Strategy
US Real Estate Equity
The US Real Estate Equity Composite seeks capital growth and current income by investing primarily in U.S. 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 30-Nov-1997
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.
- Utilize relative valuation metrics and analysis.
- Balance valuation analysis versus fundamental assessment.
- Continually monitor investments to ensure that execution and results are tracking expectations.
- Leverage the deep knowledge base at T. Rowe Price.
Portfolio Construction
- 35-45 companies
- Invest in highest conviction ideas
- Diversified by property type and geography
- Sector weights are the result of bottom-up security selection
- Individual position sizes range from 1% to 7% of the portfolio
- 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 % | -16.06% | -2.09% | 2.20% | 8.61% |
| Composite Net % | -16.53% | -2.63% | 1.64% | 8.02% |
| Benchmark % | -12.39% | 0.22% | 4.20% | 9.34% |
| Excess Return (Gross) % | -3.67% | -2.31% | -2.00% | -0.73% |
Recent Performance
| 3 MonthsData as of 30-Jun-2020 | Year to DateData as of 30-Jun-2020 | |
|---|---|---|
| Composite Gross % | 8.64% | -20.71% |
| Composite Net % | 8.49% | -20.94% |
| Benchmark % | 10.57% | -17.89% |
| Excess Return (Gross) % | -1.93% | -2.82% |
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
40
Top Purchase
Welltower
2.03%Top Sale
Public Storage
4.86%Industry
Total
Industries
10
Top Contributor^
Data Centers
Net Contribution 0.38%Top Detractor^
Healthcare
Net Contribution -0.75%Largest Overweight
Apartment Residential
Largest Underweight
Data Centers
Team (As of 01-Oct-2020)
Nina Jones is the portfolio manager for the Global Real Estate Equity and U.S. Real Estate Equity Strategies. She is also chairman of the Investment Advisory Committee for the U.S. Real Estate Equity Strategy. Nina is also a vice president and advisory committee member of the Financial Services and Mid-Cap Value strategies. She is a member of the investment advisory committee of the Global Growth, Global Stock and Institutional Large Cap Value strategies. Nina is vice president of T. Rowe Price Group.
Nina’s investment experience began in 2008 and she has been with T. Rowe Price since 2008, beginning in the U.S. Equity Division. Prior to this, Nina was a T. Rowe Price summer intern following payroll processor companies in the business services sector. Prior to joining the firm, she worked at KPMG LLP in the audit and risk advisory area.
Nina earned a dual B.S., magna cum laude, in accounting and finance from the University of Maryland and earned an M.B.A., with honors, in finance and economics from Columbia Business School. Nina also earned the certified public accountant designation.
- Portfolio manager2019
since - Years at12
T. Rowe Price - Years investment12
experience
Caleb Fritz is a portfolio specialist in the U.S. Equity Division of T. Rowe Price. He acts as a proxy for equity portfolio managers with institutional clients, consultants, and prospects. Mr. Fritz supports T. Rowe Price's large-cap value strategies. He is a vice president of T. Rowe Price Group, Inc.
Mr. Fritz has 19 years of investment experience, 12 of which have been with T. Rowe Price. Prior to his current position, he was a lead portfolio analyst providing analytical support to investment, client service, and marketing staff for the firm's large-cap value and health sciences portfolios. Prior to joining the firm in 2007, Mr. Fritz served as an associate analyst for Legg Mason Capital Management, covering the health care sector.
Mr. Fritz earned a B.A. and an M.A. from the University of South Florida, and he also has earned the Chartered Financial Analyst designation.
- Years at12
T. Rowe Price - Years investment20
experience
Nina Jones is the portfolio manager for the Global Real Estate Equity and U.S. Real Estate Equity Strategies. She is also chairman of the Investment Advisory Committee for the U.S. Real Estate Equity Strategy. Nina is also a vice president and advisory committee member of the Financial Services and Mid-Cap Value strategies. She is a member of the investment advisory committee of the Global Growth, Global Stock and Institutional Large Cap Value strategies. Nina is vice president of T. Rowe Price Group.