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Financial Intermediary / All Funds / Global Value Equity Fund
Fund Range Documents

Capital at 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.

The listed funds are not an exhaustive list of funds available. Visit www.funds.troweprice.com to see the full range of funds offered by T. Rowe Price, including those that consider environmental and social characteristics as part of their investment process.  For up to date information regarding any T. Rowe Price fund's investment strategy, please see the relevant fund KID and prospectus. 

SICAV
Global Value Equity Fund
An actively managed, conviction-based global portfolio of around 80-100 attractively valued companies. We invest across the value spectrum, from deep value through to higher quality, more defensive companies, seeking to deliver positive excess returns regardless of which value substyle is currently favoured by the market. The fund is categorised as Article 8 under Sustainable Finance Disclosure Regulation (SFDR).
ISIN LU0859255472
Bloomberg TRPGVEI LX
View more information on risks
FACTSHEET
KID
SFDR DISCLOSURE
31-Mar-2025 - Sebastien Mallet, Portfolio Manager,
The U.S. and global economic outlook is likely to remain uncertain in the near term, with tariffs and immigration policies exerting upward pressures on inflation, which may also result in higher bond yields. The backdrop for value investing is compelling, regime change may finally be underway, and the need for investors to diversify is increasingly important.

Overview
Strategy
Fund Summary
We employ a relative value approach that looks holistically across the value spectrum to identify companies with durable free cash flows that are not fully appreciated by the market. We aim to maintain a core portfolio of quality companies but will also pursue attractive risk/reward opportunities in out-of-favour cyclical companies and deep-value turnaround situations. The promotion of environmental and/or social characteristics is achieved through the fund's commitment to maintain at least 10% of the value of its portfolio invested in Sustainable Investments, as defined by the SFDR. Additionally, we apply a proprietary responsible screen (exclusion list). The manager is not constrained by the fund’s benchmark, which is used for performance comparison purposes only.
OUR VIEWS ON GLOBAL EQUITIES
Performance (Class I)

Past performance is not a reliable indicator of future performance.
31-Mar-2025 - Sebastien Mallet, Portfolio Manager,
Global equities declined in March. Fear gripped markets, driven by concerns about the rising threat of U.S. tariffs and the possible escalation to a full-scale global trade war, which could stymie economic growth. Investors also wrestled with continued geopolitical tensions and the prospect of shifting global alliances. Against this backdrop, value stocks significantly outperformed their growth peers. Within the portfolio, our underweight allocation to information technology (IT) contributed to relative performance as the sector sold off amid fears of slowing economic growth and lower IT spending. Our choice of securities within health care also helped portfolio returns. Shares of a U.S. health insurer gained ground after a court-appointed official concluded that the U.S. authorities would not have a sufficient fraud case against the company, thus easing pressure from this overhang. In contrast, our stock selection in utilities dragged. Here we own a large, low carbon energy producer whose shares declined over the period. Along with broad weakness in U.S. equities due to macroeconomic concerns, investors also appeared concerned about slowing demand in AI-related segments, which could potentially dampen previous expectations for data centre growth and broader AI infrastructure growth from which the company stands to benefit.
31-Jan-2024 - Sebastien Mallet, Portfolio Manager,
In our view, market worries about interest rates and inflation could subside as major central banks, namely the US Federal Reserve, appear to be near a peak in their interest rate-hiking cycles. As a result, we have started to identify opportunities in the more cyclical and deep value areas of the value space. With this in mind, we have relative overweight positions in financials as well as the traditionally more defensive health care and utilities sectors. While we have increased our exposure to information technology, we remain largely underweight relative to the benchmark.

Past performance is not a reliable indicator of future performance.

The Funds are sub-funds of the T. Rowe Price Funds SICAV, a Luxembourg investment company with variable capital which is registered with Commission de Surveillance du Secteur Financier and which qualifies as an undertaking for collective investment in transferable securities (“UCITS”). Full details of the objectives, investment policies and risks are located in the prospectus which is available with the key investor information documents and/or key information document (KID) in English and in an official language of the jurisdictions in which the Funds are registered for public sale, together with the articles of incorporation and the annual and semi-annual reports (together “Fund Documents”). Any decision to invest should be made on the basis of the Fund Documents which are available free of charge from the local representative, local information/paying agent or from authorised distributors. They can also be found along with a summary of investor rights in English at www.troweprice.com. The Management Company reserves the right to terminate marketing arrangements.

Hedged share classes (denoted by 'h') utilise investment techniques to mitigate currency risk between the underlying investment currency(ies) of the fund and the currency of the hedged share class.  The costs of doing so will be borne by the share class and there is no guarantee that such hedging will be effective.

Before deciding to invest in the fund, you should read the offering document/prospectus (including its investment objectives, policies and any risk warnings) which are available and may be obtained from any appointed distributors.

The specific securities identified and described in this website do not represent all of the securities purchased, sold, or recommended for the sub-fund and no assumptions should be made that the securities identified and discussed were or will be profitable.

A full list of the currently issued Share Classes including Distributing, Hedged, and Accumulating Categories may be obtained, free of charge and upon request, from the registered office of the Company.  

Benchmark: Investors may use the benchmark to compare the fund’s performance. The benchmark has been selected because it is similar to the investment universe used by the investment manager and therefore acts as an appropriate comparator. The investment manager is not constrained by any country, sector and/or individual security weightings relative to the benchmark and has complete freedom to invest in securities that do not form part of the benchmark.

Disclosure on Vendor Indices can be found here.