Global Select Equity Fund

Kapitalverlustrisiko. Die Wertentwicklung in der Vergangenheit ist kein zuverlässiger Hinweis auf die aktuellen oder künftigen Ergebnisse. Bitte berücksichtigen Sie bei der Wahl eines Produkts oder einer Strategie auch andere Faktoren.

Die aufgeführten Fonds sind keine vollständige Liste der verfügbaren Fonds. Besuchen Sie www.funds.troweprice.com, um die gesamte Palette der von T. Rowe Price angebotenen Fonds zu sehen, einschließlich derer, die ökologische und soziale Merkmale als Teil ihres Anlageprozesses berücksichtigen. Aktuelle Informationen über die Anlagestrategie der einzelnen T. Rowe Price-Fonds finden Sie in den jeweiligen KID und Prospekten der Fonds.

Übersicht

Manager's Outlook

The current pushes and pulls in the market are incredibly complex. From a fundamental perspective, near- to intermediate-term economic and corporate data are likely�going to be exceedingly strong. We are still operating in a very low interest rate world, in any absolute sense, rates remain near historic lows, with a massive amount of central bank liquidity and fiscal stimulus at a time when real GDP growth is picking up and corporate earnings are likely to accelerate this year and next. While equity valuations are still more reasonable when compared with bond yields, they are clearly above average for a normal environment, which causes some concern.

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The ongoing health pandemic offers its own pushes and pulls. There has been a marked improvement in vaccine distribution within the U.S., with 2% to 3% of the country's population being vaccinated each week. However, the vaccine rollouts in parts of Europe and Asia have been rockier and the virus is likely to remain in the world for some time, particularly in some emerging market countries where we may be more than a year out before many people can obtain the vaccine, which amplifies risks of virus variants.�

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The Biden administration's emerging priorities offer positives and negatives for equity investors as well. Widespread fiscal stimulus has supported asset prices, but the increasing likelihood of rising corporate tax rates could put a damper on after-tax corporate earnings. Geopolitically, relations between the U.S. and China remain complex. The arrival of a new U.S. administration increased expectations for less adversarial relations, but it has become clear that underlying tensions between the two superpowers are real, structural, and unlikely to go away.

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We have also seen exuberance and extreme positive sentiment in markets. There has been an explosion in special-purpose acquisition companies and initial public offerings as well as retail investors with growing risk-seeking behavior driving price movements. While we think we have entered a new equity bubble with areas of the market looking frothy and irrational, it could be years before we experience a meaningful reversion, which means there could still be room for equities to move higher.

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Recognizing the challenging pushes and pulls in the market, we are trying to be more balanced with the portfolio, keeping the overall portfolio beta near 1.0, not overly offensive or defensive, while focusing on picking stocks broadly across sectors and regions. We think volatility is likely to increase, in part due to higher dispersion within factors, styles, and sectors, and think such an environment is well suited for active investment. While financial and market conditions have changed meaningfully, and will continue to do so, our investment philosophy, rooted in stock selection and a thoughtful approach to portfolio construction, has not. It is this consistent process that allows us to successfully navigate more challenging cycles.

Strategie

Kurzbeschreibung

Ein breit diversifiziertes Portfolio aus globalen High-Conviction-Aktien mit dem Ziel, positive Überschussrenditen zu erwirtschaften. Die Strategie ist darauf ausgerichtet, die besten Bottom-up-Ideen unseres erfahrenen globalen Researchteams zu nutzen, um ein breites Spektrum an Anlagechancen zu identifizieren. Der Fokus liegt auf der Suche nach robusten, nachhaltigen Unternehmen, um ein diversifiziertes Portfolio aufzubauen, das eine maximale Rendite ohne übermäßige Risiken anstrebt.

Performance - nach Abzug von Gebühren

Die Wertentwicklung in der Vergangenheit ist keine Prognose zukünftiger Ergebnisse.

30-Nov.-2020 - Scott Berg, Portfoliomanager,

Global equities soared in November as positive vaccine news, hopes for further stimulus, and greater political clarity in the U.S. boosted sentiment globally. Within the portfolio, our holdings in the information technology sector contributed the most to relative returns. Shares of Microsoft spiked amid analyst upgrades and news of positive company meetings with shareholders. Reports highlighted Microsoft’s broad and deep reach in enterprise software, its compelling opportunities for monetisation, and how the firm is benefitting from the world’s accelerating digitisation pulled forward by the coronavirus. We continue to have high conviction in Microsoft for these reasons and believe it represents a unique long-term, durable growth opportunity. Conversely, stock selection in the industrials and business services sector hurt relative performance. U.S. credit bureau Experian fell near the end of the month, driven by the market’s acute factor rotation following the news of several successful coronavirus vaccine trials. The move was not driven by fundamentals, in our view, particularly given the firm’s relatively resilient earnings report earlier in the month. We continue to have conviction in Experian, which operates in a structurally growing, durable, and oligopolistic industry.

28-Feb.-2021 - Scott Berg, Portfoliomanager,

Real estate has been challenged as the pandemic has reduced demand, but we think the sector stands to benefit as the health crisis wanes and demand accelerates. In addition, in a lower growth world, we think this is an area that offers solid yield backed by tangible, quality assets. Within the sector, we own a diverse mix of high-quality companies of both residential and commercial assets in the U.S., Philippines, China, and London.

31-März-2021 - Scott Berg, Portfoliomanager,

We participated in the initial public offering for Coupang, South Korea's largest e-commerce platform. We believe the company will grow much larger in South Korea over time as it continues to disrupt offline commerce by offering consumers faster delivery, more selections, and lower prices. The firm has heavily invested in logistics and technology, which has created a strong moat that makes its strategy difficult to follow by competitors. The company is also expanding into food delivery, which could be another driver of growth in the future.
We eliminated our position in Jollibee Foods, the dominant quick-service restaurant operator in the Philippines. This is a name we have owned in the portfolio for years as we like the company's exposure to the demographic growth trends in the region. However, the country is still struggling with pandemic-related headwinds, and with our outlook for the company more opaque, we chose to exit our position.
We continue to have a core position in Amazon.com. While many investors are debating how much further the stock has to run given its impressive performance in 2020, we still think the extraordinary long-run e-commerce trends that have been pulled forward by the pandemic, as well as the company's strong position in cloud computing via its Amazon Web Services, mean Amazon.com is still well positioned for growth over the long term.
Quidel is a manufacturer of diagnostic health care products and rapid diagnostic testing products. The company has benefited from strong demand for its rapid point-of-care coronavirus antigen diagnostics test, but the stock has recently suffered due to durability concerns following the rollout of several coronavirus vaccines. We initiated a position on weakness, as we believe that Quidel is poised to emerge from the pandemic with a higher earnings base. We also maintain a favorable view of the company's pipeline.
We started a position in Welltower, a real estate investment trust that works with senior housing operators, post-acute providers, and health systems to fund real estate and infrastructure needed to scale innovative care delivery models. We believe Welltower could emerge from the pandemic stronger given its favorable liquidity profile and the likelihood for significantly increased demand for senior housing in the coming years. In addition, the company's recent purchases of distressed senior housing could add value over time.
We initiated a position in KE Holdings, the leading property online and offline brokerage platform in China. The company operates a disruptive platform called Agent Cooperation Network, which is similar to the Multiple Listing Service (MLS) used by realtors in the U.S. KE Holdings is rapidly gaining market share and stands to benefit from strong growth in China's real estate market and the increased adoption of brokers for new home sales by property developers.
We eliminated our stake in Monolithic Power Systems, an analog semiconductor company focused on power management. This high-quality company, which has differentiated technology, high customer service, and good free cash flow generation, features diversity in product wins across multiple industries and a highly fragmented customer base. However, share prices have appreciated recently due to the company's strong relative performance, and we shifted the sale proceeds into names with less demanding valuations.
We eliminated our position in Temenos, which packages back-end software for banks. This is a name we have owned for some time, and with the stock spiking late in the period, we chose to exit our position in favor of names where we have stronger conviction.

31-März-2021 - Scott Berg, Portfoliomanager,

Shares of Brazilian payment processing company StoneCo fell amid the ongoing political and health crises in Brazil as most of the country was in lockdown by March. We continue to believe that StoneCo, which is attacking a huge market ripe for disruption, is in a good position to gain share. With a strong management team and proven execution, the company operates a highly service-oriented model and is introducing cutting-edge technology into Brazil's payments market. Moreover, longer term, we have conviction that StoneCo is poised to transform into a full-service, one-stop multichannel financial services platform for small and medium-sized businesses in Brazil.
Shares of Zalando, Europe's leading online apparel retailer, fell on news that Swedish investment firm Kinnevik would be selling its substantial stake in the company. The stock was also swept up in the broader factor rotation away from secular growth names that had been COVID-19 beneficiaries. Near the end of the period, Zalando reported strong earnings results and the stock rose, though not enough to offset losses experienced earlier in the quarter. We have high conviction in Zalando and believe it has a long runway for success given its substantial leads in terms of scale, distribution, brand relationships, technology, and operational efficiency. It has also been expanding into a third-party marketplace platform with its Partner Program, which is growing rapidly.
Private Indian bank Kotak Mahindra traded down over the period as rising COVID-19 cases in the region led to concerns about India's economic recovery. We think Kotak Mahindra Bank is one of the highest-quality banks in India led by a solid management team, with a strong underwriting culture and a transparent and disciplined loan mix.
Despite investments in e-commerce weighing on the bottom line, shares of Sea grinded higher thanks to better-than-expected guidance, particularly from its gaming division, as the company's "Free Fire" title continues to accumulate users, while strong execution is driving improving profitability. We believe Sea's platform is well positioned to gain share in Southeast Asia's high-margin online gaming market, with additional growth supported by an underappreciated consumer-to-consumer e-commerce marketplace with improving monetization trends.

Indikativ Benchmark-Datenquelle: MSCI. MSCI gibt keine ausdrücklichen oder konkludenten Gewährleistungen oder Zusicherungen ab und ist in keiner wie auch immer gearteten Weise haftbar hinsichtlich jeglicher hier zitierten MSCI-Daten. Die MSCI-Daten dürfen nicht weiterverbreitet oder als Grundlage für andere Indizes oder jegliche Wertpapiere oder Finanzprodukte verwendet werden. Der vorliegende Bericht wurde nicht von MSCI genehmigt, überprüft oder erstellt.

Quelle für die Angaben zur Wertentwicklung: T. Rowe Price. Die Wertentwicklung des Fonds wird anhand des offiziellen Nettoinventarwerts, gegebenenfalls unter Berücksichtigung reinvestierter Dividenden, ermittelt. Der Wert Ihrer Anlage unterliegt Kursschwankungen und ist nicht garantiert. Er unterliegt Wechselkursschwankungen zwischen der Basiswährung des Fonds und der Zeichnungswährung, sofern sich diese unterscheiden. Vertriebsgebühren (bis zu maximal 5% für Klasse A), Steuern und sonstige lokal anfallenden Kosten wurden nicht abgezogen und beeinträchtigten gegebenenfalls die Wertentwicklung. Wertentwicklungen in der Vergangenheit sind kein verlässlicher Indikator für zukünftige Erträge.

Die täglichen Performance-Daten beruhen auf dem jügsten NAV.

Die Fonds sind Teilfonds der T. Rowe Price Funds SICAV, einer luxemburgischen Investmentgesellschaft mit variablem Kapital, die bei der Commission de Surveillance du Secteur Financier eingetragen ist und die Voraussetzungen für eine Einstufung als Organismus für gemeinsame Anlagen in Wertpapieren („OGAW“) erfüllt. Alle Informationen zu Anlagezielen, Anlagestrategien und Risiken sind dem Prospekt zu entnehmen, der zusammen mit dem PRIIPs-Basisinformationsblatt in einer englischsprachigen Fassung sowie in jeweils einer Amtssprache des Landes oder Hoheitsgebiets, in denen die Fonds zum allgemeinen Vertrieb registriert sind, erhältlich ist. Ebenfalls erhältlich sind die Satzung sowie die Jahres- und Halbjahresberichte, die zusammen mit dem Prospekt und den wesentlichen Anlegerinformationen die „Fondsdokumente“ bilden. Anlageentscheidungen sollten auf der Basis der Fondsdokumente getroffen werden. Diese sind bei unseren lokalen Repräsentanten, Informations- und Zahlstellen oder autorisierten Vertriebspartnern kostenfrei erhältlich. Die Fondsdokumente stehen außerdem nebst einer Zusammenfassung der Anlegerrechte in englischer Sprache unter www.troweprice.com zur Verfügung. Die Verwaltungsgesellschaft behält sich das Recht vor, Vertriebsvereinbarungen zu beenden.

Bitte beachten Sie, dass der Fonds typischerweise ein Risiko von hoher Volatilität aufweisst.

Abgesicherte Anteilsklassen (mit „h“ gekennzeichnet) verwenden Anlagetechniken zur Minderung von Währungsrisiken zwischen der zugrunde liegenden Anlagewährung und der Währung der abgesicherten Anteilsklasse. Die Kosten dafür werden von der Anteilsklasse getragen, und die Wirksamkeit dieser Absicherung kann nicht garantiert werden.

Die genannten und beschriebenen Wertpapiere stellen nicht die Gesamtheit der im Rahmen des SICAV-Teilfonds erworbenen, veräußerten oder empfohlenen Wertpapiere dar, und es sollte nicht davon ausgegangen werden, dass Anlagen in den genannten und beschriebenen Wertpapieren rentabel waren oder dies in Zukunft sein werden.

Die vollständige Liste mit allen derzeit ausgegebenen Anteilklassen, einschließlich der ausschüttenden, abgesicherten und thesaurierenden Kategorien, wird am Sitz der Gesellschaft auf Anfrage unentgeltlich zur Verfügung gestellt.

Risiken

Typisches Anlegerprofil