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3 Ways to Play Cloud Computing Theme 3 WAYS TO PLAY CLOUD COMPUTING THEME OCTOBER 2017 Joshua Spencer Portfolio Manager, Global Technology Equity Strategy The days when companies were forced to install servers and software on site to meet their various computing needs are quickly coming to an end. The earlier technology, requiring expensive maintenance and routine upgrades has given way to cloud computing, which offers a more customer-friendly solution—one that is disrupting the technology landscape. Cloud computing represents a significant investment theme for the T. Rowe Price Global Technology Equity Fund1, and companies like Amazon.com, salesforce.com, and Alibaba Group Holding represent a few of the innovative companies in this space. AMAZON WEB SERVICES (AWS) Amazon.com’s Amazon Web Services (AWS) is one of the biggest players in on-demand computing power. The company has upended the dynamics of storage through AWS, whose scalability has allowed companies to adjust to meet the amount of server capacity they require, effectively ending the days of idle capacity. AWS and similar cloud-based infrastructures and platforms help facilitate e-business, big data analytics, enterprise applications, and many other functions. The shift to on-demand computing power is unmistakable, as it results in a significant reduction in a company’s investment in hardware and software, as well as subsequent cost savings on information technology (IT) staff. Indeed, a recent survey released in February 2017 of more than 2,000 IT professionals conducted by antivirus software company McAfee found that over 80% of businesses are now adhering to a “cloud first” strategy. On-demand computing power allows firms to focus on their core competencies rather than diverting resources to maintain in-house technology. Firms recognise that cloud computing’s cost savings and increased efficiencies cannot be understated. SALESFORCE.COM Other firms deliver applications and services via the cloud. For example, a retailer might want to use social media to resolve customer complaints. Several providers of enterprise software-as-a-service (SaaS) assist with strategically tracking and responding to customer posts. The company can subscribe to this service rather than paying for licensed software. This subscription-based model provides companies with flexibility and cuts internal IT costs. Salesforce.com, owned by the Fund1, is a leading SaaS provider, with the majority of its revenue derived from customer relationship management applications. Salesforce’s strong front-office product portfolio and highly recurring subscription business model should help it become a beneficiary of the trend toward SaaS. We are mindful, however, that the company’s operating margins are lower than some of its peers. 1 T. Rowe Price Funds OEIC – Global Technology Equity Fund ALIBABA A key advantage of investing across the globe is that we can apply what we learned in one market to another. Our position in Chinese stock Alibaba Group Holding, one of the largest e-commerce companies in the world, illustrates this. Its cloud business, AliCloud, has scale and network effects that are reminiscent of a younger AWS. Unlike Amazon.com in 2006, Alibaba Group Holding will not need to pitch the benefits of cloud computing because these are now well known. Furthermore, the company operates in a market with reduced competitive headwinds. That being said, cloud computing adoption is in its early stages within the region, and unforeseen challenges may arise. A POWERFUL TREND DRIVING INNOVATION Increased demand for products and services like streaming video services and augmented reality should in turn increase demand for cloud infrastructure and services. Furthermore, cloud computing models are well equipped to further innovate and provide solutions to existing and burgeoning industries. For example, autonomous vehicles generate approximately one gigabyte of data every second—an amount that would overwhelm current network bandwidth if many self-driving vehicles were operating in a given area. Innovations in cloud computing that allow data workloads to be processed closer to the source of the data will help spur growth for the industry. In our view, cloud computing is a well-established trend with multiple years of growth ahead. Investing in cloud computing requires a deep understanding of the industry and how new innovations will leverage—and even change—this technology. We believe our bottom-up approach to stock selection coupled with our firm’s global capabilities assist us in understanding both. Important Information For professional clients only. Not for retail distribution. The specific securities identified and described do not represent all of the securities purchased or sold for this sub-fund. This information is not intended to be a recommendation to take any particular investment action and is subject to change. No assumptions should be made that the securities identified and discussed above were or will be profitable. The OEIC Funds are sub-funds of the T. Rowe Price Funds OEIC, an investment company with variable capital incorporated in England and Wales which is registered with the UK Financial Conduct Authority and which qualifies as a UCITS. 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 and in an official language of the jurisdictions in which the Funds are registered for public sale, together with 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 www.troweprice.com. This material is being furnished for general informational purposes only. 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. The material does not constitute a distribution, an offer, an invitation, recommendation or solicitation to sell or buy any securities in any jurisdiction. The material does not constitute advice of any nature and prospective investors are recommended to seek independent legal, financial and tax advice before making any investment decision. This material is issued and approved by T. Rowe Price International Ltd, 60 Queen Victoria Street, London, EC4N 4TZ which is authorised and regulated by the UK Financial Conduct Authority. For Professional Clients only. T. ROWE PRICE, INVEST WITH CONFIDENCE and the Bighorn Sheep design are, collectively and/or apart, trademarks or registered trademarks of T. Rowe Price Group, Inc. in the United States, European Union, and other countries. 201709-266420 .
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