T. Rowe Price T. Rowe Price Trusty Logo

OEIC

Global Focused Growth Equity Fund

Concentrating high conviction positions in leading global investment prospects.

ISIN GB00BD446774 Bloomberg TRGFGCA:LN

Since Inception Annualised
(View Total Returns)

Total Assets
(GBP)

12.15%
£82.5m

1YR Return
(View Total Returns)

Manager Tenure

16.50%
2yrs

Information Ratio

Tracking Error

N/A
N/A

Inception Date 30-May-2017

Performance figures calculated in GBP

Other Literature

David J. Eiswert
David J. Eiswert, Lead Portfolio Manager

David Eiswert is a portfolio manager in the U.S. Equity Division of T. Rowe Price. He is the portfolio manager for the Global Focused Growth Equity Strategy, a role he has held since October 1, 2012. Prior to his current role, Mr. Eiswert was the portfolio manager for the Global Technology Strategy from October 2008 until May 2012. He was a technology analyst from 2003 until 2012. Mr. Eiswert is a vice president of T. Rowe Price Group, Inc.

 

Strategy

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 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 stocks across all capitalizations, incorporating developed and emerging markets.

Portfolio Construction

  • Number of holdings: typically 60-80 stocks
  • Individual positions: Typically 0.5%-5.0%
  • Emerging markets exposure: +/-15% of benchmark
  • Broad sector ranges: +/-15% of benchmark
  • Country ranges: +/-10% of benchmark (U.S.A. is +/-20%)
  • Currency hedging: Currency views incorporated in stock selection
  • Cash target range: Typically less than 5%, Maximum 10%
  • Expected tracking error: 400 to 800 basis points

Performance (Class C)

Annualised Performance

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Fund % 16.50% N/A N/A 12.15%
Indicative Benchmark % 11.18% N/A N/A 7.86%
Excess Return % 5.32% N/A N/A 4.29%

Inception Date 30-May-2017

Indicative Benchmark: MSCI All Country World Index Net

Data as of  31-Oct-2019

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Fund % 8.58% N/A N/A 13.40%
Indicative Benchmark % 7.28% N/A N/A 9.17%
Excess Return % 1.30% N/A N/A 4.23%

Inception Date 30-May-2017

Indicative Benchmark: MSCI All Country World Index Net

Data as of  30-Sep-2019

Performance figures calculated in GBP

Recent Performance

  Month to DateData as of 04-Dec-2019 Quarter to DateData as of 04-Dec-2019 Year to DateData as of 04-Dec-2019 1 MonthData as of 31-Oct-2019 3 MonthsData as of 31-Oct-2019
Fund % -1.98% 1.24% 25.87% -1.60% -5.75%
Indicative Benchmark % -1.99% -1.73% 18.01% -2.16% -3.09%
Excess Return % 0.01% 2.97% 7.86% 0.56% -2.66%

Inception Date 30-May-2017

Indicative Benchmark: MSCI All Country World Index Net

Indicative Benchmark: MSCI All Country World Index Net

Performance figures calculated in GBP

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, taxes and other locally applied costs have not been deducted and if applicable, they will reduce the performance figures.

Effective 1 June 2019, 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.

Holdings

Total
Holdings
77
Largest Holding JPMorgan Chase 2.99% Was (30-Jun-2019) 1.71%
Other View Full Holdings Quarterly data as of 30-Sep-2019
Top 10 Holdings 23.84% View Top 10 Holdings Monthly data as of 31-Oct-2019

Sectors

Total
Sectors
11
Largest Sector Information Technology 33.13% Was (30-Sep-2019) 30.74%
Other View complete Sector Diversification

Monthly Data as of 31-Oct-2019

Indicative Benchmark: MSCI All Country World Index

Largest Overweight

Information Technology
By16.58%
Fund 33.13%
Indicative Benchmark 16.55%

Largest Underweight

Consumer Staples
By-6.90%
Fund 1.49%
Indicative Benchmark 8.39%

Monthly Data as of 31-Oct-2019

Countries

Total
Countries
19
Largest Country United States 50.18% Was (30-Sep-2019) 50.50%
Other View complete Country Diversification

Monthly Data as of 31-Oct-2019

Indicative Benchmark: MSCI All Country World Index

Largest Overweight

China
By3.10%
Fund 6.84%
Indicative Benchmark 3.74%

Largest Underweight

United States
By-5.12%
Fund 50.18%
Indicative Benchmark 55.30%

Monthly Data as of 31-Oct-2019

Currency

Total
Currencies
14
Largest Currency U.S. dollar 60.99% Was (30-Sep-2019) 62.01%
Other View complete Currency Diversification

Monthly Data as of 31-Oct-2019

Indicative Benchmark : MSCI All Country World Index

Largest Overweight

U.S. dollar
By 4.17%
Fund 60.99%
Indicative Benchmark 56.82%

Largest Underweight

Canadian dollar
By -3.00%
Fund 0.00%
Indicative Benchmark 3.00%

Monthly Data as of 31-Oct-2019

Team (As of 31-Aug-2019)

David J. Eiswert

David Eiswert is a portfolio manager in the U.S. Equity Division of T. Rowe Price. He is the portfolio manager for the Global Focused Growth Equity Strategy, a role he has held since October 1, 2012. Prior to his current role, Mr. Eiswert was the portfolio manager for the Global Technology Strategy from October 2008 until May 2012. He was a technology analyst from 2003 until 2012. Mr. Eiswert is a vice president of T. Rowe Price Group, Inc.

Mr. Eiswert has 19 years of investment experience, 16 of which have been with T. Rowe Price. Prior to joining the firm in 2003, he was an analyst at Mellon Growth Advisors and Fidelity Management and Research. He also worked as a consultant in the communications industry.

Mr. Eiswert earned a B.A., summa cum laude, in economics and political science from St. Mary's College of Maryland and an M.A. in economics from the University of Maryland, College Park. He also has earned the Chartered Financial Analyst designation.

  • Fund manager
    since
    2017
  • Years at
    T. Rowe Price
    16
  • Years investment
    experience
    19
Josh Nelson

Josh  Nelson is a director of research in the U.S. Equity Department of T. Rowe Price. Previously, he was an associate portfolio manager for the Global Focused Growth Equity Strategy. He is on the Investment Advisory Committee of the Global Stock Strategy. He also serves on the Equity Steering Committee. Mr. Nelson is a vice president of T. Rowe Price Group, Inc.

Mr. Nelson has 17 years of investment experience, two of which have been with T. Rowe Price. He served as a summer intern with T. Rowe Price in 2006, covering agricultural commodities and ethanol companies. Prior to joining the firm in 2007, he was an investment banker for Citigroup Global Markets, Inc. 

Mr. Nelson earned a B.S., with honors, in industrial systems and engineering from the University of Florida. He also earned an M.B.A., with honors, in finance from The Wharton School, University of Pennsylvania.

  • Fund manager
    since
    2017
  • Years at
    T. Rowe Price
    12
  • Years investment
    experience
    17
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
    11
  • Years investment
    experience
    20

Fee Schedule

Share Class Minimum Initial Investment and Holding Amount Minimum Subsequent Investment Minimum Redemption Amount Sales Charge (up to) Management Charge Ongoing Charge
Class C £10,000 £500 £500 N/A Up to 75 basis points 0.92%

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

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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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