T. Rowe Price Global Equity (Hedged) is an Managed Funds investment product that is benchmarked against Developed -World Index and sits inside the Foreign Equity - Currency Hedged Index. Think of a benchmark as a standard where investment performance can be measured. Typically, market indices like the ASX200 and market-segment stock indexes are used for this purpose. The T. Rowe Price Global Equity (Hedged) has Assets Under Management of 560.99 M with a management fee of 0.96%, a performance fee of 0 and a buy/sell spread fee of 0.45%.
The fund performed mostly in line with the MSCI All Country World Index ex Australia Hedged to AUD Net for the one-month period ended August 31, 2023. Adyen was the largest relative detractor for the month. Adyen is a full-stack payments platform that consists of providing gateway, acquiring, risk management, processing, settlement, and issuing services.
Shares sold off sharply following the release of very poor earnings results that underperformed already low consensus expectations. Results were mainly driven by a slowdown in the U.S. segment due to merchant costcutting, increasing competition, higher capital expenditures, and challenges with offline services. We still believe Adyen has a long runway for above-market growth driven by secular trends and a technological advantage over incumbents that is very difficult to replicate, but given these disappointing earnings results, we chose to moderate our position size. At the sector level, stock selection in financials hurt relative returns, with our holdings in Adyen and NU Holdings performing the worst. On the other hand, holdings in information technology helped relative returns, especially our positions in FPT and NVIDIA.
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