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OEIC

Global Technology Equity Fund

To provide long-term capital growth by investing mainly in technology companies, and companies enabled by technology.

ISIN GB00BD446K01 Bloomberg TRGTECA:LN

Since Inception Annualised
(View Total Returns)

Total Assets
(GBP)

15.53%
£283.6m

1YR Return
(View Total Returns)

Manager Tenure

23.11%
<1yr

Information Ratio

Tracking Error

N/A
N/A

Inception Date 27-Mar-2017

Performance figures calculated in GBP

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Alan Tu
Alan Tu, Portfolio Manager

Alan Tu is a portfolio manager in the U.S. Equity Division of T. Rowe Price. He is president of the Investment Advisory Committee of the Global Technology Equity Strategy. Previously, he was an investment analyst following software companies in the technology sector. Mr. Tu is a vice president and an Investment Advisory Committee member of the U.S. Small Cap Growth and Science & Technology Strategies. He 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

  • 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 portfolio invests primarily 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 can also be an important consideration, particularly when valuation reaches extreme levels.
  • The portfolio is less diversified than a non-focused fund and its substantial reward potential is coupled with significant risk. In addition, any foreign holdings could be affected by declining local currencies or adverse political or economic events.

Portfolio Construction

  • Typically 35-60 stock portfolio
  • Non-U.S. companies typically make up 25-45% 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

Performance (Class C)

Annualised Performance

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Since Manager Inception
Fund % 23.11% N/A N/A 15.53% 11.63%
Indicative Benchmark % 27.66% N/A N/A 19.67% 26.00%
Excess Return % -4.55% N/A N/A -4.14% -14.37%

Inception Date 27-Mar-2017

Manager Inception Date 28-Feb-2019

Indicative Benchmark: MSCI All Country World Index Information Technology Net

Data as of  30-Nov-2019

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Fund % 11.18% N/A N/A 14.91%
Indicative Benchmark % 12.51% N/A N/A 19.22%
Excess Return % -1.33% N/A N/A -4.31%

Inception Date 27-Mar-2017

Indicative Benchmark: MSCI All Country World Index Information Technology Net

Data as of  30-Sep-2019

Performance figures calculated in GBP

Recent Performance

  Month to DateData as of 10-Dec-2019 Quarter to DateData as of 10-Dec-2019 Year to DateData as of 10-Dec-2019 1 MonthData as of 30-Nov-2019 3 MonthsData as of 30-Nov-2019
Fund % -4.04% -0.35% 23.03% 5.97% 0.00%
Indicative Benchmark % -2.11% 1.83% 35.00% 4.83% 4.96%
Excess Return % -1.93% -2.18% -11.97% 1.14% -4.96%

Inception Date 27-Mar-2017

Indicative Benchmark: MSCI All Country World Index Information Technology Net

Indicative Benchmark: MSCI All Country World Index Information Technology 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
39
Largest Holding Alibaba Group Holding 10.18% Was (30-Jun-2019) 10.05%
Other View Full Holdings Quarterly data as of 30-Sep-2019
Top 10 Holdings 55.94% View Top 10 Holdings Monthly data as of 30-Nov-2019

Largest Top Contributor^

Intuit
By 1.13%
% of fund 5.75%

Largest Top Detractor^

Facebook
By -3.79%
% of fund 9.00%

^Absolute

Quarterly Data as of 30-Sep-2019

Top Purchase

Salesforce.com
7.71%
Was (30-Jun-2019) 4.48%

Top Sale

Microchip Technology
2.88%
Was (30-Jun-2019) 4.86%

Quarterly Data as of 30-Sep-2019

Industry

Total
Industries
19
Largest Industry Internet Media/Advertising 20.70% Was (30-Jun-2019) 20.48%
Other View complete Industry Diversification

Monthly Data as of 31-Jul-2019

Indicative Benchmark: MSCI All Country World Index Information Technology

Largest Overweight

Internet Media/Advertising
By20.69%
Fund 20.70%
Indicative Benchmark 0.01%

Largest Underweight

IT Services
By-14.58%
Fund 1.34%
Indicative Benchmark 15.93%

Monthly Data as of 31-Jul-2019

Regions

Total
Regions
4
Largest Region North America 74.25% Was (31-Oct-2019) 73.13%
Other View complete Region Diversification

Monthly Data as of 30-Nov-2019

Indicative Benchmark: MSCI All Country World Index Information Technology

Largest Overweight

Pacific Ex Japan
By7.42%
Fund 18.22%
Indicative Benchmark 10.80%

Largest Underweight

Japan
By-5.03%
Fund 0.00%
Indicative Benchmark 5.03%

Monthly Data as of 30-Nov-2019

Countries

Total
Countries
8
Largest Country United States 74.04% Was (31-Oct-2019) 72.94%
Other View complete Country Diversification

Monthly Data as of 30-Nov-2019

Indicative Benchmark: MSCI All Country World Index Information Technology

Largest Overweight

China
By12.42%
Fund 13.38%
Indicative Benchmark 0.96%

Largest Underweight

Japan
By-5.03%
Fund 0.00%
Indicative Benchmark 5.03%

Monthly Data as of 30-Nov-2019

Team (As of 31-Aug-2019)

Alan Tu

Alan Tu is a portfolio manager in the U.S. Equity Division of T. Rowe Price. He is president of the Investment Advisory Committee of the Global Technology Equity Strategy. Previously, he was an investment analyst following software companies in the technology sector. Mr. Tu is a vice president and an Investment Advisory Committee member of the U.S. Small Cap Growth and Science & Technology Strategies. He is a vice president of T. Rowe Price Group, Inc. 

Mr. Tu has seven years investment experience, five of which have been with T. Rowe Price. He joined the firm in 2014 after serving as a summer intern with T. Rowe Price in 2013, covering broadcast TV companies. Previously, Mr. Tu was an analyst at Ananda Capital Management, where he conducted analyses of small-cap Chinese and U.S. equities, and a valuation associate at Huron Consulting Group.

Mr. Tu 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. Mr. Tu also has earned the Chartered Financial Analyst designation.

  • Fund manager
    since
    2019
  • Years at
    T. Rowe Price
    5
  • Years investment
    experience
    6

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 85 basis points 1.02%

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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