• Same portfolio manager, platform, philosophy, and process as the International Core Equity Composite.
• Emphasize companies with a favorable combination of growth prospects and valuation. 
• Employ rigorous and comprehensive research to identify and assess investment opportunities. 
• Allocate country and sector positions through consideration of the attractiveness of individual investments and macroeconomic environment.
• Stock selection drives portfolio construction.

• This product employs rigorous fundamental research and active, bottom-up stock selection to identify non-U.S. companies that have a favorable combination of growth prospects and valuation.
• We believe that stocks are often mispriced as the market overreacts to short-term, adverse events, and we also think the market underestimates a company’s ability to add value over time. Our robust research platform helps us identify stocks poised to capitalize on these inefficiencies.
• The portfolio will invest in the American Depositary Receipts (ADRs) of the underlying holdings in our preexisting International Core Equity Strategy where available and sufficiently liquid. The portfolio manager then scales up the position sizes to reflect the more focused nature of the separately managed account. The portfolio will typically hold around 70–90 stocks.
• We employ a long-term investment horizon emphasizing stock selection as the primary source of excess return. 
• We believe discipline is key to successful investing and that our long-term orientation can help us take advantage of market inefficiencies.

Established and Consistent Investment Philosophy and Process

T. Rowe Price has a long history in international equity investing. We have been investing in international developed equities since 1980. We have also been managing international core equity portfolios, upon which the International Core Equity SMA is based, since 2000.

Portfolio Manager Tenure and Stability

Portfolio Manager Raymond A. Mills, Ph.D., CFA, has managed international core equity portfolios since 2000 and has 23 years of investment experience.

Global Research Resources

T. Rowe Price has one of the industry’s strongest commitments to in-house research. We aim to bring our clients better insights, which can lead to stronger long-term investment results. In our view, the quality and breadth of our research efforts provide a critical information edge that supports well-informed investment choices. Over 260+ equity research analysts are located in six countries around the world, providing a unique level of insight and giving us the ability to “connect the dots globally” on many of our investment theses.

All investments are subject to risks, including the possible loss of principal. International investments can be riskier than U.S. investments due to the adverse effects of currency exchange rates, differences in market structure and liquidity, as well as specific country, regional, and economic developments. 

T. Rowe Price's separately managed accounts offer access to our firm’s expertise to identify opportunities and pursue solid, long term results through our disciplined approach to investing. We are focused on helping our clients invest confidently. Backed by our experience over many investment cycles, our SMAs provide one more way to access T. Rowe Price's established active management approach.

T. Rowe Price uses the current MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. 

Numbers may not total due to rounding; all numbers are percentages.

Please note that holdings are released 15 days after the period end. From time to time, certain securities held may not be listed. This is done to prevent potential harm to the portfolio while the manager completes a buying or selling program in those securities. 

The specific securities identified and described do not represent all of the securities purchased, sold, or recommended for advisory clients, and no assumptions should be made that investments in the securities identified and discussed were or will be profitable. 

The information shown does not reflect any ETFs that may be held in the portfolio. 

The representative portfolio is an account in the composite we believe most closely reflects the current portfolio management style for this strategy. Performance is not a consideration in the selection of the representative portfolio. The characteristics of the representative portfolio shown may differ from those of other accounts in the strategy. Please see the GIPS® Disclosure  for additional information on the composite.

We would be pleased to discuss our solutions, products, and capabilities with you. Call 1-877-561-7670 to learn more about SMAs and model portfolios, and more specifically, about which T. Rowe Price SMAs may be suitable for your clients.