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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 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.

The FTSE Developed Europe ex UK 100% Hedged to USD Net Tax Index returns for the Qh (USD) share class have been restated by the benchmark administrator due to an error in its calculation. As a consequence, incorrect data relating to this benchmark has been referenced in the Fund’s reporting since 31st March 2020. For more information, please contact your T. Rowe Price Relationship Manager.

Continental European Equity Fund
An actively managed, high-conviction, all-cap portfolio of around 40-70 of our best Europe ex-UK stock ideas. We seek to invest in higher quality businesses at attractive valuations which we believe are being systematically underappreciated by the market. The fund is categorised as Article 8 under Sustainable Finance Disclosure Regulation (SFDR).
ISIN LU0285832068
View more information on risks
30-Apr-2024 - Tobias Mueller, Portfolio Manager,
Confidence that central banks are taming inflation without pushing economies into a downturn has risen. However, uncertainty persists and forecasts point to only a modest economic recovery over the medium term. The sluggish economy and the high cost of capital after a period of elevated interest rates has made earnings estimates more vulnerable.

Fund Summary
We leverage our strong research team to identify companies with durable business models that we believe are positioned firmly on the right side of change, or those companies undergoing idiosyncratic changes which in our view will help deliver improving shareholder returns. Disciplined portfolio construction focuses on those stocks with the most compelling risk/reward profiles. 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.

30-Apr-2024 - Tobias Mueller, Portfolio Manager,
European shares snapped a five-month winning streak in April on fears of escalating conflict in the Middle East, mixed corporate earnings and uncertainty over interest rates. At the portfolio level, stock picking in health care, industrials and business services and financials weighed the most on relative returns. A bioprocessing company was our worst performer in health care. The shares fell on weaker-than-expected first-quarter results. In addition, destocking and weak sales in China were still a drag on performance. Conversely, our choice of stocks in energy, consumer discretionary and consumer staples was supportive. Our overweight allocation to energy also helped. Our holding in an oil and gas exploration company performed best among our energy holdings. The shares rose sharply after it confirmed that oil reserves at its new field in southern Africa could amount to more than 10 billion barrels. First-quarter earnings and net income growth also beat consensus forecasts.
30-Sep-2022 - Tobias Mueller, Portfolio Manager,

Closed Energy Gap, Added to Rate-Sensitive, Resilient Stocks

We believe the market's focus on current shorter-term concerns resulted in less consideration being given to longer-term fundamental attractions. As we enter a slower economic environment, the investment attractions of companies with a more sustainable growth outlook should become stronger. We added energy to the portfolio to reduce the risk posed by the wide range of outcomes for oil and gas and the potential paradigm change in productivity. We strengthened several positions where idiosyncratic attractions combined with a degree of protection against higher rates, inflation, and recession. We continue to defend those holdings that have been derated but where the business remains fundamentally robust and may even be stronger after recent events. We began to trim strong performers, particularly among our financial holdings, to raise cash for new opportunities that might arise in the market downturn.

We initiated positions in six names and eliminated three over the quarter. The materials and financials sectors remain our largest allocations; our smallest is consumer staples. In country terms, we are most exposed to Italy and Sweden and least exposed to France and Denmark.


We reduced our underweight in energy because we were not comfortable with the risk posed by the wide range of outcomes for oil and gas and the potential paradigm change in productivity.

  • We initiated a position in Totalenergies, a France-based oil and gas company that operates in exploration, production, gas, renewables and power, refining and chemicals, and marketing and services. The company has one of the most balanced transition strategies, with continued hydrocarbon growth as it shifts to more low-carbon energy production. The company is well managed, has strong fundamentals, and is undervalued compared with its peers. We believe the market will eventually reward consistently good returns and a sustainable dividend.
  • We opened a position in Equinor, a Norwegian integrated upstream oil and gas company that is a leader on climate issues in the energy sector and is accelerating its push into renewable energy to meet its 2050 net zero goal. It has a growing offshore wind business and plans to ramp up spending on renewables. It also aims to be an industry leader in carbon transportation and storage and in the production of clean hydrogen.

Consumer Discretionary

We adjusted our positions in the consumer discretionary sector amid signs that high inflation, surging costs, and an economic slowdown are reducing disposable income, particularly in Europe.

  • We exited luxury and sports goods names that may struggle in a downturn, such as Adidas, which relies mostly on sportswear, and Kering, which has benefited from a recovery of Gucci that could falter. We recycled the funds into a new position in LVMH Mo�t Hennessy Louis Vuitton, which we view as a safer bet because of its broad portfolio of brands. So as not to increase our active bet on luxury with these moves, we reduced our position in Prada.

Information Technology

We reduced our exposure to the information technology sector, taking some profits on companies that have performed well. The sector rose in July as the market bounced up but then underperformed as rising interest rates raised concerns that the economy might slide into a severe slump that would weigh on high-growth technology companies.

  • We trimmed our holding in Edenred, a supplier of prepaid vouchers to employees, after strong performance. A resumption of business travel, particularly in Latin America, boosted earnings. This coincided with the rollout of the "beyond fuel" strategy (a single-payment system that allows clients to navigate a full network of toll roads), which has proved popular with corporate clients. The company's products and services generally rise in tandem with inflation, which has helped the company ride out current conditions.

Industrials and Business Services

We reduced our overweight to industrials and business services, which has suffered as interest rates rose and an economic slowdown deepened. In our view, the sector contains many high-quality cyclical names that have discounted the bad economic news.

  • We initiated a position in Daimler Truck Holding, attracted by what we believe is an extremely attractive risk/reward trade-off that discounts most of the bad macroeconomic news. The market is severely undervaluing the shares, in our view, partly because of a reputation for lackluster performance when it was part of the parent and because multiples for the stock have been distorted by the timing of the initial public offering just ahead of the outbreak of war in Ukraine. Management has made significant progress achieving fixed-cost reduction targets and increasing prices, which should significantly improve margins. Although we are cautious about the direction of orders, there is pent-up demand partly caused by fleet renewal that could boost them.
  • We also added to a high-conviction position in Epiroc, a services provider to the global mining and infrastructure markets, but we trimmed some names that have had a strong run, including Flughafen Zurich, the largest airport in Switzerland; Prysmian, a leading cable manufacturer; and Rockwool International, a manufacturer of stone wool for insulation and other applications.
  • We exited Airbus, Europe's largest aerospace and defense company, due to a governance issue after the company unexpectedly announced the departure of a senior official.


The materials sector benefited from a pickup in the paper and packaging industry, which was able to raise prices to counter strong cost pressures, and a pickup in basic metals driven by increased construction activity in China as the impact of coronavirus lockdowns in the second quarter waned.

  • We decided to increase our exposure to pulp and reduce it to paper and packaging. We added Svenska Cellulosa, the largest private forest owner in Europe and a producer of forest products such as paper and pulp, to the portfolio. We increased our position in Mondi, an international integrated paper, board, and packaging producer, which should benefit from price increases. We reduced our allocation to Mayr-Melnhof Karton, Europe's largest producer of cartonboard used in consumer packaging, which is also heavily exposed to natural gas?an energy source that has been restricted by Russia?and Verallia, Europe's largest maker of glass containers, which is being affected by shortages of materials.
31-Jan-2024 - Tobias Mueller, Portfolio Manager,
In this inflationary environment, we aim to hold companies that exhibit pricing power or that are outright inflation beneficiaries at reasonable multiples. In consumer discretionary, we initiated a position in a producer of luxury watches and jewellery whose stock we expect to rerate as its high-end brands drive organic growth. We adjusted our health care holdings. We exited a Germany-based drug research company after unexpected management changes threw its turnaround strategy into question. We invested in a company that operates in the chronic care medical products industry that we believe could increase market share in the US.

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 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 The Management Company reserves the right to terminate marketing arrangements.

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.  


©2023 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. Past performance is no guarantee of future results.

Citywire Data Source: Citywire – where the fund manager is rated by Citywire, the rating is based on the manager’s 3-year risk adjusted performance. For further information on ratings methodology, please visit