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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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Past performance is not a reliable indicator of future performance.

Strategy

Global Value Equity

The Global Value Equity Composite seeks long-term capital appreciation and reasonable income primarily through investment in companies domiciled in developed countries globally.

3YR Return Annualised (Net)
(View Total Returns)

Tracking Error
(5 Years)

12.61%
3.77%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

44.74%
-0.62

Inception Date 31-Jul-2012

Performance figures calculated in USD

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.

 

Strategy

Investment Approach

  • Diversified portfolio investing in companies located throughout the globe.
  • Targeting attractively valued companies across a range of different value opportunities.
  • Employ rigorous and comprehensive research to identify and assess investment opportunities.
  • Allocate country and sector positions through consideration of:
    • Attractiveness of individual investments
    • Macroeconomic environment

Portfolio Construction

  • Typically 80-100 stock portfolio
  • Individual positions typically range from 0.30% to 3.00% — average position size of around 1.00%
  • Country and sector weights generally range +/- 15% deviation from the benchmark
  • Maximum of 10% in emerging markets
  • Reserves range from 0% to 10%

Holdings

Total
Holdings
100
Largest Holding Microsoft 3.56% Was (31-Mar-2021) 2.04%
Other View Full Holdings Quarterly data as of  30-Jun-2021
Top 10 Holdings 22.05% View Top 10 Holdings Monthly data as of  30-Jun-2021

Top Purchase

Microsoft
3.57%
Was (31-Mar-2021) 2.04%

Top Sale

Johnson & Johnson (E)
0.00%
Was (31-Mar-2021) 1.55%

Quarterly Data as of 30-Jun-2021

Sectors

Total
Sectors
11
Largest Sector Financials 19.71% Was (31-Mar-2021) 21.52%
Other View complete Sector Diversification

Monthly Data as of 30-Jun-2021

Benchmark: MSCI World Index

Top Contributor^

Health Care
Net Contribution 0.22%
Sector
-0.00%
Selection 0.23%

Top Detractor^

Information Technology
Net Contribution -0.93%
Sector
-0.31%
Selection
-0.62%

^Relative

Quarterly Data as of 30-Jun-2021

Largest Overweight

Financials
By6.16%
Portfolio 19.71%
Benchmark 13.55%

Largest Underweight

Information Technology
By-6.98%
Portfolio 15.14%
Benchmark 22.12%

Monthly Data as of 30-Jun-2021

Regions

Total
Regions
6
Largest Region North America 58.09% Was (31-Mar-2021) 57.86%
Other View complete Region Diversification

Monthly Data as of 30-Jun-2021

Benchmark: MSCI World Index

Top Contributor^

Japan
Net Contribution 0.71%
Region
-0.21%
Selection 0.93%

Top Detractor^

United States
Net Contribution -2.11%
Region
-0.13%
Selection
-1.98%

^Relative

Quarterly Data as of 30-Jun-2021

Largest Overweight

Pacific Ex Japan
By4.63%
Portfolio 8.06%
Benchmark 3.43%

Largest Underweight

North America
By-12.38%
Portfolio 58.09%
Benchmark 70.47%

Monthly Data as of 30-Jun-2021

Countries

Total
Countries
21
Largest Country United States 56.01% Was (31-Mar-2021) 55.67%
Other View complete Country Diversification

Monthly Data as of 30-Jun-2021

Benchmark: MSCI World Index

Largest Overweight

China
By4.07%
Portfolio 4.08%
Benchmark 0.02%

Largest Underweight

United States
By-11.13%
Portfolio 56.01%
Benchmark 67.14%

Monthly Data as of 30-Jun-2021

Team (As of 10-Sep-2021)

Sebastien Mallet

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.

Mr. Mallet has 19 years of investment experience, 14 of which have been at T. Rowe Price. Prior to joining the firm in 2005, he was a telecom banker at Credit Suisse First Boston in the Tokyo and London offices. Mr. Mallet started his career as a financial analyst with France Telecom, based in Guangzhou, China, and Madrid, Spain.

Mr. Mallet earned an M.A., with honours, in finance from the University of Paris and an M.B.A. from the London Business School.

  • Portfolio manager
    since
    2012
  • Years at
    T. Rowe Price
    16
  • Years investment
    experience
    20
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
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
    28
  • Years investment
    experience
    28