SICAV
European Equity Fund
Style agnostic, focus on quality to maintain a balanced portfolio.
3YR Return Annualised
(View Total Returns)
Total Assets
(EUR)
1YR Return
(View Total Returns)
Manager Tenure
Information Ratio
(5 Years)
Tracking Error
(5 Years)
Inception Date 26-Feb-2007
Performance figures calculated in EUR
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 diversified portfolio of stocks of European companies.Investment Approach
- Fundamental research is critical to successfully identify and assess long-term investment opportunities. We look for companies with high returns on capital and capable of providing sustainable earnings across the market cycle.
- Style agnostic, focus on quality. By avoiding style constraints, we can invest in quality companies and maintain a balanced portfolio through market cycles.
- Disciplined approach to valuation. We aim to buy businesses at a clear discount to their intrinsic value.
- Risk management is essential and is assisted by diversification, quantitative analysis, and automatic stabilizers built into our investment process.
Portfolio Construction
- Typically 50-80 stocks
- Individual position size up to 4.0% relative to the indicative benchmark
- Sector ranges: typically +/- 10% relative to the indicative benchmark
- Country ranges: typically +/- 10% relative to the indicative benchmark
- Expected Tracking Error: typically 3.0% to 6.0%
- Information Ratio objective: >0.5
- Cash target range: fully invested, typically less than 5.0%
- Turnover range: 40%-100%
Performance (Class I)
Annualised Performance
1 YR | 3 YR Annualised |
5 YR Annualised |
10 YR Annualised |
Since Manager Inception Annualised |
|
---|---|---|---|---|---|
Fund % | 2.74% | 6.73% | 4.53% | 8.35% | 10.26% |
Indicative Benchmark % | -3.32% | 2.91% | 4.27% | 6.29% | 8.29% |
Excess Return % | 6.06% | 3.82% | 0.26% | 2.06% | 1.97% |
1 YR | 3 YR Annualised |
5 YR Annualised |
10 YR Annualised |
|
---|---|---|---|---|
Fund % | 2.74% | 6.73% | 4.53% | 8.35% |
Indicative Benchmark % | -3.32% | 2.91% | 4.27% | 6.29% |
Excess Return % | 6.06% | 3.82% | 0.26% | 2.06% |
Recent Performance
Month to DateData as of 14-Jan-2021 | Quarter to DateData as of 14-Jan-2021 | Year to DateData as of 14-Jan-2021 | 1 MonthData as of 31-Dec-2020 | 3 MonthsData as of 31-Dec-2020 | |
---|---|---|---|---|---|
Fund % | 2.94% | 2.94% | 2.94% | 1.81% | 7.07% |
Indicative Benchmark % | 3.41% | 3.41% | 3.41% | 2.37% | 10.80% |
Excess Return % | -0.47% | -0.47% | -0.47% | -0.56% | -3.73% |
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.
Holdings
Total
Holdings
70
Largest Top Contributor^
ASML Holding
By 1.05%Largest Top Detractor^
Roche Holding
By -1.21%Top Purchase
Experian (N)
1.22%Top Sale
SAP (E)
0.00%Sectors
Total
Sectors
11
Top Contributor^
Consumer Staples
Net Contribution 0.50%Top Detractor^
Financials
Net Contribution -1.14%Largest Overweight
Industrials & Business Services
Largest Underweight
Consumer Staples
Countries
Total
Countries
12
Top Contributor^
Switzerland
Net Contribution 0.76%Top Detractor^
United Kingdom
Net Contribution -1.46%Largest Overweight
Spain
Largest Underweight
France
Team (As of 08-Jan-2021)

Tobias Mueller is the portfolio manager for the European Select Strategy, effective October 2018. Previously, he covered the technology, medical technology and exchange sectors as a research analyst in the Equity Division. Mr. Mueller is a vice president of T. Rowe Price International Ltd.
Mr. Mueller has 13 years of investment experience, eight of which have been with T. Rowe Price. He completed an internship at the firm in 2010, and prior to joining T. Rowe Price in 2011, he worked at Lehman Brothers in the Principal Finance Group, London, where he focused on distressed fixed income assets.
Mr. Mueller has earned an M.B.A. from the University of Chicago Booth School of Business and is a graduate of business administration from the University of Applied Sciences in Munich, Germany. He also has earned the Chartered Financial Analyst designation.
- Fund manager2020
since - Years at9
T. Rowe Price - Years investment14
experience

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 at10
T. Rowe Price - Years investment31
experience
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 A | €1,000 | €100 | €100 | 5.00% | 150 basis points | 1.62% |
Class I | €2,500,000 | €100,000 | €0 | 0.00% | 65 basis points | 0.75% |
Class Q | €1,000 | €100 | €100 | 0.00% | 65 basis points | 0.82% |
Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.
Tobias Mueller is the portfolio manager for the European Select Strategy, effective October 2018. Previously, he covered the technology, medical technology and exchange sectors as a research analyst in the Equity Division. Mr. Mueller is a vice president of T. Rowe Price International Ltd.