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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.

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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


1YR Return
(View Total Returns)

Manager Tenure


Information Ratio
(5 Years)

Tracking Error
(5 Years)


Inception Date 12-Jan-2006

Performance figures calculated in USD

31-Oct-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.

Click for Manager Outlook


Manager's Outlook

Equity markets were volatile during the quarter as concerns around the new delta variant of COVID-19 contended with optimism surrounding accelerated global vaccine distribution. As global economies begin to heal and 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 behavioral differences. Within equity markets, much debate centers on the future path of interest rates, inflation, and economic growth. Asset prices may be high, but they are high for a reason: Interest rates remain low, government stimulus has been unprecedented, and there is no credit cycle to act as a disruptor. Still, we do see pockets of exuberance within the market and are using prudence and our active approach to avoid significantly mispriced risk.

We are also witnessing "absurd" inflation in many areas of the economy, as well as general inflation in the labor market, distortions we believe are driven by the pandemic. We expect some of the recent extreme inflation to wane as the economy emerges from the pandemic but acknowledge that economic growth on a year-on-year basis is not likely to fully normalize until the latter part of next year. While the U.S. Federal Reserve contemplates its next moves, which likely means a less accommodative policy going forward, we expect interest rates to remain historically low. In our view, an environment with moderate inflation and moderately higher interest rates could be a positive catalyst for equities. We are comfortable with our positioning and continue to search for solid growth assets that are out of favor currently but where we see potentially higher growth in 2022 and beyond?like some travel-related names and select financials. We also believe it is worth exploring China's regulatory changes and the opportunities that it may create?albeit with prudence.�

As we move through this extraordinary period, we continue to focus our time on the hard and difficult choices required during these complex times. Our aim is to own stocks where we have an insight about improving economic returns while avoiding stocks that imply unnecessary risks and should be avoided. This is our role as fundamental bottom-up stock pickers. Ultimately, we favor companies with idiosyncratic drivers that are on the right side of change. It remains critical as we move "back to the future" to distinguish between the "chasm crossers"?those companies that will succeed and thrive?and the "imposters"?those companies that experienced temporary benefits that will likely not prove durable. This approach often requires imagination and a carefully contrarian mindset, but experience has shown that making difficult decisions by adhering to our investment framework with the support of our global research platform ultimately can add value for our clients.

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 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 stocks across all capitalizations, incorporating developed and emerging markets.
  • Environmental, social and governance ("ESG") factors with particular focus on those considered most likely to have a material impact on the performance of the holdings or potential holdings in the funds’ portfolio are assessed. These ESG factors, which are incorporated into the investment process alongside financials, valuation, macro-economics and other factors, are components of the investment decision. Consequently, ESG factors are not the sole driver of an investment decision but are instead one of several important inputs considered during investment analysis.

Portfolio Construction

  • Number of holdings: typically 60-80 stocks
  • Individual positions: Typically 0.5%-5.0%
  • Emerging markets exposure: +/-15% of benchmark
  • Broad sector ranges: +/-15% of benchmark
  • Country ranges: +/-10% of benchmark (U.S.A. is +/-20%)
  • Currency hedging: Currency views incorporated in stock selection
  • Cash target range: Typically less than 5%, Maximum 10%
  • Expected tracking error: 400 to 800 basis points

Annualised Performance

  1 YR 3 YR
5 YR
10 YR
Since Manager Inception
Fund % 35.46% 29.08% 23.81% 17.31% 18.72%
Indicative Benchmark % 37.28% 17.47% 14.72% 11.32% 11.44%
Excess Return % -1.82% 11.61% 9.09% 5.99% 7.28%

Inception Date 12-Jan-2006

Manager Inception Date 30-Sep-2012

Indicative Benchmark: MSCI All Country World Index Net

Data as of 31-Oct-2021

Performance figures calculated in USD

  1 YR 3 YR
5 YR
10 YR
Fund % 29.72% 23.91% 22.54% 18.65%
Indicative Benchmark % 27.44% 12.58% 13.20% 11.90%
Excess Return % 2.28% 11.33% 9.34% 6.75%

Inception Date 12-Jan-2006

Indicative Benchmark: MSCI All Country World Index Net

Data as of 30-Sep-2021

Performance figures calculated in USD

Recent Performance

  Month to DateData as of 26-Nov-2021 Quarter to DateData as of 26-Nov-2021 Year to DateData as of 26-Nov-2021 1 MonthData as of 31-Oct-2021 3 MonthsData as of 31-Oct-2021
Fund % -2.57% 0.46% 9.68% 3.12% 2.32%
Indicative Benchmark % -1.48% 3.55% 15.06% 5.10% 3.28%
Excess Return % -1.09% -3.09% -5.38% -1.98% -0.96%

Inception Date 12-Jan-2006

Indicative Benchmark: MSCI All Country World Index Net

Indicative Benchmark: MSCI All Country World 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.

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-Oct-2021 - David J. Eiswert, Portfolio Manager,
Global equities delivered strong gains in October, rebounding from September’s sell-off as stabilizing coronavirus cases and strong earnings and economic data helped lift markets broadly. Within the portfolio, our holdings in the consumer discretionary sector detracted the most from relative returns. Shares of a Brazilian omnichannel retailer pulled back with the broader Brazilian market as well as due to continued concerns about increased competition and macro headwinds. We continue to think the company is a strong, durable grower that is capable of sustaining well-above industry average growth in e-commerce and marketplace retail. On the positive side, health care names boosted relative performance. A U.S. managed care company rose on solid earnings results and raised guidance. In particular, data showed better-than-expected enrolments across the majority of segments, solid profitability, and a better-than-expected medical loss ratio. We are attracted to the stock’s durable growth profile and believe that the market underestimates the pricing power of large managed care names.


Largest Holding 4.38% Was (30-Jun-2021) 2.48%
Other View Full Holdings Quarterly data as of  30-Sep-2021
Top 10 Holdings 32.00% View Top 10 Holdings Monthly data as of  31-Oct-2021

Largest Top Contributor^

% of fund 3.11%

Largest Top Detractor^
% of fund 4.35%

^Absolute, percentages based on the difference between the total net assets of the two largest holdings of the fund.

Quarterly Data as of 30-Sep-2021

Top Purchase
Was (30-Jun-2021) 2.48%

Top Sale

Bank of America
Was (30-Jun-2021) 3.22%

Quarterly Data as of 30-Sep-2021

30-Sep-2021 - David J. Eiswert, Portfolio Manager,

Over the quarter, we continued to trim exposure to the most fairly valued COVID-19 beneficiaries while adding to positions that we believe will experience accelerating fundamentals as we enter and progress through 2022. In our view, the pandemic will continue to accelerate several existing and nascent trends that chiefly benefit growth companies?like those leveraged to e-commerce, digital media, and cloud computing?but we are also mindful of valuations and want to take advantage of opportunities in more cyclical segments of the market that should experience an inflection as the world continues to emerge from the pandemic.

At the sector level, the largest shift occurred in communication services, where our allocation meaningfully rose. Our exposure to the consumer discretionary sector also increased. On the other hand, our exposures to financials, industrials and business services, and health care came down. Regionally, our allocation to Japan and North America decreased, while our exposure to emerging markets increased as we added thoughtfully to some Chinese names amid the region's market dislocation. Although we are closely watching the upward trajectory of U.S. interest rates?which can negatively impact emerging markets?we remain constructive on our emerging markets holdings and believe they should ultimately benefit on the other side of the pandemic.

Communication Services

Communication services is our largest overweight, reflecting our belief that the lasting behavioral effects from the coronavirus pandemic could accelerate the long-term trend of streaming video services taking share from traditional television and exacerbate the ongoing shift toward digital advertising. We remain focused on highly innovative, secular growers within the entertainment and internet services spaces that are on the right side of change and benefiting from accelerating popularity of digital media.

  • We initiated a position in online streaming video service Netflix. This is a name we have owned in the past given its attractive business model, global scale, low churn, and pricing power. We felt now was an opportune entry point as we think there are a number of catalysts that should drive accelerating growth over the next few months: content ramp-up in the back half of 2021, which should help drive net adds; continued international expansion; and improving margins. Overall, we think Netflix represents a compelling and high-quality growth opportunity with a favorable risk/reward profile.
  • We initiated a position in Tencent Holdings, China's dominant social media platform. The stock has performed poorly in recent months amid increased regulatory pressures, creating what we believe is an attractive entry point. While regulatory changes in China could negatively affect the company's earnings in the short term, we believe that, over the long term, Tencent is well positioned for accelerating returns given its dominant role in Chinese social media and growing international gaming capabilities, with ample opportunity to further monetize its large, rapidly growing user base. In addition to social media and gaming, Tencent possesses broad capabilities, including online payments, online finance, and cloud computing services.

Consumer Discretionary

The consumer discretionary sector has become increasingly challenging for stock pickers as market disruption, driven in part by rapid changes in consumer behavior and e-commerce, has led to a more dramatic demarcation between winners and losers. Given the polarized structure of the sector, our focus is on high-quality names that are on the right side of change and have dominant market positions. We find internet-based retail particularly attractive, as we believe that the leaders in this space should continue to benefit from strong fundamentals as we emerge from the pandemic. We also have exposure to select travel-related stocks that we believe are well positioned as economic conditions normalize.

  • We initiated a position in Meituan, a Chinese shopping platform that operates a food delivery service as well as an online booking business for restaurants, hotels, and other services. While we expect some near-term earnings volatility, we believe the company possesses a dominant position in the in-store market with strong long-term monetization potential, while its food delivery offers advantages in a benign competition environment.
  • We added to our position in during periods of weakness. We think the valuation for Amazon is reasonable and, while revenue from the firm's e-commerce business has started to decelerate amid market reopenings, its advertising and cloud computing businesses, which are more profitable, continue to accelerate.
  • We eliminated our position in Ross Stores. While the company's recent earnings report was strong, full-year guidance was cautious, making the stock's risk/reward profile less attractive to us. Therefore, we chose to exit our position and reallocate funds to names with greater upside potential.

Industrials and Business Services

We remain overweight industrials and business services and believe our exposure within the sector is poised to capture the tailwinds of accelerating fundamentals as economic conditions improve and the world reopens. However, we acknowledge that multiples in certain pockets of the sector have risen along with expectations for economic improvement and large-scale infrastructure reform. We used the recent run in these stocks as an opportunity to reallocate funds into areas where we believe valuations are supportive of further gains. Our exposure is focused on long-cycle industrials and commercial services companies that should emerge from the pandemic in a stronger competitive position.

  • We eliminated our position in global parcel and freight delivery service FedEx. The stock has done well over the past few months, but we continue to think the company faces rising costs heading into the holiday season that could potentially weigh on earnings, so we chose to eliminate our position.


We continue to have a modest overweight position to the sector and generally prefer nontraditional financials like security exchanges, which have low correlation to the rest of the portfolio and provide support with volatility, and online brokerages, which don't have the credit risk of banks. However, as expectations have grown for a post-pandemic economic expansion and higher interest rates, we have added purposeful exposure to select U.S. banks that we believe will experience improving economic returns as the world emerges from the pandemic. We also maintain exposure to select emerging markets banks that we believe are undervalued and underappreciated.

  • We trimmed our position in Bank of America given near-term risks of negative earnings revisions due to low yields. However, we continue to think the level of interest rates should move higher given increased economic activity and that Bank of America should thrive in a post-pandemic environment with higher rates and consumer and business habits shifting back to normal.


Largest Sector Consumer Discretionary 17.60% Was (30-Sep-2021) 17.16%
Other View complete Sector Diversification

Monthly Data as of 31-Oct-2021

Indicative Benchmark: MSCI All Country World Index

Top Contributor^

Industrials & Business Services
Net Contribution 0.86%
Selection 0.90%

Top Detractor^

Information Technology
Net Contribution -0.47%


Quarterly Data as of 30-Sep-2021

Largest Overweight

Communication Services
Fund 15.21%
Indicative Benchmark 8.93%

Largest Underweight

Information Technology
Fund 16.23%
Indicative Benchmark 22.69%

Monthly Data as of 31-Oct-2021

31-Oct-2021 - David J. Eiswert, Portfolio Manager,
We are overweight the communication services sector, reflecting our belief that the lasting behavioural effects from the coronavirus pandemic could accelerate the long-term trend of streaming video services taking share from traditional television and exacerbate the ongoing shift toward digital advertising. We remain focused on highly innovative, secular growers within the entertainment and internet services spaces that we believe are on the right side of change and benefitting from the accelerating popularity of digital media.


Largest Country United States 56.51% Was (30-Sep-2021) 56.01%
Other View complete Country Diversification

Monthly Data as of 31-Oct-2021

Indicative Benchmark: MSCI All Country World Index

Largest Overweight

United Kingdom
Fund 9.95%
Indicative Benchmark 3.64%

Largest Underweight

United States
Fund 56.51%
Indicative Benchmark 60.43%

Monthly Data as of 31-Oct-2021

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 N/A 75 basis points 0.85%
Class Q $1,000 $100 $100 N/A 75 basis points 0.92%

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