Past performance is not a reliable indicator of future performance.
Strategy
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
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
Performance
Annualised Performance
Quarterly| 1 YR | 3 YR Annualised |
5 YR Annualised |
10 YR Annualised |
|
|---|---|---|---|---|
| Composite Gross % | 35.37% | 9.48% | 6.64% | 7.72% |
| Composite Net % | 34.58% | 8.83% | 6.01% | 7.08% |
| Benchmark % | 34.83% | 7.39% | 5.97% | 7.29% |
| Excess Return (Gross) % | 0.54% | 2.09% | 0.67% | 0.43% |
Recent Performance
| 3 MonthsData as of 30-Jun-2021 | Year to DateData as of 30-Jun-2021 | |
|---|---|---|
| Composite Gross % | 9.57% | 16.88% |
| Composite Net % | 9.41% | 16.54% |
| Benchmark % | 9.42% | 16.11% |
| Excess Return (Gross) % | 0.15% | 0.77% |
Past performance is not a reliable indicator of future performance.
Returns for time periods greater than one year are annualised.
Gross performance returns are presented before management and all other fees, where applicable, but after trading expenses. Net of fees performance reflects the deduction of the highest applicable management fee that would be charged based on the fee schedule contained within this material, without the benefit of breakpoints. Gross and net performance returns reflect the reinvestment of dividends and are net of all non-reclaimable withholding taxes on dividends, interest income, and capital gains.
Holdings
Total
Holdings
68
Top Purchase
LEG Immobilien (N)
1.52%Top Sale
Deutsche Wohnen (E)
0.00%Industry
Total
Industries
11
Top Contributor^
Apartment Residential
Net Contribution 0.59%Top Detractor^
Lodging/Leisure
Net Contribution -0.73%Largest Overweight
Lodging/Leisure
Largest Underweight
Diversified
Regions
Total
Regions
4
Largest Overweight
Pacific Ex Japan
Largest Underweight
North America
Countries
Total
Countries
16
Largest Overweight
United Kingdom
Largest Underweight
Germany
Team (As of 10-Sep-2021)
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 manager2019
since - Years at10
T. Rowe Price - Years investment15
experience
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 at7
T. Rowe Price - Years investment38
experience
Jai Kapadia is a sector portfolio manager in the International Equity Division. He manages the Global Real Estate Equity Strategy.