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Investment involves risk. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.

Australian Unit Trust
Global Equity Fund
High conviction, global equity portfolio seeking to invest in companies with above-average and sustainable growth characteristics.  

Class S PDS

Class I PDS

Client Fund Profile

Annual Report
APIR ETL0071AU
PERFORMANCE REPORT
Product Disclosure Statement
QUARTERLY REVIEW
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Target Market Determination
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30-Jun-2025 - Scott Berg Portfolio Manager,
Our outlook for global equities is now more subdued, but we remain encouraged by new opportunities and pockets of growth emerging in the market. We expect the broadening market leadership observed so far—which has expanded the opportunity set across sectors and regions—to continue in the second half of the year.

Overview
Strategy
Fund Summary
High conviction, truly global equity portfolio seeking to invest in companies with above-average and sustainable growth characteristics.
Performance - Net of Fees

Past performance is not a reliable indicator of future performance.

Current Year Performance

Annualised Performance

30-Jun-2025 - Scott Berg Portfolio Manager,
In Australian dollar terms, global equities produced solid gains, as a temporary pause on reciprocal tariffs, alongside progress in U.S.-China trade talks, eased investor concerns. Despite geopolitical flare-ups in the Middle East in mid-June, which briefly disrupted markets, the overall sentiment remained resilient. Within the portfolio, holdings in the consumer discretionary sector, coupled with an underweight position, contributed the most to relative returns. While shares of an electric vehicle maker sold off, our position was a relative contributor due to our underweight versus the benchmark. The stock continued to be pressured by bearish sentiment due to declining sales, concerns about the firm’s robotaxi launch, and the CEO’s controversial political position. We recognise there are a number of meaningful risks to the firm’s growth trajectory and thus are significantly underweight. Conversely, our stock selection in financials hurt relative performance. Shares of an Argentinian bank tumbled, driven by a sharp sell-off in domestic stocks as investors wrestled with macroeconomic uncertainty, currency volatility, and scepticism regarding the ability of President Milei’s economic policies to drive growth. Despite recent bearish sentiment, we see several positive fundamentals in the Argentinian market, particularly country’s structurally low private loans-to-gross domestic product ratio and the ongoing macroeconomic recovery.

Team

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Fees

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Benchmark Data Source: MSCI. MSCI index returns are shown with reinvestment of dividends after the deduction of withholding taxes. MSCI and its affiliates and third party sources and providers (collectively, “MSCI”) makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. Historical MSCI data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

 

The specific securities identified and described in this website do not represent all of the securities purchased or sold for this fund. This information is not intended to be a recommendation to take any particular investment action and is subject to change. No assumption should be made that the securities identified were or will be profitable.

Unless otherwise specified, all fund ratings, awards and data are as of 30-Jun-2025 and sourced from T. Rowe Price. 

©2023 Morningstar, Inc. All rights reserved. The information  contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Equity Trustees Limited (“Equity Trustees”) (ABN 46 004 031 298 AFSL 240975) is a subsidiary of EQT Holdings Limited (ABN 22 607 797 615), a publicly listed company on the Australian Stock Exchange (ASX:EQT). Equity Trustees and T. Rowe Price Australia Limited ("TRPAU") (ABN: 13 620 668 895 and AFSL: 503741) are, respectively, the responsible entity and investment manager of the T. Rowe Price Australian Unit Trusts. A Target Market Determination for each T. Rowe Price Australian Unit Trust (or class of units in a Trust) is available here (http://www.eqt.com.au/insto). It describes who the financial product is likely to be appropriate for (i.e. the target market), and any conditions around how the product can be distributed to investors. It also describes the events or circumstances where Equity Trustees Limited, the responsible entity of the T. Rowe Price Australian Unit Trusts may need to review the Target Market Determination for the financial product.

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Past performance is not a reliable indicator of future performance. The price of any fund may go up or down. Investment involves risk including a possible loss to the principal amount invested. For general information purposes only, does not take into account the investment objectives, financial situation or needs of any particular investor. For further details, please refer to each fund's product disclosure statement and reference guide which are available from Equity Trustees (www.eqt.com.au/insto) or TRPAU (www.troweprice.com.au).

Information and opinions presented have been obtained or derived from sources believed to be reliable and current; however, we cannot guarantee the sources' accuracy or completeness. There is no guarantee that any forecasts made will come to pass. The views contained herein are as of the date noted on the material and are subject to change without notice; these views may differ from those of other T. Rowe Price group companies and/or associates. Under no circumstances should the material, in whole or in part, be copied or redistributed without consent from T. Rowe Price.