We Asked T. Rowe Price's $17B International Manager Why Value is Winning Again — and What the S&P 500 Leaves Out

International value's rebound is structural — driven by higher rates, reshoring/AI capex, and Japan/Korea reforms — not just a cyclical bounce.

• Career arc: McQueen moved from "deep value" fishing in "garbage cans" at Phillips & Drew (1989) to quality compounding at Morgan Stanley to T. Rowe Price's international value fund, blending both styles.
• Value's lost decade explained: Weak post-GFC growth, near-zero/negative rates (a third of world bonds negative), and dot-com-style tech dominance crushed value and financials in the 2010s; international value earnings grew just 0.5%/yr vs. S&P's 8%.

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