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. Die Förderung ökologischer und/oder sozialer Merkmale wird durch die Selbstverpflichtung des Fonds erreicht, mindestens 10% des Portfoliowertes in nachhaltigen Anlagen im Sinne der Verordnung über die Offenlegung nachhaltiger Finanzen (SFDR) zu halten. Darüber hinaus wenden wir interne Filter für die Auswahl an (Ausschlussliste). Der Portfoliomanager wird durch den Vergleichsindex des Fonds, der lediglich zum Performance-Vergleich dient, in seinen Entscheidungen nicht eingeschränkt.

Performance - nach Abzug von Gebühren

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.

29-Feb.-2020 - Scott Berg, Portfoliomanager,

We continue to believe that the pace of structural growth and innovation within the IT sector remains strong. Advancements in areas like artificial intelligence (AI) and enterprise software are not only affecting technology companies, but also reshaping more traditional industries once viewed as less susceptible to business model disruption. In our view, we remain positioned to benefit from increasing AI adoption and application as well as the ongoing transition toward greater computing mobility, increasing use of the Web, and growing technology consumption in emerging markets. As a result, our holdings are tilted toward payment and cloud software companies.

31-März-2019 - Scott Berg, Portfoliomanager,

We bought U.S. utility NextEra Energy. We think NextEra possesses an attractive combination of steady, low-risk growth potential through Florida Power & Light, one of the largest electric utilities in the U.S., and significant growth potential in contracted renewables and gas pipelines.
We added to our position in Sempra Energy. We think Sempra Energy is a well-diversified and high-quality U.S. utility and energy infrastructure company that is levered to a variety of attractive long-cycle energy trends, which should help drive accelerated earnings over the next few years.
One of the largest buys during the quarter was initiating a position in Prologis, a logistics distribution warehouse operator REIT. We think the company has a high-quality portfolio of attractive industrial assets in faster-growing markets that are also well diversified geographically, which should help drive above-average rental growth versus peers.
We initiated a position in Lonza Group, a Swiss contract manufacturer of pharmaceuticals and biologics. The stock has underperformed peers, and we believe that the market is underappreciating the company's consistent sales and earnings growth and margin expansion potential. It is well positioned to benefit from its competitive advantage in biologic manufacturing and the secular growth in the consumer health industry. Furthermore, it should realize valuation accretion from the Capsugel acquisition and the recent sale of the low-margin Water Care business.
We initiated a stake in Roche Holding, a Swiss pharmaceutical company with global operations that has a strong business model focusing on the high-margin oncology business, where it is a dominant player. Good progress on its breast cancer franchise and in immuno-oncology development should continue to boost earnings. Roche is doing a very good job of maintaining growth in its core oncology franchises by expanding into the emerging markets and is making progress to help secure them against biosimilar risk.
We established a new holding in Eli Lilly, which boasts a diversified product portfolio mix that is skewing toward younger, higher-margin assets after a highly productive run of research and development. Although Eli Lilly's primary focus is on the commoditized diabetes market, the company continues to build its pipeline outside of this area and has a number of studies underway that are underappreciated by the market and could provide upside catalysts over the next 12 to 18 months.
We initiated a position in FleetCor Technologies, a global provider of commercial travel solutions that specializes in areas such as payment processing, fuel, tolls, lodging, and payables management. We saw an attractive valuation opportunity to purchase FleetCor Technologies, as we believe the market underappreciates the firm's superior asset base, pricing power, and uniquely positioned salesforce that can economically sell to smaller businesses.
We eliminated our stake in navigation technology company Trimble. The stock had bounced back nicely with the rest of the market, and we used the strength to move on to higher-conviction ideas.
We initiated a position in Canada-based Brookfield Asset Management, a global asset manager and one of the largest investors in real assets. In March, the firm announced that it would be acquiring 62% of Oaktree Capital Group. Both Brookfield, which is focused on distressed real assets, and Oaktree, which is focused on distressed credit, have global franchises and premier brands as alternative asset managers, but there is little actual product overlap. We think that Brookfield is on the right side of secular change with a strong runway for growth and offers a good combination of offense and defense in today's market.
We reinitiated a position in Indian private bank Axis Bank. We believe the company has a strong franchise that should continue to benefit from India's underpenetrated private banking sector, favorable demographics, and an improving economy, particularly as it focuses on growing its retail segment.
We trimmed discount broker Charles Schwab. We continue to have high conviction in the company given its premiere franchise and sizable scale advantage over competitors.
We eliminated our stake in European bank Svenska Handelsbanken. The stock held up relatively well during the sell-off in the fourth quarter of 2018, so we chose to exit our position in favor of names with greater conviction and upside potential.

31-März-2019 - Scott Berg, Portfoliomanager,

Shares of Alibaba Group Holding rose on encouraging quarterly results as its core e-commerce business showed resiliency despite a challenging macro backdrop. Alibaba continues to be the dominant player in China's fast-growing e-commerce industry, taking share from offline channels that are highly fragmented and underdeveloped. We have high conviction in the company given the firm's powerful position in China's fast-growing e-commerce market as well as its pace of innovation.
Shares of MercadoLibre, the largest online trading platform in Latin America, which had been pressured last year by headwinds including foreign exchange depreciation, a truckers' strike, and shipping cost pressures, rose on solid quarterly results that eased investor concern. We believe the company will continue to win market share in both its e-commerce and payments business segments, which possess large addressable markets, remain fragmented, and are in the early stages of development.
Chinese A-share listed Jiangsu Hengrui Medicine, a leading domestic player in China's oncology market, reported strong fourth-quarter results with oncology and anesthetics servings as the main growth drivers for the company. We think Hengrui is entering a favorable product cycle driven by new products, three of which were approved and launched in the fourth quarter of 2018.
WuXi Biologics, a Chinese health care company that provides us with pure exposure to a large and fast-growing biologics industry, issued a positive profit alert in late February driven by market share gains, an increase in projects, and higher revenue. WuXi subsequently became the first biologics company in China with approval of its manufacturing facilities from both the U.S. Food and Drug Administration and the European Medicine Agency.
Shares of Sea, an internet platform company operating in Greater South East Asia, moved higher following the release of impressive quarterly results and much better-than-expected 2019 revenue guidance driven by the fast monetization of its self-developed hit title Free Fire, which has not only succeeded in Sea's core region of South East Asia, but also hit a home run in the Latin American market. We think the company is strongly positioned in gaming and e-commerce, two key segments of the internet economy, and should benefit from conducive demographics, rising wealth, better mobile infrastructure, and increasing internet penetration in its target markets.
Streaming video service Netflix reported strong viewership numbers for its original content, announced plans to raise the price for its video-on-demand service in the U.S., and reported stronger-than-expected subscriber additions in the fourth quarter. As viewership grows on an aggregate and per-subscriber basis, we anticipate that Netflix will continue to improve the consumer viewing experience, thereby increasing the company's negotiating leverage with content suppliers globally and increasing its competitive positioning against regional companies.
Seven Generations Energy, a Canadian oil and gas exploration company, reported quarterly results that were largely in line with expectations, but lack of clarity on the company's infrastructure process weighed on shares. We maintain a positive outlook for the company given its low-cost source of supply from its Montney Shale liquids assets in Alberta as well as its strong balance sheet, which should allow it to withstand prolonged commodity downcycles.

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