T. Rowe Price Global Growth Equity Net Zero Transition Fund

Capital en riesgo. El rendimiento pasado no es un indicador fiable de los resultados actuales o futuros y no debe ser el único factor a tener en cuenta a la hora de seleccionar un producto o una estrategia.

Los fondos listados no son una enumeración exhaustiva de los fondos disponibles. Visite www.funds.troweprice.com para acceder a la gama completa de fondos de T. Rowe Price, incluidos aquellos que tienen en cuenta características medioambientales y sociales en su proceso de inversión. Para obtener información actualizada sobre la estrategia de inversión de cualquier fondo de T. Rowe Price, consulte el KID y el folleto del respectivo fondo.

Descripción general

Manager's Outlook

The investment landscape?marked by extreme inflation, tightening financial conditions, slowing growth, decelerating corporate earnings, and continued geopolitical risks?remains challenging. We are operating in an environment of rapidly changing and powerful economic factors by focusing on our "core basics" of following a truly idiosyncratic, sector-balanced approach that leverages our extensive research platform to invest in what we believe are well-run, durable growth compounders?stocks that should provide a solid return outcome in a lower-growth environment with meaningfully reset valuations.

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The ongoing conflict in Ukraine has led to extreme commodity price inflation that has rippled through the global economy, and COVID-related headwinds have continued to disrupt supply chains. Outside of China, the rest of the world has reopened, and the higher inflation that was once thought to be transitory is likely to remain higher for longer than we had thought. With central banks now laser focused on reigning in inflation, we are operating in a higher interest rate world with rising risks of a recession.

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Despite near-term uncertainty, we believe the market environment is still positive for equities and growth in the medium and longer term. While recession has become a broadly consensus view, it would likely be one of the most telegraphed recessions in history, and we would expect it to be short lived. Even though we are clearly in a new rate environment with the Federal Reserve going at a steeper and quicker pace than we anticipated, real rates remain negative and should remain very low for the medium term, which would be supportive for global growth equities. We believe the sharp downturn in equities has also removed much of the fundamental excess valuation in many stocks, which should provide for more compelling opportunities.

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We are cognizant of building the portfolio for tomorrow, rather than owning what has worked in the recent past. Despite the challenges of 2022, we have high conviction in our current positions with a strong enduring bias toward companies in highly attractive industries where dynamics such as low penetration and long runways will lead to high and sustained levels of growth. Extending our return horizon and thinking beyond the short-term market narrative have allowed us to be contrarian in the past and have contributed to our longer-term outperformance.

Estrategia

Resumen del fondo

Buscamos invertir en empresas duraderas de alta calidad con perspectivas de crecimiento sostenible. Buscamos empresas en sectores atractivos con unos fundamentamentales que mejoran y un potencial de crecimiento de los beneficios superior a la media y sostenible, cuando creemos que las valoraciones nos ofrecen un potencial alcista de alta convicción. La promoción de las características medioambientales y sociales se logra a través del compromiso del fondo de mantener al menos el 50% del valor de su cartera invertido en Inversiones Sostenibles, al tiempo que aspira a que el 100% del valor de la cartera haya logrado la transición necesaria para limitar el calentamiento global a 1,5 grados en 2050. El gestor de inversiones aplica las siguientes estrategias de inversión: marco del Plan de Transición a un Futuro Cero, incluido el compromiso, la exposición a inversiones sostenibles y la aplicación de una pantalla de exclusión responsable. El gestor no está limitado por el índice de referencia del fondo, que se utiliza únicamente a efectos de comparación de la rentabilidad.

Rentabilidad (después de comisiones)

29-feb.-2020 - Scott Berg, Gestor de carteras,

Global equities tumbled in February as the continued spread of the coronavirus beyond China, with acute outbreaks in Italy, South Korea, and Iran, spurred fears of a global pandemic and slowing growth. Within the portfolio, information technology (IT) contributed the most to relative returns. Shares of video conferencing solutions firm Zoom Video spiked over the month. As the coronavirus outbreak continues to spread worldwide and businesses deploy contingency plans like working from home, Zoom’s video conferencing technology could become more in-demand, and other investors appeared to recognise this. We think Zoom Video has an outstanding product with better technology than competitors that can address a widespread pain point (unreliable video conferencing from work and home). Conversely, a combination of stock selection and an underweight to real estate modestly held back relative performance. Logistics distribution warehouse operator Prologis fell amid concerns that slowing global growth from the coronavirus outbreak could be a headwind for the firm’s business. We think Prologis represents a durable, long-term growth opportunity given its exposure to fast-growing markets like e-commerce. We also think the management team is top-notch and believe its ability to create a one-stop shop for organisations looking to build a national logistics network is underappreciated.

30-abr.-2020 - Scott Berg, Gestor de carteras,

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. Despite the near-term uncertainty and volatility created by the coronavirus outbreak, the powerful long-run trends that we believe will drive value creation in the technology sector remain in play. Meanwhile, the aftereffects from the virus outbreak could also result in lasting behavioural changes with more people working remotely and payment methods skewing more digitally. As a result, software and electronic payments are areas of focus within our IT sector exposure. We believe we also remain positioned to benefit from increasing AI adoption as well as the growing technology consumption in emerging markets.

30-jun.-2022 - Scott Berg, Gestor de carteras,

We sold shares of Amazon.com to manage our position size. We continue to have a favorable view of the company's cloud business and think its advertising business should continue to grow nicely as well. However, results over the next couple of quarters are likely to be somewhat challenged in a weaker consumer and economic environment, and we chose to scale back the magnitude of our bet.
We sold shares of European fashion retailer ASOS. The company faces a challenging macroeconomic backdrop as European consumers wrestle with rising inflation and slowing growth, made more acute due to its proximity to the Russia-Ukraine conflict. As such we chose to reallocate to names where we have higher conviction.
We purchased shares of Sweden-based mining and smelting company Boliden. We think Boliden is one of the highest-quality names in the metals and mining space, with a thoughtful yet opportunistic management team that has a history of creating value for shareholders by investing countercyclically, keeping leverage low, lowering costs through efficiencies and technology, and dampening volatility with its smelting business.
We purchased shares of Baker Hughes, one of the world's largest oil field services companies. With the ongoing conflict in Ukraine, the global energy supply chain will need to be retooled, and we think Baker Hughes will be a beneficiary of a multiyear runway of increased capital expenditures to help with that retooling, particularly on the natural gas and liquefied natural gas side.
We bought shares of European oil and gas exploration and production firm Galp Energia. We think Galp Energia offers unique and high-quality exposure to European energy, with a diversified asset base and good balance sheet. In particular, we think the company's Brazilian pre-salt and Mozambique liquid natural gas assets offer a long runway for growth.
We sold shares of Argenx, an antibody platform company developing novel therapies in autoimmune diseases and cancer, on strength. The company's therapy Vyvgart has a best-in-class profile with a first-mover advantage across several indications, and we think some earlier stage programs such as ARGX-117, which is a novel complement (C2) inhibitor, could be sources of long-term value creation for the company.

SICAV III labelling represents the Select Investment Series III SICAV, a Luxembourg UCITS.

La rentabilidad del fondo tiene un riesgo de alta volatilidad.

Fuente de datos de índice de referencia: MSCI. MSCI no formula declaraciones ni garantías, expresas o implícitas, y declina toda responsabilidad con respecto a cualesquiera datos de MSCI incluidos en este documento. Los datos de MSCI no podrán redistribuirse ni utilizarse de forma ulterior como fundamento para otros índices o cualesquiera valores o productos financieros. Este informe no ha sido autorizado, revisado ni elaborado por MSCI.

Fuente de rentabilidad: T. Rowe Price. La rentabilidad del fondo se calcula utilizando el valor liquidativo oficial con reinversión de dividendos, en su caso. El valor de una inversión y de cualquier renta que genere puede bajar al igual que subir. Los inversores podrían no recuperar el importe invertido. Se verá afectado por los cambios en el tipo de cambio entre la divisa base del fondo y la divisa de suscripción, si es diferente. Las comisiones de suscripción (hasta un máximo del 5% para la Clase A), impuestos y demás costes locales no se han deducido y en su caso se reducirán de las cifras de rentabilidad. La rentabilidad pasada no es un indicador fiable de rendimiento futuro. Los índices que se muestran no son índices de referencia formales. Se muestran únicamente a efectos comparativos.

Los datos de rentabilidad diaria se basan en el valor liquidativo disponible más reciente.

Los Fondos son subfondos del Select Investement Series III SICAV, una sociedad de inversión de Luxemburgo con capital variable que está registrada ante la Commission de Surveillance du Secteur Financier, habilitada como organismo de inversión colectiva en valores mobiliarios (undertaking for collective investment in transferable securities, UCITS). Los detalles completos de los objetivos, las políticas y los riesgos de inversión se encuentran en el folleto que está disponible con los documentos de información clave (KID) en inglés y en una lengua oficial de las jurisdicciones en las que los Fondos estén registrados para la venta pública, junto con los estatutos y los informes semestrales y anuales (de manera conjunta, los «Documentos del fondo»). Cualquier decisión de inversión debe hacerse en base a los Documentos del fondo que se pueden obtener de forma gratuita del representante local, del agente de información local/agente pagador o de los distribuidores autorizados. También se puede acceder a estos documentos así como a un resumen en inglés de los derechos de los inversores en www.troweprice.com. La sociedad gestora se reserva el derecho de rescindir los acuerdos de comercializacion.

Las clases de acciones cubiertas (denotadas por 'h') utilizan técnicas de inversión para mitigar el riesgo de divisa entre la divisa o divisas de inversión subyacentes del Fondo y la divisa de la clase de acciones cubierta. Los costes de hacerlo serán soportados por la clase de acciones y no existe garantía de que dicha cobertura sea efectiva.

Los títulos específicos identificados y descritos en este informe no representan todos los títulos comprados, vendidos o recomendados para el subfondo SICAV y no se deben realizar suposiciones respecto a que los títulos identificados y analizados registraron o registrarán rentabilidad.

Se puede obtener una lista completa de las clases de acciones emitidas actualmente, incluyendo las categorías de distribución, con cobertura y acumulación, de forma gratuita y previa solicitud, en el domicilio social de la Sociedad.

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Citywire - en el caso de que el gestor del fondo esté calificado por Citywire, la calificación se basa en la rentabilidad ajustada al riesgo durante 3 años.

Riesgos

Inversor típico