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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)

7.99%
2.87%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

43.15%
-0.44

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