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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.

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October 2020 / VIDEO

Coronavirus, Growth and the Outlook for Technology

The pandemic has, in most cases, accelerated trends that were already in place in the technology sector

Recorded 18 September 2020
COVID-19 has represented a significant shock to the economy, and it has had profound implications for the technology landscape as well. The pandemic has in most cases accelerated trends that were already in place; from the penetration of ecommerce across different categories to the adoption of cloud technologies that help enable a distributed workforce, such as video conferencing, to the proliferation of digital and contactless payment options.

Our approach to investing through this period has been to identify companies that we believe will be durable winners over both the near term and the long term. We’re doubling down on companies that we believe are on the right side of change, address large markets and are led by strong management teams that have demonstrated an ability to be adaptable during dynamic environments.

While the mega cap tech companies dominate the news headlines, and also the major stock indices, we believe the best approach to investing through this period is to construct a portfolio of best ideas across a number of different sub-sectors in technology, particularly given the fact that we see strong growth opportunities across many of these areas. We believe this will help mitigate both fundamental and valuation risk.

Longer term, I am bullish about the prospects of technology stocks. We live in a very dynamic environment with a lot of change and a lot of opportunity. Despite very strong recent stock performance, and pockets of elevated valuation, I believe that the underlying fundamentals can support attractive investment returns, particularly over the long term.

IMPORTANT INFORMATION

This material is being furnished for general informational and/or marketing purposes only. The material does not constitute or undertake to give advice of any nature, including fiduciary investment advice, nor is it intended to serve as the primary basis for an investment decision. Prospective investors are recommended to seek independent legal, financial and tax advice before making any investment decision. T. Rowe Price group of companies including T. Rowe Price Associates, Inc. and/or its affiliates receive revenue from T. Rowe Price investment products and services. Past performance is not a reliable indicator of future performance. 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.

The material does not constitute a distribution, an offer, an invitation, a personal or general recommendation or solicitation to sell or buy any securities in any jurisdiction or to conduct any particular investment activity. The material has not been reviewed by any regulatory authority in any jurisdiction.

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The material is not intended for use by persons in jurisdictions which prohibit or restrict the distribution of the material and in certain countries the material is provided upon specific request. It is not intended for distribution to retail investors in any jurisdiction.

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Volatility in Technology Highlights Importance...

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We believe the sector’s long-term growth stories remain strong

By Alan Tu

Alan Tu Portfolio Manager

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.

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