An unconstrained, high conviction fund seeking companies with a sustainable competitive advantage

At a glance:

Fund launch date:


30 May 2017




28 March 2003












David Eiswert

Portfolio Manager

Why T. Rowe Price Global Focused Growth Equity Fund?

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.


Harnessing our best ideas globally with T. Rowe Price Global Focused Growth Equity Fund

Sign up for Global Equity insights from T. Rowe Price

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 fund

Our Global Focused Growth Equity fund 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.


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.


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.


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 fund (refer to prospectus for further details):

Country risk (China) – all investments in China are subject to risks similar to those for other emerging markets investments. In addition, investments that are purchased or held in connection with a QFII licence or the Stock Connect program may be subject to additional risks.

Country risk (Russia and Ukraine) – in these countries, risks associated with custody, counterparties and market volatility are higher than in developed countries.

Currency risk – the risk that securities denominated in currencies other than the base currency of the fund may decrease in value due to changes in foreign exchange rates.

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

Equity risk – in general, equities involve higher risks than bonds or money market instruments.

Geographic concentration risk – to the extent that a fund 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 fund’s attempts to reduce or eliminate certain risks through hedging may not work as intended.

Investment fund risk – investing in funds 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 fund to be in conflict with their obligations to other investment portfolios they manage (although in such cases, all portfolios will be dealt with equitably).

Market risk – prices of many securities change daily, and can fall based on a wide variety of factors.

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

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.

Other global equity funds

Want to know more about our global equity capabilities?

* T. Rowe Price Funds SICAV – Global Focused Growth Equity Fund and T. Rowe Price Funds OEIC – Global Focused Growth Equity Fund.

Full details of the objectives, investment policies and risks are located in the prospectus which is available with the key investor information documents in English, together with the articles of incorporation and the annual and semi-annual reports (together “Fund Documents”). Any decision to invest should be made on the basis of the Fund Documents which are available free of charge from the local representative, local information/paying agent or from authorised distributors and via the links titled “See all SICAV fund data” and “See all OEIC fund data” available in the resources section above.

Ratings data as at 31 December 2020 unless otherwise stated.

FE Alpha Manager ratings do not constitute investment advice offered by FE and should not be used as the sole basis for making any investment decision. All rights reserved.

Square Mile Research.

© Rayner Spencer Mills Research Limited.

Elite Fund ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.

© 2020 FE. All Rights Reserved. The information, data, analyses, and opinions contained herein (1) include the proprietary information of FE, (2) may not be copied or redistributed, (3) do not constitute investment advice offered by FE, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be correct, complete, or accurate. FE shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses, or opinions or their use. FE does not guarantee that a fund will perform in line with its FE Crown Fund Rating as it is a reflection of past performance and Rating should not be seen as any sort of guarantee or assessment of the creditworthiness of a fund or of its underlying securities and should not be used as the sole basis for making any investment decision.

The Morningstar rating is updated on a monthly basis.

© 2020 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For further information on ratings methodology please visit

To read more on the methodology, visit The award of an Elite Fund rating does not mean the fund is a suitable investment for you, and does not constitute a recommendation to buy. If a fund that you already hold does not, in the opinion of FundCalibre, merit an Elite Fund rating, this does not constitute a recommendation to sell.

FundCalibre is an authorised representative of Chelsea Financial Services. © FundCalibre Limited 2020.

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.

Thank you for registering for global equities updates. The latest insights will be sent straight to your inbox, in the meantime see our latest thinking:

Important Legal Information

This site is intended for Wholesale Clients. I have read the terms detailed below and confirm that I am a Wholesale Client and that I wish to proceed.

By accessing this website, you acknowledge that you have read the TERMS AND CONDITIONS (“T&Cs”) and agreed to the provisions set out in the T&Cs. In addition, you also consent to T. Rowe Price collecting information by way of cookies.

Information contained in the T. Rowe Price website is not intended for investors in any jurisdiction in which distribution or purchase is not authorised, including the jurisdiction of the reader of this information, where applicable. For example, the information herein is not for distribution to and does not constitute an offer to sell or the solicitation of any offer to buy any securities in the United States of America to or for the benefit of United States persons. In certain jurisdictions, such as Australia, an investor must qualify as a wholesale client. Information contained in this website is not for retail investors. Information obtained from this site is intended specifically for the individuals who have agreed to these Terms and Conditions and may not be redistributed without prior consent from the T. Rowe Price Legal department.

The information is designed for wholesale clients in accordance with the definition set out in Australian Corporations Act, including financial intermediaries, and is published for informational purposes only.

Persons who do not fall into the definition of wholesale client should not act upon the information contained herein.

This website is for general informational purposes only. This does not constitute or undertake to give advice of any nature, including fiduciary investment advice, and 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.

This website 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. This 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 website 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.

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

Issued in Australia by T. Rowe Price Australia Limited (ABN: 13 620 668 895 and AFSL: 503741), Level 50, Governor Phillip Tower, 1 Farrer Place, Suite 50B, Sydney, NSW 2000, Australia. For Wholesale Clients only.