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GIPS® Information

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.

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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


1YR Return
(View Total Returns)

Manager Tenure


Information Ratio
(5 Years)

Tracking Error
(5 Years)


Inception Date 27-Oct-2008

Performance figures calculated in USD

31-Oct-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.

Click for Manager Outlook


Manager's Outlook

We saw equity market volatility increase throughout the recent quarter in what has been both a challenging and a fascinating macro environment, with an interesting mix of positive and negative tensions. Global economic growth remains above trend, albeit past peak levels; liquidity remains abundant, although policy accommodation is expected to gradually tighten; substantial progress on vaccine distribution has been made, but we face increased risk from the fast-spreading delta variant; publicly traded corporates have broadly delivered strong earnings, yet they face prospects of higher taxes and a stricter regulatory environment; and equity valuations are more than a standard deviation above their historical average on a 30-year view. However, investors are getting more yield in equities than in high yield bonds, and market sentiment is more positive than not, but not outrightly bullish. Additionally, policy objectives in China have continued to evolve, which has led to even more investor complexity.

We expect markets to remain volatile in the near term given the ongoing pushes and pulls across such large dimensions, and we are trying to be balanced within the portfolio, keeping the overall portfolio beta near 1.0. While our mandate is growth oriented, we have the flexibility to be contrarian, which allows us to buy the best assets at good prices and embrace some uncertainty, particularly when that uncertainty has already led to very meaningful price declines. This approach has manifested itself within the portfolio through an increased exposure to China, a co-leader in technology and artificial intelligence; the world's second-biggest economy; and which is located at the center of southeast Asia, which we view as the most vibrant region of the world. We are not making a portfolio-defining bet but are leaning into China on weakness, especially in names we believe will provide compelling upside over the long term, despite near-term headwinds.

While there are still many unknowns, we think the environment is likely to remain supportive for stocks for a while yet. We anticipate the post-pandemic world will be similar to what it was pre-pandemic, with relatively lower growth and still low rates. There is a fair amount of pent-up demand to be released as economies open up, which should also benefit equities to some degree. 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. Overall, we remain encouraged by our portfolio holdings and their long-term ability to deliver�consistent growth to 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 of companies that have the potential for above-average and sustainable rates of earnings growth. The companies may be anywhere in the world, including emerging markets.

Investment Approach

  • Single decision-maker provides clear accountability.
  • Identify “best ideas” by assessing companies in a global sector context, using bottom-up approach to create focused, high conviction portfolio.
  • Global research platform uses fundamental analysis to identify companies with superior and sustainable growth prospects, and improving fundamentals.
  • Macroeconomic and local market factors are integrated in stock selection decisions.
  • Valuation appeal is measured against local market and broad sector opportunity set.
  • Broad range of large-cap stocks, incorporating developed and emerging markets.
  • 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 around 130 holdings.
  • Individual positions: Typically 0.3%-3.0%, maximum 5%
  • Emerging markets exposure: +/- 15% of benchmark
  • Broad sector ranges: +/- 10% of benchmark
  • Country ranges: +/- 10% of benchmark (USA is +/- 20%)
  • Currency hedging: Currency views incorporated in stock selection
  • Cash target range: Typically less than 5%
  • Expected tracking error: 300 to 700 basis points

Annualised Performance

  1 YR 3 YR
5 YR
10 YR
Since Manager Inception
Fund % 34.74% 26.67% 21.28% 14.94% 17.31%
Indicative Benchmark % 37.28% 17.47% 14.72% 11.32% 12.73%
Excess Return % -2.54% 9.20% 6.56% 3.62% 4.58%

Inception Date 27-Oct-2008

Manager Inception Date 27-Oct-2008

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 % 29.70% 21.99% 20.06% 16.30%
Indicative Benchmark % 27.44% 12.58% 13.20% 11.90%
Excess Return % 2.26% 9.41% 6.86% 4.40%

Inception Date 27-Oct-2008

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 % -1.70% 1.26% 11.44% 3.02% 1.53%
Indicative Benchmark % -1.48% 3.55% 15.06% 5.10% 3.28%
Excess Return % -0.22% -2.29% -3.62% -2.08% -1.75%

Inception Date 27-Oct-2008

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 - Scott Berg, 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. A multi-website online retailer that provides health, beauty, fashion, lifestyle, and marketplace services traded lower over the month despite solid earnings due to an analyst short report, which drove investors to worry that results would be worse than expected. We think the firm is an extremely compelling company that is just beginning to develop a differentiated enterprise e-commerce platform to help brands and retailers build a global online direct-to-consumer footprint. On the positive side, stock selection in financials boosted relative performance. Shares of a private equity firm rose on a number of well-received acquisitions as well as several organizational changes that were viewed positively. We think the company has a strong history of acquisitions and choosing advantageous investment opportunities and represents a compelling durable growth opportunity.


Largest Holding 3.83% Was (30-Jun-2021) 3.71%
Other View Full Holdings Quarterly data as of  30-Sep-2021
Top 10 Holdings 16.57% View Top 10 Holdings Monthly data as of  31-Oct-2021

Largest Top Contributor^

% of fund 2.92%

Largest Top Detractor^

Zoom Video Communications
% of fund 1.13%

^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) 3.71%

Top Sale

Okta (E)
Was (30-Jun-2021) 0.43%

Quarterly Data as of 30-Sep-2021

30-Sep-2021 - Scott Berg, Portfolio Manager,

Our positioning remained largely sector neutral, and there were only modest changes to our allocations over the quarter. As mentioned previously, we are currently in a very challenging environment where markets are debating the timing of the end to the pandemic and what the world will look like in the next six to 12 months. This is creating more complexity for us as investors, and with so many unknowns, our most pressing goal is to keep a very balanced portfolio of diverse holdings across sectors and regions. As always, we want to own truly innovative companies that can produce solid growth over a two- to three-year time horizon, while paying a reasonable price. With the market flip-flopping between favoring secular and cyclical companies, we are being diligent about using the opportunities presented to pick up names we like at reasonable valuations.�

Sector-wise, our most meaningful overweight is in consumer discretionary, with other sectors having much more modest over- and underweights versus the benchmark. The most meaningful positive shifts in allocation were in the information technology and consumer staples sectors, though these were still overall modest increases. Meanwhile, our exposure to industrials and business services and consumer discretionary decreased. Regionally, our allocation to North America decreased, while our exposure to Japan rose. We continue to be overweight fast-growing emerging market countries that have low debt-to-gross domestic product ratios and attractive demographic growth, such as India, Indonesia, Vietnam, and the Philippines. The portfolio is also overweight China, with an emphasis on domestic exposure to areas like information technology and health care, where there is a lot of innovation and the government is focused on building vibrant domestic industries.

Health Care

The long-term secular tailwinds for the health care sector remain in place. Within the sector, we have meaningful exposure to life sciences tools and services companies making biologics or facilitating research and development efforts for companies in the biopharma space, as well as equipment and supplies companies focused on medical diagnostics and testing. We also own companies tied to the ongoing secular trend of robotic surgery and have exposure to U.S. managed care where fundamentals remain strong, and valuations are attractive. Within biotechnology, we continue seeking�to invest in highly innovative companies that have the best chance of dominating their space either through drugs likely to become the standard of care in large and well-characterized markets, or companies where we have a degree of confidence that the repeatability of their platform gives them the potential to become much larger over time.

  • We eliminated our position in Incyte, an oncology and immunology-focused biotechnology company. Our conviction in the company's fundamentals had deteriorated recently, so we exited our position in favor of higher-conviction names. Following our sale, the company announced its new atopic dermatitis drug had been approved with a black box warning, which will hinder its adoption.
  • We exited our position in U.S. hospital owner and operator HCA Healthcare. The stock has been a strong performer since we first bought it early in the pandemic, and we chose to move on from our position in favor of names with greater upside potential.

Information Technology

Advancements in areas like artificial intelligence (AI) and enterprise software are not only affecting technology companies, but also reshaping more traditional industries once viewed as less susceptible to business model disruption. The powerful long-run trends that we believe will drive value creation in the technology sector remain and, in some cases, have been accelerated by the ongoing pandemic. Aftereffects from the pandemic could also result in lasting behavioral changes with more people working remotely and payment methods skewing more digitally. As a result, software and electronic payments are areas of focus for our sector exposure, but we also remain positioned to benefit from increasing AI adoption as well as the growing technology consumption in emerging markets.

  • We initiated a position in payment service provider Square. We think Square is on the right side of change over the long term as it continues to grow both its small and mid-size business payment service as well as execute opportunistic acquisitions like CashApp and Afterpay that should help drive a long runway for growth and help the company become a major provider of bank account-like services.
  • We eliminated our position in Okta, a software company focused on providing identity management solutions as a service. We now believe the firm is set for decelerating fundamentals over the next 12 months due to increasing competition and shifts in the model for security coming out of the pandemic, so we chose to exit our position and reallocate to names that better fit our accelerating return framework.


Largest Sector Information Technology 22.66% Was (30-Sep-2021) 22.07%
Other View complete Sector Diversification

Monthly Data as of 31-Oct-2021

Indicative Benchmark: MSCI All Country World Index

Top Contributor^

Health Care
Net Contribution 0.39%
Selection 0.38%

Top Detractor^

Consumer Discretionary
Net Contribution -1.97%


Quarterly Data as of 30-Sep-2021

Largest Overweight

Consumer Discretionary
Fund 16.27%
Indicative Benchmark 12.74%

Largest Underweight

Fund 0.30%
Indicative Benchmark 3.56%

Monthly Data as of 31-Oct-2021

31-Oct-2021 - Scott Berg, Portfolio Manager,
We are overweight the consumer discretionary sector, where we are focused on leaders within the global online retail and consumer services ecosystems. COVID-19 has pulled forward years of e-commerce share gains, and we have an expanded and diverse set of names levered to that trend. We continue to think the market is severely underestimating the profound effect the pandemic has had on the consumer landscape. We believe it is now vital for companies to view their businesses through an omnichannel lens, and it is no longer an option for businesses to ignore the need for an online presence.


Largest Country United States 54.81% Was (30-Sep-2021) 54.59%
Other View complete Country Diversification

Monthly Data as of 31-Oct-2021

Indicative Benchmark: MSCI All Country World Index

Largest Overweight

Fund 6.04%
Indicative Benchmark 2.24%

Largest Underweight

United States
Fund 54.81%
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 0.00% 75 basis points 0.81%
Class Q $1,000 $100 $100 0.00% 75 basis points 0.92%
Class S $10,000,000 $0 $0 0.00% 0 basis points 0.06%

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