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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 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


1YR Return
(View Total Returns)

Manager Tenure


Information Ratio
(5 Years)

Tracking Error
(5 Years)


Inception Date 15-Jun-2015

Performance figures calculated in USD

31-Oct-2021 - Alan Tu, Portfolio Manager,
We expect that the large-scale secular trends that accelerated during the pandemic will continue to benefit the portfolio, as they did this month. While the slowing economic recovery has weighed on pockets of our holdings, many of these demand drivers remained firmly in place.
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.

Click for Manager Outlook


Manager's Outlook

The macroeconomic crosswinds that created difficulties for investors all year continued to affect investments in the third quarter. Inflation, fluctuating interest rates, COVID-19 shutdowns, and sporadic reopenings led to bouts of volatility. However, despite this demanding backdrop, we are pleased with the fundamentals of the stocks we own. Many of these companies capitalized on the pulled-forward demand for their services by investing in new products and markets. Many of these strategic investments have resulted in accelerated top- and bottom-line growth this year.

While disruption from the pandemic and distortions in the global economy, including hiring problems and semiconductor supply shortages, weighed on technology companies and their customers, we observed that the market began to focus more on underlying fundamentals than lapping year-over-year comparisons. In software, for instance, we witnessed a greater dispersion of outcomes as enterprise-focused segments demonstrated durable growth in contrast to more mixed results from consumer-driven segments. We expect that as many of the cloud-based software-as-a-service companies grow, they will continue to leverage their fixed costs and expand gross margins so as to generate even higher levels of free cash flow. In internet, our positioning reflects the opportunities we see in concentrating on winning e-commerce and social media companies across the globe. Many of these platform companies have been able to use their strong market positions, bolstered during the pandemic, to expand their offerings and create their own durable growth.

In seeking global secular growth stocks, we recognize the varied opportunities presented to us regionally.� In China, for instance, we are carefully assessing the competitive landscape to identify those companies that are well positioned to continue to generate value for investors. Those Chinese internet companies with management teams with experience in leading their organizations through previous periods of regulation can leverage that knowledge to better weather the current storm. On the other hand, those companies that entered the current cycle on a weak footing will likely find that increased regulation will compound their problems. As always, our investment decisions are informed by our comprehensive and collaborative global research team. In this regard, our China-based analysts worked tirelessly with other internet analysts on the team to adjust our models to identify the most attractive opportunities. These insights may help us evaluate similar businesses that are navigating regulatory challenges elsewhere.

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 technology development or utilization companies, with a focus on leading global technology companies. The companies may be anywhere in the world, including emerging markets.

Investment Approach

  • Seeks long-term growth by investing primarily in the common stocks of companies that generate the majority of revenues from the development, advancement, and use of technology.
  • Stock selection is driven by rigorous research and analysis of companies, sectors, and industry trends.
  • The portfolio invests primarily in the common stocks of technology companies or companies enabled by technology across the entire market capitalization spectrum. We seek companies which can successfully weather economic cycles and deliver sustainable growth through product development and innovation, at a reasonable valuation.
  • While our primary emphasis is on a company’s prospects for future growth, valuation can also be an important consideration, particularly when valuation reaches extreme levels.
  • The portfolio is less diversified than a non-focused fund and its substantial reward potential is coupled with significant risk. In addition, any foreign holdings could be affected by declining local currencies or adverse political or economic events.
  • 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

  • Typically 35-60 stock portfolio
  • Non-U.S. companies typically make up 25-45% of the portfolio
  • Portfolio consists of highest conviction ideas from a global perspective
  • Diversification across sectors, countries/currencies, and end markets is a risk management tool
  • Bottom-up stock picking is used to capitalize on rapid and extreme changes in technology trends

Annualised Performance

  1 YR 3 YR
5 YR
Since Inception
Since Manager Inception
Fund % 48.21% 41.39% 29.30% 26.07% 37.85%
Indicative Benchmark % 45.32% 33.17% 28.04% 23.53% 35.63%
Excess Return % 2.89% 8.22% 1.26% 2.54% 2.22%

Inception Date 15-Jun-2015

Manager Inception Date 28-Feb-2019

Indicative Benchmark: MSCI All Country World Index Information Technology Net

Data as of 31-Oct-2021

Performance figures calculated in USD

  1 YR 3 YR
5 YR
Since Inception
Fund % 35.71% 32.69% 27.31% 25.01%
Indicative Benchmark % 30.26% 26.11% 26.21% 22.62%
Excess Return % 5.45% 6.58% 1.10% 2.39%

Inception Date 15-Jun-2015

Indicative Benchmark: MSCI All Country World Index Information Technology 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 % -1.69% 5.72% 19.87% 7.54% 6.44%
Indicative Benchmark % 1.46% 8.22% 22.41% 6.66% 4.35%
Excess Return % -3.15% -2.50% -2.54% 0.88% 2.09%

Inception Date 15-Jun-2015

Indicative Benchmark: MSCI All Country World Index Information Technology Net

Indicative Benchmark: MSCI All Country World Index Information Technology 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 - Alan Tu, Portfolio Manager,
Following robust earnings reported by several mega-cap tech companies, investors sent technology shares higher, producing returns that bested many of the global equity averages. Within the portfolio, stock selection and allocation contributed to positive relative returns. In industrials, stock selection supported relative performance as our singular investment beat quarterly earnings and delivery estimates, while competitors experienced supply chain issues, production shortages, and revenue declines. Financials services also contributed to relative results due to stock choices, led by names in the payments space, and an underweight position. By contrast, stock selection and an overweight allocation in the internet subsector hurt relative performance as concerns over increased regulation, shifting Fed policy, and rising interest rates subdued stock prices. We believe it will take some time for advertising business models to adjust to an environment that emphasizes increased data privacy. In addition, many businesses cut back on digital ad spending as they struggled to meet current demand for products and services given ongoing supply chain problems and labour shortages.


Largest Holding Sea 8.43% Was (30-Jun-2021) 7.44%
Other View Full Holdings Quarterly data as of  30-Sep-2021
Top 10 Holdings 53.90% View Top 10 Holdings Monthly data as of  31-Oct-2021

Largest Top Contributor^

% of fund 8.42%

Largest Top Detractor^

% of fund 5.25%

^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

MongoDB (N)
Was (30-Jun-2021) 0%

Top Sale

Crowdstrike Holdings (E)
Was (30-Jun-2021) 2.68%

Quarterly Data as of 30-Sep-2021

30-Sep-2021 - Alan Tu, Portfolio Manager,

We sold shares of slower-growing names or stocks that we believe may soon be peaking. We added new idiosyncratic picks that we feel are well positioned to disrupt major industries by applying new technologies to solve problems. We also continued to provide support for companies that can create new experiences and then stand to benefit from growing economies of scale.


We trimmed software by exiting positions in companies that may see shifting demand or have not used pandemic windfalls to invest in initiatives that can accelerate earnings growth. Alternatively, we added new, smaller names to the portfolio that are on the forefront of implementing machine learning and new architectures to get more out of big data in a data-driven world.

  • We exited Crowdstrike Holdings on strength. In our view, Crowdstrike is fully valued and demand for its endpoint technology may be peaking in a competitive and evolving security industry.
  • We exited Workday, a leader in human capital management software-as-a-service seeking to invest the capital in other, more promising opportunities. While the company made some headway in penetrating the slower-moving financial management software segment, we are looking for more promising opportunities.
  • We added UiPath�, a leader in robotic process automation, software technology used to automate human work using machine learning. We value the fast-growing market it occupies and believe it can grow its market share, especially in the enterprise segment, and eventually drive large free cash flows.
  • We initiated a position in MongoDB, an open-source document-oriented database solutions firm. We like the long growth runway for its leadership in the technology NoSQL (not only SQL) as enterprises look for ways to scale and structure data across on-premises and cloud infrastructures.


We added to internet by increasing our stake in secular growth stories and cautiously selecting Chinese internet companies that we believe are the best equipped to emerge from the current regulatory cycle stronger.

  • We bought additional shares of Bilibili on weakness. We like that the firm has experience managing through periods of regulatory change.
  • We added to our position in DoorDash on strong quarterly and year-over-year revenue growth, contribution profit, and adjusted earnings. We believe DoorDash is executing its strategy well, leading to increased retention rates, expansion into new delivery segments, and market share growth.
  • We initiated a position in Tencent Holdings, China's largest video game and social media platform. It is our view that the company is led by a seasoned management team that has proven to be strategic decision makers over multiple economic, technology, and regulatory cycles. The company has proactively complied with authorities and is growing its gaming revenues outside of mainland China where it faces fewer restrictions.
  • We decreased our position in Facebook to try to balance regulatory risk within the portfolio. We believe that Facebook's ability to increase consumer engagement, coupled with its ad monetization and targeting capabilities, should help it generate attractive revenue growth in the coming years.

Media & Entertainment

We reduced our overweight position in media and entertainment stocks by exiting or trimming positions that have faced ongoing reopening headwinds to growth.

  • We eliminated our position in Live Nation Entertainment seeking to re-invest in other areas of the portfolio. While we recognize the pent-up demand for live entertainment, continued spread of the delta variant has caused postponements and has lowered the revenue outlook.
  • We trimmed Netflix. Overall, we like the company's business strategy of leveraging high-quality algorithms and scale to develop premium content which enables it to attract a large and loyal global subscriber base, creating a virtuous cycle We remain optimistic and patient as the company replenishes its pipeline of hit programming in order to reinvigorate net subscriber additions.


We continued to execute our strategy of exiting semiconductor and semi-cap stocks on strength as strong signals of a rapidly maturing market continued to flash this period.

  • We eliminated Lam Research from the portfolio due to our lowered outlook in the demand for NAND, a type of flash memory used in smart phones, computers, and other devices. Lam manufactures and services equipment used to produce NAND, a market segment that makes up approximately half of its revenues.
  • We exited our position in Applied Materials, one of the largest manufacturers of semiconductor equipment globally. Despite strong quarterly performance, the company guided for a deceleration in NAND for the remainder of 2021.

Financial Services

We trimmed positions to harvest returns and invest in newer opportunities.

  • We trimmed Visa as a source of funds. In-person and electronic payment transaction volumes continued to accelerate mildly. We still like Visa's high margins, exposure to global travel, and secular growth prospects in electronic payments.


31-Jul-2020 - Alan Tu, Portfolio Manager,
We increased the portfolio’s exposure to semiconductors, focusing on memory chipmakers and names with meaningful exposure to the automotive end market. Low inventories after last year’s downcycle suggest that key segments of this subsector should benefit when economic activity fully recovers. Within semiconductors, we also bought shares of companies that we believe are well-positioned to benefit from a shifting competitive landscape.


Largest Region North America 77.69% Was (30-Sep-2021) 75.98%
Other View complete Region Diversification

Monthly Data as of 31-Oct-2021

Indicative Benchmark: MSCI All Country World Index Information Technology

Largest Overweight

Pacific Ex Japan
Fund 15.19%
Indicative Benchmark 10.68%

Largest Underweight

Fund 0.00%
Indicative Benchmark 3.67%

Monthly Data as of 31-Oct-2021


Largest Country United States 72.18% Was (30-Sep-2021) 70.74%
Other View complete Country Diversification

Monthly Data as of 31-Oct-2021

Indicative Benchmark: MSCI All Country World Index Information Technology

Largest Overweight

Fund 7.76%
Indicative Benchmark 0.02%

Largest Underweight

United States
Fund 72.18%
Indicative Benchmark 77.05%

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% 175 basis points 1.87%
Class I $2,500,000 $100,000 $0 0.00% 85 basis points 0.94%
Class Q $1,000 $100 $100 0.00% 85 basis points 0.97%
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.