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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.

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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OEIC

Global Focused Growth Equity Fund

Concentrating high conviction positions in leading global investment prospects.

ISIN GB00BD446774 Bloomberg TRGFGCA:LN

3YR Return Annualised
(View Total Returns)

Total Assets
(GBP)

22.50%
£514.0m

1YR Return
(View Total Returns)

Manager Tenure

25.13%
4yrs

Information Ratio
(3 Years)

Tracking Error
(3 Years)

1.47
7.62%

Inception Date 30-May-2017

Performance figures calculated in GBP

David J. Eiswert, CFA
David J. Eiswert, CFA, 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 through growth in the value of its investments.

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.
  • 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

  • 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 % 25.13% 22.50% N/A 20.83%
Indicative Benchmark % 22.19% 11.33% N/A 11.11%
Excess Return % 2.94% 11.17% N/A 9.72%

Inception Date 30-May-2017

Indicative Benchmark: MSCI All Country World Index Net

Data as of 30-Sep-2021

Performance figures calculated in GBP

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Fund % 25.13% 22.50% N/A 20.83%
Indicative Benchmark % 22.19% 11.33% N/A 11.11%
Excess Return % 2.94% 11.17% N/A 9.72%

Inception Date 30-May-2017

Indicative Benchmark: MSCI All Country World Index Net

Data as of 30-Sep-2021

Performance figures calculated in GBP

Recent Performance

  Month to DateData as of 26-Oct-2021 Quarter to DateData as of 26-Oct-2021 Year to DateData as of 26-Oct-2021 1 MonthData as of 30-Sep-2021 3 MonthsData as of 30-Sep-2021
Fund % 1.48% 1.48% 11.94% -1.09% 2.97%
Indicative Benchmark % 2.83% 2.83% 15.84% -2.15% 1.37%
Excess Return % -1.35% -1.35% -3.90% 1.06% 1.60%

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
74
Largest Holding Amazon.com 4.39% Was (30-Jun-2021) 2.54%
Other View Full Holdings Quarterly data as of  30-Sep-2021
Top 10 Holdings 32.86% View Top 10 Holdings Monthly data as of  30-Sep-2021

Sectors

Total
Sectors
9
Largest Sector Consumer Discretionary 17.24% Was (31-Aug-2021) 16.76%
Other View complete Sector Diversification

Monthly Data as of 30-Sep-2021

Indicative Benchmark: MSCI All Country World Index

Largest Overweight

Communication Services
By7.38%
Fund 16.66%
Indicative Benchmark 9.28%

Largest Underweight

Information Technology
By-6.27%
Fund 16.06%
Indicative Benchmark 22.33%

Monthly Data as of 30-Sep-2021

Countries

Total
Countries
17
Largest Country United States 55.93% Was (31-Aug-2021) 55.82%
Other View complete Country Diversification

Monthly Data as of 30-Sep-2021

Indicative Benchmark: MSCI All Country World Index

Largest Overweight

United Kingdom
By6.00%
Fund 9.70%
Indicative Benchmark 3.70%

Largest Underweight

United States
By-3.40%
Fund 55.93%
Indicative Benchmark 59.33%

Monthly Data as of 30-Sep-2021

Currency

Total
Currencies
13
Largest Currency 65.69% Was (31-Aug-2021) 65.63%
Other View completeCurrency Diversification

Monthly Data as of  30-Sep-2021

Indicative Benchmark : MSCI All Country World Index

Largest Overweight

British pound sterling
By 5.96%
Fund 9.64%
Indicative Benchmark 3.68%

Largest Underweight

Canadian dollar
By -2.85%
Fund 0.00%
Indicative Benchmark 2.85%

Monthly Data as of  30-Sep-2021

Team (As of 01-Oct-2021)

David J. Eiswert, CFA

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
    18
  • Years investment
    experience
    21
Josh Nelson

Josh Nelson is a director of research for North America in the U.S. Equity Division. In addition, he is a co-portfolio manager of the US Structured Research Equity Strategy, cochairman of the US Structured Research Equity Strategy's Investment Advisory Committee, and a member of the Research Governance Oversight Committee. He also serves on the Equity Steering Committee. Josh is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Trust Company.

Josh’s investment experience began in 2003, and he has been with T. Rowe Price since 2007, beginning in the U.S. Equity Division as an investment analyst covering business services and education. Subsequently, he became an associate portfolio manager of the Global Focused Growth Equity Strategy from 2010 to 2018. Prior to this, Josh was employed by Citigroup as an investment banking analyst.   

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

  • Fund manager
    since
    2017
  • Years at
    T. Rowe Price
    14
  • Years investment
    experience
    19
Samuel Ruiz

Samuel Ruiz is a portfolio specialist in the Equity Division. He is a vice president of T. Rowe Price Australia Ltd.

Sam’s investment experience began in 2008, and he has been with T. Rowe Price since 2020, beginning in the Equity Division working on the Global and Australia Equity Strategies. Prior to this, Sam was employed by Macquarie Investment Management in the area of strategy in the Equities Division.

Sam earned a bachelor of applied finance degree from the University of South Australia.

  • Years at
    T. Rowe Price
    1
  • Years investment
    experience
    13
Laurence Taylor

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

Laurence’s investment experience began in 1999, and he has been with T. Rowe Price since 2008, beginning in the Investment Specialist Group. Prior to this, Laurence was employed by AXA Rosenberg as a quantitative portfolio manager, with responsibility for global and European equity portfolios, and began his career at AonHewitt Associates in the UK investment practice. At AonHewitt, Laurence 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.

Laurence earned a B.A., with honors, from Greenwich University. He also has earned the Chartered Financial Analyst® designation.

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

  • Years at
    T. Rowe Price
    12
  • Years investment
    experience
    21

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 to75 basis points 0.92%

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