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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.

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)

7.17%
2.84%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

38.94%
-0.46

Inception Date 30-Nov-1997

Performance figures calculated in USD

Nina P.  Jones
Nina P. Jones, Portfolio Manager

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.

 

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

Holdings

Total
Holdings
40
Largest Holding Prologis 8.42% Was (31-Mar-2021) 8.58%
Other View Full Holdings Quarterly data as of  30-Jun-2021
Top 10 Holdings 56.04% View Top 10 Holdings Monthly data as of  30-Jun-2021

Top Purchase

SBA Communications (N)
1.02%
Was (31-Mar-2021) 0%

Top Sale

Camden Property Trust
5.93%
Was (31-Mar-2021) 5.9%

Quarterly Data as of 30-Jun-2021

Industry

Total
Industries
12
Largest Industry Apartment Residential 26.76% Was (31-Mar-2021) 27.41%
Other View complete Industry Diversification

Monthly Data as of 30-Jun-2021

Benchmark: Wilshire Real Estate Index

Top Contributor^

Healthcare
Net Contribution 0.41%
Industry
-0.03%
Selection 0.44%

Top Detractor^

Lodging/Leisure
Net Contribution -0.26%
Industry
-0.24%
Selection
-0.02%

^Relative

Quarterly Data as of 30-Jun-2021

Largest Overweight

Apartment Residential
By4.97%
Portfolio 26.76%
Benchmark 21.79%

Largest Underweight

Data Centers
By-6.35%
Portfolio 7.79%
Benchmark 14.14%

Monthly Data as of 30-Jun-2021

Team (As of 10-Sep-2021)

Nina P.  Jones

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 manager
    since
    2019
  • Years at
    T. Rowe Price
    13
  • Years investment
    experience
    13
Caleb N. Fritz, CFA

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 at
    T. Rowe Price
    13
  • Years investment
    experience
    21