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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

Emerging Europe Equity

The Emerging Europe Equity Composite seeks long-term capital appreciation primarily through investment in companies in eastern Europe, Russia, Middle East, and northern Africa, with faster earnings growth and reasonable valuation levels relative to market/sector averages.

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

Tracking Error
(5 Years)

8.49%
5.21%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

31.24%
0.33

Inception Date 30-Sep-2000

Performance figures calculated in EUR

Ulle Adamson
Ulle Adamson, Portfolio Manager

Ulle Adamson is a portfolio manager in the Equity Division. She is the portfolio manager for the Emerging Europe Equity Strategy. Ulle is a vice president and an Investment Advisory Committee member of the Emerging Markets Equity and Emerging Markets Discovery Equity Strategies. She 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

  • Employ fundamental analysis to identify companies with sustainable above-market earnings growth rates.
  • Focus on franchise strength, management team quality, free cash flow, and financing/balance sheet structure.
  • Verify relative valuation appeal versus both local market and region.
  • Apply negative screening for macroeconomic and political factors to temper bottom-up enthusiasm for specific securities.

Portfolio Construction

  • Typically 30-60 stock portfolio.
  • Individual positions typically range from 0.50% to 10.00% — average position size of 2.00% to 3.00%.
  • Country and sector weights unconstrained.
  • Reserves typically range from 0% to 5%.

Holdings

Total
Holdings
37
Largest Holding Gazprom 13.40% Was (31-Mar-2021) 11.50%
Other View Full Holdings Quarterly data as of  30-Jun-2021
Top 10 Holdings 63.70% View Top 10 Holdings Monthly data as of  30-Jun-2021

Top Purchase

Ozon Holdings
3.25%
Was (31-Mar-2021) 0.51%

Top Sale

Lukoil PJSC
9.97%
Was (31-Mar-2021) 11.53%

Quarterly Data as of 30-Jun-2021

Sectors

Total
Sectors
9
Largest Sector Financials 33.66% Was (31-Mar-2021) 32.20%
Other View complete Sector Diversification

Monthly Data as of 30-Jun-2021

Benchmark: MSCI Emerging Markets Europe Index

Top Contributor^

Materials
Net Contribution 0.51%
Sector
0.48%
Selection 0.03%

Top Detractor^

Financials
Net Contribution -0.37%
Sector
0.43%
Selection
-0.81%

^Relative

Quarterly Data as of 30-Jun-2021

Largest Overweight

Financials
By7.49%
Portfolio 33.66%
Benchmark 26.17%

Largest Underweight

Materials
By-11.81%
Portfolio 3.50%
Benchmark 15.30%

Monthly Data as of 30-Jun-2021

Countries

Total
Countries
12
Largest Country Russia 67.79% Was (31-Mar-2021) 65.39%
Other View complete Country Diversification

Monthly Data as of 30-Jun-2021

Benchmark: MSCI Emerging Markets Europe Index

Top Contributor^

Turkey
Net Contribution 0.64%
Country
0.74%
Selection -0.11%

Top Detractor^

Greece
Net Contribution -0.55%
Country
-0.40%
Selection
-0.15%

^Relative

Quarterly Data as of 30-Jun-2021

Largest Overweight

Greece
By5.11%
Portfolio 7.92%
Benchmark 2.80%

Largest Underweight

Poland
By-10.18%
Portfolio 4.54%
Benchmark 14.72%

Monthly Data as of 30-Jun-2021

Team (As of 10-Sep-2021)

Ulle Adamson

Ulle Adamson is a portfolio manager in the Equity Division. She is the portfolio manager for the Emerging Europe Equity Strategy. Ulle is a vice president and an Investment Advisory Committee member of the Emerging Markets Equity and Emerging Markets Discovery Equity Strategies. She is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

Ulle has been with T. Rowe Price since 2002, beginning in the Emerging Markets Equity division. 

Ulle earned an M.A. in digital media studies from Sussex University and a B.Sc. in economics and business administration from the Stockholm School of Economics in Riga. She also has earned the Chartered Financial Analyst® designation. Ulle is fluent in Estonian and English and also speaks Russian and Portuguese.

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

  • Portfolio manager
    since
    2015
  • Years at
    T. Rowe Price
    18
  • Years investment
    experience
    18
Nick Beecroft, CFA

Nick Beecroft is the APAC head of the Investment Specialist Group and a portfolio specialist in the Equity Division. He also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

Nick’s investment experience began in 2001, and he has been with T. Rowe Price since 2005, beginning in the Equity Division. Prior to this, Nick was employed by Mercer Investment Consulting as an investment analyst.

Nick earned a B.A., with honors, in contemporary European studies from the University of Southampton. He also has earned the Chartered Financial Analyst® designation.

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

  • Years at
    T. Rowe Price
    16
  • Years investment
    experience
    20