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GIPS® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. T. Rowe Price has been independently verified for the twenty four-year period ended June 30, 2020, by KPMG LLP. The verification report is available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report.

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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T. Rowe Price

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Past performance is not a reliable indicator of future performance.

Strategy

International Value Equity

The International Value Equity Composite seeks long-term capital appreciation primarily through investment in established companies, in developed markets, with attractive valuations and prospects for improving earnings growth relative to market/sector averages. The strategy generally includes 0-15% exposure to emerging-market stocks, as defined by inclusion in the MSCI Emerging Markets Index.

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

Tracking Error
(5 Years)

0.31%
3.58%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

1.83%
-0.74

Inception Date 31-Jan-1999

Performance figures calculated in USD

Other Literature

Colin McQueen
Colin McQueen, Portfolio Manager

Colin McQueen is a portfolio manager in the Equity Division. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

 

Strategy

Investment Approach

  • Diversified portfolio investing primarily in stocks of non-US companies with favorable growth prospects trading at attractive valuations due to near-term challenges.
  • Emphasize attractively valued companies with prospects for improving earnings growth.
  • Employ rigorous and comprehensive research to identify and assess investment opportunities.
  • Sector, country, and regional allocations are driven by stock selection, as well as consideration of the broader macroeconomic environment.

Portfolio Construction

  • Typically 100-120 stock portfolio
  • Individual positions typically range from 0.10% to 5.00% — average position size of 0.50%
  • Country and sector weights generally range +/- 10% deviation from the benchmark
  • Reserves range from 0% to 5%

Holdings

Total
Holdings
143
Largest Holding Samsung Electronics 2.57% Was (30-Sep-2020) 2.02%
Other View Full Holdings Quarterly data as of  31-Dec-2020
Top 10 Holdings 17.83% View Top 10 Holdings Monthly data as of  31-Dec-2020

Top Purchase

Sanofi (N)
1.05%
Was (30-Sep-2020) 0%

Top Sale

Nordea Bank Abp (E)
0.00%
Was (30-Sep-2020) 1.16%

Quarterly Data as of 31-Dec-2020

Sectors

Total
Sectors
11
Largest Sector Financials 21.36% Was (30-Sep-2020) 20.34%
Other View complete Sector Diversification

Monthly Data as of 31-Dec-2020

Benchmark: MSCI EAFE Index

Top Contributor^

Industrials & Business Services
Net Contribution 1.38%
Sector
0.03%
Selection 1.35%

Top Detractor^

Health Care
Net Contribution -0.36%
Sector
0.06%
Selection
-0.41%

^Relative

Quarterly Data as of 31-Dec-2020

Largest Overweight

Financials
By5.04%
Portfolio 21.36%
Benchmark 16.31%

Largest Underweight

Consumer Staples
By-6.07%
Portfolio 4.87%
Benchmark 10.94%

Monthly Data as of 31-Dec-2020

Regions

Total
Regions
5
Largest Region Europe 55.32% Was (30-Sep-2020) 53.52%
Other View complete Region Diversification

Monthly Data as of 31-Dec-2020

Benchmark: MSCI EAFE Index

Top Contributor^

Developed Europe
Net Contribution 2.75%
Region
0.06%
Selection 2.69%

Top Detractor^

Japan
Net Contribution -0.24%
Region
0.05%
Selection
-0.29%

^Relative

Quarterly Data as of 31-Dec-2020

Largest Overweight

Pacific Ex Japan
By5.07%
Portfolio 16.72%
Benchmark 11.66%

Largest Underweight

Europe
By-6.99%
Portfolio 55.32%
Benchmark 62.31%

Monthly Data as of 31-Dec-2020

Countries

Total
Countries
27
Largest Country Japan 21.20% Was (30-Sep-2020) 22.30%
Other View complete Country Diversification

Monthly Data as of 31-Dec-2020

Benchmark: MSCI EAFE Index

Largest Overweight

Canada
By3.60%
Portfolio 3.60%
Benchmark 0.00%

Largest Underweight

Japan
By-4.13%
Portfolio 21.20%
Benchmark 25.33%

Monthly Data as of 31-Dec-2020

Currency

Total
Currencies
16
Largest Currency 31.91% Was (30-Sep-2020) 28.30%
Other View completeCurrency Diversification

Monthly Data as of  31-Dec-2020

Benchmark :

Largest Overweight

U.S. dollar
By 7.74%
Portfolio 8.26%
Benchmark 0.52%

Largest Underweight

Japanese yen
By -4.05%
Portfolio 21.27%
Benchmark 25.33%

Monthly Data as of  31-Dec-2020

Team (As of 25-Feb-2021)

Colin McQueen

Colin McQueen is a portfolio manager in the Equity Division. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

Colin’s investment experience began in 1989, and he has been with T. Rowe Price since 2019, beginning in the Equity Division, where he managed the International Value Equity Strategy. Prior to this, Colin was employed by Sanlam Investments (Pty) Ltd (formerly Sanlam FOUR Investments UK Limited) as the head of the Global Value team. Before that, Colin was employed by Morgan Stanley Investment Management as the head of Global Value Equities and by UBS Global Asset Management as a value portfolio manager, Global Equities.

Colin earned a B.Sc. in economics from the University of Warwick and an M.Phil. in economics from the University of Cambridge.

  • Portfolio manager
    since
    2019
  • Years at
    T. Rowe Price
    1
  • Years investment
    experience
    31
Jason A.  White

Jason A. White is a portfolio specialist in the Equity Division. He is a member of the International Equity Investment team, participates in investment strategy calls, and regularly travels with other investment professionals to visit companies around the world. Jason also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

Jason’s investment experience began in 2001, and he has been with T. Rowe Price since 2004, beginning in the U.S. Equity Division. Prior to this, Jason was employed by State Street Global Advisors as a principal and an investment analyst on the global active equity investment team, where he covered various non-U.S. equity strategies.

Jason earned an A.B. in economics from Kenyon College, an M.Eng. in operations research from Rensselaer Polytechnic Institute, and an M.B.A. in finance from the University of Chicago, Booth School of Business.

  • Years at
    T. Rowe Price
    16
  • Years investment
    experience
    19