Past performance is not a reliable indicator of future performance.
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 % | 39.69% | 7.76% | 5.16% | 8.78% |
| Composite Net % | 38.94% | 7.17% | 4.58% | 8.19% |
| Benchmark % | 37.55% | 10.01% | 6.46% | 9.49% |
| Excess Return (Gross) % | 2.14% | -2.25% | -1.30% | -0.71% |
Recent Performance
| 3 MonthsData as of 30-Jun-2021 | Year to DateData as of 30-Jun-2021 | |
|---|---|---|
| Composite Gross % | 12.78% | 24.06% |
| Composite Net % | 12.63% | 23.73% |
| Benchmark % | 12.75% | 22.70% |
| Excess Return (Gross) % | 0.03% | 1.36% |
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
SBA Communications (N)
1.02%Top Sale
Camden Property Trust
5.93%Industry
Total
Industries
12
Top Contributor^
Healthcare
Net Contribution 0.41%Top Detractor^
Lodging/Leisure
Net Contribution -0.26%Largest Overweight
Apartment Residential
Largest Underweight
Data Centers
Team (As of 10-Sep-2021)
Nina Jones is a portfolio manager for the US Real Estate Equity Strategies. She is the chairman of the Investment Advisory Committee for the US Real Estate Equity Strategy. Nina also is a vice president and Investment 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 a vice president of T. Rowe Price Group, Inc.
Nina 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 was employed by 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 an M.B.A., with honors, in finance and economics from Columbia Business School. Nina is a certified public accountant.
- Portfolio manager2019
since - Years at13
T. Rowe Price - Years investment13
experience
Caleb Fritz is a portfolio specialist in the U.S. Equity Division. He acts as a proxy for equity portfolio managers with institutional clients, consultants, and prospects and supports the large-cap value strategies. Caleb also is a vice president of T. Rowe Price Group, Inc.
Caleb’s investment experience began in 2000. He was with T. Rowe Price from 2000 to 2003, beginning in the Participant Service Center, and returned in 2010 until the present. 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 returning to the firm, Caleb was employed by Legg Mason Capital Management as an associate analyst covering the health care sector.
Caleb earned a B.A. and an M.A. from the University of South Florida. He also has earned the Chartered Financial Analyst® designation.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Years at13
T. Rowe Price - Years investment21
experience
Nina Jones is a portfolio manager for the US Real Estate Equity Strategies. She is the chairman of the Investment Advisory Committee for the US Real Estate Equity Strategy. Nina also is a vice president and Investment 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 a vice president of T. Rowe Price Group, Inc.