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Capital at risk. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.

The listed funds are not an exhaustive list of funds available. Visit www.funds.troweprice.com to see the full range of funds offered by T. Rowe Price, including those that consider environmental and social characteristics as part of their investment process.  For up to date information regarding any T. Rowe Price fund's investment strategy, please see the relevant fund KID and prospectus. 

SICAV
Global Real Estate Securities Fund
A high conviction portfolio of typically between 40-80 real-estate securities diversified by property type and geography, including emerging markets. Investments may include real estate investment trusts (REITs), real estate operating companies (REOCs), and other real estate-related entities.
ISIN LU0382932225
View more information on risks
FACTSHEET
KID
SFDR DISCLOSURE
31-Jan-2020 - Nina Jones, Portfolio Manager,
We believe operating fundamentals are likely to remain reasonably solid for real estate companies. While there are pockets of over-building, generally the level of new supply across various property types has been in line with or below current demand. With continued increases in construction costs and land values, we expect development in some markets and property types to moderate. Factors that drive demand are multi-faceted and inherently more difficult to predict.

Overview
Strategy
Fund Summary
We seek to make well-timed investments in undervalued real estate companies, favouring high quality real estate in land-constrained markets. We aim to identify real estate with a high asset base potential to build a well-diversified portfolio. The promotion of environmental and/or social characteristics is achieved through the fund's commitment to maintain at least 10% of the value of its portfolio invested in Sustainable Investments, as defined by the SFDR. Additionally, we apply a proprietary responsible screen (exclusion list). The manager is not constrained by the fund’s benchmark, which is used for performance comparison purposes only.
Performance - Net of Fees

Past performance is not a reliable indicator of future performance.

31-Jul-2024 - Jai Kapadia, Portfolio Manager,
Global real estate stocks produced robust results in July. Within the portfolio, stock selection in the US detracted from relative results. Shares of an apartment residential real estate investment trust (REIT) declined during the month as investors appeared to pocket some gains as the company had been trading at a relatively high valuation. Our lack of exposure to an industrial company also meaningfully held back relative performance. An overweight allocation combined with stock picking in Belgian names also hurt. An industrial REIT was a notable detractor as higher operating expenses weighed on its shares. Conversely, stock picking in Japan helped relative results. Shares of a real estate management and development company appreciated with the broader Japanese market as Japanese real estate was among the best performers in the world during the month. Stock picking in the UK also aided relative performance. Our out-of-benchmark position in a UK homebuilder was a notable contributor and rose strongly following the Labour party’s victory in the UK elections early in the month. The Labour party pledged to increase housing supply in the UK.
31-Jan-2024 - Jai Kapadia, Portfolio Manager,
The US, Japan, the UK, and Australia represent our largest country allocations. During the month, we continued to find opportunities where we feel valuations may be underestimating the durability of growth or turnaround potential within the company. In the US, we added to our position in a leading data centre colocation company. We believe the firm will command a pricing premium in a fast-growing industry. We also increased our stake in an American industrial property landlord with significant global scale, as we believe that the company is well positioned to benefit from supply chain reconfiguration and growth in e-commerce.

Past performance is not a reliable indicator of future performance.

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 and/or key information document (KID) 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. They can also be found along with a summary of investor rights in English at www.troweprice.com. The Management Company reserves the right to terminate marketing arrangements.

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.

Before deciding to invest in the fund, you should read the offering document/prospectus (including its investment objectives, policies and any risk warnings) which are available and may be obtained from any appointed distributors.

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.

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.  

Benchmark: Investors may use the benchmark to compare the fund’s performance. The benchmark has been selected because it is similar to the investment universe used by the investment manager and therefore acts as an appropriate comparator. The investment manager is not constrained by any country, sector and/or individual security weightings relative to the benchmark and has complete freedom to invest in securities that do not form part of the benchmark.

Disclosure on Vendor Indices can be found here.