Wealth Shortlist Update: T. Rowe Price Global Value Equity

We’ve taken the decision to add T. Rowe Price Global Value Equity to the Wealth Shortlist of funds chosen by our analysts for their long-term performance potential on 28 July 2025.

The fund aims to deliver long-term growth by investing in companies across the globe. It uses a value investing approach, which means investing in companies where the manager believes the share price doesn’t reflect a company’s long-term potential, perhaps because of some short-term uncertainty.

The fund’s managed by Sebastien Mallet. Mallet is Vice President at T. Rowe Price Group and has over 20 years of experience investing in global companies using a value investment style. He began managing the Global Value Equity fund in 2012. There are few global fund managers with such a long and consistent track record in value investing.

Marta Yago is Associate Portfolio Manager on the fund. She joined T. Rowe Price in 2007 and became Associate Portfolio Manager in October 2023. While Yago has valuable experience, our conviction in the fund is mainly due to Mallet’s involvement given his length of experience in global value investing.

Mallet and Yago have the support of T. Rowe Price’s extensive global research team, which includes other value-focused managers and 171 research professionals based across 11 offices worldwide.

Mallet’s used a consistent investment process for many years. He believes stock markets often overreact to uncertainty, which can cause share prices to move away from a company’s true value. If his assessment is correct and the company improves over time, its share price could rise as the market re-evaluates it.

Using the team’s research and ideas, Mallet builds a fund of 80–100 companies. He works closely with the analysts to understand the risks and rewards of each investment and assesses whether a company is higher quality and defensive, or a deeper value and potentially riskier one. By blending both types, Mallet believes the fund is better positioned to perform across a range of market conditions and will be less volatile. Mallet also has the flexibility to invest in emerging markets and smaller companies, both of which can increase return potential but add risk.

Mallet has built a strong long-term track record. The fund has performed better than the average fund in the IA Global sector since launch in November 2012. Like many global value funds that don’t tend to invest as much in US or technology companies as growth-focused funds, this one hasn’t performed as well as its benchmark, the MSCI World Index, over this time.

That said, our analysis shows this fund has performed better than many other global value funds as well as the MSCI World Value Index. Past performance isn’t a guide to the future.

The fund also offers important diversification. While US and technology companies have done well in recent years, different sectors, themes and countries will come in and out of favour and perform well at different times. For example, the fund performed much better than the market in 2022 when value companies outperformed.

Over the longer term, we expect the fund to do better when value investing is in favour, and the reverse is also true. Given Mallet invests in some higher-quality companies we also expect the fund to hold up better than some others when markets fall but may not rise as quickly when they go up. For example, the fund held up well during the market volatility in March and April this year. Although this is a short period to judge performance.

Overall, we think Mallet has the experience, skill, and support to deliver good long-term returns to patient investors.

We’ve also published a full fund update to go alongside this notification on our website, where you can find out more about the managers, their investment process and the fund’s performance.

Although we're adding the fund to the Wealth Shortlist, this isn't a recommendation to make any changes to an investment portfolio. Investors should make sure any investments match their investment goals and attitude to risk and are held as part of a diversified portfolio. If you're not sure if an investment is suitable for your circumstances, please seek personal advice.

Past performance is not a guide to the future. Source: Lipper IM to 30/06/2025. T Rowe Price Global Value Equity I Share Class used to show performance figures since the fund's launch.

More on T. Rowe Price Global Value Equity, including charges

T. Rowe Price Global Value Equity Key Investor Information