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GIPS® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. T. Rowe Price has been independently verified for the twenty four-year period ended June 30, 2020, by KPMG LLP. The verification report is available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report.

TRP is a U.S. investment management firm with various investment advisers registered with the U.S. Securities and Exchange Commission, the U.K. Financial Conduct Authority, and other regulatory bodies in various countries and holds itself out as such to potential clients for GIPS purposes. TRP further defines itself under GIPS as a discretionary investment manager providing services primarily to institutional clients with regard to various mandates, which include U.S, international, and global strategies but excluding the services of the Private Asset Management group.

A complete list and description of all of the Firm's composites and/or a presentation that adheres to the GIPS® standards are available upon request. Additional information regarding the firm's policies and procedures for calculating and reporting performance results is available upon request

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Past performance is not a reliable indicator of future performance.

Strategy

Europe Smaller Companies Equity

The Europe Smaller Companies Equity Composite seeks long-term capital appreciation primarily through investment in small- and mid-cap companies traded in European markets, with faster earnings growth and reasonable valuation levels relative to market/sector averages. The average market cap of holdings within these portfolios will typically be <$5 billion.

3YR Return Annualised (Net)
(View Total Returns)

Tracking Error
(5 Years)

10.50%
6.96%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

43.36%
0.66

Inception Date 30-Nov-2008

Performance figures calculated in EUR

Benjamin Griffiths
Benjamin Griffiths, Portfolio Manager

Ben Griffiths is the lead portfolio manager for the International Small-Cap Equity Strategy and the Europe Smaller Companies Equity Strategy in the International Equity Division. Ben is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

 

Valuations and performance are computed in USD and converted to EUR. When converting U.S. Dollar composite returns, benchmarks, dispersion and asset data, the same exchange rate source is used consistently. Total returns in non-U.S. Dollar currencies are calculated by adjusting U.S. Dollar performance by the percent change in the U.S. Dollar/foreign currency exchange rate (as determined by an independent third party) for the time periods selected. Net of fees performance is calculated using the currency-converted gross performance and then deducting the highest applicable EUR fee without the benefit of breakpoints. 

Strategy

Investment Approach

  • Invests in European small- and mid-cap companies capable of sustaining above-average, long-term earnings growth and selling at reasonable prices.
  • Benchmark-unconstrained approach exploits diverse opportunities across Europe.
  • Exposure to companies at different stages in the growth cycle offers the potential for more consistent performance across market cycles.
  • Long-term investment horizon emphasizes bottom-up stock selection as the primary source of excess return.
  • Dedicated London-based research team seeks companies with:
    • Attractive industry structure.
    • Compelling business models.
    • Strong growth prospects.
    • Solid management teams.
    • Reasonable valuations.

Portfolio Construction

  • Typically 70-100 stock portfolio
  • Diversification at the security, country, region, and sector levels offers the potential for attractive risk-adjusted returns
  • Bias toward high-quality stocks provides the potential for downside risk protection
  • Risk parameters
    • Emerging Europe exposure: maximum 10%
    • Typical position size: 0.50% to 5.00%
    • Low turnover expected
    • Expected tracking error: 3% to 7%

Holdings

Total
Holdings
107
Largest Holding Amplifon 2.56% Was (31-Mar-2021) 2.19%
Other View Full Holdings Quarterly data as of  30-Jun-2021
Top 10 Holdings 21.49% View Top 10 Holdings Monthly data as of  30-Jun-2021

Top Purchase

Montana Aerospace (N)
1.20%
Was (31-Mar-2021) 0%

Top Sale

Intermediate Capital
2.26%
Was (31-Mar-2021) 2.24%

Quarterly Data as of 30-Jun-2021

Sectors

Total
Sectors
9
Largest Sector Consumer Discretionary 19.16% Was (31-Mar-2021) 19.95%
Other View complete Sector Diversification

Monthly Data as of 30-Jun-2021

Benchmark: MSCI Europe Small Cap Index

Top Contributor^

Health Care
Net Contribution 0.54%
Sector
0.50%
Selection 0.04%

Top Detractor^

Consumer Discretionary
Net Contribution -1.19%
Sector
-0.24%
Selection
-0.95%

^Relative

Quarterly Data as of 30-Jun-2021

Largest Overweight

Health Care
By9.22%
Portfolio 18.07%
Benchmark 8.85%

Largest Underweight

Industrials & Business Services
By-8.05%
Portfolio 17.74%
Benchmark 25.78%

Monthly Data as of 30-Jun-2021

Countries

Total
Countries
15
Largest Country United Kingdom 40.37% Was (31-Mar-2021) 41.11%
Other View complete Country Diversification

Monthly Data as of 30-Jun-2021

Benchmark: MSCI Europe Small Cap Index

Top Contributor^

Spain
Net Contribution 0.59%
Country
-0.09%
Selection 0.68%

Top Detractor^

Denmark
Net Contribution -0.50%
Country
-0.01%
Selection
-0.49%

^Relative

Quarterly Data as of 30-Jun-2021

Largest Overweight

United Kingdom
By8.86%
Portfolio 40.37%
Benchmark 31.51%

Largest Underweight

Sweden
By-6.41%
Portfolio 7.00%
Benchmark 13.41%

Monthly Data as of 30-Jun-2021

Team (As of 27-Jul-2021)

Benjamin Griffiths

Ben Griffiths is the lead portfolio manager for the International Small-Cap Equity Strategy and the Europe Smaller Companies Equity Strategy in the International Equity Division. Ben is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd. 

Ben’s investment experience began in 1999, and he has been with T. Rowe Price since 2006, beginning as a research analyst in the Equity Division. Prior to this, Ben was employed by Baillie Gifford as an investment manager. 

Ben earned a diploma in investment analysis from the University of Stirling and an M.Eng. in engineering science from Oxford University. Ben also has earned the Chartered Financial Analyst® designation.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

  • Portfolio manager
    since
    2016
  • Years at
    T. Rowe Price
    14
  • Years investment
    experience
    21
Andrew Clifton

Andrew Clifton is a portfolio specialist in the Equity Division. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

Andrew’s investment experience began in 1990, and he has been with T. Rowe Price since 2010, beginning in the Investment Specialist Group. Prior to this, Andrew was employed by UBS as an executive director at Global Asset Management. Andrew also was a vice president at Merrill Lynch.

Andrew earned a B.Sc. in economics from the London School of Economics and an M.Sc. in econometrics from the University of Southampton.

  • Years at
    T. Rowe Price
    11
  • Years investment
    experience
    32