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Strategy

Investment Objective

To increase the value of its shares, over the long term, through growth in the value of its investments. The fund invests mainly in a widely diversified portfolio of undervalued stocks of companies anywhere in the world, including emerging markets.

Investment Approach

  • Diversified portfolio investing in companies located throughout the globe.
  • Emphasize attractively valued companies offering a range of defensive and recovery characteristics.
  • Employ rigorous and comprehensive research to identify and assess investment opportunities.
  • Allocate country and sector positions through consideration of:~~Attractiveness of individual investments^^~~Macroeconomic environment^^
  • Environmental, social and governance ("ESG") factors with particular focus on those considered most likely to have a material impact on the performance of the holdings or potential holdings in the funds’ portfolio are assessed. These ESG factors, which are incorporated into the investment process alongside financials, valuation, macro-economics and other factors, are components of the investment decision. Consequently, ESG factors are not the sole driver of an investment decision but are instead one of several important inputs considered during investment analysis.

Past performance is not a reliable indicator of future performance.

Annualised Performance

Current Year Performance

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31-May-2025 - Sebastien Mallet, Portfolio Manager

Global equities recorded solid gains in May, largely driven by an improvement in consumer sentiment following a de-escalation in trade tensions between the U.S. and China. Both countries agreed to lower tariffs significantly and set a negotiating window of 90 days before new levies kick in. Against this backdrop, value stocks underperformed their growth peers. Within the portfolio, our stock selection within financials detracted from relative performance. Shares in a large Brazilian bank came under pressure on much weaker-than-expected quarterly earnings and management’s decision to put net income guidance on hold. The consumer discretionary sector also held back portfolio returns. Shares of a Chinese ecommerce company fell on disappointing results and fears that a major deal to provide artificial intelligence (AI) technology faced possible scrutiny from U.S. regulators. In contrast, our choice of securities within the materials sector contributed. Here, we own a position in a precious metals mining company; its shares surged on the back of robust results, management’s reaffirmation of full-year guidance, and an announced share buyback.

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GIPS® Information

T. Rowe Price (“TRP”) claims compliance with the Global Investment Performance Standards (GIPS®).

A complete list and description of the Firm's composites and/or a presentation that adheres to the GIPS® standards are available upon request. Additional information regarding the firm's policies and procedures for calculating and reporting performance results is available upon request

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