Strategy

Global Technology Equity

The Global Technology Equity Composite seeks long-term capital appreciation through investments in companies around the world expected to benefit from technological progress.

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

Tracking Error
(5 Years)

20.48%
8.88%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

34.99%
0.23

Inception Date 31-Oct-2000

Performance figures calculated in USD

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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.

 

Strategy

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 Strategy invests 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 is also an important consideration, particularly when valuation reaches extreme levels.

Portfolio Construction

  • Typically 30-80 stock portfolio
  • Non-U.S. companies typically make up over 20-30% 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

Holdings

Total
Holdings
71
Largest Holding Amazon.com 6.05% Was (31-Mar-2020) 6.52%
Other View Full Holdings Quarterly data as of 30-Jun-2020
Top 10 Holdings 38.48% View Top 10 Holdings Monthly data as of 30-Jun-2020

Top Purchase

Shopify
3.29%
Was (31-Mar-2020) 1.04%

Top Sale

Salesforce.com
3.57%
Was (31-Mar-2020) 6.59%

Quarterly Data as of 30-Jun-2020

Industry

Total
Industries
21
Largest Industry Internet Media/Advertising 20.29% Was (31-Mar-2019) 19.11%
Other View complete Industry Diversification

Monthly Data as of 30-Jun-2019

Benchmark: MSCI All Country World Index Information Technology

Largest Overweight

Internet Media/Advertising
By20.28%
Portfolio 20.29%
Benchmark 0.01%

Largest Underweight

Infrastructure Software
By-15.20%
Portfolio 0.48%
Benchmark 15.68%

Monthly Data as of 30-Jun-2019

Countries

Total
Countries
13
Largest Country United States 71.79% Was (31-Mar-2020) 72.22%
Other View complete Country Diversification

Monthly Data as of 30-Jun-2020

Benchmark: MSCI All Country World Index Information Technology

Largest Overweight

China
By7.13%
Portfolio 8.40%
Benchmark 1.27%

Largest Underweight

United States
By-5.56%
Portfolio 71.79%
Benchmark 77.35%

Monthly Data as of 30-Jun-2020

Team (As of 05-Aug-2020)

Alan Tu, CFA

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. 

Alan’s investment experience began in 2012, and he has been with T. Rowe Price since 2014, beginning in the U.S. Equity Division. After that, he was an investment analyst following software companies in the technology sector. He also served as a summer intern in 2013. Prior to T. Rowe Price, Alan was employed by Ananda Capital Management as an analyst, conducting analyses of small-cap Chinese and U.S. equities. He also was a valuation associate at Huron Consulting Group.

Alan earned a B.S., summa cum laude, in business administration from the University of California, Berkeley, and an M.B.A., with honors, from the University of Chicago, Booth School of Business. He also has earned the Chartered Financial Analyst® designation.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

  • Portfolio manager
    since
    2019
  • Years at
    T. Rowe Price
    6
  • Years investment
    experience
    6
Jennifer O'Hara Martin

Jennifer O'Hara Martin is a global equity portfolio specialist in the U.S. Equity Division of T. Rowe Price. She is a member of the Global Growth Equity, Global Focused Growth Equity, Global Technology Equity, Communications & Technology Equity, Science & Technology Equity, and US Structured Research Equity Strategy teams. Ms. Martin is a vice president of T. Rowe Price Group, Inc.

Ms. Martin has 23 years of investment experience, 14 of which have been at T. Rowe Price. She joined the firm in 2005 as an equity research analyst covering food retailing and discount stores and had portfolio management responsibilities for the firm's US Structured Research Equity Strategy. Prior to joining the firm, she was an equity research analyst at Northern Trust, following telecommunications and business services companies. Ms. Martin was also employed by Merrill Lynch, where she was an investment banking analyst.

Ms. Martin earned a B.S. in agricultural economics from the University of Illinois at Urbana-Champaign and an M.B.A. from Northwestern University, Kellogg School of Management. She presently serves on the Board of Trustees of the Baltimore Museum of Art and as a committee member for the Northwestern University, Kellogg School of Management, Asset Management Practicum.

  • Years at
    T. Rowe Price
    15
  • Years investment
    experience
    24

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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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