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SICAV

European Structured Research Equity Fund

Research-driven, industry focused investment.

Class I ISIN LU0207128991 Valoren 2026940

3YR Return Annualised
(View Total Returns)

Total Assets
(EUR)

-2.27%
€7.3m

1YR Return
(View Total Returns)

Manager Tenure

-10.03%
15yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

-0.22
2.13%

Inception Date 07-Jan-2005

Performance figures calculated in EUR

Other Literature

30-Apr-2020 - Mitchell Todd, Portfolio Manager,
The MSCI Europe Index surged in April, rebounding from deep losses, on signs of easing lockdown restrictions in some major economies, aggressive stimulus measures, and hopes of a coronavirus treatment. Ten of the 11 sector components of the index rose, led by strong gains in information technology, health care, consumer discretionary and materials. Consumer staples, real estate and communication services also chalked up healthy returns. Energy was the only sector to fall over the month.
Ann Holcomb, CFA
Ann Holcomb, CFA, Co-Portfolio Manager

Ann Holcomb is a director of research, North America, in the U.S. Equity Division. Ann is a member of the Equity Steering Committee, and she is co-portfolio manager of the U.S. Quantitative US strategy.  She is also is cochair of the Investment Advisory Committee of the US Structured Research Strategy. Ann is a vice president of T. Rowe Price Group, Inc. 

 

Strategy

Investment Objective

To increase the value of its shares, over the long term, through growth in the value of its investments. The fund invests mainly in a widely diversified portfolio of stocks of European companies selected by the investment manager’s team of research analysts (as opposed to a single portfolio manager).

Investment Approach

  • Leverage broad and deep research of all MSCI Europe Index stocks.
  • Combine fundamental research with highly structured portfolio construction to isolate stock selection skills.
  • Analysts make all security-level decisions.
  • 15+ analysts are allocated capital in proportion to their industry weight within the MSCI Europe Index.

Portfolio Construction

  • Typically 200-300 stock portfolio
  • Maximum active position size will typically range +/- 100 basis points relative to the MSCI Europe Index
  • Sector and industry neutral
  • Maximum portfolio weight in non-MSCI Europe names is 10%
  • Expected tracking error of <2.00%
  • Fully invested

Performance (Class I)

Annualised Performance

  1 YR 3 YR
Annualised
5 YR
Annualised
10 YR
Annualised
Since Manager Inception
Fund % -10.03% -2.27% -1.04% 5.01% 8.57%
Indicative Benchmark % -11.58% -1.78% -0.56% 5.36% 6.12%
Excess Return % 1.55% -0.49% -0.48% -0.35% 2.45%

Inception Date 07-Jan-2005

Manager Inception Date 31-Mar-2020

Indicative Benchmark: MSCI Europe Index Net

Data as of  30-Apr-2020

Performance figures calculated in EUR

  1 YR 3 YR
Annualised
5 YR
Annualised
10 YR
Annualised
Fund % -14.02% -4.32% -2.50% 4.05%
Indicative Benchmark % -13.53% -3.17% -1.73% 4.63%
Excess Return % -0.49% -1.15% -0.77% -0.58%

Inception Date 07-Jan-2005

Indicative Benchmark: MSCI Europe Index Net

Data as of  31-Mar-2020

Performance figures calculated in EUR

Recent Performance

  Month to DateData as of 03-Jun-2020 Quarter to DateData as of 03-Jun-2020 Year to DateData as of 03-Jun-2020 1 MonthData as of 30-Apr-2020 3 MonthsData as of 30-Apr-2020
Fund % 4.31% 16.58% -10.88% 8.57% -16.36%
Indicative Benchmark % 5.31% 15.05% -10.94% 6.12% -16.81%
Excess Return % -1.00% 1.53% 0.06% 2.45% 0.45%

Inception Date 07-Jan-2005

Indicative Benchmark: MSCI Europe Index Net

Indicative Benchmark: MSCI Europe Index Net

Performance figures calculated in EUR

Past performance is not a reliable indicator of future performance.  Source for fund performance: T. Rowe Price. Fund performance is calculated using the official NAV with dividends reinvested, if any. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested. It will be affected by changes in the exchange rate between the base currency of the fund and the subscription currency, if different. Sales charges (up to a maximum of 5% for the A Class), taxes and other locally applied costs have not been deducted and if applicable, they will reduce the performance figures. 

Where the base currency of the fund differs from the share class currency, exchange rate movements may affect returns.

Index returns shown with reinvestment of dividends after the deduction of withholding taxes. 

Effective 1 July 2018, the "net" version of the indicative benchmark replaced the "gross" version of the indicative benchmark. The "net" version of the indicative benchmark assumes the reinvestment of dividends after the deduction of withholding taxes applicable to the country where the dividend is paid; as such, the returns of the new benchmark are more representative of the returns experienced by investors in foreign issuers. Historical benchmark performance has been restated accordingly. 

30-Apr-2020 - Mitchell Todd, Portfolio Manager,
Within the portfolio, the consumer discretionary sector was the top contributor. Materials, health care, information technology, health care and industrials and business services were also positive. Financials and energy were modestly negative. Real estate, utilities, communication services and consumer staples were also negative. ASOS, a leading global online fashion retailer, performed best in consumer discretionary, followed by Zalando, Europe’s largest online fashion retail platform, which was modestly supportive. ASOS rebounded from a 10-year low in April after posting very strong first-half results, a smaller-than-expected decline in post-lockdown sales and announcing that it would raise £240 million of new equity. Conversely, in financials, Hiscox, a UK insurer, was a modest drag on returns. The shares fell after the company cancelled the dividend as it sought to conserve capital ahead of likely coronavirus-related claims. There was also strong speculation that the company might try to raise capital ahead of the hurricane season.

Holdings

Total
Holdings
267
Largest Holding Nestle 5.27% Was (31-Dec-2019) 4.10%
Other View Full Holdings Quarterly data as of 31-Mar-2020
Top 10 Holdings 24.73% View Top 10 Holdings Monthly data as of 30-Apr-2020

Largest Top Contributor^

Roche Holding
By 3.45%
% of fund 4.35%

Largest Top Detractor^

Total
By -0.28%
% of fund 1.88%

^Absolute

Quarterly Data as of 31-Mar-2020

Sectors

Total
Sectors
11
Largest Sector Health Care 18.69% Was (31-Mar-2020) 18.36%
Other View complete Sector Diversification

Monthly Data as of 30-Apr-2020

Indicative Benchmark: MSCI Europe Index

Top Contributor^

Real Estate
Net Contribution 0.29%
Sector
-0.02%
Selection 0.31%

Top Detractor^

Consumer Discretionary
Net Contribution -0.32%
Sector
0.01%
Selection
-0.33%

^Relative

Quarterly Data as of 31-Mar-2020

Largest Overweight

Health Care
By1.60%
Fund 18.69%
Indicative Benchmark 17.09%

Largest Underweight

Communication Services
By-1.01%
Fund 3.13%
Indicative Benchmark 4.14%

Monthly Data as of 30-Apr-2020

Team (As of 21-May-2020)

Ann Holcomb, CFA

Ann Holcomb is a director of research, North America, in the U.S. Equity Division. Ann is a member of the Equity Steering Committee, and she is co-portfolio manager of the U.S. Quantitative US strategy.  She is also is cochair of the Investment Advisory Committee of the US Structured Research Strategy. Ann is a vice president of T. Rowe Price Group, Inc. 

Ann’s investment experience began in 1995, and she has been with T. Rowe Price since 1996, beginning in the Quantitative Equity Group as a quantitative analyst and database programmer in the Quantitative Equity Group.  She was a portfolio manager and member of the Investment Advisory Committee for the US Equity Index Strategies. 

Ann earned a B.A. in mathematics from Goucher College and an M.S. in finance from Loyola University Maryland. She also has earned the Chartered Financial Analyst® designation. Ann presently serves on the Board of Trustees of Calvert School and the Walters Art Museum.

  • Fund manager
    since
    2005
  • Years at
    T. Rowe Price
    24
  • Years investment
    experience
    25
Mitchell Todd

Mitchell Todd is the associate head of EMEA Equity in the Equity Division of T. Rowe Price. He is also a member of the firm's International Steering Committee. Mr. Todd is a vice president of T. Rowe Price Group, Inc., T. Rowe Price International Ltd and T. Rowe Price International Funds, Inc.

Mr. Todd has 18 years of investment experience, 11 of which have been with T. Rowe Price. Prior to joining the firm in 2007, he was an analyst with F&C Asset Management.

Mr. Todd earned an M.A. (honours) in accountancy and finance from the University of Aberdeen and is a member of the Institute of Chartered Accountants of Scotland.

  • Fund manager
    since
    2015
  • Years at
    T. Rowe Price
    12
  • Years investment
    experience
    19
Stephon Jackson, CFA

Steph Jackson is the associate head of the U.S. Equity Division. He is a member of the Equity Steering Committee. Steph is a former member of the International Steering, Equity Research, and Risk Management Oversight Committees.  He also is the former chair of MOSAIC, a business resource group that identifies issues and opportunities relevant to talent, business practices, and culture in support of the firm's diversity and inclusion strategy. Steph is a vice president of T. Rowe Price Group, Inc.

Steph’s investment experience began in 1986, and he has been with T. Rowe Price since 2007, beginning in the U.S. Equity Division as a portfolio specialist, supporting several U.S. small-cap and mid-cap strategies. After that, he was a director of Equity Research, leading the U.S. Associate Analyst team. Prior to T. Rowe Price, he was a senior portfolio manager and a managing director with Brown Capital Management, where he managed mid-cap and large-cap growth portfolios. Prior to that, he was a growth portfolio manager and director of equity research with NCM Capital Management. 

Steph earned a B.S. in business administration from the University of North Carolina, Chapel Hill, where he was a Morehead Scholar, and an M.B.A. from the University of Pennsylvania, The Wharton School. Steph also has earned the Chartered Financial Analyst® designation. He is a former member of the Investment Committee of the France-Merrick Foundation, a former executive Board member  of the Baltimore Community Foundation, and a former Board member of the Abell Foundation. He also was the chairman of the Investment Committee of the Gilman School and a member of the Advisory Board of Bridges .

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

  • Fund manager
    since
    2019
  • Years at
    T. Rowe Price
    12
  • Years investment
    experience
    33
Andrew Clifton

Andrew Clifton is a portfolio specialist in the Equity Division at T. Rowe Price. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

Mr. Clifton has over 30 years of investment experience, nine of which have been at T. Rowe Price. Prior to joining the firm in 2010, he was an executive director at UBS Global Asset Management. Prior to that, he was a vice president at Merrill Lynch.

Mr. Clifton earned a B.Sc. in economics from the London School of Economics and an M.Sc. in econometrics from the University of Southampton.

  • Years at
    T. Rowe Price
    9
  • Years investment
    experience
    30

Fee Schedule

Share Class Minimum Initial Investment and Holding Amount (EUR) Minimum Subsequent Investment (EUR) Minimum Redemption Amount (EUR) Sales Charge (up to) Investment Management Fee (up to) Ongoing Charges
Class I €2,500,000 €100,000 €0 0.00% 55 basis points 0.65%

Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.

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GIPS® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®). TRP has been independently verified for the twenty one- year period ended June 30, 2017 by KPMG LLP. The verification report is available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

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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