T. Rowe Price Group, Inc. · NASDAQ:TROW
T. Rowe Price — T. Rowe Price Conference 2025
21 slides from T. Rowe Price's conference presentation, September 2025
Slide 1: Global Focused Growth
#TRPConference Global Focused Growth David Eiswert, CFA 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: Global Focused Growth
Global Focused Growth David Eiswert, CFA Portfolio Manager T. R O W E P R I C E 2
Slide 3: T. Rowe Price Funds SICAV—Global Focused Growth Equity Fund
T. Rowe Price Funds SICAV—Global Focused Growth Equity Fund Objective and Risks 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 ▪ Currency - Currency exchange rate movements could reduce in
Slide 4: Global Focused Growth investment design
Global Focused Growth investment design Repeatable but difficult to imitate Repeatable Difficult to imitate Only second to luck, ▪ Platform—Designed around our research ▪ Active—Differentiated—Insights of growing design is the most platform—dependent on our resources. returns not just growth. import
Slide 5: Performance
Performance Periods Ended 31 August 2025 | Figures are Calculated in U.S. Dollars T. Rowe Price Funds SICAV—Global Focused Growth Equity Fund Annualised Since Manager One One Three Five Ten Fifteen Twenty Inception30 Month Year-to-Date Year Years Years Years Years Years Sep 2012 ‡ T. Rowe Price Fund
Slide 6: Global Focused Growth Equity Representative Portfolio Positioning
Global Focused Growth Equity Representative Portfolio Positioning As of 31 August 2025 Top 10 Holdings GFG ACWI1 +/- Top Purchases Weight 6/30 Weight 08/31 NVIDIA 5.9% 4.9% 1.0% Alphabet 0.7 2.4% Microsoft 4.8 4.1 0.7 Apple 1.5 3.0 Apple 3.0 4.0 -1.0 Arista Networks (N) 0.0 1.2 Unilever 2.7 0.2 2.5
Slide 7: Sector and region diversification
Sector and region diversification As of 31 August 2025 T. Rowe Price Funds SICAV―Global Focused Growth Equity Fund vs. MSCI All Country World Index Relative sector weights Relative regional weights Information Technology Emerging Markets Communication Services Financials Utilities Developed Europe I
Slide 8: Where we are finding opportunity
Where we are finding opportunity As of 31 August 2025 AI / Big Data Aerospace & Banks Consumer Defence The trademarks shown are the property of their respective owners. T. Rowe Price is not endorsed, sponsored, or otherwise authorized by or affiliated with any of the trademark owners represented by
Slide 9: Market Themes
Market Themes T.ROWE PRICE INVEST WITH CONFIDENCE® | 9
Slide 10: U.S. Not the only game in town
U.S. Not the only game in town 31 December 2024 – 31 August 2025, Price Returns 35% S&P 500 Index STOXX Europe 600 Index 30% Nikkei 225 Index Hang Seng Index 25% MSCI Emerging Markets Index 20% 15% 10% 5% 0% -5% -10% -15% -20% 31-Dec 31-Jan 28-Feb 31-Mar 30-Apr 31-May 30-Jun 31-Jul 31-Aug Past perfo
Slide 11: U.S. vs. Europe—Fiscal deficit and equity valuations
U.S. vs. Europe—Fiscal deficit and equity valuations As of 30 June 2025 2025 Projected 30 130% S&P 500 P/E—left axis STOXX 600 P/E—left axis 120% U.S. Debt to GDP (%)—right axis 25 EU Debt to GDP (%)—right axis 110% U.S. faces 100% significantly higher Forward P/E fiscal deficits and Percent 20 90%
Slide 12: Reawakening of Europe
Reawakening of Europe 30 September 2005 - 31 August 2025 10-Year Yields 8% Germany France 6% Italy Stronger growth U.S. expectations and the 4% re-leveraging in Europe driving rates higher and narrowing 2% the spread with the U.S. treasuries. 0% -2% Sep-05 Sep-10 Sep-15 Sep-20 Sep-25 Source: T. Rowe
Slide 13: AI—need a bigger boat
AI—need a bigger boat Positive supply Inferencing demand GPU/ASIC—unsettled Early signs of chain feedback inflecting and debate; plenty of room capex shifting off improving exponential growth for both to win Balance Sheet Source: Analysis by T. Rowe Price T. R O W E P R I C E 13
Slide 14: Accelerating AI adoption
Accelerating AI adoption As of 30 June 2025 Supply vs. Demand Cumulative AI Compute Power Monthly Tokens Processed Across Google Surfaces 200,000 Number of Blackwell equivalent GPUs* Bull 600 With such a wide Tokens Processed (in Trillions) 480T+ 150,000 500 range of outcomes, 400 investors are will
Slide 15: Trump 2.0 driving banking regulatory reform
Trump 2.0 driving banking regulatory reform Stress-test/CCAR1 Changes Expected benefits from banking regulatory reform G-SIB1 Surcharge Recalibration ▪ Reduction in capital requirements ▪ Enable faster M&A approvals (months vs. years) SLR1 Reform ▪ Increased loan activity ▪ Lowers G-SIB systematic r
Slide 16: Financials cleanest beneficiary of U.S. deregulation and revitalization of Europe
Financials cleanest beneficiary of U.S. deregulation and revitalization of Europe U.S. Change in political Europe Re-levering of appointees who interest rates; oversee U.S. higher NIM financial agencies and collapsing of organizations Deregulation of M&A Past peak Increased economic Crypto regulator
Slide 17: Balancing the Bulls and Bears
Balancing the Bulls and Bears As of 31 August 2025 The Bulls The Bears ▪ Implied Fed put in the U.S. economy ▪ Valuations are fair to elevated ▪ Corporate and consumer debt levels are low ▪ Geopolitical uncertainty ▪ AI productivity boom ▪ Potential re-acceleration of inflation and risks to Fed rate
Slide 18: Additional Disclosures
Additional Disclosures Source for MSCI data: MSCI and its affiliates and third party sources and providers (collectively, “MSCI”) makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be
Slide 19: Important information
Important information 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 qualifies as an undertaking for collective investment in transferable securities (“
Slide 20: Q&A
O&A T. ROWE PRICE INVEST WITH CONFIDENCE* | 20
Slide 21: Thank You
D4 T.RowePrice Thank You