SICAV
Continental European Equity Fund
A high-conviction, style-agnostic portfolio of around 40-70 mid-large European ex UK stocks. We seek to generate consistent outperformance for our clients with less risk by investing in higher-quality businesses with the potential to generate sustainable earnings across the market cycle.
ISIN LU0285832068
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FACTSHEET
KIID
FUND PROFILE
COMMENTARY

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Risk & Reward ?
(SRRI)
1 2 3 4 5 6 7 Data as of: 31-Aug-2021
NAV
(EUR)
€23.62
Data as of: 24-Sep-2021
1YR Return
(Annualised)
31.25%
Data as of: 31-Aug-2021
Fund Size
(EUR)
€106.7m
Data as of: 31-Aug-2021
Perf Change
(Daily)
-1.17%
Data as of: 24-Sep-2021
3YR Return
(Annualised)
14.08%
Data as of: 31-Aug-2021

Overview
Strategy
Fund Summary
We use fundamental research to undertake detailed analysis of both companies and industry dynamics. Our focus on quality companies leads us to entities that are typically marked by a high return on capital employed and have the potential to deliver consistent returns. A disciplined approach to valuation is central to our approach.
SMALL-CAP
MID-CAP
LARGE-CAP

58
Holdings

Style
Agnostic
Risk & Reward Data
Information Ratio
0.73
Sharpe Ratio
0.95
Historical Tracking Error
2.81%
01 October 2020

Portfolio Manager Change

Effective 1 October 2020, Tobias Mueller assumed sole portfolio management responsibility for the fund.

Performance - Net of Fees
Current Year Performance
MTD
-1.50%
Benchmark*
-1.68%
Excess Return

0.18%
QTD
3.01%
Benchmark*
2.71%
Excess Return

0.30%
YTD
19.29%
Benchmark*
18.29%
Excess Return

1.00%
Data as of 24-Sep-2021
1 Month
1.96%
Benchmark*
2.18%
Excess Return

-0.22%
3 Months
7.82%
Benchmark*
6.54%
Excess Return

1.28%
Data as of 31-Aug-2021
 
Annualised Performance
1 YR
31.25%
Benchmark*
31.74%
Excess Return

-0.49%
3 YR
14.08%
Benchmark*
11.19%
Excess Return

2.89%
5 YR
12.55%
Benchmark*
10.50%
Excess Return

2.05%
10 YR
13.30%
Benchmark*
10.60%
Excess Return

2.70%
Manager Inception
30.75%
Benchmark*
N/A
Excess Return

N/A
Data as of 31-Aug-2021
Indicative Benchmark : FTSE Developed Europe ex United Kingdom Index Net
Fund Inception: 26-Feb-2007
Manager Inception: 01-Oct-2020

* The index shown is not a formal benchmark. It is shown only for comparison purposes.

Holdings
Total
Holdings
58
Largest
ASML Holding
4.48%
Was ( 31-Mar-2021 )

4.36%
Top 10
29.29%
Contributor
ASML Holding
By 0.31%
% of fund
4.46%
Detractor
Siemens
By -0.59%
% of fund
2.98%
Purchase
Mayr Melnhof Karton (N)
0.96%
Was ( 31-Mar-2021 )
0.00%
Sale
Munich Re (E)
0.00%
Was ( 31-Mar-2021 )
2.00%
Data as of 30-Jun-2021
Sectors
Total
Sectors
10
Largest
Industrials & Business Services
20.05%
Was ( 31-Jul-2021 )
20.55%
Contributor
Communication Services
By 0.36%
Sector
0.00%
Selection
0.36%
Detractor
Information Technology
By -0.42%
Sector
-0.03%
Selection
-0.39%
Data as of 30-Jun-2021
Over
Consumer Discretionary
By 3.84%
Fund
16.17%
Benchmark*
12.33%
Under
Consumer Staples
By -4.66%
Fund
5.39%
Benchmark*
10.05%
Data as of 31-Aug-2021
Data as of 31-Aug-2021
Indicative Benchmark: FTSE Developed Europe ex United Kingdom Index

* The index shown is not a formal benchmark. It is shown only for comparison purposes.

Regions
Data as of
Countries
Total
Countries
11
Largest
Germany
17.03%
Was ( 31-Jul-2021 )
17.22%
Contributor
Germany
By 0.41%
Country
0.02%
Selection
0.39%
Detractor
Switzerland
By -0.53%
Country
-0.11%
Selection
-0.41%
Data as of 30-Jun-2021
Over
Italy
By 5.06%
Fund
10.00%
Benchmark*
4.95%
Under
France
By -8.57%
Fund
13.23%
Benchmark*
21.79%
Data as of 31-Aug-2021
Data as of 31-Aug-2021
Indicative Benchmark: FTSE Developed Europe ex United Kingdom Index

* The index shown is not a formal benchmark. It is shown only for comparison purposes.


Team
Tobias Mueller,
Portfolio Manager
Tobias Mueller is a regional portfolio manager for the European Select Strategy, effective October 2018, and for the Europe Equity and Europe ex-UK Equity Strategies, effective October 2020.
Portfolio Manager since
2020
Years at T. Rowe Price
10
Years investment experience
13
Andrew Clifton,
Portfolio Specialist
Andrew Clifton is a portfolio specialist in the Equity Division at T. Rowe Price.
Years at
T. Rowe Price
9
Years investment experience
30
How to Invest
Fees Minimum Initial Investment and Holding Amount Minimum Subsequent Investment Sales Charge (up to) Investment Management Fee Ongoing
Charges1

Indicative Benchmark Data Source: FTSE Russell.  London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2021. FTSE Russell is a trading name of certain of the LSE Group companies. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

Past performance is not a reliable indicator of future performance.

Source for performance: T. Rowe Price. Fund performance is calculated using the official NAV with dividends reinvested, if any. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested. It will be affected by changes in the exchange rate between the base currency of the fund and the subscription currency, if different. Sales charges (up to a maximum of 5% for the A Class), taxes and other locally applied costs have not been deducted and if applicable, they will reduce the performance figures.

Daily performance data is based on the latest available NAV.  

The Funds are sub-funds of the T. Rowe Price Funds SICAV, a Luxembourg investment company with variable capital which is registered with Commission de Surveillance du Secteur Financier and which qualifies as an undertaking for collective investment in transferable securities (“UCITS”). Full details of the objectives, investment policies and risks are located in the prospectus which is available with the key investor information documents in English and in an official language of the jurisdictions in which the Funds are registered for public sale, together with the articles of incorporation and the annual and semi-annual reports (together “Fund Documents”). Any decision to invest should be made on the basis of the Fund Documents which are available free of charge from the local representative, local information/paying agent or from authorised distributors and via www.troweprice.com.

Please note that the Fund typically has a risk of high volatility.

Hedged share classes (denoted by 'h') utilise investment techniques to mitigate currency risk between the underlying investment currency(ies) of the fund and the currency of the hedged share class.  The costs of doing so will be borne by the share class and there is no guarantee that such hedging will be effective.

The specific securities identified and described in this website do not represent all of the securities purchased, sold, or recommended for the sub-fund and no assumptions should be made that the securities identified and discussed were or will be profitable.

Attribution Data: Analysis represents the total performance of the portfolio as calculated by the FactSet attribution model and is inclusive of other assets that that will not receive a classification assignment in the detailed structure shown. Returns will not match official T. Rowe Price performance because FactSet uses different exchange rate sources and does not capture intra-day trading. Performance for each security is obtained in the local currency and, if necessary, is converted to U.S. dollars using an exchange rate determined by an independent third party. Figures are shown with gross dividends reinvested.

Sources: Copyright © 2021 FactSet Research Systems Inc. All rights reserved. MSCI/S&P GICS Sectors; Analysis by T. Rowe Price Associates, Inc. T. Rowe Price uses the MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. Each year, MSCI and S&P make changes to the GICS structure. The last change occurred on September 28, 2018. T. Rowe Price will adhere to all future updates to GICS for prospective reporting.

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc, ("MSCI") and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. ("S&P") and is licensed for use by [Licensee]. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or impIied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any or such standard or classification, Without limiting any or the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

A full list of the currently issued Share Classes including Distributing, Hedged, and Accumulating Categories may be obtained, free of charge and upon request, from the registered office of the Company.  

1 Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.

The Morningstar rating is sourced from Morningstar.

©2021 Morningstar, Inc.  All Rights Reserved.  The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely.  Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Citywire - where the Fund manager is rated by Citywire the rating is based on the manager's 3 year risk adjusted performance.