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)
1YR Return (Net)
(View Total Returns)
Information Ratio
(5 Years)
Inception Date 31-Jan-1999
Performance figures calculated in USD
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%
Performance
Annualised Performance
Quarterly| 1 YR | 3 YR Annualised |
5 YR Annualised |
10 YR Annualised |
|
|---|---|---|---|---|
| Composite Gross % | 2.44% | 0.91% | 4.81% | 4.43% |
| Composite Net % | 1.83% | 0.31% | 4.19% | 3.81% |
| Benchmark % | 7.82% | 4.28% | 7.45% | 5.51% |
| Excess Return (Gross) % | -5.38% | -3.37% | -2.64% | -1.08% |
Recent Performance
| 3 MonthsData as of 31-Dec-2020 | Year to DateData as of 31-Dec-2020 | |
|---|---|---|
| Composite Gross % | 20.54% | 2.44% |
| Composite Net % | 20.37% | 1.83% |
| Benchmark % | 16.05% | 7.82% |
| Excess Return (Gross) % | 4.49% | -5.38% |
Past performance is not a reliable indicator of future performance.
Returns for time periods greater than one year are annualised.
Gross performance returns are presented before management and all other fees, where applicable, but after trading expenses. Net of fees performance reflects the deduction of the highest applicable management fee that would be charged based on the fee schedule contained within this material, without the benefit of breakpoints. Gross and net performance returns reflect the reinvestment of dividends and are net of all non-reclaimable withholding taxes on dividends, interest income, and capital gains.
Index returns shown with reinvestment of dividends after the deduction of withholding taxes.
Effective 1 July 2018, the "net" version of the benchmark replaced the "gross" version of the benchmark. The "net" version of the benchmark assumes the reinvestment of dividends after the deduction of withholding taxes applicable to the country where the dividend is paid; as such, the returns of the new benchmark are more representative of the returns experienced by investors in foreign issuers. Historical benchmark performance has been restated accordingly.
Holdings
Total
Holdings
143
Top Purchase
Sanofi (N)
1.05%Top Sale
Nordea Bank Abp (E)
0.00%Sectors
Total
Sectors
11
Top Contributor^
Industrials & Business Services
Net Contribution 1.38%Top Detractor^
Health Care
Net Contribution -0.36%Largest Overweight
Financials
Largest Underweight
Consumer Staples
Regions
Total
Regions
5
Top Contributor^
Developed Europe
Net Contribution 2.75%Top Detractor^
Japan
Net Contribution -0.24%Largest Overweight
Pacific Ex Japan
Largest Underweight
Europe
Countries
Total
Countries
27
Largest Overweight
Canada
Largest Underweight
Japan
Currency
Total
Currencies
16
Largest Overweight
U.S. dollar
Largest Underweight
Japanese yen
Team (As of 25-Feb-2021)
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 manager2019
since - Years at1
T. Rowe Price - Years investment31
experience
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 at16
T. Rowe Price - Years investment19
experience
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.