T. Rowe Price Group, Inc. · NASDAQ:TROW
T. Rowe Price — ESG Presentation (September 2025)
23 slides from T. Rowe Price's sustainability presentation, September 2025
Slide 1: Preparing Portfolios in a climate of change
Preparing Portfolios in a climate of change Peter Bates Portfolio Manager September 2025 THIS MARKETING COMMUNICATION IS FOR INVESTMENT PROFESSIONALS ONLY. NOT FOR FURTHER DISTRIBUTION. T. R O W E P R I C E 1
Slide 2: Introduction to Peter Bates, Portfolio Manager
Introduction to Peter Bates, Portfolio Manager As of 31 August 2025 21 YRS 9 YRS 6 YRS 4 YRS+ with T. Rowe Price foundational training as global industrials as lead portfolio as industrials research sector portfolio manager analyst manager and sector team lead Firmwide experience An industrials back
Slide 3: T. Rowe Price Global Select Equity Strategy
T. Rowe Price Global Select Equity Strategy As of 31 August 2025 An active, high conviction, style-balanced and risk-managed global equity strategy seeking consistent performance ▪ MSCI World Index Net benchmark1 ▪ 30–45 stocks Uncorrelated High active Style-balanced alpha share ▪ 2–5% average posit
Slide 4: A balanced portfolio in action
A balanced portfolio in action Global Select Equity Representative Portfolio As of 30 June 2025 T. Rowe Price Global Select Equity Source of Active Risk 100% Factor Factor Stock Specific Stock Specific 0% Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Past performance is not a guaran
Slide 5: A balanced strategy across styles
A balanced strategy across styles As of 31 August 2025 The market environment will dictate where the opportunity presents itself for these three broad classifications of stocks CYCLICALS AND STEADY GROWTH DISRUPTORS TURNAROUNDS Material upside potential with likely Compounders of total return, Poten
Slide 6: A balanced portfolio in action
A balanced portfolio in action As of 30 June 2025 Portfolio positioning across growth / inflation outcomes Global Select Equity Representative Portfolio Higher inflation ConocoPhillips Valero ITOCHU Allstate RenaissanceRE Holdings Chugai Pharmaceutical Eli Lilly O'Reilly Automotive GoDaddy Societe G
Slide 7: A framework for consistent alpha
A framework for consistent alpha Balanced growth / value factor tilts Focus on stock level risk/return Balance recession / Repeatable macro risk alpha Find companies with a positive change catalyst Invest behind durable growth themes T. R O W E P R I C E 7
Slide 8: Performance and Positioning
Performance and Positioning T. R O W E P R I C E 8
Slide 9: Performance: Global Select Equity Composite
Performance: Global Select Equity Composite As of 31 August 2025 - Figures shown in GBP Annualised One Three Year-to- One Three Since Inception Month Months Date Year Years 31 Dec 2020 % % % % % % Global Select Equity Composite (Gross of Fees) -2.41 4.54 0.81 2.75 12.18 11.79 Global Select Equity Co
Slide 10: Objective and Risks - Global Select Equity Fund
Objective and Risks - Global Select Equity Fund Objective Risks – the following risks are materially relevant to the fund (refer to prospectus for further details): To increase the value of its shares, over the ▪ Currency - Currency exchange rate movements could reduce investment gains or increase i
Slide 11: Value added across changing macro and factor dynamics
Value added across changing macro and factor dynamics As of 31 August 2025 | Figures are calculated in GBP Global Select Equity Composite 25 21.6 20 Growth Market 15 10.8 Percentage (%) 10 5 2.5 3.2 2.0 2.9 2.2 1.4 0.5 0.4 0.3 0 -1.5 -2.1 -0.3 -5 -3.0 -3.8 -4.3 -3.6 -10 -7.3 -15 -20 Value Market -18
Slide 12: Last 12-month performance tied to three misses
Last 12-month performance tied to three misses 1 Health Care 2 Tech Misses 3 Lagging Cyclicals ▪ Worst-performing sector over All software now an AI loser? Opportunity cost is real last 12 months—under government attack ▪ Failed to appreciate the rate of change due to the new administration – NIH fu
Slide 13: Thoughts on the Market
Thoughts on the Market T. R O W E P R I C E 13
Slide 14: AI investment spend is a significant driver of GDP growth
AI investment spend is a significant driver of GDP growth… As of 2 September 2025 Beneficiaries Total Capex Estimates—2020 through 2026E $76bn $97bn $126bn $133bn $232bn $383bn $460bn $500 $450 Total Capex in Billions USD $400 $350 $300 $250 $200 $150 $100 $50 $0 2020 2021 2022 2023 2024 2025E 2026E
Slide 15: But not all AI winners are the same
…But not all AI winners are the same AI Beneficiary Today 2+ Years Semiconductors ✓ Grid Infrastructure ✓ Hyperscalers ✓ Independent Power Producers ? Power Grid ? T. R O W E P R I C E 15
Slide 16: The "real" economy continues to struggle
The “real” economy continues to struggle January 2000 – August 2025 ISM Manufacturing PMI – U.S. Dot-Com Recession The Great Recession COVID-19 Recession 70 60 50 August 2025 48.7 40 30 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 Source: The trademarks shown are the property of
Slide 17: Invest with Confidence | Q&A
O&A T. ROWE PRICE INVEST WITH CONFIDENCE* | 47
Slide 18: Please share your feedback
Please share your feedback For every survey completed, £10 will go to Ocean Generation Charity Scan QR code T. R O W E P R I C E 18
Slide 19: GIPS Composite Report
GIPS® Composite Report Period Ended December 31, 2024 | Figures Shown in U.S. Dollar Global Select Equity Composite 2021 2022 2023 2024 Gross Annual Returns (%) 24.66 -18.00 27.26 17.53 Net Annual Returns (%)1 22.44 -19.51 24.99 15.43 MSCI World Index Net (%) 21.82 -18.14 23.79 18.67 Composite 3-Yr
Slide 20: Fee Schedule
Fee Schedule As of 30 June 2025 Global Select Equity Composite The Global Select Equity Composite seeks long-term capital appreciation through investment in common stocks of established companies listed primarily on the developed world's stock markets. We seek to buy and own companies where we have
Slide 21: Additional Disclosures
Additional Disclosures The representative portfolio is an account in the composite we believe most closely reflects current portfolio management style for the strategy. Performance is not a consideration in the selection of the representative portfolio. The characteristics of the representative port
Slide 22: Important Information
Important Information Unless indicated otherwise the source of all market data is September 2025. The Funds are sub-funds of the T. Rowe Price Funds SICAV, a Luxembourg investment company with variable capital which is registered with Commission de Surveillance du Secteur Financier and which qualifi
Slide 23: Thank You
D4 T.RowePrice Thank You
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