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T. Rowe Price Global Focused Growth Equity
T. Rowe Price Global Focused Growth Equity fund invests in a diversified selection of global companies, which the manager believes have the potential for above-average and sustainable rates of earnings growth. The companies may be based anywhere in the world, including emerging markets.
Our opinion
As with all T. Rowe funds, the role of the analyst in seeking out the right candidates for further scrutiny is key. David uses their best ideas and builds a portfolio based on key themes to create a global equity fund with considerable potential for delivering long term returns across all market conditions. He is able to do this thanks to the impressive strength and depth of the research team which is a real stand out feature of the fund. With the huge resources at T. Rowe, this fund should truly capture the growth style from the vast universe.
Company description
Founded in 1937, T. Rowe Price is one of the world's largest investment managers and was awarded the Elite Provider for Equities Rating each year from 2016 to 2021. Fundamental research is at the heart of the T. Rowe Price approach, with more than 200 in-house analysts dedicated to equity and fixed income research. Experienced and stable fund management teams are a key feature of the firm.
Fund manager
David Eiswert is lead manager of the T. Rowe Price Global Focused Growth Equity fund. He joined T. Rowe Price in 2003 having previously worked as an analyst at Mellon Growth Advisors and Fidelity Management and Research. He has a B.A. in Economics and Political Science from the University of Maryland and is a Chartered Financial Analyst. He has the support of portfolio specialist Laurence Taylor.
An imagination surrounding disruption is essential for a global investor, given the spectacular market share gains that result from successful innovation. Star Trek's actually not a bad analogy for the future; I'm pretty sure there aren't any paper-based printers on the Star Ship Enterprise.
David EiswertFund manager
Investment process
Central to the investment philosophy is the belief that global equity investing is driven by opportunity and choice. The investment universe begins with approximately 4,000 global developed and emerging markets equities with roughly US$1 billion or more in market capitalisation. David uses proprietary, fundamental research from T. Rowe's global research platform to reduce this to 600 to 700 possible stock choices. The investment process focuses on the industry and company fundamentals of each opportunity, as well as analysing stock valuation, and macroeconomic considerations. The result is a high-conviction portfolio, investing in companies with stable-to-improving business fundamentals and prospects for accelerating returns on invested capital over a 12-24 month time horizon.
ESG
ESG - Integrated
ESG criteria are a material part of David’s decision-making framework and he considers them to be embedded in the fundamental assessment of a business. David believes that adhering to good ESG fundamentals helps to keep the fund on the right side of change. T. Rowe has created a proprietary ESG scoring model, Responsible Investing Indicator Model (RIIM), which also scores the portfolio and, along with T. Rowe’s team of dedicated ESG specialists, allows David to understand any ESG risks present in the portfolio. T. Rowe does not negatively screen in general, but will integrate ESG fundamentals both qualitatively and quantitatively.
Risk
Risk management is integrated directly into the investment process. The in-depth fundamental research is crucial for the early detection of company specific risks. Once stocks are held in the portfolio, they are constantly evaluated for risks relative to their return potential, and the team challenges themselves daily on the portfolio's aggregate risk levels, to ensure they are not taking undue economic, regional and sector level bets.
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