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T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. T. Rowe Price has been independently verified for the twenty four-year period ended June 30, 2020, by KPMG LLP. The verification report is available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report.

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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Products Table Products Overview
  • All Asset Classes
  • Equity
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  • Global
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Global Equity

SICAV

Global Focused Growth Equity Fund

Concentrating high conviction positions in leading global investment prospects.

ISIN LU0143563046 Bloomberg TRPGEQI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

23.91%
$5.5b

1YR Return
(View Total Returns)

Manager Tenure

29.72%
9yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

1.40
6.67%

Inception Date 12-Jan-2006

Performance figures calculated in USD

30-Sep-2021 - David J. Eiswert, Portfolio Manager,
As global economies emerge from the coronavirus pandemic, it is important to appreciate the long, winding road “back to the future”—a new normal defined by fundamental and behavioural differences. As we move through this extraordinary period, we continue to focus on the difficult choices required during these complex times.
David J. Eiswert, CFA
David J. Eiswert, CFA, Lead Portfolio Manager

David Eiswert is a portfolio manager in the U.S. Equity Division of T. Rowe Price. He is the portfolio manager for the Global Focused Growth Equity Strategy, a role he has held since October 1, 2012. Prior to his current role, Mr. Eiswert was the portfolio manager for the Global Technology Strategy from October 2008 until May 2012. He was a technology analyst from 2003 until 2012. Mr. Eiswert is a vice president of T. Rowe Price Group, Inc.

 

SICAV

Global Growth Equity Fund

Seeking to select superior stocks from the broadest global equity opportunity set.

ISIN LU0382933116 Bloomberg TRGBLEI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

21.99%
$859.0m

1YR Return
(View Total Returns)

Manager Tenure

29.70%
13yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

1.23
5.57%

Inception Date 27-Oct-2008

Performance figures calculated in USD

30-Sep-2021 - Scott Berg, Portfolio Manager,
We expect markets to remain volatile in the near term as investors grapple with a mix of positive and negative tensions; we are trying to remain balanced within the portfolio. We continue to thoughtfully process information as it is uncovered and are open minded that the world can change as time progresses and events unfold.
Scott Berg
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.

 

SICAV

Global Natural Resources Equity Fund

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

ISIN LU0272423913 Bloomberg TRPGNRI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

1.54%
$109.3m

1YR Return
(View Total Returns)

Manager Tenure

38.29%
<1yr

Information Ratio
(5 Years)

Tracking Error
(5 Years)

-0.04
6.22%

Inception Date 15-Nov-2006

Performance figures calculated in USD

30-Sep-2021 - Shinwoo Kim, Portfolio Manager ,
We continue to believe that we are in the middle of a secular downcycle for commodities. Despite the recovery in oil prices, productivity gains continue, pressuring the cost curve and challenging the long-term outlook for energy stocks. We remain committed to our philosophy of buying and holding a diverse selection of fundamentally sound natural resources companies.
Shinwoo Kim
Shinwoo Kim, Portfolio Manager

Shinwoo Kim is the portfolio manager for the Global Natural Resources Equity Strategy, including the New Era Fund. He is the president and chairman of the fund’s Investment Advisory Committee. In addition, Shinwoo is a member of the Investment Advisory Committees of the US Large-Cap Value Equity and US Large-Cap Equity Income Strategies. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

 

SICAV

Global Real Estate Securities Fund

Equity investment alert to the changing supply and demand dynamics of the global property market.

ISIN LU0382932225 Bloomberg TRGRESI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

9.42%
$9.7m

1YR Return
(View Total Returns)

Manager Tenure

33.28%
2yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.26
3.82%

Inception Date 27-Oct-2008

Performance figures calculated in USD

30-Sep-2021 - Jai Kapadia, Portfolio Manager ,
We remain optimistic about the potential in real estate stocks. We expect that the rollout of coronavirus vaccines will result in increasing consumer activity and an improving employment picture. Although valuations have generally recovered, we remain constructive on the earnings potential for several property types driven by recovering rents and falling supply.
Jai Kapadia
Jai Kapadia, Portfolio Manager

Jai Kapadia is a sector portfolio manager in the International Equity Division. He manages the Global Real Estate Equity Strategy.

 

SICAV

Global Technology Equity Fund

To provide long-term capital growth by investing mainly in technology companies, and companies enabled by technology.

ISIN LU1244139827 Bloomberg TRGBTEI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

32.69%
$1.4b

1YR Return
(View Total Returns)

Manager Tenure

35.71%
2yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.12
8.85%

Inception Date 15-Jun-2015

Performance figures calculated in USD

30-Sep-2021 - Alan Tu, Portfolio Manager,
The market has begun to focus on company fundamentals than on beating last year’s results. We have also witnessed a greater dispersion of outcomes as enterprise-focused segments demonstrated durable growth in contrast to mixed results from consumer-driven segments. In China, we are carefully assessing the landscape to identify companies that can continue to generate value for investors.
Alan Tu, CFA
Alan Tu, CFA, Portfolio Manager

Alan Tu is the portfolio manager for the Global Technology Equity Strategy in the U.S. Equity Division. He also is chairman of its Investment Advisory Committee. Alan is a vice president and an Investment Advisory Committee member of the US Small-Cap Growth II Equity, Science & Technology Equity, US Large-Cap Core Growth Equity, Communications and Technology Equity, and US Tax-Efficient Multi-Cap Growth Equity Strategies. In addition, he is an Investment Advisory Committee member of the Global Growth Equity Strategy. Alan also is a vice president of T. Rowe Price Group, Inc.

 

SICAV

Global Value Equity Fund

Targeting attractively valued global companies with prospects for improving earnings growth.

ISIN LU0859255472 Bloomberg TRPGVEI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

10.62%
$508.1m

1YR Return
(View Total Returns)

Manager Tenure

35.96%
8yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

-0.65
4.45%

Inception Date 28-Nov-2012

Performance figures calculated in USD

30-Sep-2021 - Sebastien Mallet, Portfolio Manager, Global Value Equity Fund,
As the global economic recovery continues to strengthen, this could provide a more sustained positive backdrop for value investing. A more constructive stance in the market’s longer-term prognosis for inflation and interest rates should similarly be very supportive. Our strategy continues to invest across the value spectrum in the best ideas from our global research platform.
Sebastien Mallet
Sebastien Mallet, Portfolio Manager

Sebastien Mallet is a portfolio manager in the Equity Division at T. Rowe Price, managing the Institutional Global Value Strategy. Mr. Mallet is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

 
 

Europe Equity

SICAV

Continental European Equity Fund

Style-agnostic, quality-driven European equity investment.

ISIN LU0285832068 Bloomberg TRPEXEI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(EUR)

12.43%
€97.0m

1YR Return
(View Total Returns)

Manager Tenure

24.85%
1yr

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.63
2.86%

Inception Date 26-Feb-2007

Performance figures calculated in EUR

30-Sep-2021 - Tobias Mueller, Portfolio Manager ,
Investor appetite for European assets has been rekindled this year by hopes of an economic recovery based on the speedy rollout of coronavirus vaccines. However, the notable progress we have seen so far may be less pronounced next year. The strong market move upwards has pushed stock valuations to levels that are less attractive.
Tobias Mueller, CFA
Tobias Mueller, CFA, Portfolio Manager

Tobias Mueller is a regional portfolio manager for the European Select Strategy, effective October 2018, and for the Europe Equity and Europe ex-UK Equity Strategies, effective October 2020. He is a vice president of T. Rowe Price International Ltd.

 

SICAV

European Equity Fund

Style agnostic, focus on quality to maintain a balanced portfolio.

ISIN LU0285831334 Bloomberg TRPEEQI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(EUR)

11.04%
€111.6m

1YR Return
(View Total Returns)

Manager Tenure

24.06%
1yr

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.42
3.52%

Inception Date 26-Feb-2007

Performance figures calculated in EUR

30-Sep-2021 - Tobias Mueller, Portfolio Manager ,
Investor appetite for European assets has been rekindled this year by hopes of an economic recovery based on the speedy rollout of coronavirus vaccines. However, the notable progress we have seen so far may be less pronounced next year. The strong market move upwards has pushed stock valuations to levels that are less attractive.
Tobias Mueller, CFA
Tobias Mueller, CFA, Portfolio Manager

Tobias Mueller is a regional portfolio manager for the European Select Strategy, effective October 2018, and for the Europe Equity and Europe ex-UK Equity Strategies, effective October 2020. He is a vice president of T. Rowe Price International Ltd.

 

SICAV

European Smaller Companies Equity Fund

Seeking to identify tomorrow’s winning European growth companies.

ISIN LU0382931417 Bloomberg TPESCEI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(EUR)

12.37%
€172.2m

1YR Return
(View Total Returns)

Manager Tenure

33.32%
5yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.49
7.11%

Inception Date 26-Nov-2008

Performance figures calculated in EUR

30-Sep-2021 - Ben Griffiths, Portfolio Manager,
We believe there is a risk that the faltering economic rebound may combine with the rolling back of government support and reduced stimulus from central banks as inflation accelerates, pushing up unemployment. This gloomier outlook makes it hard to determine whether this will prove transitory or result in another economic downturn.
Benjamin Griffiths
Benjamin Griffiths, Portfolio Manager

Ben Griffiths is the lead portfolio manager for the International Small-Cap Equity Strategy and the Europe Smaller Companies Equity Strategy in the International Equity Division. Ben is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

 
 

Asia-Pacific Equity

SICAV

Asian ex-Japan Equity Fund

A diversified fund, with a focus on sustainable growth.

ISIN LU0266341725 Bloomberg TRPAXJI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

14.21%
$990.0m

1YR Return
(View Total Returns)

Manager Tenure

14.62%
12yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.60
3.34%

Inception Date 13-Dec-2006

Performance figures calculated in USD

30-Sep-2021 - Anh Lu, Portfolio Manager,
We believe that the end of the ongoing regulatory cycle in China is near. The policy shifts may trigger a “reset” or consolidation in the affected industries, potentially creating opportunities for innovation. We believe that the government has no intention to derail the growth of sectors but seeks to bring more balance to the ecosystem.
Anh Lu
Anh Lu, Portfolio Manager

Anh Lu is a portfolio manager in the Equity Division of T. Rowe Price Hong Kong Limited. Ms. Lu is the lead portfolio manager for the Asia ex-Japan Equity Strategy. She is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price Hong Kong Limited.

 

SICAV

Asian Opportunities Equity Fund

A concentrated portfolio of high-quality Asian companies.

ISIN LU1044871900 Bloomberg TRAOAEI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

13.42%
$399.3m

1YR Return
(View Total Returns)

Manager Tenure

13.57%
7yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.59
4.43%

Inception Date 21-May-2014

Performance figures calculated in USD

30-Sep-2021 - Eric C. Moffett, Portfolio Manager ,
While the near-term focus has been on the regulatory clampdown in China, we believe we are nearing the end of this regulatory cycle. We think the government has no intention of derailing the future growth of various sectors but is seeking to bring more balance to the ecosystem and sustain social stability.
Eric C. Moffett
Eric C. Moffett, Portfolio Manager

Eric Moffett is a portfolio manager in the International Equity Division. He manages the Asia Opportunities Equity Strategy and is chairman of the strategy's Investment Advisory Committee. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Singapore Private Limited. 

 

SICAV

Japanese Equity Fund

Seeking to uncover the best investment opportunities across the Japanese equity spectrum.

ISIN LU0230817925 Bloomberg TRPJAEI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(EUR)

10.26%
€2.2b

1YR Return
(View Total Returns)

Manager Tenure

13.39%
7yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.57
6.17%

Inception Date 16-Dec-2005

Performance figures calculated in EUR

30-Sep-2021 - Archibald Ciganer, Portfolio Manager,
We believe the global economic recovery will continue to accelerate this year and beyond and that we will slowly return to some semblance of normality. Given Japan is one of the most cyclical and open markets—highly levered to the health of the world economy—we believe it will be a major beneficiary of the global recovery.
Archibald Ciganer
Archibald Ciganer, Portfolio Manager

Archibald Ciganer is the portfolio manager of the Japan Equity Strategy in the International Equity Division. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price Japan, Inc.

 
 

Emerging Markets Equity

SICAV

Emerging Markets Discovery Equity Fund

Utilises a contrarian approach to invest in undervalued emerging markets companies positioned to benefit from a re-rating thesis for change.

ISIN LU1244138340 Bloomberg TREMVEI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

7.76%
$115.0m

1YR Return
(View Total Returns)

Manager Tenure

34.05%
6yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.09
6.21%

Inception Date 14-Sep-2015

Performance figures calculated in USD

30-Sep-2021 - Ernest Yeung, Portfolio Manager,
We believe the economic rebound in emerging markets (EM) will improve the backdrop for value investing. We expect accelerating new technologies triggered by the pandemic to enhance productivity. Carbon neutrality ambitions will also likely boost traditional industries, and this is good for "forgotten" EM companies with improvement prospects and limited downside potential.
Ernest C. Yeung, CFA
Ernest C. Yeung, CFA, Portfolio Manager

Ernest Yeung is a portfolio manager for the Emerging Markets Discovery Equity Strategy at T. Rowe Price. He was the co-portfolio manager for the International Small-Cap Equity Strategies from 2009 to 2014. Mr. Yeung is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price Hong Kong Limited.

 

SICAV

Emerging Markets Equity Fund

Seeking to capture compelling growth opportunities in dynamic emerging markets.

ISIN LU0133084979 Bloomberg TRPGEMI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

9.02%
$2.2b

1YR Return
(View Total Returns)

Manager Tenure

11.33%
12yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.01
3.30%

Inception Date 02-Dec-2003

Performance figures calculated in USD

30-Sep-2021 - Gonzalo Pángaro, Portfolio Manager ,
In our view, a key driver of the performance of emerging compared with developed markets may be how growth in the developing world recovers relative to more advanced economies following the crisis. While inflationary pressures are a risk, we believe this may be transitory, and note that several central banks have responded with policy tightening.
Gonzalo Pángaro
Gonzalo Pángaro, Co-Portfolio Manager

Gonzalo Pángaro is the lead portfolio manager for the Emerging Markets Equity Strategy in the Equity Division. He is chairman of the Investment Advisory Committee for the Emerging Markets Equity Strategy  and a member of the International Equity Steering Committee. Gonzalo is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

 

SICAV

Frontier Markets Equity Fund

Seeking to identify long-term market leaders in countries on the cusp of rapid development.

ISIN LU1079765662 Bloomberg TRPFMEI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

11.57%
$108.1m

1YR Return
(View Total Returns)

Manager Tenure

49.69%
1yr

Information Ratio
(5 Years)

Tracking Error
(5 Years)

-0.03
5.73%

Inception Date 24-Jun-2014

Performance figures calculated in USD

30-Sep-2021 - Johannes Loefstrand, Portfolio Manager ,
The economies within the frontier markets universe are at varying stages of development and many individual stories are at play in terms of macroeconomic environments, geopolitics and the key sources of growth. The investment universe is broad, and we believe that careful stock picking with a close eye on valuation is therefore key.
Johannes Loefstrand
Johannes Loefstrand, Portfolio Manager

Johannes Loefstrand is the Co-Portfolio Manager on the Frontier Markets Fund in the Equity Division of T. Rowe Price. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

 

SICAV

Middle East & Africa Equity Fund

Unconstrained, growth-orientated investing in the under explored markets of the Middle East and Africa.

ISIN LU0310188205 Bloomberg TRPMEAI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

7.92%
$6.5m

1YR Return
(View Total Returns)

Manager Tenure

45.95%
1yr

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.06
5.43%

Inception Date 04-Sep-2007

Performance figures calculated in USD

30-Sep-2021 - Seun Oyegunle, CFA, Portfolio Manager ,
This region offers much scope for economic improvement, driven by the implementation of reforms and growing structural domestic demand. We believe this will translate into strong and sustainable corporate earnings growth in the years ahead. In our view, the fundamentals generally remain intact and robust growth will resume on the other side of the crisis.
Seun Oyegunle, CFA
Seun Oyegunle, CFA, Portfolio Manager

Seun Oyegunle is the portfolio manager of the Africa & Middle East Fund in the Equity Division. 

 
 

US Equity

SICAV

US Blue Chip Equity Fund

Seeking superior returns from high quality US companies.

ISIN LU0133088293 Bloomberg TRPUBCI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

19.82%
$1.2b

1YR Return
(View Total Returns)

Manager Tenure

24.12%
<1yr

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.86
7.60%

Inception Date 04-May-2015

Performance figures calculated in USD

30-Sep-2021 - Paul Greene, Portfolio Manager ,
We are monitoring several key factors closely: (1) inflationary pressures, (2) Fed monetary policy around the timing of tapering asset purchases and interest rate hikes, and (3) progression of Democratic infrastructure spending and corporate tax reform initiatives. That said, we believe that secular forces driving innovation and disruption will outweigh most political and economic cross-currents.
Paul Greene II
Paul Greene II, Lead Portfolio Manager

Paul Greene is the portfolio manager of the US Large-Cap Core Growth Equity Strategy in the U.S. Equity Division. He is a vice president and an Investment Advisory Committee member of the US Large-Cap Core Growth Equity, Communications and Technology Equity, and US Growth Stock Equity Strategies. He is an Investment Advisory Committee member of the Global Growth Equity and Global Focused Growth Equity Strategies. Paul is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Trust Company.

 

SICAV

US Equity Fund

Style agnostic investing in larger US companies.

ISIN LU0429319774 Bloomberg TRUSLRI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

15.11%
$729.0m

1YR Return
(View Total Returns)

Manager Tenure

29.60%
12yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

-0.28
4.31%

Inception Date 26-Jun-2009

Performance figures calculated in USD

30-Sep-2021 - Jeff Rottinghaus, Portfolio Manager ,
The past few months have brought several negative surprises, yet the Delta variant of the coronavirus seems likely to have only delayed rather than derailed the global recovery—perhaps making growth over the coming quarters modestly more robust than it would have been. However, the new economic landscape poses some critical questions for investors.
Jeff Rottinghaus
Jeff Rottinghaus, Portfolio Manager

Jeff Rottinghaus is a portfolio manager in the U.S. Equity Division. He is president of the US Large-Cap Core Equity Strategy and chairman of its Investment Advisory Committee. In addition, he is a vice president and an Investment Advisory Committee member of the US Quantitative U.S. and US Dividend Growth Strategies. Jeff also is a vice president of T. Rowe Price Group, Inc.

 

SICAV

US Large Cap Growth Equity Fund

Seeking to identify investments with the potential to deliver double-digit earnings growth.

ISIN LU0174119775 Bloomberg TRPLGEI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

20.98%
$2.9b

1YR Return
(View Total Returns)

Manager Tenure

27.62%
4yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.31
5.53%

Inception Date 31-Jul-2003

Performance figures calculated in USD

30-Sep-2021 - Taymour Tamaddon, Portfolio Manager,
We remain focused on identifying opportunities where we think that the market does not fully appreciate the possible strength and length of a company’s growth story. We continue to lean heavily on our analyst platform for unique insights as we look for companies that we think are best positioned to manage through the crisis.
Taymour Tamaddon, CFA
Taymour Tamaddon, CFA, Lead Portfolio Manager

Taymour Tamaddon is the portfolio manager of the US Large-Cap Growth Equity Strategy in the U.S. Equity Division. He is a vice president and a member of the Investment Advisory Committees for the Health Sciences Equity, Global Growth Equity, US Growth Stock Equity, and Global Focused Growth Equity Strategies. Taymour is an executive vice president of T. Rowe Price Equity Funds and a vice president of the T. Rowe Price International Funds, Inc., and T. Rowe Price Global Funds. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Trust Company.

 

SICAV

US Large-Cap Value Equity Fund

Invest in large US companies with hidden value and potential overlooked by the market majority.

ISIN LU0133100338 Bloomberg TRPULVI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

10.13%
$993.1m

1YR Return
(View Total Returns)

Manager Tenure

43.57%
19yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.12
4.63%

Inception Date 27-Mar-2002

Performance figures calculated in USD

30-Sep-2021 - Heather McPherson, Portfolio Manager ,
The outlook for U.S. stocks remains uncertain. While we are cautiously optimistic about economic growth, the key risk remains the amount of recovery already priced in at current valuation levels. We continue to focus on companies trading at attractive valuations due to controversy or stress that we believe is addressable in the intermediate to long term.
John D.  Linehan, CFA
John D. Linehan, CFA, Co-Portfolio Manager

John D. Linehan is the portfolio manager for the U.S. Large Cap Equity Income Strategy, U.S. Select Value Strategy and co-portfolio manager for the US Large-Cap Value Equity Strategy in the U.S. Equity Division. In addition, he is the chief investment officer of Equity and a member of the firm's U.S. Equity Steering and Equity Brokerage and Trading Control Committees. He also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

 

SICAV

US Smaller Companies Equity Fund

Seeks capital appreciation using both value and growth approaches.

ISIN LU0133096981 Bloomberg TRPSCEI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

19.19%
$3.5b

1YR Return
(View Total Returns)

Manager Tenure

37.14%
2yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.75
6.50%

Inception Date 28-Sep-2001

Performance figures calculated in USD

30-Sep-2021 - Curt Organt, Portfolio Manager,
While we are mindful that there is significant uncertainty in the markets, and offer no unique insights, our overall outlook for the economy in the year ahead remains positive. We take macro factors into consideration, but they do not drive portfolio construction and we maintain our focus on long-term investment outcomes.
Curt J. Organt, CFA
Curt J. Organt, CFA, Portfolio Manager

Curt Organt is the portfolio manager of the US Smaller Companies Equity Strategy in the U.S. Equity Division. Curt is a vice president and an Investment Advisory Committee member of the US Small-Cap Core Equity and US Diversified Small-Cap Value Equity Strategies. He is a vice president of T. Rowe Price Group, Inc.

 
 

Global Fixed Income

SICAV

Diversified Income Bond Fund

The fund invests mainly in a diversified portfolio of high yield corporate bonds from issuers around the world, including emerging markets.

ISIN LU1244139231 Bloomberg TRPGMSI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

5.80%
$149.3m

1YR Return
(View Total Returns)

Manager Tenure

5.82%
2yrs

Information Ratio
(3 Years)

Tracking Error
(3 Years)

0.17
6.77%

Inception Date 15-Dec-2016

Performance figures calculated in USD

30-Sep-2021 - Ken Orchard, Portfolio Manager,
Economic growth appears to have passed its peak, while accommodative policy is easing from historically high levels. Inflation dynamics, particularly in Europe and other developed markets, may be more persistent versus market expectations. Our credit outlook is more benign. Valuations are tight, and liquidity has peaked, but corporations are fundamentally sound as they approach year-end.
Kenneth A.  Orchard
Kenneth A. Orchard, Portfolio Manager

Kenneth Orchard is a senior portfolio manager in the Fixed Income Division and a member of the Global Fixed Income Investment team. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

 

SICAV

Dynamic Global Bond Fund

Seeks to generate positive returns from global fixed income with a focus on downside risk and diversification from equity markets.

ISIN LU1216622214 Bloomberg TRGUIAU:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

3.62%
$1.8b

1YR Return
(View Total Returns)

Manager Tenure

4.11%
6yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.16
3.21%

Inception Date 10-Jun-2015

Performance figures calculated in USD

30-Sep-2021 - Arif Husain, Head of International Fixed Income,
We expect developed market bond yields to rise, driven by elevated inflation and central banks moving toward removing accommodative policies. That said, we are mindful of further bouts of market volatility given concerns around China slowing, inflation, and liquidity being withdrawn. Against this backdrop, we believe the environment calls for a tactical approach.
Arif Husain, CFA
Arif Husain, CFA, Portfolio Manager

Arif Husain is the head of the International Fixed Income Division. He is a co-portfolio manager for the International Bond and Institutional International Bond Strategies and the lead portfolio manager for the Global Aggregate Bond Strategy. Arif also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

 

SICAV

Dynamic Global Investment Grade Bond Fund

Seeks to generate positive returns from global investment-grade fixed income with a focus on downside risk and diversification from equity markets.

ISIN LU1614212519 Bloomberg TRPDGIU:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

2.94%
$24.8m

1YR Return
(View Total Returns)

Manager Tenure

2.89%
4yrs

Information Ratio
(3 Years)

Tracking Error
(3 Years)

0.60
2.81%

Inception Date 03-Aug-2017

Performance figures calculated in USD

Arif Husain, CFA
Arif Husain, CFA, Portfolio Manager

Arif Husain is the head of the International Fixed Income Division. He is a co-portfolio manager for the International Bond and Institutional International Bond Strategies and the lead portfolio manager for the Global Aggregate Bond Strategy. Arif also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

 

SICAV

Global Aggregate Bond Fund

Risk-aware investing, exploiting inefficiencies in global bond markets.

ISIN LU0133095660 Bloomberg TRPGLBI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

4.71%
$647.9m

1YR Return
(View Total Returns)

Manager Tenure

-1.16%
7yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.24
1.35%

Inception Date 25-Jan-2006

Performance figures calculated in USD

30-Sep-2021 - Arif Husain, Head of International Fixed Income,
While we remain optimistic regarding the global recovery, we are cognisant that the upcoming tightening cycle could spark a renewed bout of market volatility. With this in mind, we remain flexible within the portfolio to adapt to different market environments.
Arif Husain, CFA
Arif Husain, CFA, Co-Portfolio Manager

Arif Husain is the head of the International Fixed Income Division. He is a co-portfolio manager for the International Bond and Institutional International Bond Strategies and the lead portfolio manager for the Global Aggregate Bond Strategy. Arif also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

 

SICAV

Global High Income Bond Fund

A concentrated, high-income portfolio of primarily global high yield corporate bond opportunities supported by stringent risk management.

ISIN LU1216622644 Bloomberg TRPGHII:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

6.43%
$690.4m

1YR Return
(View Total Returns)

Manager Tenure

12.12%
6yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

-0.01
2.56%

Inception Date 04-Jun-2015

Performance figures calculated in USD

30-Sep-2021 - Michael Della Vedova, Portfolio Manager,
High yield spreads are near historic lows and have already priced in a strong economic recovery. The macroeconomic environment should support issuers in our space from a fundamental level. We believe our globally diverse approach, as well as our rigorous fundamental research process, leave us well positioned to deliver attractive risk-adjusted returns for our investors.
Michael Della Vedova
Michael Della Vedova, Co-Portfolio Manager

Mike Della Vedova is a global high yield portfolio manager in the Fixed Income Division. He is a portfolio manager for the Europe High Yield Bond Strategy and co-portfolio manager for the Global High Yield Bond Fund and Global High Income Bond Strategy. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

 

SICAV

Global High Yield Bond Fund

Seeks to capture enhanced returns from a diversified global portfolio of income bearing, high yield securities.

ISIN LU0133083492 Bloomberg TRPGHBI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

6.50%
$1.3b

1YR Return
(View Total Returns)

Manager Tenure

10.80%
6yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

-0.44
1.33%

Inception Date 04-Mar-2002

Performance figures calculated in USD

30-Sep-2021 - Michael Della Vedova, Portfolio Manager,
We remain constructive on credit risk overall as peaking monetary and fiscal accommodation should continue to support the performance of risk assets. There is ample liquidity in the market, and our companies have access to capital. We remain committed to controlling risk exposures despite our benign default expectations for the year ahead.
Michael Della Vedova
Michael Della Vedova, Portfolio Manager

Mike Della Vedova is a global high yield portfolio manager in the Fixed Income Division. He is a portfolio manager for the Europe High Yield Bond Strategy and co-portfolio manager for the Global High Yield Bond Fund and Global High Income Bond Strategy. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

 

SICAV

Global Investment Grade Corporate Bond Fund

Seeks to maximise returns through investment in a portfolio of global corporate bonds.

ISIN LU1216623295 Bloomberg TRGIGBI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

6.27%
$34.9m

1YR Return
(View Total Returns)

Manager Tenure

3.81%
6yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

-0.03
2.24%

Inception Date 08-Jun-2015

Performance figures calculated in USD

30-Sep-2021 - Steven Boothe, Portfolio Manager,
We hold a positive outlook for the asset class, underpinned by strong fundamentals. While there is potential for credit market disruption as stimulus is gradually removed and policy tightening occurs, a strong technical backdrop should be supportive if spreads widen. We are confident that our bottom-up fundamental research can uncover opportunities in a newly dispersed market.
Steve Boothe, CFA
Steve Boothe, CFA, Portfolio Manager

Steve Boothe is the head of Investment Grade and a portfolio manager in the Fixed Income Division. He has lead portfolio management responsibilities for the Global Investment Grade Corporate Bond and US Investment Grade Corporate Bond Strategies. He is a member of the Sector Strategy Advisory Group, with a focus on global and U.S. investment-grade corporate bond portfolios. Steve is a co-president and cochair of the Investment Advisory Committee of the Corporate Income Fund; an executive vice president and Investment Advisory Committee chairman of the Investment-Grade Corporate Multi-Sector Account Portfolio; and a vice president and Investment Advisory Committee member of the Global Multi-Sector Bond, New Income, and Institutional International Disciplined Equity Funds. In addition, he is a vice president of the Institutional Income, International, Global, and China Evolution Equity Funds and an Investment Advisory Committee member of the Institutional Long Duration Credit, Dynamic Credit, and International Disciplined Equity Funds. Steve also is a member of the Fixed Income Steering, Global Trading, and Core/Core Plus Strategy Committees. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

 
 

Europe Fixed Income

SICAV

Euro Corporate Bond Fund

A diversified investment grade corporate fund with a focus on security selection.

ISIN LU0133091248 Bloomberg TRPECBI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(EUR)

3.27%
€260.2m

1YR Return
(View Total Returns)

Manager Tenure

2.38%
18yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.51
0.81%

Inception Date 05-Feb-2002

Performance figures calculated in EUR

30-Sep-2021 - David Stanley, Portfolio Manager,
In the absence of any catalyst, we believe European investment-grade spreads could continue to trade sideways. While fears of Evergrande defaulting, U.S. Federal Reserve tapering, growing M&A activity and rising energy prices could cause volatility, tight valuations will likely continue to offset strong fundamental and technical factors, keeping spreads relatively rangebound in the medium term.
David Stanley
David Stanley, Portfolio Manager

David Stanley is a portfolio manager in the Fixed Income Division at T. Rowe Price, responsible for European corporate bond selection. Mr. Stanley is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

 

SICAV

European High Yield Bond Fund

Research-driven, targeting consistent high income.

ISIN LU0596125814 Bloomberg TREHYBI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(EUR)

4.58%
€246.5m

1YR Return
(View Total Returns)

Manager Tenure

9.06%
10yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

-0.41
1.91%

Inception Date 20-Sep-2011

Performance figures calculated in EUR

30-Sep-2021 - Michael Della Vedova, Portfolio Manager,
We remain positive on the macroeconomic backdrop. In addition, the European Central Bank’s highly accommodative stance continues to provide strong, yet indirect, fundamental support to European high yield markets. While we remain wary of inflation and winter coronavirus risks, historically tight spreads could continue to trade sideways in the absence of a catalyst.
Michael Della Vedova
Michael Della Vedova, Portfolio Manager

Mike Della Vedova is a global high yield portfolio manager in the Fixed Income Division. He is a portfolio manager for the Europe High Yield Bond Strategy and co-portfolio manager for the Global High Yield Bond Fund and Global High Income Bond Strategy. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

 
 

Emerging Markets Fixed Income

SICAV

Emerging Local Markets Bond Fund

Research-driven investment in emerging market local currency sovereign bonds.

ISIN LU0310189781 Bloomberg TRPELMI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

4.05%
$150.3m

1YR Return
(View Total Returns)

Manager Tenure

3.87%
8yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.19
1.66%

Inception Date 09-Aug-2007

Performance figures calculated in USD

30-Sep-2021 - Andrew Keirle, Portfolio Manager,
Emerging markets face several near-term headwinds, including fiscal imbalances, the threat of the Delta variant and shifting central bank policies. Energy market conditions and the outlook in China are additional concerns. However, we believe the worst could be behind us soon, which could open up a more constructive outlook towards year-end and into 2022.
Andrew Keirle
Andrew Keirle, Portfolio Manager

Andrew Keirle is a senior portfolio manager in the Fixed Income Division and a member of the Global Fixed Income Investment Team. Mr. Keirle is the lead portfolio manager for the Emerging Markets Local Currency Bond Strategy and has important input on a number of emerging markets bond strategies and global fixed income strategies. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

 

SICAV

Emerging Markets Bond Fund

Active investment in mainly sovereign emerging-market bonds.

ISIN LU0207127753 Bloomberg TRPGEBI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

4.00%
$247.8m

1YR Return
(View Total Returns)

Manager Tenure

8.15%
1yr

Information Ratio
(5 Years)

Tracking Error
(5 Years)

-0.22
3.38%

Inception Date 31-Dec-2004

Performance figures calculated in USD

30-Sep-2021 - Samy Muaddi, Portfolio Manager ,
Potential volatility in U.S. Treasury rates combined with absolute valuations below historic averages are reasons for caution. However, we believe the relative value of emerging markets (EM) debt versus other asset classes is still compelling. EM debt’s yield premium remains intact, and the coupon compounding opportunity and a benign default outlook will likely continue to attract investors.
Samy Muaddi, CFA
Samy Muaddi, CFA, Portfolio Manager

Samy Muaddi is a portfolio manager in the International Fixed Income Division. He is the portfolio manager of the Emerging Markets Bond Strategy and co-manages the Emerging Markets Corporate Bond and Global High Income Bond Strategies. He previously managed the firm’s Asia Credit Bond Strategy from its inception until 2020. Samy also is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price International Ltd.

 

SICAV

Emerging Markets Corporate Bond Fund

Accessing diversified emerging market corporate debt.

ISIN LU0596126465 Bloomberg TRPEMCI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

6.87%
$257.1m

1YR Return
(View Total Returns)

Manager Tenure

7.14%
6yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.06
2.18%

Inception Date 18-May-2011

Performance figures calculated in USD

30-Sep-2021 - Samy Muaddi, Portfolio Manager ,
Further volatility in U.S. Treasury rates combined with absolute valuations below historic averages are cause for caution. However, we remain generally constructive about emerging market corporate debt given its attractive relative value. The asset class offers a meaningful yield pickup across the rating spectrum versus developed market credit, and crossover and institutional investor demand remains strong.
Samy Muaddi, CFA
Samy Muaddi, CFA, Co-Portfolio Manager

Samy Muaddi is a portfolio manager in the International Fixed Income Division. He is the portfolio manager of the Emerging Markets Bond Strategy and co-manages the Emerging Markets Corporate Bond and Global High Income Bond Strategies. He previously managed the firm’s Asia Credit Bond Strategy from its inception until 2020. Samy also is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price International Ltd.

 
 

US Fixed Income

SICAV

US Aggregate Bond Fund

Seeks to extract return from a broad spectrum of US debt securities.

ISIN LU0181329318 Bloomberg TRUABIC:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

5.28%
$487.7m

1YR Return
(View Total Returns)

Manager Tenure

0.15%
10yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

-0.07
1.60%

Inception Date 07-Jun-2011

Performance figures calculated in USD

30-Sep-2021 - Brian J. Brennan, Portfolio Manager,
Growth expectations appear to have reset at more appropriate levels, and several other factors that have held down yields in recent months have started to dissipate, allowing yields to push higher. Although we are not expecting a rate spike given macro risks, there is now a greater likelihood of a renewed move higher in yields.
Brian Brennan, CFA
Brian Brennan, CFA, Portfolio Manager

Brian Brennan is a portfolio manager in the Fixed Income Division. He has lead portfolio management responsibilities for the US Treasury, US Investment Grade Core Bond, US Core Plus Bond, and Stable Value Strategies. He also is a member of the Core/Core Plus Portfolio strategy team. Brian is the president and chairman of the Investment Advisory Committees of the U.S. Treasury Funds, Inc.; a vice president of the Multi-Sector Account Portfolios, Inc.; and a vice president and Investment Advisory Committee member of the GNMA, Inflation Protected Bond, New Income, Limited Duration Inflation Focused Bond, Total Return, QM U.S. Bond Index, and U.S. Limited Duration TIPS Index Funds. In addition, he is an Investment Advisory Committee member of the Mortgage-Backed Securities Multi-Sector Account Portfolio. Brian is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., T. Rowe Price International Ltd, and T. Rowe Price Trust Company.

 
 

Multi-Asset

SICAV

Global Allocation Extended Fund

Invests in a broadly diversified global portfolio of investments including developed and emerging market equities, a wide range of global developed and emerging market fixed income strategies, plus various diversifying strategies providing exposure to hedge funds, currency hedging, and equity index call writing.

ISIN LU1614212279 Bloomberg TRPGAIU:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

10.44%
$100.7m

1YR Return
(View Total Returns)

Manager Tenure

18.22%
4yrs

Information Ratio
(3 Years)

Tracking Error
(3 Years)

0.38
2.30%

Inception Date 26-Jul-2017

Performance figures calculated in USD

Charles M.  Shriver, CFA
Charles M. Shriver, CFA, Co-Portfolio Manager

Charles Shriver is the portfolio manager of the Global Allocation, Balanced, and Spectrum Funds, and he is cochair of the Asset Allocation Committee. Charles is a vice president of T. Rowe Price Group, Inc.

 

SICAV

Global Allocation Fund

Invests in a broadly diversified global portfolio of investments including developed and emerging market equities, a wide range of global developed and emerging market fixed income strategies, plus various diversifying strategies providing exposure to hedge funds, currency hedging, and equity index call writing.

ISIN LU1417861645 Bloomberg TRGUBID:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

10.20%
$85.2m

1YR Return
(View Total Returns)

Manager Tenure

17.35%
5yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.36
1.87%

Inception Date 08-Jul-2016

Performance figures calculated in USD

Charles M.  Shriver, CFA
Charles M. Shriver, CFA, Co-Portfolio Manager

Charles Shriver is the portfolio manager of the Global Allocation, Balanced, and Spectrum Funds, and he is cochair of the Asset Allocation Committee. Charles is a vice president of T. Rowe Price Group, Inc.