An unconstrained, high conviction portfolio of our best growth ideas, often derived from technological innovation and secular disruption

David Eiswert

Portfolio Manager

Why T. Rowe Price Global Focused Growth Equity Strategy?

Our investment process is designed to leverage the best of T. Rowe Price to identify companies on the right side of change.

We believe companies with improving economic returns outperform over time. In an era of technological innovation and the rapid evolution of new products and business models, we focus on understanding the forces enhancing or erasing durable competitive advantage, to identify those that stand to benefit and those at risk before the market does.

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In an era of extreme disruption, what distinguishes intelligent investment decisions is research: the ability to quantify change, fully understand its dimensions and correctly identify the stocks most likely to benefit from it

David Eiswert,
Portfolio Manager

3 reasons to consider this strategy

Our Global Focused Growth Equity strategy seeks to identify “best ideas” by assessing companies in a global sector context, using a bottom-up approach to create a focused, high-conviction portfolio.

1

Focus on growth and improvement

Our research is focused on identifying companies with a sustainable competitive advantage, potential for market share gains, positive change dynamics and a shareholder-focused management team. These attributes are key to delivering improving economic returns, which we believe is key to unlocking returns for shareholders.

2

Benefiting from unique insights

Differentiated views on catalysts for growth help identify under-appreciated areas of opportunity. We always ask ourselves what matters, what drives relative returns and how can we get in front of that? Being focused on identifying the insight for why a particular company is going to produce better returns over time can add significant value.

3

Unconstrained, high-conviction portfolio

This is a go-anywhere portfolio that seeks out the most attractive bottom-up opportunities across market cap, sectors and countries, including emerging markets. We maintain a focused, best ideas portfolio of typically 60 to 80 holdings. Stock selection is the primary source of added value.

Key Risks

The following risks are materially relevant to the portfolio:

Currency risk – changes in currency exchange rates could reduce investment gains or increase investment losses.

Emerging markets risk – emerging markets are less established than developed markets and therefore involve higher risks.

Small and mid-cap risk – stocks of small and mid-size companies can be more volatile than stocks of larger companies.

Style risk – different investment styles typically go in and out of favour depending on market conditions and investor sentiment.

General Portfolio Risks

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.

ESG and Sustainability risk – may result in a material negative impact on the value of an investment and performance of the portfolio.

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.

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David Eiswert

Portfolio Manager

David Eiswert is a portfolio manager of the Global Focused Growth Equity Strategy, a role he has held since October 1, 2012. Prior to this, David managed the Global Technology Strategy for almost four years. As an analyst, he covered communications equipment. David serves as a vice president and Investment Advisory Committee member of the Media & Telecommunications, Global Technology, Growth Stock, and Science & Technology Funds.

He is also an Investment Advisory Committee member of the Global Growth Stock Fund, Global Technology, and International Stock Funds. Prior to joining the firm in 2003, David was employed as an analyst at Mellon Growth Advisors and Fidelity Management and Research. He also worked as a consultant in the communications industry. David earned a B.A., summa cum laude, in economics and political science from St. Mary’s College of Maryland and an M.A. in economics from the University of Maryland, College Park.

He also has earned the Chartered Financial Analyst® designation.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

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