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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.

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Products Table Products Overview
  • All Asset Classes
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  • Global
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Global Equity

SICAV

Global Focused Growth Equity Fund

Concentrating high conviction positions in leading global investment prospects.

ISIN LU0143563046 Bloomberg TRPGEQI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

24.31%
$5.1b

1YR Return
(View Total Returns)

Manager Tenure

83.12%
8yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

1.51
6.89%

Inception Date 12-Jan-2006

Performance figures calculated in USD

28-Feb-2021 - David J. Eiswert, Portfolio Manager,
We believe that we are in an unusual period for markets that is defined by extreme fundamentals. We are looking to ensure the portfolio is positioned correctly for when high-quality companies that were temporarily depressed by the pandemic will likely reaccelerate. The market is currently lacking in patience and seemingly unwilling to look ahead to the other side of the crisis. However, we are confident that vaccines will bring COVID-19 under control over coming quarters.
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.

 

SICAV

Global Growth Equity Fund

Seeking to select superior stocks from the broadest global equity opportunity set.

ISIN LU0382933116 Bloomberg TRGBLEI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

20.37%
$671.5m

1YR Return
(View Total Returns)

Manager Tenure

75.40%
12yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

1.17
5.45%

Inception Date 27-Oct-2008

Performance figures calculated in USD

28-Feb-2021 - Scott Berg, Portfolio Manager,
We expect the “COVID-on”/”COVID-off” trade to continue to flip-flop back and forth as it did through the later stages of 2020. We believe secular growth stocks, at the right price, should continue to compound good returns, but the setup into midyear might imply a continuation of the rotation trade into value, small-caps, and non-U.S. stocks that began toward the end of last year. Selectivity is crucial in a world that remains defined by extreme outcomes.
Scott Berg
Scott Berg, Portfolio Manager

Scott Berg is the portfolio manager for the T. Rowe Price Global Growth Equity Strategy and a vice president of T. Rowe Price Group, Inc.

 

SICAV

Global Natural Resources Equity Fund

Seeking to identify long-term global winners in the arena of natural resources extraction and production.

ISIN LU0272423913 Bloomberg TRPGNRI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

3.07%
$114.1m

1YR Return
(View Total Returns)

Manager Tenure

66.54%
7yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

-0.02
5.86%

Inception Date 15-Nov-2006

Performance figures calculated in USD

31-Mar-2021 - Shawn T. Driscoll, Portfolio Manager,
We continue to believe that we are in a secular bear market for commodities. Global supplies of crude oil remain elevated despite a modest recovery in demand. We expect energy stocks to be relative laggards, and our energy allocation has fallen to historic lows in the portfolio. We prefer industries like paper and forest products, where we think cost curves are rising and demand is improving, specialty chemicals, and high-quality commodity industrials.
Shawn T.  Driscoll
Shawn T. Driscoll, Portfolio Manager

Shawn Driscoll is the portfolio manager of the Global Natural Resources Equity Strategy, including the New Era Fund, in the U.S. Equity Division. He is chairman of the Investment Advisory Committee of the Global Natural Resources Equity Strategy and a vice president and an Investment Advisory Committee member of the US Capital Appreciation, US Large-Cap Core Equity, US Growth Stock, US Large-Cap Core Equity, US Mid-Cap Growth Equity, US Multi-Cap Growth Equity, and Real Assets Equity Strategies. Shawn also is a vice president of T. Rowe Price Group, Inc.

 

SICAV

Global Real Estate Securities Fund

Equity investment alert to the changing supply and demand dynamics of the global property market.

ISIN LU0382932225 Bloomberg TRGRESI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

6.08%
$8.7m

1YR Return
(View Total Returns)

Manager Tenure

35.11%
1yr

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.05
3.53%

Inception Date 27-Oct-2008

Performance figures calculated in USD

31-Mar-2021 - Jai Kapadia, Portfolio Manager ,
We remain optimistic about the upside potential in real estate stocks. Over the coming quarters, the rollout of coronavirus vaccines should result in increasing consumer confidence and an improving employment picture. We remain focused on identifying and investing in companies that are positioned to thrive in a recovery and avoiding companies that we believe will need to raise capital or otherwise limit shareholder returns going forward.
Jai Kapadia
Jai Kapadia, Portfolio Manager

Jai Kapadia is a regional portfolio manager in the International Equity Division . He manages the Global Real Estate Equity Strategy and is responsible for stock selection for the Asia-Pacific region.

 

SICAV

Global Technology Equity Fund

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

ISIN LU1244139827 Bloomberg TRGBTEI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

26.02%
$1.3b

1YR Return
(View Total Returns)

Manager Tenure

85.42%
2yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.13
8.84%

Inception Date 15-Jun-2015

Performance figures calculated in USD

31-Mar-2021 - Alan Tu, Portfolio Manager ,
Many leading technology stocks struggled in the first quarter due to rising long-term interest rates and a market rotation towards cyclical stocks. We believe the fundamentals of our core positions remain intact or even strengthened, with companies reporting strong fourth-quarter earnings and offering solid guidance. Our goal is to provide superior returns over a full market cycle, and we will look to seize opportunities to add to holdings where valuations have improved.
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.

 

SICAV

Global Value Equity Fund

Targeting attractively valued global companies with prospects for improving earnings growth.

ISIN LU0859255472 Bloomberg TRPGVEI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

10.45%
$234.3m

1YR Return
(View Total Returns)

Manager Tenure

62.18%
8yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

-0.50
4.35%

Inception Date 28-Nov-2012

Performance figures calculated in USD

28-Feb-2021 - Sebastien Mallet, Portfolio Manager,
As we look towards a potential recovery period over the next 12-18 months, we believe valuation dispersions between growth and value stocks could provide a positive backdrop for value investing. We continue to find opportunities in well-run companies, particularly those with more cyclical characteristics and those which stand to emerge on the other side of the pandemic in positions of strength.
Sebastien Mallet
Sebastien Mallet, Portfolio Manager

Sebastien Mallet is a portfolio manager in the Equity Division at T. Rowe Price, managing the Institutional Global Value Strategy. Mr. Mallet is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

 
 

Europe Equity

SICAV

Continental European Equity Fund

Style-agnostic, quality-driven European equity investment.

ISIN LU0285832068 Bloomberg TRPEXEI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(EUR)

11.98%
€116.2m

1YR Return
(View Total Returns)

Manager Tenure

42.09%
<1yr

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.63
2.95%

Inception Date 26-Feb-2007

Performance figures calculated in EUR

31-Mar-2021 - Tobias Mueller, Portfolio Manager ,
The coronavirus pandemic is having a dramatic impact on societies and economies in Europe, triggering far-reaching changes in activity and policy. While economic activity has slowed down sharply as a result, the development of effective vaccines now offers the hope of a recovery from deep recession, beginning later this year. A recovery will to a great extent depend on the evolution of the disease and the efficacy and distribution of any vaccines to treat it.
Tobias Mueller, CFA
Tobias Mueller, CFA, Portfolio Manager

Tobias Mueller is a regional portfolio manager for the European Select Strategy, effective October 2018, and for the Europe Equity and Europe ex-UK Equity Strategies, effective October 2020. He is a vice president of T. Rowe Price International Ltd.

 

SICAV

European Equity Fund

Style agnostic, focus on quality to maintain a balanced portfolio.

ISIN LU0285831334 Bloomberg TRPEEQI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(EUR)

10.50%
€103.9m

1YR Return
(View Total Returns)

Manager Tenure

37.72%
<1yr

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.13
3.98%

Inception Date 26-Feb-2007

Performance figures calculated in EUR

31-Mar-2021 - Tobias Mueller, Portfolio Manager ,
The coronavirus pandemic is having a dramatic impact on societies and economies in Europe, triggering far-reaching changes in activity and policy. While economic activity has slowed down sharply as a result, the development of effective vaccines now offers the hope of a recovery from deep recession, beginning later this year. A recovery will to a great extent depend on the evolution of the disease and the efficacy and distribution of any vaccines to treat it.
Tobias Mueller, CFA
Tobias Mueller, CFA, Portfolio Manager

Tobias Mueller is a regional portfolio manager for the European Select Strategy, effective October 2018, and for the Europe Equity and Europe ex-UK Equity Strategies, effective October 2020. He is a vice president of T. Rowe Price International Ltd.

 

SICAV

European Smaller Companies Equity Fund

Seeking to identify tomorrow’s winning European growth companies.

ISIN LU0382931417 Bloomberg TPESCEI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(EUR)

11.59%
€260.6m

1YR Return
(View Total Returns)

Manager Tenure

77.85%
5yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.58
6.80%

Inception Date 26-Nov-2008

Performance figures calculated in EUR

31-Mar-2021 - Ben Griffiths, Portfolio Manager,
The global pandemic continues to have a marked impact upon countries and people around the world, although our conviction in an economic rebound has strengthened because of the speedy rollout of vaccination campaigns in major economies. However, there is still little visibility as to when a recovery will become established in Continental Europe because of the shortage and slow deployment of vaccines and the renewal of strict restrictions to curb a wave of infections.
Benjamin Griffiths
Benjamin Griffiths, Portfolio Manager

Ben Griffiths is the lead portfolio manager for the International Small-Cap Equity Strategy and the Europe Smaller Companies Equity Strategy in the International Equity Division. Ben is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

 
 

Asia-Pacific Equity

SICAV

Asian ex-Japan Equity Fund

A diversified fund, with a focus on sustainable growth.

ISIN LU0266341725 Bloomberg TRPAXJI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

13.50%
$1.2b

1YR Return
(View Total Returns)

Manager Tenure

63.55%
12yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.63
3.36%

Inception Date 13-Dec-2006

Performance figures calculated in USD

31-Mar-2021 - Anh Lu, Portfolio Manager,
We believe that overall, the prospects for economic and corporate profit growth in Asia-ex Japan have improved as progress in vaccine rollouts have raised the likelihood of economies reopening. Some investors are worried about inflation; while we do not hold strong views about the direction of the macroeconomy, we believe that inflationary risks may be offset by our search for companies with strong fundamentals and good earnings visibility, high-quality businesses where multiples are not too stretched.
Anh Lu
Anh Lu, Portfolio Manager

Anh Lu is a portfolio manager in the Equity Division of T. Rowe Price Hong Kong Limited. Ms. Lu is the lead portfolio manager for the Asia ex-Japan Equity Strategy. She is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price Hong Kong Limited.

 

SICAV

Asian Opportunities Equity Fund

A concentrated portfolio of high-quality Asian companies.

ISIN LU1044871900 Bloomberg TRAOAEI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

14.52%
$584.6m

1YR Return
(View Total Returns)

Manager Tenure

64.45%
6yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.88
4.37%

Inception Date 21-May-2014

Performance figures calculated in USD

31-Mar-2021 - Eric C. Moffett, Portfolio Manager,
We maintain a constructive outlook on the region. We recognise that there are some pockets of market exuberance which have been the subject of retail speculative fervour, but our focus is on high-quality companies with earnings visibility. Some investors are worried about rising inflation as economies reopen; however, we think the impact on inflation of a “COVID-off” environment will be transitory.
Eric C. Moffett
Eric C. Moffett, Portfolio Manager

Eric Moffett is a portfolio manager in the International Equity Division. He manages the Asia Opportunities Equity Strategy and is chairman of the strategy's Investment Advisory Committee. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Singapore Private Limited. 

 

SICAV

Japanese Equity Fund

Seeking to uncover the best investment opportunities across the Japanese equity spectrum.

ISIN LU0230817925 Bloomberg TRPJAEI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(EUR)

12.71%
€2.0b

1YR Return
(View Total Returns)

Manager Tenure

42.49%
7yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.77
6.59%

Inception Date 16-Dec-2005

Performance figures calculated in EUR

31-Mar-2021 - Archibald Ciganer, Portfolio Manager,
We believe the expected global economic recovery this year, together with the vaccine rollout, will provide a cyclical tailwind for Japanese equities. Japan is one of the most cyclical and open markets and is therefore likely to benefit from the global recovery. This cyclical, low-quality rally may prove a headwind for our quality-growth bias in the short term, but these rallies are often short and sharp.
Archibald Ciganer
Archibald Ciganer, Portfolio Manager

Archibald Ciganer is the portfolio manager of the Japan Equity Strategy in the International Equity Division. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price Japan, Inc.

 
 

Emerging Markets Equity

SICAV

Emerging Markets Discovery Equity Fund

Formerly Emerging Markets Value Equity Fund

Utilises a contrarian approach to invest in undervalued emerging markets companies positioned to benefit from a re-rating thesis for change.

ISIN LU1244138340 Bloomberg TREMVEI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

6.27%
$195.0m

1YR Return
(View Total Returns)

Manager Tenure

68.11%
5yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.06
6.04%

Inception Date 14-Sep-2015

Performance figures calculated in USD

28-Feb-2021 - Ernest Yeung, Portfolio Manager,
We expect the economic recovery in emerging markets (EM) to broaden, supported by the shift in governments’ stimulus efforts away from traditional monetary easing towards a focus on fiscal measures that directly target consumers. This structural change should result in a more visible multiplier effect that could hasten gross domestic product (GDP) growth. An acceleration in GDP expansion bodes well for value-oriented, cyclical, and old-economy stocks.
Ernest C.  Yeung
Ernest C. Yeung, Portfolio Manager

Ernest Yeung is a portfolio manager for the Emerging Markets Discovery Equity Strategy at T. Rowe Price. He was the co-portfolio manager for the International Small-Cap Equity Strategies from 2009 to 2014. Mr. Yeung is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price Hong Kong Limited.

 

SICAV

Emerging Markets Equity Fund

Seeking to capture compelling growth opportunities in dynamic emerging markets.

ISIN LU0133084979 Bloomberg TRPGEMI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

7.51%
$3.1b

1YR Return
(View Total Returns)

Manager Tenure

55.79%
12yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.56
3.30%

Inception Date 02-Dec-2003

Performance figures calculated in USD

31-Mar-2021 - Gonzalo Pángaro, Portfolio Manager ,
We look for high-quality, growing companies with robust fundamentals, and believe the portfolio is well positioned for global recovery. In our view, valuations are at attractive levels in some areas, and a number of companies we hold are emerging from the crisis in a stronger position. Our bottom-up focus is helping us to avoid pockets of exuberance and extreme valuations that have built up in some sectors, while we also remain mindful of top-down risks.
Gonzalo Pángaro
Gonzalo Pángaro, Co-Portfolio Manager

Gonzalo Pángaro is the lead portfolio manager for the Emerging Markets Equity Strategy in the Equity Division. He is chairman of the Investment Advisory Committee for the Emerging Markets Equity Strategy  and a member of the International Equity Steering Committee. Gonzalo is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

 

SICAV

Frontier Markets Equity Fund

Seeking to identify long-term market leaders in countries on the cusp of rapid development.

ISIN LU1079765662 Bloomberg TRPFMEI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

-2.73%
$96.7m

1YR Return
(View Total Returns)

Manager Tenure

53.51%
<1yr

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.08
5.86%

Inception Date 24-Jun-2014

Performance figures calculated in USD

31-Mar-2021 - Johannes Loefstrand, Portfolio Manager ,
Frontier countries have had wide-ranging experiences of the pandemic in terms of both the health impact, the associated restrictions on movement, and government stimulus measures. We continue to focus on the long-term fundamentals of individual companies, their positioning, and the strength of their balance sheets to navigate these difficult times. We are optimistic about the positive effects that the rollout of vaccine programmes will have on global economies including those in frontier markets.
Johannes Loefstrand
Johannes Loefstrand, Portfolio Manager

Johannes Loefstrand is the Co-Portfolio Manager on the Frontier Markets Fund in the Equity Division of T. Rowe Price. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

 

SICAV

Middle East & Africa Equity Fund

Unconstrained, growth-orientated investing in the under explored markets of the Middle East and Africa.

ISIN LU0310188205 Bloomberg TRPMEAI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

-0.10%
$5.8m

1YR Return
(View Total Returns)

Manager Tenure

54.95%
<1yr

Information Ratio
(5 Years)

Tracking Error
(5 Years)

-0.03
5.29%

Inception Date 04-Sep-2007

Performance figures calculated in USD

31-Mar-2021 - Seun Oyegunle, CFA, Portfolio Manager ,
We believe overall, the long-term outlook for the Africa and Middle East region remains robust, despite the current global slowdown. Looking beyond the current crisis, growth in this region is likely to be driven by some of the world’s most attractive demographics, rising urbanisation and levels of infrastructure investment, and a strong asset base in natural resources. There is much scope for economic improvement, boosted by reform implementation and growing structural domestic demand.
Seun Oyegunle, CFA
Seun Oyegunle, CFA, Portfolio Manager

Seun Oyegunle is the portfolio manager of the Africa & Middle East Fund in the Equity Division. 

 
 

US Equity

SICAV

US Blue Chip Equity Fund

Seeking superior returns from high quality US companies.

ISIN LU0133088293 Bloomberg TRPUBCI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

20.54%
$1.1b

1YR Return
(View Total Returns)

Manager Tenure

55.56%
5yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.70
7.53%

Inception Date 04-May-2015

Performance figures calculated in USD

31-Mar-2021 - Larry J. Puglia, Portfolio Manager,
Looking ahead, we are monitoring several key factors: (1) the strength and pace of the reopening stage of the economy, as well as developments that could potentially stall progress; (2) the magnitude of U.S. corporate tax measures being introduced as a result of the proposed infrastructure bill; and (3) the future earnings landscape with potentially tough year-over-year comparisons following significant pent-up consumer and corporate spending that is likely to be unleashed as economic and health conditions improve.
Larry J. Puglia, CFA, CPA
Larry J. Puglia, CFA, CPA, Lead Portfolio Manager

Larry J. Puglia is a portfolio manager in the U.S. Equity Division. Larry has been managing the US Large-Cap Core Growth Equity Strategy since 1993 and has had lead responsibility for all institutional accounts and other investment products within the strategy since 1997. He also is president of the Investment Advisory Committee of the US Large-Cap Core Growth Equity Strategy. Larry is a vice president of T. Rowe Price Group, Inc.

 

SICAV

US Equity Fund

Formerly US Large-Cap Equity Fund

Style agnostic investing in larger US companies.

ISIN LU0429319774 Bloomberg TRUSLRI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

15.29%
$885.8m

1YR Return
(View Total Returns)

Manager Tenure

50.35%
11yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

-0.35
4.27%

Inception Date 26-Jun-2009

Performance figures calculated in USD

31-Mar-2021 - Jeff Rottinghaus, Portfolio Manager ,
Over the past year, equity markets have staged a remarkable recovery, fuelled by unprecedented fiscal stimulus and an optimistic outlook for growth. Ongoing progress in vaccine distribution, low interest rates, and indications of significant pent-up consumer demand have created expectations for robust economic growth in the year ahead. However, we believe many of these tailwinds have already been priced-in and certain risks to the economic recovery have yet to be fully appreciated by the market.
Jeff Rottinghaus
Jeff Rottinghaus, Portfolio Manager

Jeff Rottinghaus is a portfolio manager in the U.S. Equity Division. He is president of the US Large-Cap Core Equity Strategy and chairman of its Investment Advisory Committee. In addition, he is a vice president and an Investment Advisory Committee member of the US Quantitative U.S. and US Dividend Growth Strategies. Jeff also is a vice president of T. Rowe Price Group, Inc.

 

SICAV

US Large Cap Growth Equity Fund

Seeking to identify investments with the potential to deliver double-digit earnings growth.

ISIN LU0174119775 Bloomberg TRPLGEI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

22.72%
$2.8b

1YR Return
(View Total Returns)

Manager Tenure

64.02%
4yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.42
5.67%

Inception Date 31-Jul-2003

Performance figures calculated in USD

31-Mar-2021 - Taymour Tamaddon, Portfolio Manager,
Broadly, we are monitoring several key market themes: First, we think there will be periods of volatility as we get back to a new normal, especially as much of the recovery has been priced into markets. Second, politics and the Biden administration’s emerging priorities will remain in the spotlight. Third, disruption caused by new technologies will continue, which in turn could create style dispersions among equity classes.
Taymour Tamaddon, CFA
Taymour Tamaddon, CFA, Lead Portfolio Manager

Taymour Tamaddon is the portfolio manager of the US Large-Cap Growth Equity Strategy in the U.S. Equity Division. He is a vice president and a member of the Investment Advisory Committees for the Health Sciences Equity, Global Growth Equity, US Multi-Cap Growth Equity, US Growth Stock Equity, US Large-Cap Core Growth Equity, and US Capital Appreciation Strategies. He also is a vice president of the T. Rowe Price Institutional International Funds, Inc., and the T. Rowe Price International Funds, Inc. Taymour is a vice president of T. Rowe Price Group, Inc.

 

SICAV

US Large-Cap Value Equity Fund

Invest in large US companies with hidden value and potential overlooked by the market majority.

ISIN LU0133100338 Bloomberg TRPULVI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

10.45%
$554.3m

1YR Return
(View Total Returns)

Manager Tenure

60.53%
19yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.05
4.72%

Inception Date 27-Mar-2002

Performance figures calculated in USD

31-Mar-2021 - Heather McPherson, Portfolio Manager,
While the outlook for U.S. equities remains uncertain, an unprecedented amount of stimulus combined with vaccine proliferation could likely lead to a robust economy for the remainder of the year. However, interest rate and inflation concerns have increased as stimulus measures have continued. Given this, we believe our long-term investment horizon is beneficial as we seek to identify companies, many of which are defensive, that appear attractive in a reopening economy.
John D.  Linehan, CFA
John D. Linehan, CFA, Co-Portfolio Manager

John D. Linehan is the portfolio manager for the U.S. Large Cap Equity Income Strategy, U.S. Select Value Strategy and co-portfolio manager for the US Large-Cap Value Equity Strategy in the U.S. Equity Division. In addition, he is the chief investment officer of Equity and a member of the firm's U.S. Equity Steering and Equity Brokerage and Trading Control Committees. He also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

 

SICAV

US Smaller Companies Equity Fund

Seeks capital appreciation using both value and growth approaches.

Important Information: Read the 19/11/2020 press release regarding a proposal to launch a new investment advisor. 

ISIN LU0133096981 Bloomberg TRPSCEI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

21.48%
$3.4b

1YR Return
(View Total Returns)

Manager Tenure

75.93%
2yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.66
6.32%

Inception Date 28-Sep-2001

Performance figures calculated in USD

31-Mar-2021 - Curt Organt, Portfolio Manager ,
We are seeing signs of an economic rebound but are cognisant of the fact that asset prices appear to be getting ahead of the recovery. Additionally, there is the potential headwind of rising interest rates and a corporate tax hike, which could weigh on equities. While we take these macroeconomic factors into consideration, they do not drive portfolio construction and we maintain our focus on long-term investment outcomes.
Curt J. Organt, CFA
Curt J. Organt, CFA, Portfolio Manager

Curt Organt is the portfolio manager of the US Smaller Companies Equity Strategy and an associate portfolio manager of the US Small-Cap Core Equity Strategy in the U.S. Equity Division. Curt is a vice president and an Investment Advisory Committee member of the US Small-Cap Core Equity, US Diversified Small-Cap Value Equity, and US Small-Cap Growth Equity Strategies. He also is a vice president of T. Rowe Price Group, Inc.

 
 

Global Fixed Income

SICAV

Diversified Income Bond Fund

Formerly Global Multi-Sector Bond Fund

The fund invests mainly in a diversified portfolio of high yield corporate bonds from issuers around the world, including emerging markets.

ISIN LU1244139231 Bloomberg TRPGMSI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

4.62%
$149.1m

1YR Return
(View Total Returns)

Manager Tenure

16.89%
2yrs

Information Ratio
(3 Years)

Tracking Error
(3 Years)

0.04
6.84%

Inception Date 15-Dec-2016

Performance figures calculated in USD

31-Mar-2021 - Ken Orchard, Portfolio Manager ,
Looking into the summer, strengthening economic growth, fuelled by unprecedented fiscal and monetary stimulus and improved vaccination rollouts, may reassert its influence over markets. Rising inflation expectations could continue to drive global yields higher and yield curves steeper. Cash balances have grown, and there will be pressure to put them to work. It is important to remain disciplined around credit exposures amid growing market euphoria as sentiment and valuations could get extreme.
Kenneth A.  Orchard
Kenneth A. Orchard, Portfolio Manager

Kenneth Orchard is a senior portfolio manager in the Fixed Income Division and a member of the Global Fixed Income Investment team. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

 

SICAV

Dynamic Global Bond Fund

Formerly Global Unconstrained Bond Fund

Seeks to generate positive returns from global fixed income with a focus on downside risk and diversification from equity markets.

ISIN LU1216622214 Bloomberg TRGUIAU:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

3.45%
$1.6b

1YR Return
(View Total Returns)

Manager Tenure

8.36%
5yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.38
3.20%

Inception Date 10-Jun-2015

Performance figures calculated in USD

31-Mar-2021 - Arif Husain, Head of International Fixed Income,
We expect the global economic recovery to accelerate in the coming months aided by ultra-accommodative monetary policy, expansionary fiscal policy, vaccines rolling out, and significant pent-up demand for services. This backdrop should be supportive for investor risk appetite, while developed market bond yields are likely to remain under pressure, particularly longer-dated maturities. We will be monitoring developments closely, standing ready to take action should we see any signs of the recovery are reversing.
Arif Husain, CFA
Arif Husain, CFA, Portfolio Manager

Arif Husain is the head of the International Fixed Income Division. He is a co-portfolio manager for the International Bond and Institutional International Bond Strategies and the lead portfolio manager for the Global Aggregate Bond Strategy. Arif also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

 

SICAV

Dynamic Global Investment Grade Bond Fund

Seeks to generate positive returns from global investment-grade fixed income with a focus on downside risk and diversification from equity markets.

ISIN LU1614212519 Bloomberg TRPDGIU:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

3.57%
$25.9m

1YR Return
(View Total Returns)

Manager Tenure

7.80%
3yrs

Information Ratio
(3 Years)

Tracking Error
(3 Years)

0.72
2.67%

Inception Date 03-Aug-2017

Performance figures calculated in USD

Arif Husain, CFA
Arif Husain, CFA, Portfolio Manager

Arif Husain is the head of the International Fixed Income Division. He is a co-portfolio manager for the International Bond and Institutional International Bond Strategies and the lead portfolio manager for the Global Aggregate Bond Strategy. Arif also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

 

SICAV

Global Aggregate Bond Fund

Risk-aware investing, exploiting inefficiencies in global bond markets.

ISIN LU0133095660 Bloomberg TRPGLBI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

3.76%
$613.1m

1YR Return
(View Total Returns)

Manager Tenure

7.06%
7yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.50
1.34%

Inception Date 25-Jan-2006

Performance figures calculated in USD

28-Feb-2021 - Arif Husain, Head of International Fixed Income,
Despite vaccine delays, financial conditions are positive for a recovery in the medium term. The prospect of more fiscal packages and higher inflation could also lead to steeper developed market yield curves. The ongoing impact of lockdowns and the unevenness of the recovery ahead remain key headwinds, however. Overall, flexibility will be imperative this year, and our ability to adapt quickly against the backdrop of an uncertain recovery can help us navigate this period.
Arif Husain, CFA
Arif Husain, CFA, Co-Portfolio Manager

Arif Husain is the head of the International Fixed Income Division. He is a co-portfolio manager for the International Bond and Institutional International Bond Strategies and the lead portfolio manager for the Global Aggregate Bond Strategy. Arif also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

 

SICAV

Global High Income Bond Fund

A concentrated, high-income portfolio of primarily global high yield corporate bond opportunities supported by stringent risk management.

ISIN LU1216622644 Bloomberg TRPGHII:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

5.81%
$1.0b

1YR Return
(View Total Returns)

Manager Tenure

26.95%
5yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

-0.17
2.59%

Inception Date 04-Jun-2015

Performance figures calculated in USD

31-Mar-2021 - Michael Della Vedova, Portfolio Manager ,
High yield spreads are near historic lows and have already priced in a strong economic recovery. Even with more muted return expectations, in our view, high yield is well positioned compared with other fixed income sectors and offers a lower duration profile relative to higher-quality segments of the market. We believe the diversification benefits of our approach, as well as our rigorous fundamental research process, leave us well positioned to deliver attractive risk-adjusted returns for our investors.
Michael Della Vedova
Michael Della Vedova, Co-Portfolio Manager

Mike Della Vedova is a global high yield portfolio manager in the Fixed Income Division. He is a portfolio manager for the Europe High Yield Bond Strategy and co-portfolio manager for the Global High Yield Bond Fund and Global High Income Bond Strategy. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

 

SICAV

Global High Yield Bond Fund

Seeks to capture enhanced returns from a diversified global portfolio of income bearing, high yield securities.

ISIN LU0133083492 Bloomberg TRPGHBI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

5.97%
$1.4b

1YR Return
(View Total Returns)

Manager Tenure

22.37%
5yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

-0.78
1.51%

Inception Date 04-Mar-2002

Performance figures calculated in USD

31-Mar-2021 - Michael Della Vedova, Portfolio Manager,
We are constructive on the asset class despite the rally over the last 12 months. Macro conditions continue to provide a conducive backdrop as policymakers approved further fiscal stimulus, the Federal Reserve recommitted to accommodative monetary policy, and the rollout of vaccines has gained momentum. Given the run-up in valuations to start the new year, we have tempered our total return expectations and do not expect the outsized gains of the post-pandemic recovery to continue.
Michael Della Vedova
Michael Della Vedova, Portfolio Manager

Mike Della Vedova is a global high yield portfolio manager in the Fixed Income Division. He is a portfolio manager for the Europe High Yield Bond Strategy and co-portfolio manager for the Global High Yield Bond Fund and Global High Income Bond Strategy. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

 

SICAV

Global Investment Grade Corporate Bond Fund

Seeks to maximise returns through investment in a portfolio of global corporate bonds.

ISIN LU1216623295 Bloomberg TRGIGBI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

5.15%
$44.9m

1YR Return
(View Total Returns)

Manager Tenure

12.70%
5yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.05
2.25%

Inception Date 08-Jun-2015

Performance figures calculated in USD

31-Mar-2021 - Steven Boothe, Portfolio Manager,
We are optimistic about the near-term outlook for global investment grade corporate bonds given accommodative monetary and fiscal policy and the prospect of a recovery. However, challenges remain, with tight valuations and growing inflation expectations possibly hindering the asset class. Any derailment in the vaccine rollouts could also prove problematic. We therefore hold a constructive outlook for the asset class, focusing on our fundamental research to uncover opportunities.
Steve Boothe, CFA
Steve Boothe, CFA, Portfolio Manager

Steve Boothe is the head of Global Investment Grade Corporate Bonds and a portfolio manager in the Fixed Income Division. He has lead portfolio management responsibilities for the Global Investment Grade Corporate Bond and US Investment Grade Corporate Bond Strategies. He is a member of the Global Multi-Sector and U.S. Taxable Bond teams, with a focus on global and U.S. investment-grade corporate bond portfolios. Steve is a co-president and cochair of the Investment Advisory Committee of the Corporate Income Fund, an executive vice president of the Multi-Sector Account Portfolios, a vice president and Investment Advisory Committee member of the New Income and Global Multi-Sector Bond Funds, and a vice president of the Global, Institutional Income, and International Funds. He also is the Investment Advisory Committee chairman of the Investment-Grade Corporate Multi-Sector Account Portfolio and a member of the Dynamic Credit, Institutional Long Duration Credit, International Disciplined Equity, and Institutional International Disciplined Equity Funds. Steve is a member of the Fixed Income Steering and Global Trading Committees. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

 
 

Europe Fixed Income

SICAV

Euro Corporate Bond Fund

A diversified investment grade corporate fund with a focus on security selection.

ISIN LU0133091248 Bloomberg TRPECBI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(EUR)

2.97%
€265.5m

1YR Return
(View Total Returns)

Manager Tenure

10.61%
17yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.66
0.84%

Inception Date 05-Feb-2002

Performance figures calculated in EUR

31-Mar-2021 - David Stanley, Portfolio Manager,
Any near-term rise in sovereign yields is constrained by central banks’ interventions. Once normality approaches and this support is removed, we believe growth and inflation could accelerate, leaving credit spreads susceptible to rises in interest rate volatility. While some widening is possible, the balancing act between central bank support and growth expectations could keep spreads relatively resilient. Therefore, we think significant widening is only likely if the pandemic materially deteriorates, or vaccine rollouts are derailed.
David Stanley
David Stanley, Portfolio Manager

David Stanley is a portfolio manager in the Fixed Income Division at T. Rowe Price, responsible for European corporate bond selection. Mr. Stanley is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

 

SICAV

European High Yield Bond Fund

Research-driven, targeting consistent high income.

ISIN LU0596125814 Bloomberg TREHYBI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(EUR)

3.56%
€225.3m

1YR Return
(View Total Returns)

Manager Tenure

25.65%
9yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

-0.48
2.01%

Inception Date 20-Sep-2011

Performance figures calculated in EUR

31-Mar-2021 - Michael Della Vedova, Portfolio Manager,
We believe the European Central Bank’s (ECB) highly accommodative policy stance provides strong fundamental support for European corporate markets, including high yield. However, we are mindful of recent volatility in government bonds due to inflation concerns given how much spreads have tightened since last March. Going forward, we anticipate the possibility of more challenged and complex credit stories outperforming. In this environment, we believe fundamental research and individual security selection remain imperative.
Michael Della Vedova
Michael Della Vedova, Portfolio Manager

Mike Della Vedova is a global high yield portfolio manager in the Fixed Income Division. He is a portfolio manager for the Europe High Yield Bond Strategy and co-portfolio manager for the Global High Yield Bond Fund and Global High Income Bond Strategy. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

 
 

Emerging Markets Fixed Income

SICAV

Emerging Local Markets Bond Fund

Research-driven investment in emerging market local currency sovereign bonds.

ISIN LU0310189781 Bloomberg TRPELMI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

-0.87%
$134.4m

1YR Return
(View Total Returns)

Manager Tenure

16.14%
8yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.29
1.69%

Inception Date 09-Aug-2007

Performance figures calculated in USD

28-Feb-2021 - Andrew Keirle, Portfolio Manager,
We remain relatively optimistic about emerging market (EM) local bonds despite the market turbulence in February. We still expect a broader vaccine-driven economic recovery and financial conditions remain supportive to the asset class overall as monetary and fiscal policies aid global liquidity. EM currencies also continue to be attractively valued, in our view. But we are mindful that further moves higher in U.S. rates could cause some volatility in the asset class.
Andrew Keirle
Andrew Keirle, Portfolio Manager

Andrew Keirle is a senior portfolio manager in the Fixed Income Division and a member of the Global Fixed Income Investment Team. Mr. Keirle is the lead portfolio manager for the Emerging Markets Local Currency Bond Strategy and has important input on a number of emerging markets bond strategies and global fixed income strategies. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

 

SICAV

Emerging Markets Bond Fund

Active investment in mainly sovereign emerging-market bonds.

ISIN LU0207127753 Bloomberg TRPGEBI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

1.83%
$274.8m

1YR Return
(View Total Returns)

Manager Tenure

19.65%
16yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

-0.12
3.42%

Inception Date 31-Dec-2004

Performance figures calculated in USD

31-Mar-2021 - Michael Conelius, Portfolio Manager ,
Fiscal conditions have deteriorated in many countries as a result of the coronavirus pandemic. We expect budgets to stabilise as economies are poised to benefit from increasing global demand. However, the potential for further increases in inflation expectations in the U.S. and volatility in Treasury rates remain headwinds. On the other hand, EM debt’s yield premium remains intact and the long-term coupon compounding opportunity combined with a benign default outlook should continue to attract investors, in our view.
Michael J.  Conelius, CFA
Michael J. Conelius, CFA, Co-Portfolio Manager

Michael Conelius is a portfolio manager in the International Fixed Income Division. He co-manages the Emerging Markets Bond and the Institutional Emerging Markets Bond Funds and is chairman of each fund’s Investment Advisory Committee. Michael is an executive vice president of the Global Funds and International Funds, a vice president and an Investment Advisory Committee member of the Global Multi-Sector Bond Fund, a vice president of the Institutional Income Funds and Multi-Sector Account Portfolios, and a member of the Distressed Advisory Committee. He also is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., T. Rowe Price Trust Company, and T. Rowe Price International Ltd.

 

SICAV

Emerging Markets Corporate Bond Fund

Accessing diversified emerging market corporate debt.

ISIN LU0596126465 Bloomberg TRPEMCI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

6.23%
$268.7m

1YR Return
(View Total Returns)

Manager Tenure

23.11%
5yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.19
2.18%

Inception Date 18-May-2011

Performance figures calculated in USD

31-Mar-2021 - Samy Muaddi, Portfolio Manager ,
Although the global economic slowdown has weighed on corporate fundamentals in emerging markets (EM), the default outlook is relatively benign. Furthermore, we believe the durable, high carry profile of EM corporate debt should continue to attract investors amid low global yields and elevated equity valuations. However, the coronavirus pandemic remains disruptive in many markets despite vaccine rollouts, and EM domestic growth recoveries will likely lag those of developed markets. The potential for further increases in inflation expectations in the US and volatility in Treasury rates remain headwinds, balancing out our view.
Samy Muaddi, CFA
Samy Muaddi, CFA, Co-Portfolio Manager

Samy Muaddi is a portfolio manager in the International Fixed Income Division. He is the lead manager of the Emerging Markets Corporate Bond Strategy and co-manages the Emerging Markets Bond and Global High Income Bond Strategies. He previously managed the firm’s Asia Credit Bond Strategy from its inception until 2020. Samy also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

 
 

US Fixed Income

SICAV

US Aggregate Bond Fund

Seeks to extract return from a broad spectrum of US debt securities.

ISIN LU0181329318 Bloomberg TRUABIC:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

4.57%
$441.7m

1YR Return
(View Total Returns)

Manager Tenure

4.34%
9yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.02
1.59%

Inception Date 07-Jun-2011

Performance figures calculated in USD

31-Mar-2021 - Brian J. Brennan, Portfolio Manager,
While U.S. Treasury yields have increased significantly since January, we believe that stronger economic growth, rising inflation, and accommodative monetary and fiscal policy still leave some room for higher longer-term rates, particularly in the intermediate part of the curve. A potential consequence of the U.S. Federal Reserve’s decision to let the economy run hotter than it has in previous recoveries is higher levels of market volatility. However, volatility should also provide investment opportunities.
Brian Brennan, CFA
Brian Brennan, CFA, Portfolio Manager

Brian Brennan is a portfolio manager in the Fixed Income Division. He has lead portfolio management responsibilities for the US Treasury, US Investment Grade Core Bond, US Core Plus Bond, and Stable Value Strategies. He also is a member of the portfolio strategy team for T. Rowe Price's investment-grade core and core plus mandates. Brian is the president of the U.S. Treasury Funds, Inc.; an executive vice president of the Institutional Income Funds, Inc.; a vice president of the Multi-Sector Account Portfolios, Inc.; and a vice president and Investment Advisory Committee member of the GNMA, Inflation Protected Bond, New Income, Limited Duration Inflation Focused Bond, Total Return, and QM U.S. Bond Index Funds. Brian also is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., T. Rowe Price International Ltd, and T. Rowe Price Trust Company.

 
 

Multi-Asset

SICAV

Global Allocation Extended Fund

Invests in a broadly diversified global portfolio of investments including developed and emerging market equities, a wide range of global developed and emerging market fixed income strategies, plus various diversifying strategies providing exposure to hedge funds, currency hedging, and equity index call writing.

ISIN LU1614212279 Bloomberg TRPGAIU:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

10.54%
$55.4m

1YR Return
(View Total Returns)

Manager Tenure

38.80%
3yrs

Inception Date 26-Jul-2017

Performance figures calculated in USD

Charles M.  Shriver, CFA
Charles M. Shriver, CFA, Co-Portfolio Manager

Charles Shriver is the portfolio manager of the Global Allocation, Balanced, and Spectrum Funds, and he is cochair of the Asset Allocation Committee. Charles is a vice president of T. Rowe Price Group, Inc.

 

SICAV

Global Allocation Fund

Invests in a broadly diversified global portfolio of investments including developed and emerging market equities, a wide range of global developed and emerging market fixed income strategies, plus various diversifying strategies providing exposure to hedge funds, currency hedging, and equity index call writing.

ISIN LU1417861645 Bloomberg TRGUBID:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

10.37%
$75.3m

1YR Return
(View Total Returns)

Manager Tenure

37.07%
4yrs

Information Ratio
(3 Years)

Tracking Error
(3 Years)

0.25
2.08%

Inception Date 08-Jul-2016

Performance figures calculated in USD

Charles M.  Shriver, CFA
Charles M. Shriver, CFA, Co-Portfolio Manager

Charles Shriver is the portfolio manager of the Global Allocation, Balanced, and Spectrum Funds, and he is cochair of the Asset Allocation Committee. Charles is a vice president of T. Rowe Price Group, Inc.