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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.


Global Real Estate Equity

The Global Real Estate Equity Composite seeks capital growth and current income by investing in global companies engaged in the real estate industry.

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

Tracking Error
(5 Years)


1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)


Inception Date 31-Oct-2008

Performance figures calculated in USD

Jai Kapadia
Jai Kapadia, Portfolio Manager

Jai Kapadia is a sector portfolio manager in the International Equity Division. He manages the Global Real Estate Equity Strategy.



Investment Approach

  • Employ fundamental research with a bottom-up approach.
  • Assess the capability, strategy, and management of the business.
  • Evaluate the asset base potential.
  • Understand the supply and demand dynamics by property and market.
  • Analyze balance sheet strength and flexibility.
  • Integrate a risk-adjusted perspective throughout our analysis.
  • Establish whether we would want to own a business for the long term.
  • Leverage the deep knowledge base at T. Rowe Price, including dedicated analysts in North America, Europe, and Asia.

Portfolio Construction

  • Typically 40-80 securities
  • Invest in highest conviction ideas
  • Diversified by property type and geography, with at least 40% invested outside the U.S.
  • Sector weights are the result of bottom-up security selection
  • Country weightings +/- 10% of the benchmark
  • Individual position sizes range from +/- 5% of the benchmark
  • Continually monitor investments to ensure:
    • Execution and results are tracking our expectations
    • Strategy intact and investment thesis unfolding as expected


Largest Holding Prologis 4.96% Was (31-Mar-2021) 4.77%
Other View Full Holdings Quarterly data as of  30-Jun-2021
Top 10 Holdings 31.01% View Top 10 Holdings Monthly data as of  30-Jun-2021

Top Purchase

LEG Immobilien (N)
Was (31-Mar-2021) 0%

Top Sale

Deutsche Wohnen (E)
Was (31-Mar-2021) 2.19%

Quarterly Data as of 30-Jun-2021


Largest Industry Apartment Residential 22.57% Was (31-Mar-2021) 24.95%
Other View complete Industry Diversification

Monthly Data as of 30-Jun-2021

Benchmark: FTSE EPRA Nareit Developed Index

Top Contributor^

Apartment Residential
Net Contribution 0.59%
Selection 0.38%

Top Detractor^

Net Contribution -0.73%


Quarterly Data as of 30-Jun-2021

Largest Overweight

Portfolio 8.81%
Benchmark 4.07%

Largest Underweight

Portfolio 8.45%
Benchmark 16.46%

Monthly Data as of 30-Jun-2021


Largest Region North America 58.87% Was (31-Mar-2021) 58.13%
Other View complete Region Diversification

Monthly Data as of 30-Jun-2021

Benchmark: FTSE EPRA Nareit Developed Index

Largest Overweight

Pacific Ex Japan
Portfolio 12.27%
Benchmark 12.05%

Largest Underweight

North America
Portfolio 58.87%
Benchmark 59.75%

Monthly Data as of 30-Jun-2021


Largest Country United States 55.65% Was (31-Mar-2021) 55.04%
Other View complete Country Diversification

Monthly Data as of 30-Jun-2021

Benchmark: FTSE EPRA Nareit Developed Index

Largest Overweight

United Kingdom
Portfolio 6.95%
Benchmark 4.65%

Largest Underweight

Portfolio 1.52%
Benchmark 4.94%

Monthly Data as of 30-Jun-2021

Team (As of 01-Oct-2021)

Jai Kapadia

Jai Kapadia is a sector portfolio manager in the International Equity Division. He manages the Global Real Estate Equity Strategy.

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 this, Jai was employed by Credit Suisse, covering telecommunication equipment stocks, and by Sirios Capital, covering consumer stocks. 

Jai earned a B.A. in economics from Columbia University and an M.B.A. from the Massachusetts Institute of Technology, Sloan School of Management.

  • Portfolio manager
  • Years at
    T. Rowe Price
  • Years investment
Michele A. Ward, CFA

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. She also is a vice president of T. Rowe Price Group, Inc.  

Michele’s investment experience began in 1983, and she has been with T. Rowe Price since 2014, beginning in the U.S. Equity Division. Prior to this, Michele was employed by Hewitt EnnisKnupp as an associate partner, where she advised and educated plan sponsor investment committees on investment policy, plan structure, and regulatory and fiduciary issues.  

Michele earned a B.A., magna cum laude, in political science from Yale University and an M.B.A. from the Yale School of Management. She 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
  • Years investment