T. Rowe Price T. Rowe Price Trusty Logo

AUT

Global Equity Fund

High-conviction, global equity portfolio targeting companies throughout the world.

APIR ETL0071AU

3YR Return Annualised (Net)
(View Total Returns)

Total Assets
(AUD)

18.76%
$3.0b

1YR Return (Net)
(View Total Returns)

Manager Tenure

20.06%
11yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.65
3.75%

Inception Date 15-Sep-2006

Performance figures calculated in AUD

Other Literature

R. Scott Berg
R. 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.

 

Strategy

Investment Objective

The fund’s objective is to provide long-term capital appreciation by investing primarily in a portfolio of securities of companies which are traded, listed or due to be listed, on recognised exchanges and/or markets throughout the world. The portfolio may include investments in the securities of companies traded, listed or due to be listed, on recognised exchanges and/or markets of developing countries.

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 90-145 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 - Net of Fees 

Annualised Performance

  1 YR 3 YR
Annualised
5 YR
Annualised
10 YR
Annualised
Since Manager Inception
Annualised
Fund % 20.06% 18.76% 14.97% 12.71% 11.27%
Benchmark % 15.73% 15.13% 12.53% 11.91% N/A
Excess Return % 4.33% 3.63% 2.44% 0.80% N/A

Inception Date 15-Sep-2006

Manager Inception Date 26-Oct-2008

Benchmark: MSCI All Country World Index ex Australia Net

Data as of  31-Oct-2019

  1 YR 3 YR
Annualised
5 YR
Annualised
10 YR
Annualised
Fund % 12.46% 17.84% 15.19% 12.37%
Benchmark % 8.65% 14.47% 12.43% 11.40%
Excess Return % 3.81% 3.37% 2.76% 0.97%

Inception Date 15-Sep-2006

Benchmark: MSCI All Country World Index ex Australia Net

Data as of  30-Sep-2019

Performance figures calculated in AUD

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 % 2.78% 3.12% 28.09% 0.33% 0.31%
Benchmark % 3.44% 4.05% 26.16% 0.59% 2.51%
Excess Return % -0.66% -0.93% 1.93% -0.26% -2.20%

Inception Date 15-Sep-2006

Benchmark: MSCI All Country World Index ex Australia Net

Benchmark: MSCI All Country World Index ex Australia Net

Performance figures calculated in AUD

Past performance is not a reliable indicator of future performance.

Source for performance: T Rowe Price. Net of fees performance is based on end of month redemption prices after the deduction of fees and expenses and the reinvestment of all distributions. Figures include changes in principal value. Investment return and principal value will vary, and an account may be worth more or less at termination than at inception.

Daily performance (MTD, QTD, and YTD) data is based on the latest available NAV minus one business day.

Effective 1 June 2019, the "net" version of the benchmark replaced the "gross" version of the benchmark. The "net" version of the 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.

Returns for time periods greater than one year are annualised.

Holdings

Total
Holdings
155
Largest Holding Alphabet Class C 2.76% Was (30-Jun-2019) 2.98%
Other View Full Holdings Quarterly data as of 30-Sep-2019
Top 10 Holdings 17.24% View Top 10 Holdings Monthly data as of 31-Oct-2019

Largest Top Contributor^

Alphabet
By 1.28%
% of fund 2.76%

Largest Top Detractor^

Amazon.com
By -1.57%
% of fund 2.61%

^Absolute

Quarterly Data as of 30-Sep-2019

Top Purchase

Experian (N)
0.95%
Was (30-Jun-2019) 0.00%

Top Sale

Assa Abloy (E)
0.00%
Was (30-Jun-2019) 0.62%

Quarterly Data as of 30-Sep-2019

Sectors

Total
Sectors
11
Largest Sector Information Technology 19.28% Was (30-Sep-2019) 18.51%
Other View complete Sector Diversification

Monthly Data as of 31-Oct-2019

Benchmark: MSCI All Country World Index ex Australia (unhedged)

Top Contributor^

Health Care
Net Contribution 0.34%
Sector
0.02%
Selection 0.32%

Top Detractor^

Consumer Discretionary
Net Contribution -1.08%
Sector
-0.00%
Selection
-1.08%

^Relative

Quarterly Data as of 30-Sep-2019

Largest Overweight

Consumer Discretionary
By2.90%
Fund 13.83%
Benchmark 10.93%

Largest Underweight

Energy
By-3.42%
Fund 1.87%
Benchmark 5.30%

Monthly Data as of 31-Oct-2019

Countries

Total
Countries
29
Largest Country United States 45.88% Was (30-Sep-2019) 45.57%
Other View complete Country Diversification

Monthly Data as of 31-Oct-2019

Benchmark: MSCI All Country World Index ex Australia (unhedged)

Largest Overweight

India
By5.63%
Fund 6.69%
Benchmark 1.07%

Largest Underweight

United States
By-10.59%
Fund 45.88%
Benchmark 56.47%

Monthly Data as of 31-Oct-2019

Team (As of 31-Aug-2019)

R. Scott Berg

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
    17
  • Years investment
    experience
    17
Harishankar Balkrishna

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

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

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

  • Fund manager
    since
    2015
  • Years at
    T. Rowe Price
    9
  • Years investment
    experience
    12
Kurt A.  Umbarger

Kurt Umbarger is the regional head of the Equity Investment Specialist Group of T. Rowe Price. Previously, he was a global equity portfolio specialist in the International Equity Division. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

Mr. Umbarger has 26 years of investment experience, all of which have been at T. Rowe Price. He joined the firm in 1992 and has been a portfolio specialist since 2001.  Prior to joining the global equity team in 2005, Mr. Umbarger worked with the international and emerging market equity teams. As a portfolio specialist, he has traveled the world, working closely with institutional clients, consultants, and prospects.

Mr. Umbarger earned a B.S. in finance from Towson University and an M.S.F. in finance from Loyola University Maryland. He also has earned the Chartered Financial Analyst designation and is a Series 6, 7, 63, and 65 registered representative.

  • Years at
    T. Rowe Price
    26
  • Years investment
    experience
    26
Laurence Taylor

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

Mr. Taylor has 19 years of investment experience, 10 of which have been with T. Rowe Price. Prior to joining the firm in 2008, Mr. Taylor was a quantitative portfolio manager at AXA Rosenberg, with responsibility for European institutional clients, and began his career at Hewitt Associates in the UK investment practice. At Hewitt, Mr. Taylor provided investment advice to European institutions as a client-facing consultant before specializing in the research and selection of global and regional equity managers in the manager research team.

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

  • Years at
    T. Rowe Price
    10
  • Years investment
    experience
    19

Fees

APIR Minimum Initial Investment (AUD) Minimum Subsequent Investment (AUD) Buy / Sell Spread Management Fees
ETL0071AU $500,000 $100,000 Buy +0.25%/ Sell -0.20% 1.18% pa
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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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