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GIPS® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®). TRP has been independently verified for the twenty one- year period ended June 30, 2017 by KPMG LLP. The verification report is available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

TRP is a U.S. investment management firm with various investment advisers registered with the U.S. Securities and Exchange Commission, the U.K. Financial Conduct Authority, and other regulatory bodies in various countries and holds itself out as such to potential clients for GIPS purposes. TRP further defines itself under GIPS as a discretionary investment manager providing services primarily to institutional clients with regard to various mandates, which include U.S, international, and global strategies but excluding the services of the Private Asset Management group.

A complete list and description of all of the Firm's composites and/or a presentation that adheres to the GIPS® standards are available upon request. Additional information regarding the firm's policies and procedures for calculating and reporting performance results is available upon request

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Past performance is not a reliable indicator of future performance.

Strategy

US Real Estate Equity

The US Real Estate Equity Composite seeks capital growth and current income by investing primarily in U.S. companies engaged in the real estate industry.

3YR Return Annualised (Net)
(View Total Returns)

Tracking Error
(5 Years)

-3.14%
2.52%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

-21.45%
-0.93

Inception Date 30-Nov-1997

Performance figures calculated in USD

Other Literature

Nina P.  Jones
Nina P. Jones, Portfolio Manager

Nina Jones is the portfolio manager for the Global Real Estate Equity and U.S. Real Estate Equity Strategies.  She is also chairman of the Investment Advisory Committee for the U.S. Real Estate Equity Strategy.  Nina is also a vice president and advisory committee member of the Financial Services and Mid-Cap Value strategies.  She is a member of the investment advisory committee of the Global Growth, Global Stock and Institutional Large Cap Value strategies.  Nina is vice president of T. Rowe Price Group.

 

Strategy

Investment Approach

  • Employ fundamental research with a bottom-up approach.
  • Assess the capability, strategy, and management of the business.
  • Evaluate the asset base potential.
  • Understand the supply and demand dynamics by property and market.
  • Utilize relative valuation metrics and analysis.
  • Balance valuation analysis versus fundamental assessment.
  • Continually monitor investments to ensure that execution and results are tracking expectations.
  • Leverage the deep knowledge base at T. Rowe Price.

Portfolio Construction

  • 35-45 companies
  • Invest in highest conviction ideas
  • Diversified by property type and geography
  • Sector weights are the result of bottom-up security selection
  • Individual position sizes range from 1% to 7% of the portfolio
  • Continually monitor investments to ensure:
    • Execution and results are tracking our expectations
    • Strategy intact and investment thesis unfolding as expected

Holdings

Total
Holdings
38
Largest Holding Prologis 10.15% Was (30-Jun-2020) 11.47%
Other View Full Holdings Quarterly data as of 30-Sep-2020
Top 10 Holdings 54.29% View Top 10 Holdings Monthly data as of 30-Sep-2020

Top Purchase

Equinix (N)
2.45%
Was (30-Jun-2020) 0%

Top Sale

Prologis
10.12%
Was (30-Jun-2020) 11.47%

Quarterly Data as of 30-Sep-2020

Industry

Total
Industries
11
Largest Industry Apartment Residential 29.54% Was (30-Jun-2020) 29.33%
Other View complete Industry Diversification

Monthly Data as of 30-Sep-2020

Benchmark: Wilshire Real Estate Index

Top Contributor^

Lodging/Leisure
Net Contribution 0.32%
Industry
0.04%
Selection 0.29%

Top Detractor^

Apartment Residential
Net Contribution -0.73%
Industry
-0.39%
Selection
-0.34%

^Relative

Quarterly Data as of 30-Sep-2020

Largest Overweight

Apartment Residential
By8.79%
Portfolio 29.54%
Benchmark 20.75%

Largest Underweight

Data Centers
By-15.20%
Portfolio 2.46%
Benchmark 17.66%

Monthly Data as of 30-Sep-2020

Team (As of 01-Oct-2020)

Nina P.  Jones

Nina Jones is the portfolio manager for the Global Real Estate Equity and U.S. Real Estate Equity Strategies.  She is also chairman of the Investment Advisory Committee for the U.S. Real Estate Equity Strategy.  Nina is also a vice president and advisory committee member of the Financial Services and Mid-Cap Value strategies.  She is a member of the investment advisory committee of the Global Growth, Global Stock and Institutional Large Cap Value strategies.  Nina is vice president of T. Rowe Price Group.

Nina’s investment experience began in 2008 and she has been with T. Rowe Price since 2008, beginning in the U.S. Equity Division.  Prior to this, Nina was a T. Rowe Price summer intern following payroll processor companies in the business services sector.  Prior to joining the firm, she worked at KPMG LLP in the audit and risk advisory area.  

Nina earned a dual B.S., magna cum laude, in accounting and finance from the University of Maryland and earned an M.B.A., with honors, in finance and economics from Columbia Business School.  Nina also earned the certified public accountant designation.

  • Portfolio manager
    since
    2019
  • Years at
    T. Rowe Price
    12
  • Years investment
    experience
    12
Caleb N. Fritz, CFA

Caleb Fritz is a portfolio specialist in the U.S. Equity Division. He acts as a proxy for equity portfolio managers with institutional clients, consultants, and prospects and supports the large-cap value strategies. Caleb also is a vice president of T. Rowe Price Group, Inc.

Caleb’s investment experience began in 2000. He was with T. Rowe Price from 2000 to 2003, beginning in the Participant Service Center, and returned in 2010 until the present. Prior to his current position, he was a lead portfolio analyst providing analytical support to investment, client service, and marketing staff for the firm’s large-cap value and health sciences portfolios. Prior to returning to the firm, Caleb was employed by Legg Mason Capital Management as an associate analyst covering the health care sector.  

Caleb earned a B.A. and an M.A. from the University of South Florida. He also has earned the Chartered Financial Analyst® designation.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

  • Years at
    T. Rowe Price
    13
  • Years investment
    experience
    20