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Strategy

Global Growth Equity

The Global Growth Equity Composite seeks long-term capital appreciation by investing primarily in a diversified portfolio of transferable equity and equity-related securities of larger cap companies listed on the world's stock markets. The portfolio may include investments in the securities of companies listed on the stock exchange of developed and developing countries.

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

Tracking Error
(5 Years)

16.42%
3.58%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

8.42%
1.04

Inception Date 31-Oct-2008

Performance figures calculated in USD

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R. Scott Berg
R. Scott Berg, Lead Portfolio Manager

Scott Berg is the portfolio manager for the T. Rowe Price Global Growth Equity Strategy and a vice president of T. Rowe Price Group, Inc.

 

Strategy

Investment Approach

  • Single decision-maker provides clear accountability.
  • Identify “best ideas” by assessing companies in a global sector context, using bottom-up approach to create focused, high-conviction portfolio.
  • Global research platform uses fundamental analysis to identify companies with superior and sustainable growth prospects and improving fundamentals.
  • Macroeconomic and local market factors are integrated in stock selection decisions.
  • Valuation appeal is measured against local market and broad sector opportunity set.
  • Broad range of large-cap stocks, incorporating developed and emerging markets.

Portfolio Construction

  • Number of holdings: Typically around 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
  • Primary benchmark is MSCI All Country World Index

Holdings

Total
Holdings
167
Largest Holding Alphabet Class C 3.01% Was (31-Mar-2019) 2.85%
Other View Full Holdings Quarterly data as of 30-Jun-2019
Top 10 Holdings 18.07% View Top 10 Holdings Monthly data as of 30-Jun-2019

Top Purchase

EssilorLuxottica (N)
0.77%
Was (31-Mar-2019) 0.00%

Top Sale

Altaba (E)
0.00%
Was (31-Mar-2019) 1.20%

Quarterly Data as of 30-Jun-2019

Sectors

Total
Sectors
11
Largest Sector Information Technology 16.39% Was (31-Mar-2019) 15.78%
Other View complete Sector Diversification

Monthly Data as of 30-Jun-2019

Benchmark: MSCI All Country World Index

Top Contributor^

Industrials & Business Services
Net Contribution 0.38%
Sector
-0.01%
Selection 0.38%

Top Detractor^

Consumer Discretionary
Net Contribution -0.71%
Sector
0.03%
Selection
-0.74%

^Relative

Quarterly Data as of 30-Jun-2019

Largest Overweight

Consumer Discretionary
By4.67%
Portfolio 15.51%
Benchmark 10.85%

Largest Underweight

Energy
By-3.34%
Portfolio 2.55%
Benchmark 5.89%

Monthly Data as of 30-Jun-2019

Regions

Total
Regions
6
Largest Region North America 48.49% Was (31-Mar-2019) 50.65%
Other View complete Region Diversification

Monthly Data as of 30-Jun-2019

Benchmark: MSCI All Country World Index

Top Contributor^

Japan
Net Contribution 0.25%
Region
0.11%
Selection 0.15%

Top Detractor^

Pacific ex Japan
Net Contribution -0.43%
Region
-0.33%
Selection
-0.10%

^Relative

Quarterly Data as of 30-Jun-2019

Largest Overweight

Pacific Ex Japan
By12.22%
Portfolio 24.52%
Benchmark 12.30%

Largest Underweight

North America
By-9.63%
Portfolio 48.49%
Benchmark 58.12%

Monthly Data as of 30-Jun-2019

Countries

Total
Countries
30
Largest Country United States 46.60% Was (31-Mar-2019) 48.62%
Other View complete Country Diversification

Monthly Data as of 30-Jun-2019

Benchmark: MSCI All Country World Index

Largest Overweight

India
By4.91%
Portfolio 5.97%
Benchmark 1.06%

Largest Underweight

United States
By-8.47%
Portfolio 46.60%
Benchmark 55.07%

Monthly Data as of 30-Jun-2019

Currency

Total
Currencies
22
Largest Currency U.S. dollar 61.14% Was (31-Mar-2019) 60.11%
Other View complete Currency Diversification

Monthly Data as of 30-Jun-2019

Benchmark : MSCI All Country World Index

Largest Overweight

Indian rupee
By 4.56%
Portfolio 5.61%
Benchmark 1.06%

Largest Underweight

Japanese yen
By -6.02%
Portfolio 1.05%
Benchmark 7.07%

Monthly Data as of 30-Jun-2019

Team (As of 31-Aug-2019)

R. Scott Berg

Scott Berg is the portfolio manager for the T. Rowe Price Global Growth Equity Strategy and a vice president of T. Rowe Price Group, Inc.

Mr. Berg has 17 years of investment experience, all of which have been with T. Rowe Price. He joined the firm in 2002 as a research analyst covering the business services sector after serving as a summer intern in 2001. In 2005, he joined the global equity team as an associate portfolio manager and in 2008 launched the Global Growth Equity Strategy. Prior to T. Rowe Price, he was the manager of financial analysis and planning for Mead Consumer and Office Products. Previously, Mr. Berg was also employed by McKinsey & Company as a business analyst and was a core team member on the firm's global growth initiative.

Mr. Berg graduated first in his class from Macquarie University in Australia, with a B.Ec. in actuarial studies and finance. He also holds an M.B.A. from the Stanford Graduate School of Business, where he again graduated at the top of his class. Mr. Berg has earned the Chartered Financial Analyst designation.

  • Portfolio manager
    since
    2008
  • Years at
    T. Rowe Price
    17
  • Years investment
    experience
    17
Harishankar Balkrishna

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

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

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

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

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

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

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

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

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

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

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

  • Years at
    T. Rowe Price
    10
  • Years investment
    experience
    19
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GIPS® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®). TRP has been independently verified for the twenty one- year period ended June 30, 2017 by KPMG LLP. The verification report is available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

TRP is a U.S. investment management firm with various investment advisers registered with the U.S. Securities and Exchange Commission, the U.K. Financial Conduct Authority, and other regulatory bodies in various countries and holds itself out as such to potential clients for GIPS purposes. TRP further defines itself under GIPS as a discretionary investment manager providing services primarily to institutional clients with regard to various mandates, which include U.S, international, and global strategies but excluding the services of the Private Asset Management group.

A complete list and description of all of the Firm's composites and/or a presentation that adheres to the GIPS® standards are available upon request. Additional information regarding the firm's policies and procedures for calculating and reporting performance results is available upon request

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