Equity Capabilities

Always on, because the world never stays still

Markets are constantly changing, so we have built an equity investment ecosystem that’s designed to evolve with them. Our broad range of equity products are driven by teams of experts applying their individual intellect while leveraging the collective wisdom of our global investment teams.

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At a Glance

85+

years managing equity assets

475+

equity investment professionals

$829.7B

USD of equity AUM*

Our equity investment ecosystem is alive to give us a holistic view of the investible universe.

Our focus on knowledge, talent, and culture aims to give our clients the best opportunity to meet their goals.

Seeing more to know more

We believe our advantage is fueled by our ability to derive, decipher, and process a deeper world of information. This gives us the potential to collect more pieces of the investment puzzle and the knowledge that comes with them—for a more complete picture of a company’s future and the potential for better outcomes for our clients.

A universe of talent, powering us forward

We believe investment ideas can come from anywhere. What drives us is a universe of talent, not individual stars. Each associate’s expertise plays a critical role in understanding what matters most to discern signal from noise and to develop insights that have the potential to benefit our clients’ portfolios.

Together, we are better

We believe working together makes us better and creates a culture of compounding knowledge and shared success. Our real-time marketplace of ideas helps us bring one another to the right answer, creating an environment that is greater than the sum of its parts and the potential to generate a world of greater opportunity for our clients.

Our thoughts on the issues that matter to you.

To identify actionable insights, our research across market caps, industries, and local markets never stops—building a real understanding of how companies and economies operate.

Dec 2024 Manager Perspectives

Growth or value? Why choose when you can have core?

Powerful factors provide a relatively positive backdrop for equity markets in 2025.

Nov 2024 Regional Thoughts

Disciplined investing amid a dynamic U.S. market environment

Looking toward 2025, U.S. equity market returns are likely to be harder earned.

Nov 2024 Sector Views

AI’s “easy money” era is over, but an abundance of opportunities remain

Artificial intelligence is set to be one of the biggest productivity enhancers for the global economy since electricity.

PODCAST

Revolution to Reality – Exploring the Power of Artificial Intelligence

In the second season of The Angle from T. Rowe Price, we explore the rapid rise of generative artificial intelligence (AI). Does AI represent the monumental change that headlines often indicate, or should we temper expectations? Where are we seeing the initial impacts on industries, and are there hidden risks to monitor? Host Jennifer Martin, portfolio specialist, and guests consider the evolving implications for financial markets and the global economy—including the potential opportunities and pitfalls.

Listen Now

Our equity strategies delivered more return, more often than other top active managers.

Ten-year periods, rolling monthly, over the last 20 years ended 31/12/24.

These strategies delivered higher average returns than their benchmark over time and compared favourably against other active managers.

Results stemmed from a connected, repeatable process focused on one goal—to pursue consistently strong long-term performance for our clients.

That's the T. Rowe Price difference.

View important information

Past performance is no guarantee or a reliable indicator of future results.

^{Analysis by T. Rowe Price. Represents a comparison of all marketable institutional equity composites compared with the official composite primary benchmark assigned to each. Excludes money market, asset allocation and index/passive composites. In order to avoid double-counting in the analysis, specialised composites viewed as substantially similar to strategies already included (e.g., constrained strategies, ex-single country excluded strategies etc.) are also excluded. Composite net returns are calculated using the highest applicable separate account fee schedule for institutional clients. An aggregated view of 10-year rolling monthly periods net returns from 1/1/05 to 31/12/24 is shown. All figures in USD and may increase or decrease due to currency fluctuations. For more information on the methodology of this analysis, please visit troweprice.com/results.}

Our associates use their generational knowledge and deep understanding of the market to recognize patterns and perpetually connect the dots of the financial world.

Josh Nelson Head of Global Equity

Josh Nelson is the head of Global Equity, chair of the Global Equity Steering Committee, and a member of the Management Committee. In addition, he is a member of the Investment Management Steering Committee and Product Steering Committee. He is co-president of the T. Rowe Price Equity Funds, Inc., and T. Rowe Price Exchange-Traded Funds, Inc. Josh is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Trust Company.

Peter J. Bates, CFA® Portfolio Manager

Peter Bates is the portfolio manager of the Global Select Equity Strategy (marketed in Australia as Concentrated Global Equity) in the Global Equity Division. He is a member of the Investment Advisory Committees of the Global Focused Growth Equity and Japan Equity Strategies. Peter is a vice president of T. Rowe Price Group, Inc., and an executive vice president of T. Rowe Price International Ltd.

Leigh Innes, CFA® Portfolio Manager

Leigh Innes is the portfolio manager for the International and Global Structured Research strategies in the Global Equity Division. She is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

Justin P. White, CFA® Portfolio Manager

Justin White is a portfolio manager of the US Multi-Cap Growth Equity Strategy, including the T. Rowe Price All-Cap Opportunities Fund, in the Global Equity Division. He is chairman of the Investment Advisory Committee of the US Multi-Cap Growth Equity Strategy and a member of the Investment Advisory Committees of the US Structured Research Equity, US Growth Stock, US Large-Cap Core Growth Equity, US Mid-Cap Value Equity, and Communications and Technology Equity Strategies. He is a member of the Asset Allocation and Equity Steering Committees. Justin is a vice president of T. Rowe Price Group, Inc.

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A broad range of solutions designed to help meet your needs

Our portfolio managers independently apply their bespoke investment frameworks to help generate outcomes for specific client needs. See how these investment products go beyond active investing to help clients thrive in a changing world.

Leveraging our global network of knowledge to stay more alive to new and developing opportunities, wherever they may be.

Global Focused Growth Equity

Seeks to increase the value of its shares, over the long term, through growth in the value of its investments mainly in a diversified portfolio of shares of companies that have the potential for above average and sustainable rates of earnings growth.

Strategy

SICAV

SICAV III

Global Structured Research Equity

Seeks to increase the value of its shares, over the long term, through growth in the value of its investments mainly in a widely diversified portfolio of shares of companies selected by T. Rowe Price’s team of global research analysts under the supervision of the portfolio managers.

SICAV

Global Select Equity

Seeks to increase the value of its shares, over the long term, through growth in the value of its investments with at least 80% of total assets in a high-conviction portfolio of shares and related securities issued by companies anywhere in the world, including emerging markets.

SICAV

Building on our deep understanding of the U.S. market to gain access and source new information.

US Structured Research Equity

Seeks to provide long-term capital growth through a disciplined portfolio construction process whereby it weights each sector approximately the same as the S&P 500 Index.

Strategy

SICAV

US All-Cap Opportunities Equity

Seeks to increase the value of its shares, over the long term, through growth in the value of its investments mainly in a diversified portfolio of shares or related securities issued by companies in the United States.

Strategy

SICAV

US Smaller Companies Equity

Seeks to increase the value of its shares, over the long term, through growth in the value of its investments mainly in a widely diversified portfolio of shares from smaller-capitalization companies in the United States.

Strategy

SICAV

Pairing local insight with global expertise to build a real understanding of how these companies and economies operate.

China Evolution Equity

Seeks to increase the value of its shares through growth in the value of its investments over the long term (a minimum of five years) in a portfolio of shares of Chinese companies that may have significant exposure to smaller-capitalization companies.

Strategy

SICAV

Emerging Markets Discovery Equity

Seeks to increase the value of its shares through growth in the value of its investments mainly in a widely diversified portfolio of shares of emerging market companies.

Strategy

SICAV

Frontier Markets Equity

Seeks to increase the value of its shares, over the long term, through growth in the value of its investments mainly in a diversified portfolio of shares of frontier market companies.

Strategy

SICAV

General Portfolio Risks

Equities

Capital risk – the value of your investment will vary and is not guaranteed. It will be affected by changes in the exchange rate between the base currency of the portfolio and the currency in which you subscribed, if different.

Equity risk – in general, equities involve higher risks than bonds or money market instruments.Geographic concentration risk – to the extent that a portfolio invests a large portion of its assets in a particular geographic area, its performance will be more strongly affected by events within that area.

Hedging risk – a portfolio's attempts to reduce or eliminate certain risks through hedging may not work as intended.

Investment portfolio risk – investing in portfolios involves certain risks an investor would not face if investing in markets directly.

Management risk – the investment manager or its designees may at times find their obligations to a portfolio to be in conflict with their obligations to other investment portfolios they manage (although in such cases, all portfolios will be dealt with equitably).

Operational risk – operational failures could lead to disruptions of portfolio operations or financial losses.

Important Information

All data as of December 31 2024 unless otherwise stated.

*The total equity assets managed by T. Rowe Price Associates, Inc., and its investment advisory affiliates. Total equity assets include all equity separate accounts and funds along with a portion of certain T. Rowe Price U.S.-registered multi-asset funds as of December 31 2024.

Unless indicated otherwise the source of all market data is of 30 September 2024.

This material is being furnished for general informational purposes only. The material does not constitute or undertake to give advice of any nature, including fiduciary investment advice, nor is it intended to serve as the primary basis for an investment decision. Prospective investors are recommended to seek independent legal, financial and tax advice before making any investment decision. T. Rowe Price group of companies including T. Rowe Price Associates, Inc. and/or its affiliates receive revenue from T. Rowe Price investment products and services. Past performance is not a reliable indicator of future performance. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested.

The material does not constitute a distribution, an offer, an invitation, a personal or general recommendation or solicitation to sell or buy any securities in any jurisdiction or to conduct any particular investment activity. The material has not been reviewed by any regulatory authority in any jurisdiction.

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.

The material is not intended for use by persons in jurisdictions which prohibit or restrict the distribution of the material and in certain countries the material is provided upon specific request.

It is not intended for distribution to retail investors in any jurisdiction.

Number and Time Periods of Composites and Competitive Data

¹52 composites covering 5,553 rolling 10-year periods.

²285 composites covering 27,681 rolling 10-year periods. The assets under management (AUM) as of 31/12/24 across all composites considered in the analysis are aggregated, and those composites offered by the largest 5 firms determined by total AUM, identified via eVestment, other than T. Rowe Price, are grouped together here. Source: Nasdaq’s eVestment Analytics database.

³4,554 composites covering 397,757 rolling 10-year periods. Source: Nasdaq’s eVestment Analytics database.

Competitor data are sourced from Nasdaq’s eVestment Analytics database and calculated on available net performance over manager-selected benchmark figures for comparable products selected based on eVestment Primary Universe and eA Universe Classifications. All equity composites considered except SMA/Wrap – Other, Liquid Real Assets, All Lifestyle/Target Risk Aggressive. Performance information reported by eVestment Alliance is self-reported by contributing firms and is unaudited. Results from other time periods may differ.

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