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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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Home / Products / Strategy / Global Real Estate Equity Strategy
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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.

Strategy HighLights
GIPS

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

Tracking Error
(5 Years)

9.48%
2.95%
Data as of 30-Sep-2021
Data as of 30-Sep-2021

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

33.19%
0.39
Data as of 30-Sep-2021
Data as of 30-Sep-2021

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.

 

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

Regions

Total
Regions
4
Largest Region North America 61.69% Was (30-Jun-2021) 58.87%
Other View complete Region Diversification

Monthly Data as of 30-Sep-2021

Benchmark: FTSE EPRA Nareit Developed Index

Largest Overweight

North America
By0.51%
Portfolio 61.69%
Benchmark 61.18%

Largest Underweight

Europe
By-0.69%
Portfolio 15.52%
Benchmark 16.21%

Monthly Data as of 30-Sep-2021

Countries

Total
Countries
16
Largest Country United States 58.22% Was (30-Jun-2021) 55.65%
Other View complete Country Diversification

Monthly Data as of 30-Sep-2021

Benchmark: FTSE EPRA Nareit Developed Index

Largest Overweight

China
By1.70%
Portfolio 1.70%
Benchmark 0.00%

Largest Underweight

Germany
By-2.54%
Portfolio 1.74%
Benchmark 4.29%

Monthly Data as of 30-Sep-2021

Strategies with co-portfolio managers display the manager with the longer tenure. 

Holdings information and other breakdowns (such as country and currency) are related to those of representative portfolio ("Portfolio"). The Portfolio is an account in the composite we believe most closely reflects current portfolio management style for the 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 page for additional information on the composite.

The specific securities identified and described above 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. 

Effective 1 April 2021, Jai Kapadia assumed sole portfolio management responsibility for the Global Real Estate Strategy.