Meet Hari Balkrishna
Portfolio Manager,
Global Impact Equity Strategy
May 2024

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Hari Balkrishna
Harvard Business School,
M.B.A., With Distinction;
University of New
South Wales, Australia,
Bachelor of Commerce inFinance and Accounting,
University Medal, andFirst Class Honours.

Wyears ofinvestment
experience13

years with
T. Rowe Price

Londonoffice location

ith 18 years of investment experience and a passion
for environmental and social impact, Hari Balkrishna iswell equipped to manage the Global Impact Equity Strategy. He
believes the market is ready for investors seeking to make a more
active and conscious choice to favor companies that can deliver
positive environmental and social impact.

FOR INVESTMENT PROFESSIONALS ONLY.
NOT FOR FURTHER DISTRIBUTION.

2021–Present
Portfolio Manager for the Global Impact
Equity Strategy
2015–2020
Associate Portfolio Manager for the Global Growth
Equity Strategy
2010–2015
Research analyst responsible for covering European
financials, real estate, and autos
2004–2008
Goldman Sachs (Sydney, Australia), financial
institutions group in the investment banking division

Q: Tell us about your background and how you started yourinvestment career.
After finishing my bachelor’s degree, I knew that I wanted to workin asset management as I always loved the accountability andgame theory of financial markets but wasn’t quite able to breakin right after university. I instead spent four years in investmentbanking in Sydney, Australia, with Goldman Sachs before
deciding that it wasn’t for me and applied to business school—
to globalize my knowledge base and to break into professional
asset management.

1During my time pursuing an M.B.A. at
Harvard Business School, I completed
a summer internship with T. Rowe Priceworking as an analyst in the London office.
I covered the banking sector, which wasundergoing huge change after the global
financial crisis in 2008. Upon gaining my
M.B.A., I accepted a role as an investment
analyst at T. Rowe Price covering
European and Canadian banks, autos, andreal estate.

environmental and/or social impact aspart of distinct performance targets andis material, measurable, and additional.
We believe that impact investing is key topursuing companies engaged in societal
and environmental change. Capital can bedirectly deployed into companies that seek
positive impact and are change‑enabling.
But this has to be combined with
fundamental analysis, deep research, andvaluation discipline.

Prior to my role as portfolio manager for
the Global Impact Equity Strategy, I was
an associate portfolio manager for the
Global Growth Equity Strategy for six
years, working with Scott Berg. This wasa fantastic grounding in globalizing one’s
investment knowledge across sectors,
but more importantly in building anddeepening working relationships with all
our analysts, sector portfolio managers,and diversified portfolio managers aroundthe world.

Q: Can public equity investing reallymake an impact on key environmental
and social concerns, especiallycompared with private investing?

Q: What attracted you to
impact investing?
At a personal level, having lived andworked in five different continents, I havebuilt an appreciation for different social
constructs and have always been apassionate believer in solving for climatechange. The strategy was born throughour desire to contribute in a positive way
to the challenges our planet and society
face today. We believe impact investingis the most direct way we can addressthese challenges—via conscious action,
engagement, and skilled execution. It
goes beyond simply owning and capturing
the economics and activities of certain
types of companies. Capital must also be
directed toward desired impact outcomes,
alongside engaging with company
management and active proxy voting tohelp achieve the best results.
Impact investing also brings a nonfinancial
dimension to the investment process—avalues‑based approach that seeks positive

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While impact investing was originally thedomain of private investors, we believe
the potential to capture and create impact
in public equity markets has broadened
tremendously over the past decade.
Ambitious international and local goals
are being set on environmental and social
initiatives to directly address risks andpromote change. Among them are the UN
Sustainable Development Goals (SDG), a
globally recognized framework that aims to
end poverty, protect the planet, and ensure
prosperity. On its own, it is estimated thatapproximately USD 5 to 7 trillion of capitalwill be needed annually until 2030 toachieve the UN SDG objectives.1
If we aspire to accelerate these andother initiatives that target social andenvironmental transitions, it is essential
to fund them at scale and in a liquidmanner—so public equity markets willbe critical to that effort. The enormity ofissues like clean energy transition will not
be possible without the backing of large
and well‑funded publicly listed firms.

…having lived
and worked
in five different
continents, I havebuilt an appreciation
for different social
constructs andhave always been apassionate believer
in solving forclimate change.

Excitingly, the opportunity to ownbusinesses that create a positiveenvironmental or social impact is greaterthan ever before in public equity markets,as companies should shift investment
to address environmental and societalpressure points.

Source: World Investment Report, United Nations Conference on Trade and Development (UNCTAD).

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Q: How do you make a difference
for clients as an impact
investment manager?
We aspire to be a partner to our clients,using our full breadth of ideas in seeking
to harvest both impact and potential alphaover the long term. Impact investing has
grown tremendously in recent years, inpart because investors are not being asked
to accept a sacrifice of returns in order toimplement a values‑based approach.
Part of my role as an impact portfolio
manager is to help individuals andinstitutions make sense of what’s
happening in the world around us
and how that could manifest intorisks and opportunities within an
investment portfolio. For example, as theenvironmental costs of climate change
accelerate, planning for the future andthinking about climate mitigation cangenuinely help a company’s bottom line.
As businesses become more conscious
and active in aligning capital with theeconomic returns that can legitimately flowfrom addressing environmental or social
tensions, I expect opportunities to grow.
That is important because breadth is a key
foundation of consistency and meeting
the return objectives of impact investing.
In short, we are in an era of growth withrespect to the opportunity set of impact
stocks, and it is a privilege to help ourclients access these opportunities.
From an alpha perspective, we also believe
impact‑oriented companies can offer
better topline and bottom‑line growth
opportunities than the index. Often thesecompanies have products that are in highdemand from consumers, but also havebusiness models that regulators wish
to incentivize as we try to achieve net
zero targets.
Q: Can an investment manager
contribute to positive impact?
Impact is achieved within an investment
portfolio in more ways than simply
owning and capturing the economics andactivities of certain types of companies.

It involves directing fresh capital toward
desired impact outcomes, alongside
impact‑oriented company engagement,
proxy voting, and the associatedfeedback loop.
As a starting point, we screen companies
through an impact lens for both materiality
and measurability of the desired outcome.
This requires an understanding of abusiness in the context of a defined impact
framework. For us, this is driven by a
combination of evaluating a company’s
current and future operations and thealignment of earnings or revenues with our
impact pillars and the UN SDGs. We use
the word “future” very deliberately, given
the rapid evolution of many businesses
and the need to look forward.
Importantly, as a truly global asset
manager, we are ready to supply newcapital to areas of target impact. We use
our position of ownership to enter into
dialogues with companies where we cansee the potential for them to accelerate
the good aspects of their operations, while
mitigating the negative parts that naturally
exist even in the purest of business
operations. Change takes time andrequires resilience, but this is consistent
with many aspects of successful
long‑term investing.
Q: How does your portfolio differ fromthe theme/factor of ESG, sustainability,
or even impact?

Impact investinghas grown
tremendously in recent
years, in part because
investors are not being
asked to accept asacrifice of returns inorder to implement avalues‑based approach.

It is important to distinguish that impact
investing is not environmental, social, orgovernance (ESG) integration, and it isalso a different discipline from sustainable
investing. It incorporates both, but takes
it a step further. Impact investing in public
equity markets lives in the same domain asother styles of investing. We do not believe
there needs to be a sacrifice of return
potential, and we believe the opportunity
set is unrecognizable from a decade ago.
Impact investing is also outward‑looking(planet and society) and forward‑looking
compared with ESG integration andsustainability, which tend to look at acompany’s own operations much more.

3But impact investing backed by stock
picking outcomes requires equal, if not
greater, levels of due diligence to avoid
excessive concentration, crowding,and disappointment. A forward‑looking
perspective, a stable and expert
research foundation, and a good level ofimagination are key features of successful
investment processes.
Q: What does the future look like for
impact investing?
Change is often born of extremes—and weare living in a period of extremes in many
respects. The challenges of our era havecreated open and broad debate about therights and freedoms of humankind, thegrowth in inequality, and the clear andobvious pressures on our environment.
To this point, rarely have society andinvestors mobilized in the way we haveseen in the past four years, with clear andraised expectations as to how businesses
should conduct themselves in the context
of the societies and the environments inwhich they operate.
We are encouraged by the significanceand action businesses are applying to
demands for new and improved principles.
Companies are innovating in response tosociety’s demands for solutions to pressing
issues, and industry leaders are adapting
in recognition of their responsibilities.
This has created an increasing number ofopportunities to access positive impact
within public equity markets.
Q: Share with us your personal interestsand how they might (or might not)intersect with your professional work.
I strongly believe in the importance ofwork‑life balance. I have two children witha range of interests, and I enjoy spending
as much time with them as possible,
especially playing cricket and squash withthem. I also love cycling, playing squash,
and badminton.
I cochair the London Corporate
Responsibility Committee, which isan opportunity to allow T. Rowe Priceassociates to have an impact on our
local communities. It is extremely
rewarding work where we can make a realdifference to the communities around us.
Volunteering and charity work is also a
daily reminder of the purpose of impact
investing—trying to channel capital towardmaking a difference and making the world
a better place.

Risks—the following risks are materially relevant to the portfolio:
Capital risk—The value of your investment will vary and is not guaranteed. It will be affected by changes in the exchange rate between
the base currency of the portfolio and the currency in which you subscribed, if different.
Environment, social and governance and sustainability risk—Due to environmental changes, shifting societal views, and an evolving
regulatory landscape related to sustainability issues, the earnings and/or profitability of companies that a portfolio invests in may
be impacted.
Equity risk—In general, equities involve higher risks than bonds or money market instruments.
Geographic concentration risk—To the extent that a portfolio invests a large portion of its assets in a particular geographic area, its
performance will be more strongly affected by events within that area.
Hedging risk—A portfolio’s attempts to reduce or eliminate certain risks through hedging may not work as intended.
Investment portfolio risk—Investing in portfolios involves certain risks an investor would not face if investing in markets directly.
Management risk—The investment manager or its designees may at times find their obligations to a portfolio to be in conflict with their
obligations to other investment portfolios they manage (although in such cases, all portfolios will be dealt with equitably).
Operational risk—Operational failures could lead to disruptions of portfolio operations or financial losses.

4T. Rowe Price identifies and actively invests in opportunities to help people thrive in an
evolving world, bringing our dynamic perspective and meaningful partnership to clientsso they can feel more confident.

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