A diversified portfolio representing our firm’s best value ideas from around the world from across the value spectrum.

Sebastien Mallet

Portfolio Manager

Why T. Rowe Price Global Value Equity Strategy?

We invest across the value spectrum aiming to deliver positive excess returns in a wide range of market environments.

Drawing on our established value-investing credentials, we apply insight-led, forward-looking assessments of company and industry fundamentals to embrace those stocks afflicted by uncertainty which we believe the market is undervaluing in relation to their intrinsic value.

We include higher quality, more defensive “free cash flow” companies as well as out-of-favour, higher risk cyclical companies and deeper value turnaround situations that can offer greater potential upside.

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While disconcerting for some, the secular and cyclical changes apparent in recent years imply elevated uncertainty but, with it, meaningful opportunity for skilled value investors.

Sebastien Mallet,
Portfolio Manager

3 reasons to consider this strategy

Our Global Value Equity strategy captures our platform’s best ideas from across the value spectrum aiming to deliver positive excess returns in a wide range of market environments.

1

Access the broadest value opportunity set

Different types of “value” can be effective at different times, depending on the market and economic environment. Enabled by the scale of our global research platform, we maintain coverage of a far broader value opportunity set than many of our competitors seeking to build a portfolio of idiosyncratic investment ideas and achieve a more “all-weather” pattern of performance.

2

Strong heritage of value investing

We have been successfully managing value mandates for over three decades through a range of diverse market environments. We have continued to invest in our value capabilities despite the adverse market environment. Our in-depth industry knowledge, broadly applied across companies, enables us to discern the nature of uncertainty surrounding individual stocks and identify investable opportunities before their potential for share price recovery is recognised by the market.

3

Alpha-led investment horizon

We look to take advantage of dislocations in stock prices that trade at a discount to companies’ underlying intrinsic value. However, we recognise that inefficiencies can sometimes take longer to be resolved and we are prepared to be appropriately patient in our approach for names to work, and exploit opportunities often beyond the horizon of other investors.

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.

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

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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Sebastien Mallet

Portfolio Manager

Sebastien Mallet is a portfolio manager in the Equity Division at T. Rowe Price, managing the Global Value Equity Strategy.

Mr. Mallet has 19 years of investment experience, 15 of which have been at T. Rowe Price. Prior to joining the firm in 2005, he was a telecom banker at Credit Suisse First Boston in the Tokyo and London offices. Mr. Mallet started his career as a financial analyst with France Telecom, based in Guangzhou, China, and Madrid, Spain.

Mr. Mallet earned an M.A., with honours, in finance from the University of Paris and an M.B.A. from the London Business School.

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