. Lower interest rates also helped to improve sentiment towards U.S. housing construction, a key end market for RPM. Stock selection in U.S. oil exploration and production also aided relative results, thanks to the portfolio’s focus on low-cost operators that should be able to grow their output without sacrificing their balance sheets. A below-benchmark allocation to oil and gas refining and marketing held back relative results, however, as shares of the major U.S. independent refiners rallied on favourable trends in input costs and output prices.

Holdings

Total
Holdings
124
Largest Holding Total 5.27% Was (30-Jun-2019) 5.00%
Other View Full Holdings Quarterly data as of 30-Sep-2019
Top 10 Holdings 26.60% View Top 10 Holdings Monthly data as of 31-Oct-2019

Largest Top Contributor^

NextEra Energy
By 0.08%
% of fund 2.42%

Largest Top Detractor^

Total
By -2.38%
% of fund 5.29%

^Absolute

Quarterly Data as of 30-Sep-2019

Top Purchase

ConocoPhillips
2.07%
Was (30-Jun-2019) 0.77%

Top Sale

Occidental Petroleum
1.25%
Was (30-Jun-2019) 2.28%

Quarterly Data as of 30-Sep-2019

30-Sep-2019 - Shawn T. Driscoll, Portfolio Manager,

Our bearish outlook for oil prices and belief that we are in the middle of a secular downcycle for commodities have not changed. Accordingly, we continue to favor defensive industries and areas of the natural resources universe, such as specialty chemicals, that we believe stand to benefit because lower commodity prices reduce their input costs. However, we remain aware of the potential for signs of�further economic weakness�to weigh on�cyclical names and have sought to emphasize idiosyncratic growth stories that can provide a bit of a buffer against macro headwinds. As always, we remain conscious of valuation, industry fundamentals, and longer-term risk/reward propositions. In the third quarter, we continued to high-grade the portfolio's holdings in response to evolving risk/reward profiles. Among commodity producers, we prefer high-quality names that can deliver strong, low-cost output growth without sacrificing their balance sheets. Despite our long-term outlook, we are not averse to taking advantage of the countercyclical rallies that crop up during secular bear markets. We also continue to explore electric vehicles and other disruptive trends that could create risks and opportunities in our investment universe. Our bottom-up approach to stock selection helps us assess this evolving landscape and make informed, long-term investment decisions.

Allocation to Metals and Mining

The portfolio remained underweight the diversified metals and mining industry. A global oversupply of many base metals is expected to be a headwind for the industry through much of the secular bear market in commodities. We continue to believe diversified metals and mining is one of the more challenged spaces within the natural resources complex over a longer time frame. We remain defensively positioned with the names in the portfolio, focusing on companies with solid balance sheets and sound records of capital allocation. During the quarter, we added to or established positions in high-quality copper producers that we believe can grow their milled output while generating a strong return on invested capital. Although we have a favorable medium- to long-term outlook for copper prices because of the potential for demand to expand as adoption of electric vehicles grows, we prefer to focus on smaller names pursuing projects that can drive cash flow growth and create value in a bear or bull market for commodities. The portfolio likewise maintained its below-benchmark allocation to precious metals and minerals, an industry where we focus on idiosyncratic opportunities that we believe can compound value. Over this period, we reduced the portfolio's exposure to precious metals and minerals, as the setup for these stocks tends to be less compelling when gold prices trade at a premium to some of the highest points on the incentive curve.

  • We added to Ero Copper, a Canada-based miner that opportunistically acquired a mismanaged operation in Brazil several years ago. We believe that the company should create value for shareholders as it brings down the cost curve at its Brazilian operation and new mining projects come onstream that take advantage of the site's existing mill capacity. Ero Copper has also embarked on a robust exploration program that could unlock additional value.
  • We initiated a�position in Lundin Mining, a Canada-based company that owns five mining operations in politically stable countries and generates a significant chunk of its revenue from copper. In our view, Lundin Mining has the potential to grow its operating cash flow significantly in coming years as it ramps up production from the Candelaria complex it acquired opportunistically from Freeport-McMoRan several years ago. Applying a similar game plan to the recently purchased Chapada gold and copper mine could unlock additional value as Lundin Mining works to extract more copper at minimal cost.
  • Boliden's stock sold off after the company reported a second consecutive quarter of disappointing operating cash flow. These weak results stemmed primarily from temporary cost increases and provisions in the smelting division. In our view, the zinc and copper mining and smelting company ranks among the highest-quality names in diversified metals and mining, thanks to a strong management team, solid balance sheet, and history of allocating capital intelligently through the cycle. We took advantage of the pullback to add to Boliden because we believe the stock trades at an undemanding valuation and that the market overlooks the potential for the company to deploy its significant cash flow in ways that create value for shareholders.
  • We exited Barrick Gold as we see better risk/reward profiles elsewhere in our investment universe.

Integrated Oil and Gas

Major and integrated oil companies appeal to us because of their clean balance sheets, financial strength, and the competitive advantages that come with scale. In our view, these qualities position the best of these companies to drive well-productivity gains and capital efficiency. We believe our highest-conviction holdings should be able to grow their hydrocarbon output in a cost-conscious manner and have exhibited a commitment to returning capital to shareholders.

  • BP's stock finished the quarter lower, pressured by the decline in oil prices and weakness in the British pound, which weighed on local shares' performance in terms of U.S. dollars. We like BP's attractive valuation relative to its peers and believe the market underappreciates its ability to deliver solid production growth in the coming years. Although the aftermath of the Macondo oil spill in the Gulf of Mexico has been a headwind for BP, we believe the market overlooks the company's consequent operational improvements, investments in predictive maintenance and other technologies, and lower costs because of delayed project approvals during the last up-cycle. We took advantage of weakness in the stock to add to the portfolio's position.
  • Shares of Total pulled back on similar macro headwinds. Some investors were also wary that Total's purchase of Occidental Petroleum's Mozambique assets could set the stage for the France-based company to pursue additional acquisitions. In our view, this transaction fits in with management's history of effective capital allocation in that the counterparty was a motivated seller and the involved assets align with Total's core competencies in offshore development and liquefied natural gas. We appreciate Total's high-quality management team, capital discipline, strong balance sheet, and credible plan to deliver solid production growth in the coming years. These qualities and an attractive dividend yield make Total one of our highest-conviction ideas in an environment where a declining cost curve should challenge the sustainability of high oil prices. We added to Total, which remains one of the portfolio's top holdings.
  • We started a position in Royal Dutch Shell. The stock sold off after the company reported disappointing second-quarter results that compounded the challenging commodity price environment with operational issues. We see a favorable setup in Royal Dutch Shell's undemanding valuation, the prospect of improved execution, and projects slated to start up in the back half of the year.
  • We reduced the portfolio's position in Occidental Petroleum to reflect our concerns about the company's acquisition of Anadarko Petroleum, a transaction that levered its once-clean balance sheet and puts significant pressure on management to meet its targets for asset sales and cost reductions as it integrates these operations. Although Occidental Petroleum's risk profile and our esteem for its management team have changed, we regard the company as a leading operator in the oil-rich Permian Basin and see the potential for its scale and technical expertise to unlock value for shareholders.

Allocation to Exploration and Production

During the quarter, we continued high-grade our positioning in oil and gas exploration and production to reflect an increasingly challenging environment. This process involved exiting holdings that we believe could struggle to compete as their larger, more sophisticated peers continue to leverage their superior scale, balance sheets, and technology to drive productivity and efficiency gains. Within this space, we remain focused on high-quality operators that we believe can grow their hydrocarbon output at midcycle oil prices, without damaging their balance sheets.

  • Anadarko Petroleum was acquired by Occidental Petroleum.
  • Although we appreciate the quality of Encana and Centennial Resource Development's assets in the oil-rich Permian Basin, we exited these positions in favor of investment opportunities that we believe offer a better risk/reward profile.
  • We added to Concho Resources on weakness. We regard Concho Resources' recent operating challenges as temporary and note that the company still boasts a strong balance sheet, the scale to remain competitive, and high-quality acreage in the Permian Basin that contains a huge inventory of drilling locations.
  • We�added to the portfolio's�position in ConocoPhillips, a high-quality oil and gas producer that we believe trades at a reasonable valuation and could deliver relative outperformance over the long run. We appreciate the company's solid management team, strong balance sheet, capital discipline, and the relatively low decline rate of its conventional assets. Although we acknowledge that the company could pursue a big acquisition to increase its exposure to the Permian Basin, we believe the stock's undemanding valuation, management's discipline, and the sharp pullback in U.S. oil and gas exploration and production stocks help to mitigate this risk.

Oil and Gas Equipment and Services

We remained underweight this industry because we believe ongoing well productivity gains and a declining cost curve make it difficult for these companies to push pricing, particularly in the commoditized service and product categories in the U.S. onshore market. Lower oil prices have prompted leading independent exploration and production companies to slow their activity levels in U.S. shale plays, another headwind for oil and gas equipment and service companies in the back half of the year. In contrast, we expect activity levels in the international markets to recover somewhat from years of underinvestment, though pricing traction has been hard to come by for many oil field equipment and service providers.

  • We exited Baker Hughes, A GE Company, in favor of other investment ideas where we have more confidence in the management team and do not have to worry about the overhang from General Electric's plan to eventually divest its ownership.
  • The portfolio finished the period overweight Schlumberger. In our view, the world's largest oil-field services company represents one of the better ways to gain exposure to an uptick�in international exploration and development activity. Other potential upside catalysts include a new CEO who plans to exit some of Schlumberger's lower-quality business lines in commodified industries.
  • Shares of Dril-Quip, a leading provider of subsea wellheads, outperformed the subsector and eked out a positive return, thanks in part to its strong balance sheet and cost-cutting initiatives. We appreciate the company's high-quality management and exposure to the nascent recovery in international exploration and development activities as operators increasingly focus on cost-competitive offshore projects that utilize existing infrastructure.

Allocation to Energy Industrials

We high-graded our exposure in energy industrials, rotating into higher-conviction ideas that we believe offer exposure to value-oriented ideas and idiosyncratic growth stories that could prove resilient in a challenging environment.

  • We sold shares of Ball, a global leader in aluminum packaging, on strength. In our view, the company should continue to benefit from growing demand as aluminum packaging replaces less sustainable options and cans take market share in cocktails and wines.
  • We exited Fluor in favor of opportunities that we believe offer better risk/reward profiles. The stock sold off after the engineering and construction company reported disappointing second-quarter results that fell well short of expectations for revenue and adjusted earnings per share, prompting management to withdraw its full-year guidance. Although Fluor's strong balance sheet stands out in this space, we believe this turnaround story could take a long time to play out and likely will involve additional bumps along the way.
  • During the quarter, we initiated a position in Silgan Holdings, a packaging company that boasts the largest share in the U.S. market for food cans. We appreciate the company's significant free cash flow and cost-cutting efforts. In our view, the stock trades at an undemanding valuation for a somewhat defensive stock, in part because of expectations for limited demand growth for good cans. Albeit in the nascent stage, consumers' increasing focus on packaging that is more readily recyclable might provide a tailwind for food cans�over the longer term.

Packaged Foods and Meats

We adjusted the portfolio's positioning in packaged foods and meats to reflect the evolving risk/reward profiles in this industry.

  • We exited Cal-Maine Foods on strength. This move reflected our concerns about the declining cost curve in the shell egg business, as growing demand and higher prices for premium cage-free eggs appear to be subsidizing conventional production, which, over time, could drive down break-even costs in the industry.
  • We added to Sanderson Farms. In our view, the third-largest poultry producer in the U.S. stands to benefit from the favorable supply-demand backdrop created by soaring protein prices in China, where a devastating outbreak of African swine flu could lead to significant chicken-for-pork substitution. We appreciate Sanderson Farms' low production costs, debt-free balance sheet, high-quality management team, and willingness to invest judiciously in capacity expansions throughout the cycle.

Sectors

Total
Sectors
9
Largest Sector Chemicals 18.31% Was (30-Sep-2019) 18.03%
Other View complete Sector Diversification

Monthly Data as of 31-Oct-2019

Indicative Benchmark: Lipper Global Natural Resources Funds Index

Largest Overweight

Chemicals
By13.71%
Fund 18.31%
Indicative Benchmark 4.60%

Largest Underweight

Metals & Mining
By-9.00%
Fund 10.55%
Indicative Benchmark 19.55%

Monthly Data as of 31-Oct-2019

31-Oct-2019 - Shawn T. Driscoll, Portfolio Manager,
We broadened the portfolio’s holdings in energy industrials, with an eye towards increasing our exposure to “quality-beta” companies that we believe would benefit if mining companies were to step up their capital spending on development after an extended period of retrenchment.

Countries

Total
Countries
21
Largest Country United States 57.37% Was (30-Sep-2019) 57.75%
Other View complete Country Diversification

Monthly Data as of 31-Oct-2019

Indicative Benchmark: MSCI World Select Natural Resources Index

Largest Overweight

United States
By7.13%
Fund 57.37%
Indicative Benchmark 50.24%

Largest Underweight

Japan
By-5.81%
Fund 0.53%
Indicative Benchmark 6.34%

Monthly Data as of 31-Oct-2019

31-Jul-2015 - Shawn T. Driscoll, Portfolio Manager,
From a country perspective, our allocation to Norway saw the largest percentage increase during the month of July. There were no notable reductions for the period.

Currency

Total
Currencies
9
Largest Currency U.S. dollar 63.40% Was (30-Sep-2019) 64.60%
Other View complete Currency Diversification

Monthly Data as of 31-Oct-2019

Indicative Benchmark : MSCI World Select Natural Resources Index

Largest Overweight

U.S. dollar
By 12.78%
Fund 63.40%
Indicative Benchmark 50.61%

Largest Underweight

Canadian dollar
By -7.00%
Fund 4.72%
Indicative Benchmark 11.71%

Monthly Data as of 31-Oct-2019

Team (As of 31-Aug-2019)

Shawn T.  Driscoll

Shawn Driscoll is a portfolio manager in the U.S. Equity Division of T. Rowe Price. He is the portfolio manager for the Global Natural Resources Strategy and is president and chairman of its Investment Advisory Committee. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Mr. Driscoll has 16 years of investment experience, 13 of which have been with T. Rowe Price. Prior to joining the firm in 2006, he was employed by MTB Investment Advisors as an equity research analyst. He also worked for MPower Communications as an information technology project manager.

Mr. Driscoll earned a B.A. in economics and mathematics from the University of Rochester and an M.B.A. in finance and global business from New York University, Leonard N. Stern School of Business.

  • Fund manager
    since
    2013
  • Years at
    T. Rowe Price
    13
  • Years investment
    experience
    16
Brian Dausch

Brian Dausch is a portfolio specialist in the U.S. Equity Division of T. Rowe Price. He is a member of the Global Natural Resources Equity, US Mid-Cap Growth Equity, US Small-Cap Growth Equity, QM US Small-Cap Growth Equity, and Health Sciences Strategy teams, working closely with institutional clients, consultants, and prospects. Mr. Dausch is a vice president of T. Rowe Price Group, Inc.

Mr. Dausch has 22 years of investment experience, 21 of which have been at T. Rowe Price. He joined the firm in 1998; prior to his current position, he managed the U.S. Equity Portfolio Analysis Group. Mr. Dausch also served as an associate research analyst in the U.S. Equity Division in health care, specializing in biotechnology and pharmaceutical company research.

Mr. Dausch earned a B.S. in business administration, with a concentration in finance, from the University of Delaware. He also has earned the Chartered Financial Analyst designation.

  • Years at
    T. Rowe Price
    20
  • Years investment
    experience
    21

Fee Schedule

Share Class Minimum Initial Investment and Holding Amount Minimum Subsequent Investment Minimum Redemption Amount Sales Charge (up to) Investment Management Fee (up to) Ongoing Charges
Class A $15,000 $100 $100 5.00% 160 basis points 1.77%
Class I $2,500,000 $100,000 $0 0.00% 75 basis points 0.83%
Class Q $15,000 $100 $100 0.00% 75 basis points 0.92%

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

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GIPS® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®). TRP has been independently verified for the twenty one- year period ended June 30, 2017 by KPMG LLP. The verification report is available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

TRP is a U.S. investment management firm with various investment advisers registered with the U.S. Securities and Exchange Commission, the U.K. Financial Conduct Authority, and other regulatory bodies in various countries and holds itself out as such to potential clients for GIPS purposes. TRP further defines itself under GIPS as a discretionary investment manager providing services primarily to institutional clients with regard to various mandates, which include U.S, international, and global strategies but excluding the services of the Private Asset Management group.

A complete list and description of all of the Firm's composites and/or a presentation that adheres to the GIPS® standards are available upon request. Additional information regarding the firm's policies and procedures for calculating and reporting performance results is available upon request

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