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
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FACTSHEET
KIID
COMMENTARY

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Risk & Reward ?
(SRRI)
1 2 3 4 5 6 7 Data as of: 30-Sep-2021
NAV
(USD)
$35.69
Data as of: 15-Oct-2021
1YR Return
(Annualised)
33.28%
Data as of: 30-Sep-2021
Fund Size
(USD)
$9.7m
Data as of: 30-Sep-2021
Perf Change
(Daily)
0.96%
Data as of: 15-Oct-2021
3YR Return
(Annualised)
9.42%
Data as of: 30-Sep-2021

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.
SMALL-CAP
MID-CAP
LARGE-CAP

68
Holdings

Style
Agnostic
Risk & Reward Data
Information Ratio
0.26
Sharpe Ratio
0.29
Historical Tracking Error
3.82%
01 April 2021

Effective 1 April 2021, Jai Kapadia assumed sole portfolio management responsibility for the Global Real Estate Securities Fund.

Performance - Net of Fees
Current Year Performance
MTD
3.75%
Benchmark*
4.51%
Excess Return

-0.76%
QTD
3.75%
Benchmark*
4.51%
Excess Return

-0.76%
YTD
24.14%
Benchmark*
19.62%
Excess Return

4.52%
Data as of 15-Oct-2021
1 Month
-2.80%
Benchmark*
-5.80%
Excess Return

3.00%
3 Months
1.56%
Benchmark*
-0.90%
Excess Return

2.46%
Data as of 30-Sep-2021
 
Annualised Performance
1 YR
33.28%
Benchmark*
29.64%
Excess Return

3.64%
3 YR
9.42%
Benchmark*
6.18%
Excess Return

3.24%
5 YR
5.52%
Benchmark*
4.53%
Excess Return

0.99%
10 YR
8.38%
Benchmark*
8.34%
Excess Return

0.04%
Manager Inception
11.18%
Benchmark*
8.19%
Excess Return

2.99%
Data as of 30-Sep-2021
Indicative Benchmark : FTSE EPRA Nareit Developed Index Net TRI
Fund Inception: 27-Oct-2008
Manager Inception: 31-Mar-2021

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

Holdings
Total
Holdings
68
Largest
Prologis
5.24%
Was ( 30-Jun-2021 )

5.06%
Top 10
32.10%
Contributor
Prologis
By 2.00%
% of fund
5.14%
Detractor
Acadia Realty Trust
By -0.04%
% of fund
2.04%
Purchase
Simon Property Group
2.57%
Was ( 30-Jun-2021 )
0.68%
Sale
UNITE
0.72%
Was ( 30-Jun-2021 )
1.77%
Data as of 30-Sep-2021
Industry
Total
Industries
11
Largest
Apartment Residential
22.31%
Was ( 31-Aug-2021 )
23.22%
Contributor
Lodging/Leisure
By 0.51%
Sector
-0.10%
Selection
0.61%
Detractor
Data Centers
By -0.18%
Sector
0.10%
Selection
-0.28%
Data as of 30-Sep-2021
Over
Lodging/Leisure
By 5.81%
Fund
9.81%
Benchmark*
4.00%
Under
Diversified
By -6.50%
Fund
8.34%
Benchmark*
14.84%
Data as of 30-Sep-2021
Data as of 30-Sep-2021
Indicative Benchmark: FTSE EPRA Nareit Developed Index

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

Regions
Total
Regions
4
Largest
North America
62.70%
Was ( 31-Aug-2021 )
60.48%
Over
North America
By 1.52%
Fund
62.70%
Benchmark**
61.18%
Under
Europe
By -0.68%
Fund
15.53%
Benchmark**
16.21%
Data as of 30-Sep-2021
Data as of 30-Sep-2021
Indicative Benchmark: FTSE EPRA Nareit Developed Index

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

Countries
Total
Countries
16
Largest
United States
59.29%
Was ( 31-Aug-2021 )
56.98%
Over
China
By 1.71%
Fund
1.71%
Benchmark*
0.00%
Under
Germany
By -2.52%
Fund
1.77%
Benchmark*
4.29%
Data as of 30-Sep-2021
Data as of 30-Sep-2021
Indicative Benchmark: FTSE EPRA Nareit Developed Index

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


Team
Jai Kapadia,
Portfolio Manager
Jai Kapadia is a regional portfolio manager in the International Equity Division. He manages the Global Real Estate Equity Strategy and is responsible for stock selection for the Asia-Pacific region. Jai’s investment experience began in 2004, and he has been with T. Rowe Price since 2011, beginning as an analyst and associate director of research in the Equity Research Group in Hong Kong, where he covered Asian conglomerates, real estate, and Indian pharmaceuticals. Prior to joining the firm, Jai was employed by Credit Suisse, covering telecommunication equipment stocks, and by Sirios Capital, covering consumer stocks.
Portfolio Manager since
2021
Years at T. Rowe Price
9
Years investment experience
14
Michele Ward,
Portfolio Specialist
Michele Ward is a portfolio specialist in the U.S. Equity Division. She acts as a proxy for equity portfolio managers with institutional clients, consultants, and prospects and supports the U.S. small- and mid-cap equity strategies and the Global Real Estate Equity and US Real Estate Equity Strategies.
Years at T. Rowe Price
6
Years investment experience
37
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 © 2020 FactSet Research Systems Inc. All rights reserved. Analysis by T. Rowe Price Associates, Inc. T. Rowe Price uses a custom structure for sector and industry reporting for this product.

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.