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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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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

3YR Return Annualised
(View Total Returns)

Total Assets
(GBP)

22.07%
£511.7m

1YR Return
(View Total Returns)

Manager Tenure

59.32%
1yr

Inception Date 27-Mar-2017

Performance figures calculated in GBP

Other Literature

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 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
Annualised
Fund % 59.32% 22.07% N/A 24.72% 36.29%
Indicative Benchmark % 32.96% 20.15% N/A 22.12% 32.36%
Excess Return % 26.36% 1.92% N/A 2.60% 3.93%

Inception Date 27-Mar-2017

Manager Inception Date 28-Feb-2019

Indicative Benchmark: MSCI All Country World Index Information Technology Net

Data as of  31-Oct-2020

Performance figures calculated in GBP

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Fund % 54.06% 24.61% N/A 24.91%
Indicative Benchmark % 38.02% 25.20% N/A 24.29%
Excess Return % 16.04% -0.59% N/A 0.62%

Inception Date 27-Mar-2017

Indicative Benchmark: MSCI All Country World Index Information Technology Net

Data as of  30-Sep-2020

Performance figures calculated in GBP

Recent Performance

  Month to DateData as of 27-Nov-2020 Quarter to DateData as of 27-Nov-2020 Year to DateData as of 27-Nov-2020 1 MonthData as of 31-Oct-2020 3 MonthsData as of 31-Oct-2020
Fund % 7.45% 8.88% 61.13% 1.33% 10.32%
Indicative Benchmark % 8.74% 3.95% 34.69% -4.40% 2.15%
Excess Return % -1.29% 4.93% 26.44% 5.73% 8.17%

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
50
Largest Holding Amazon.com 5.53% Was (30-Jun-2020) 6.12%
Other View Full Holdings Quarterly data as of 30-Sep-2020
Top 10 Holdings 39.55% View Top 10 Holdings Monthly data as of 31-Oct-2020

Largest Top Contributor^

Alibaba Group Holding
By 0.29%
% of fund 5.80%

Largest Top Detractor^

Slack Technologies
By -0.58%
% of fund 3.31%

^Absolute

Quarterly Data as of 30-Sep-2020

Top Purchase

Slack Technologies
3.32%
Was (30-Jun-2020) 1.89%

Top Sale

Intuit (E)
0.00%
Was (30-Jun-2020) 2.13%

Quarterly Data as of 30-Sep-2020

Industry

Total
Industries
N/A

Regions

Total
Regions
4
Largest Region North America 71.66% Was (30-Sep-2020) 71.79%
Other View complete Region Diversification

Monthly Data as of 31-Oct-2020

Indicative Benchmark: MSCI All Country World Index Information Technology

Largest Overweight

Pacific Ex Japan
By7.10%
Fund 18.57%
Indicative Benchmark 11.48%

Largest Underweight

North America
By-6.50%
Fund 71.66%
Indicative Benchmark 78.16%

Monthly Data as of 31-Oct-2020

Countries

Total
Countries
10
Largest Country United States 67.58% Was (30-Sep-2020) 67.40%
Other View complete Country Diversification

Monthly Data as of 31-Oct-2020

Indicative Benchmark: MSCI All Country World Index Information Technology

Largest Overweight

China
By5.08%
Fund 6.47%
Indicative Benchmark 1.39%

Largest Underweight

United States
By-9.20%
Fund 67.58%
Indicative Benchmark 76.78%

Monthly Data as of 31-Oct-2020

Team (As of 01-Oct-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.

  • Fund manager
    since
    2019
  • Years at
    T. Rowe Price
    6
  • 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 to85 basis points 1.02%

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