I | T. Rowe Price

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 smaller publicly traded European companies.

Investment Approach

Invests in European small- and mid-cap companies capable of sustaining above-average, long-term earnings growth and selling at reasonable prices.
Benchmark-unconstrained approach exploits diverse opportunities in developed Europe, peripheral, and European Union (EU) accession countries.
Exposure to companies at different stages in the growth cycle offers the potential for more consistent performance across market cycles.
Long-term investment horizon emphasizes bottom-up stock selection as the primary source of excess return.
Dedicated London-based research team seeks companies with:
- Attractive industry structure.
- Compelling business models.
- Strong growth prospects.
- Solid management teams.
- Reasonable valuations.

Portfolio Construction

Typically 70-100 stock portfolio
Diversification at the security, country, region, and sector levels offers the potential for attractive risk-adjusted returns
Bias toward high-quality stocks provides the potential for downside risk protection
Risk parameters
- Emerging Europe exposure: maximum 10%
- Typical position size: 0.50% to 5.00%
- Low turnover expected
- Expected tracking error: 3% to 7%

Performance (Class I)

Annualised Performance

Calculated:

	1 YR	3 YR Annualised	5 YR Annualised	10 YR Annualised	Since Manager Inception Annualised
Fund %	17.14%	9.20%	10.35%	12.87%	6.73%
Indicative Benchmark %	31.44%	9.60%	10.40%	12.24%	7.34%
Excess Return %	-14.30%	-0.40%	-0.05%	0.63%	-0.61%

	1 YR	3 YR Annualised	5 YR Annualised	10 YR Annualised
Fund %	17.14%	9.20%	10.35%	12.87%
Indicative Benchmark %	31.44%	9.60%	10.40%	12.24%
Excess Return %	-14.30%	-0.40%	-0.05%	0.63%

Recent Performance

	Month to DateData as of 15-Jan-2020	Quarter to DateData as of 15-Jan-2020	Year to DateData as of 15-Jan-2020	1 MonthData as of 31-Dec-2019	3 MonthsData as of 31-Dec-2019
Fund %	0.56%	0.56%	0.56%	2.97%	10.46%
Indicative Benchmark %	0.15%	0.15%	0.15%	4.24%	11.75%
Excess Return %	0.41%	0.41%	0.41%	-1.27%	-1.29%

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.

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.

31-Dec-2019 - Ben Griffiths, Portfolio Manager,

The MSCI Europe Small Cap Index rose to a record level in December on optimism around trade and waning fears of a global recession. The MSCI Europe Small Cap Index gained almost 27% in 2019, the most since 2017. Small-caps outperformed mid- and large-cap equities, beating both classes over 12 months. Value outperformed growth. In the portfolio, consumer discretionary, health care and information technology were the worst-performing sectors, due to our choice of securities. Conversely, communication services performed best thanks to stock selection. Consumer staples was also positive due mainly to stock picking. Within consumer discretionary, shares of Kambi Group, a Malta-based company that provides outsourced online sports betting services, fell after its largest U.S. client, DrafKings, decided to go public and acquire Kambi’s key competitor SB Tech. Although the eventual loss of DraftKings revenue may dent the growth outlook, the U.S. business still has strong potential as Kambi has several significant U.S. clients. On the positive side, Codemasters Group, a UK-based video game developer and publisher, was a top performer in communication services. The shares surged after the company successful acquired Slightly Mad Studios, cementing its position as a leading developer in racing games. We believe the deal should boost revenues, diversify revenue streams, and provide resources for further growth.

Holdings

Total
Holdings

109

Largest Holding Ascential 2.12% Was (30-Sep-2019) 1.62%

Other View Full Holdings Quarterly data as of 31-Dec-2019

Top 10 Holdings 17.05% View Top 10 Holdings Monthly data as of 31-Dec-2019

Largest Top Contributor^

Codemasters Group Holdings

By 0.05%

% of fund 1.66%

Largest Top Detractor^

Aixtron

By -0.14%

% of fund 1.35%

Top Purchase

Bawag (N)

0.89%

Was (30-Sep-2019) 0.00%

Top Sale

Grandvision (E)

0.00%

Was (30-Sep-2019) 1.27%

30-Sep-2019 - Ben Griffiths, Portfolio Manager,

Stock-Specific Opportunities Emerged in Volatile Markets

Uncertainty about central bank intentions, economic fundamentals, and trade policies triggered bouts of shifting sentiment and market direction. We took advantage of these conditions to make some adjustments to sector positioning. We still look to build a balanced portfolio with companies that we believe will increase earnings and market share over the medium term and weather economic and political risks such as Brexit.

To this end, we opened positions in a range of high-quality growth compounders spanning the consumer discretionary, communication services, and health care sectors.
We also trimmed our exposure to health care and information technology, taking profits on strong performance in individual stocks. These sectors remain our largest overweight allocations, in keeping without our growth style.
We also maintained a large allocation to consumer discretionary and communication services.
Real estate and industrials and business services were still our largest underweights.

Information Technology

The largest position adjustment this quarter was in IT. We reduced our sizable overweight after we took profits on two names that have performed strongly this year: Oxford Instruments, a leading UK-based provider of high-technology tools for R&D, academia, and industrial applications, and Germany-based Wirecard, a global supplier of online payment processing systems.

�

IT is one of our largest absolute and relative positions, which is consistent with our growth approach. We continue to favor companies in software, IT services, and semiconductors and semiconductor equipment, with innovative and resilient business models that are supported by solid bases of recurring revenues or driven by structural trends.

�

Wirecard and Keywords Studios, a leading outsourcer of video and digital games, are our largest holdings in IT services. Within software, we hold WANdisco, a big data technology company and specialist in distributed computing, and First Derivatives, a provider of software and consulting services, particularly to finance, technology, and energy organizations. IQE, a leading global manufacturer of advanced semiconductor materials, and Aixtron, a leading Germany-based provider of deposition equipment to the compound semiconductor industry, are our largest investments in semiconductors.

Communication Services

We increased our overweight in communication services, adding Stillfront, a Sweden-based digital games publisher. Our largest industry bet is entertainment, where we hold three other games developers, one of the fastest-growing segments of the industry. Our investments include Codemasters Group Holdings, a well-established UK-based developer and publisher known for its racing games; Team17, a UK-based company that is one of the longest-running independent video game developers; and Frontier Developments, a world management games specialist.

We are also overweight interactive media and services, where we hold Russian internet company Mail.Ru, which offers a range of online communication products and entertainment services; Scout24 Holding, an online classified advertising company active in the retail and auto markets, mainly in Germany; and Karnov Group, a supplier of information solutions for professionals in the areas of legal, tax, and auditing in Scandinavia.

We opened a position in Stillfront at an attractive valuation. The company has a strong mergers and acquisitions record, organic growth is robust, and the studios in the group operate together efficiently. The recently acquired Kixeye, a Canadian games developer and publisher of strategy games,�is�now contributing to the bottom line, and we believe that it could make a significant contribution to earnings in the years ahead.

Financials

We further pared our underweight allocation to financials, where we have found attractively valued asset managers in the capital markets industry, an area we favor. We added to our�recent investment in Hypoport, a German company that provides technology-based financial services in the credit, real estate, and insurance industries.

�

We remain overweight the capital markets industry, focusing on the relatively higher-quality asset managers that are durable growth companies. Our largest holdings include Intermediate Capital, a UK-based specialist asset manager; XPS Pension Group, a UK-based holding company that�is engaged in pensions actuarial, consulting, and administration business; and Draper Esprit, a Pan-European venture capital fund that invests in disruptive tech companies at the early stages of growth.

�

We are underweight banks and insurance, which generally have been stunted by deleveraging, litigation issues, and increased regulation. Among banks, we hold FinecoBank Banca, an Italian financial service company that specializes in online brokerage, and Van Lanschot Kempen, a Dutch diversified bank that is now increasing its focus on wealth and asset management. In the insurance industry, we own the shares of Sabre Insurance, a UK-based provider of auto insurance, and DFV Deutsche Familienversicherung, an innovative online insurance company in Germany that specializes in health, property, and casualty insurance at cheaper rates than the established companies.

We increased our position in Hypoport, whose credit, real estate, and insurance platforms are generating strong sales and earnings growth. The company has a high market share among independent mortgage advisors and is now expanding its business for saving and cooperative banks, which make up 60% of the German mortgage market. Hypoport has also started to strengthen its presence in the corporate finance market, building a new platform for SMEs, which could further boost earnings.
We exited Banca Generali, the private banking and asset manager arm of Italian global insurer Assicurazioni Generali, taking profits after strong performance. In our view, the stock is now fully valued and has little room to rise further.

Health Care

We reduced our overweight exposure to the health care sector, which is still a key long-term bet. We bought shares in Zealand Pharma, a Denmark-based biopharmaceutical company, but we also sold our holdings in Handicare, a Sweden-based company that provides manual and powered solutions for disabled and elderly people, and Biocartis, a Belgium-based business that specializes in the development of molecular diagnostic systems, especially for the treatment of cancers and infectious diseases.

�

Our largest industry allocations are life sciences tools and services, health care providers and services, and health care equipment and supplies. In the first, we have a position in Eurofins Scientific, a leading global provider of bioanalytical laboratory testing services. In the health care providers and services industry,�we own Amplifon, an Italian company that distributes, adjusts, and personalizes hearing aids, and Ambea, a Sweden-based company that provides support, training and staffing within health and social care. Within health care equipment and supplies, we are optimistic about innovative companies with strong competitive positioning and leading technology in niche markets. We are invested in Ambu, a Denmark-based provider of diagnostic and life-support devices for hospitals and rescue services globally, which is the largest holding in the portfolio.

We opened a position in Zealand Pharma, whose shares have performed strongly this year. We expect more gains after the new chief executive officer unveiled an updated strategy prioritizing independent development and commercialization of its dasiglucagon insulin drug. The company also announced positive results for the drug in phase 3 trials, clearing the way for an early filing of dasiglucagon in its HypoPal rescue kit with the Food and Drug Administration.�
We exited Handicare after a period of lackluster performance to recycle funds in better opportunities. We also sold our holding in Biocartis after the company released disappointing first-half results and revised down annual guidance.

Consumer Discretionary

We increased our overweight allocation to the consumer discretionary sector, adding B&S Group, a Luxembourg-based distributor of consumer goods. We own a broad swath of companies, with our largest industry bets in internet and direct marketing; textiles, apparel, and luxury goods; leisure products; and hotels, restaurants, and leisure. In internet and direct marketing, we own shares in Takeaway.com, one of the biggest positions in the portfolio; Trainline, the UK's leading online rail and coach booking platform; and Hellofresh, a Germany-based online provider of meal kits.

�

Our textiles, apparel, and luxury goods holdings include UK lifestyle brand Joules, which designs clothes, accessories, and homeware, and Watches of Switzerland, a retailer of watches and jewelry in the UK. Our leisure product names include Mips, a maker of helmets for reducing rotational forces on the brain caused by impacts to the head, and Thule, a Sweden-based company that develops and manufactures sport, outdoor, and cargo products. In specialty retail, we have positions in Grandvision, a Dutch optical company providing products and services via a retail network, and SMCP SAS, a French fashion retailer. In hotels, restaurants, and leisure, our largest position is Malta-based Kambi, which provides outsourced online sports betting services.

We�invested in B&S Group, taking advantage of share price weakness triggered by poor first-half figures. We expect a meaningful improvement based on further delivery of FragranceNet.com synergies and further strong growth by HGT fueled by strong Asian demand for health and beauty products.
We exited Dufry, the world's leading travel retailer, to recycle funds in more interesting opportunities. We had expected better performance on the back of growing global passenger numbers and continuing concession wins. However, a prolonged period of slower-than-expected revenue growth caused the shares to derate.

Sectors

Total
Sectors

Largest Sector Health Care 20.13% Was (30-Nov-2019) 19.02%

Other View complete Sector Diversification

Top Contributor^

Communication Services

Net Contribution 0.66%

Sector

-0.24%

Selection 0.91%

Top Detractor^

Information Technology

Net Contribution -1.35%

Sector

0.32%

Selection

-1.67%

Largest Overweight

Health Care

By11.23%

Fund 20.13%

Indicative Benchmark 8.89%

Largest Underweight

Real Estate

By-8.24%

Fund 3.94%

Indicative Benchmark 12.18%

31-Dec-2019 - Ben Griffiths, Portfolio Manager,

We adjusted our positions after we evaluated that some of our holdings have not yet met our expected development goals. In consumer discretionary, we exited DP Eurasia, an exclusive master franchise of Domino's Pizza in Russia, Turkey, Azerbaijan and Georgia. The shares have disappointed due to management’s failure to develop the franchise successfully in regions outside of Moscow and a collapse of discretionary consumption in Turkey. In financials, we exited JTC, a UK-listed provider of fund, corporate and private wealth services to institutional and private clients. The shares have struggled to overcome Brexit headwinds, so we sold our holding when they rose on Boris Johnson’s decisive election triumph.

Countries

Total
Countries

Largest Country United Kingdom 40.39% Was (30-Nov-2019) 37.37%

Other View complete Country Diversification

Top Contributor^

Belgium

Net Contribution 0.27%

Country

0.01%

Selection 0.26%

Top Detractor^

Germany

Net Contribution -0.29%

Country

-0.02%

Selection

-0.27%

Largest Overweight

United Kingdom

By7.77%

Fund 40.39%

Indicative Benchmark 32.62%

Largest Underweight

Norway

By-3.90%

Fund 0.00%

Indicative Benchmark 3.90%

30-Sep-2018 - Ben Griffiths, Portfolio Manager,

By paring back our position in the aforementioned online payments processor, we reduced our exposure to Germany. Our country positions otherwise did not change materially during the month.

Team (As of 06-Jan-2020)

Benjamin Griffiths
Portfolio Manager

Ben Griffiths is the portfolio manager for the European Smaller Companies Strategy and undertakes investment analysis covering European small-cap stocks. Mr. Griffiths is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

Mr. Griffiths has 20 years of investment experience, 13 of which have been with T. Rowe Price. Prior to joining the firm in 2006, he was an investment manager with Baillie Gifford.

Mr. Griffiths earned a diploma in investment analysis from Stirling University and an M.Eng. in engineering science from Oxford University. Mr. Griffiths has earned the Chartered Financial Analyst designation.

Fund manager
since
2016
Years at
T. Rowe Price
Years investment
experience

Andrew Clifton
Portfolio Specialist

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	Minimum Subsequent Investment	Minimum Redemption Amount	Sales Charge (up to)	Investment Management Fee (up to)	Ongoing Charges
Class A	€15,000	€100	€100	5.00%	160 basis points	1.73%
Class I	€2,500,000	€100,000	€0	0.00%	95 basis points	1.04%
Class Q	€15,000	€100	€100	0.00%	95 basis points	1.11%

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

Portfolio Characteristics

as of 31-Dec-2019

Characteristic	Fund	Indicative Benchmark
Projected Earnings Growth Rate (IBES)	10.8%	7.3%
Price to Earnings (Current Fiscal Year)	21.8x	18.3x
Return on Equity (Current Fiscal Year)	13.3%	12.8%
Price to Book	4.2x	2.3x
Investment Weighted Median Market Cap (EUR mm)	1,563	2,926
Investment Weighted Average Market Cap (EUR mm)	2,804	3,099
Number of Holdings	109	975
Top 20 Holdings as % of Total	31.4%	8.9%
Portfolio Holdings Turnover (12 Months)	23.5%	N/A
Percent of Portfolio in Cash	0.3%	0.0%
Active Share Percentage	N/A	N/A

Statistics are Investment Weighted Median unless otherwise noted.

Risks

The following risks are materially relevant to the fund (refer to prospectus for further details):

Capital risk
Country risk (Russia and Ukraine)
Currency risk
Equity risk
Geographic concentration risk
Hedging risk
Investment fund risk
Management risk
Market risk
Operational risk
Small and mid-cap risk

Risk/Return Characteristics

as of 31-Dec-2019

Risk/Return (5 Years)	Fund	Indicative Benchmark
Alpha	0.50%	0.00%
Beta	0.93	1.00
R-Squared	0.88	1.00
Annualized Std. Deviation	13.02%	13.47%
Information Ratio	-0.01	0.00
Sharpe Ratio	0.59	0.58
Tracking Error	5.29%	0.00%

Unless otherwise noted, index returns are shown with gross dividends reinvested.

Calendar Year Performance (Class I)

2010	2011	2012	2013	2014	2015	2016	2017	2018	2019
27.66%	-14.19%	34.40%	29.29%	7.74%	26.06%	-0.33%	31.15%	-15.24%	17.14%	Fund
29.91%	-17.45%	26.98%	33.41%	6.47%	23.53%	0.86%	19.03%	-15.86%	31.44%	Indicative Benchmark
-2.25%	3.26%	7.42%	-4.12%	1.27%	2.53%	-1.19%	12.12%	0.62%	-14.30%	Value added

Fund
Indicative Benchmark
Annual Report

Returns shown with reinvestment of dividends after the deduction of withholding taxes.

Purchases - 10 Largest (31-Dec-2019)

Quarterly as of:

Major Purchases	% of Fund	Previous Quarter Change	Industry	Country
Bawag (N)	0.89%	0.89%	Banks	Austria
Derwent London (N)	0.74%	0.74%	Equity Real Estate Investment Trusts (REITs)	United Kingdom
Kojamo (N)	0.54%	0.54%	Real Estate Management & Development	Finland
Evotec (N)	0.54%	0.54%	Life Sciences Tools & Services	Germany
Weir Group (N)	0.54%	0.54%	Machinery	United Kingdom
Industria Macchine Automatiche (N)	0.00%	0.00%	Machinery	Italy
Ascential	2.12%	0.50%	Media	United Kingdom
Cairn Homes	1.09%	0.37%	Household Durables	Ireland
Intertrust	1.43%	0.21%	Professional Services	Netherlands
Renishaw	1.04%	0.32%	Electronic Equip, Instr & Cmpts	United Kingdom

(N) New Position.

30-Sep-2019 - Ben Griffiths, Portfolio Manager,

To this end, we opened positions in a range of high-quality growth compounders spanning the consumer discretionary, communication services, and health care sectors.
We also trimmed our exposure to health care and information technology, taking profits on strong performance in individual stocks. These sectors remain our largest overweight allocations, in keeping without our growth style.
We also maintained a large allocation to consumer discretionary and communication services.
Real estate and industrials and business services were still our largest underweights.
We opened a position in Stillfront at an attractive valuation. The company has a strong mergers and acquisitions record, organic growth is robust, and the studios in the group operate together efficiently. The recently acquired Kixeye, a Canadian games developer and publisher of strategy games,�is�now contributing to the bottom line, and we believe that it could make a significant contribution to earnings in the years ahead.
We increased our position in Hypoport, whose credit, real estate, and insurance platforms are generating strong sales and earnings growth. The company has a high market share among independent mortgage advisors and is now expanding its business for saving and cooperative banks, which make up 60% of the German mortgage market. Hypoport has also started to strengthen its presence in the corporate finance market, building a new platform for SMEs, which could further boost earnings.
We exited Banca Generali, the private banking and asset manager arm of Italian global insurer Assicurazioni Generali, taking profits after strong performance. In our view, the stock is now fully valued and has little room to rise further.
We opened a position in Zealand Pharma, whose shares have performed strongly this year. We expect more gains after the new chief executive officer unveiled an updated strategy prioritizing independent development and commercialization of its dasiglucagon insulin drug. The company also announced positive results for the drug in phase 3 trials, clearing the way for an early filing of dasiglucagon in its HypoPal rescue kit with the Food and Drug Administration.�
We exited Handicare after a period of lackluster performance to recycle funds in better opportunities. We also sold our holding in Biocartis after the company released disappointing first-half results and revised down annual guidance.
We�invested in B&S Group, taking advantage of share price weakness triggered by poor first-half figures. We expect a meaningful improvement based on further delivery of FragranceNet.com synergies and further strong growth by HGT fueled by strong Asian demand for health and beauty products.
We exited Dufry, the world's leading travel retailer, to recycle funds in more interesting opportunities. We had expected better performance on the back of growing global passenger numbers and continuing concession wins. However, a prolonged period of slower-than-expected revenue growth caused the shares to derate.

Sales - 10 Largest (31-Dec-2019)

Major Sales	% of Fund	Previous Quarter Change	Industry	Country
Grandvision (E)	0.00%	-1.27%	Specialty Retail	Netherlands
Sophos (E)	0.00%	-0.85%	Software	United Kingdom
JTC (E)	0.00%	-0.62%	Capital Markets	United Kingdom
Dfv Deutsche Familienversicherung (E)	0.00%	-0.54%	Insurance	Germany
Industria Macchine Automatiche (E)	0.00%	0.00%	Machinery	Italy
Gima TT (E)	0.00%	-0.45%	Machinery	Italy
Loungers (E)	0.00%	-0.45%	Hotels Restaurants & Leisure	United Kingdom
Mail.Ru	0.97%	-0.46%	Interactive Media & Services	Russia
Ado Properties (E)	0.00%	-0.37%	Real Estate Management & Development	Germany
Dp Eurasia (E)	0.00%	-0.52%	Hotels Restaurants & Leisure	United Kingdom

(E) Eliminated.

Major Purchases/Sales represent the highest to lowest total cost (purchases) and proceeds (sales) for the time period indicated.

The information shown does not reflect any ETFs that may be held in the portfolio.

Contributors (31-Dec-2019)

Quarterly as of:

Contributors	% of Fund	Industry	Country
Codemasters Group Holdings	1.66%	Entertainment	United Kingdom
Galapagos	1.62%	Biotechnology	Belgium
Keywords Studios	1.48%	IT Services	United Kingdom
Sophos	0.00%	Software	United Kingdom
Hutchison China MediTech	1.33%	Pharmaceuticals	Hong Kong
ASOS	1.19%	Internet & Direct Marketing Retail	United Kingdom
Va-Q-Tec	0.97%	Machinery	Germany
Hellofresh	1.22%	Internet & Direct Marketing Retail	Germany
Abcam	1.53%	Biotechnology	United Kingdom
Trainline	1.40%	Internet & Direct Marketing Retail	United Kingdom

30-Sep-2019 - Ben Griffiths, Portfolio Manager,

The strategy underperformed the benchmark due to strong negative stock selection.
IT performed worst due to negative stock picking.
Real estate was the next worst performer, mainly due to our underweight allocation.
A strong negative stock-picking effect weighed on consumer discretionary and industrials and business services as well.
On the positive side, materials supported relative performance due to an underweight, as did financials, thanks to positive stock picking.
Keyword Studios fell in July as the chief financial officer started to hand over his duties and investors adjusted positions on the view that the company's slower growth at lower margins did not justify the valuation. The shares weakened further in September after the company said that it expects organic growth to slow further in the second half. The stock has weakened over the previous quarter on concerns surrounding organic growth, cross-selling, and mergers and acquisitions.�
The shares of First Derivatives dropped on news the founder and chief executive was seeking to sell 1.5 million shares (almost 6% of the company's share capital). They weakened further when he unexpectedly died of cancer and concerns grew about finding a successor.
The shares of Westwing weakened further in the third quarter on more disappointing financial results. First-half numbers showed a continuing decline in sales growth, largely driven by problems in the Italian business; slowing growth in other international markets; lower new customer acquisitions; and the cost of a delayed move to a warehouse in Poland. We exited the stock to recycle funds in better opportunities.
SMCP SAS weakened on market skepticism about the company's guidance for sales growth of 9% to 11% in 2019 and a flat adjusted earnings margin. First-half results were solid and broadly in line with consensus. The results implied sales growth would have to accelerate in the second half, but cool weather in Europe, which will weigh on autumn and winter season clothing, and protests in Hong Kong, which accounts for 4% of total sales, may curb this expansion.
Spirax-Sarco Engineering surged to a record level in July, when investors took profits. First-half results published in August exceeded expectations, but full-year guidance remained unchanged, which depressed the share price during the quarter. The company must sort out operational issues at the Chromalox unit, and industrial output is forecast to be lower in the second half.
XPS Pensions recovered some of July's losses triggered by disappointing 2019 results, when the company reset 2020 estimates lower as acquisitions are consolidated. The markdown in the share price was seen as overdone, given the company's dominant position in the growing defined benefit pension scheme market for private clients and the potential stream of consulting projects from schemes undertaking de-risking programs.

Detractors (31-Dec-2019)

Detractors	% of Fund	Industry	Country
Wirecard	0.92%	IT Services	Germany
Ted Baker	0.00%	Textiles, Apparel & Luxury Goods	United Kingdom
IQE	1.21%	Semiconductors & Semiconductor Equipment	United Kingdom
SMCP SAS	0.71%	Specialty Retail	France
Kambi	1.00%	Hotels Restaurants & Leisure	Sweden
Dp Eurasia	0.00%	Hotels Restaurants & Leisure	United Kingdom
Aixtron	1.35%	Semiconductors & Semiconductor Equipment	Germany
Hurricane Energy	0.49%	Oil, Gas & Consumable Fuels	United Kingdom
B&S Group Sarl	0.40%	Distributors	Luxembourg
Joules	0.89%	Textiles, Apparel & Luxury Goods	United Kingdom

The information shown does not reflect any ETFs that may be held in the portfolio.

N/A indicates Not Available.

Holdings (31-Dec-2019)

Quarterly as of:

Company	% of Fund	Previous Qtr Change	Value (EUR)	Shares	Sector	Industry	Country
Ascential	2.12%	0.50	€3,484,491.46	755,126	Communication Services	Media	United Kingdom
Amplifon	1.98%	0.16	€3,256,842.38	127,541	Health Care	Health Care Providers & Services	Italy
Ambu	1.88%	-0.15	€3,088,454.74	206,697	Health Care	Health Care Equipment & Supplies	Denmark
Codemasters Group Holdings	1.67%	0.46	€2,738,350.17	828,897	Communication Services	Entertainment	United Kingdom
Galapagos	1.63%	0.34	€2,681,554.40	14,294	Health Care	Biotechnology	Belgium
Scout24 Holding	1.59%	0.10	€2,606,950.83	44,328	Communication Services	Interactive Media & Services	Germany
Intermediate Capital	1.58%	0.13	€2,596,924.46	136,955	Financials	Capital Markets	United Kingdom
Eurofins Scientific	1.57%	0.14	€2,588,125.40	5,237	Health Care	Life Sciences Tools & Services	France
Abcam	1.53%	0.22	€2,523,392.33	158,472	Health Care	Biotechnology	United Kingdom
Ambea	1.50%	0.11	€2,465,878.58	329,160	Health Care	Health Care Providers & Services	Sweden
Elekta	1.50%	0.09	€2,463,016.76	209,340	Health Care	Health Care Equipment & Supplies	Sweden
Xps Pensions	1.50%	0.22	€2,459,937.40	1,524,572	Financials	Capital Markets	United Kingdom
Keywords Studios	1.48%	0.35	€2,439,522.05	138,273	Information Technology	IT Services	United Kingdom
Strix	1.45%	0.18	€2,380,369.53	1,036,464	Information Technology	Electronic Equip, Instr & Cmpts	United Kingdom
Intertrust	1.43%	0.21	€2,358,556.74	136,254	Industrials & Business Services	Professional Services	Netherlands
DCC	1.43%	-0.14	€2,344,310.95	30,417	Industrials & Business Services	Industrial Conglomerates	Ireland
Draper Esprit	1.42%	0.37	€2,341,071.09	414,112	Financials	Capital Markets	United Kingdom
Mips	1.41%	0.30	€2,311,888.16	121,874	Consumer Discretionary	Leisure Products	Sweden
Trainline	1.40%	0.22	€2,305,185.82	386,049	Consumer Discretionary	Internet & Direct Marketing Retail	United Kingdom
Aixtron	1.35%	-0.21	€2,220,233.11	261,448	Information Technology	Semiconductors & Semiconductor Equipment	Germany
Hutchison China MediTech	1.33%	0.35	€2,185,128.34	488,245	Health Care	Pharmaceuticals	Hong Kong
Genus	1.32%	0.33	€2,171,466.97	58,052	Health Care	Biotechnology	United Kingdom
First Derivatives	1.26%	0.22	€2,065,120.36	63,994	Information Technology	Software	United Kingdom
Takeaway.Com	1.25%	0.08	€2,063,713.20	25,106	Consumer Discretionary	Internet & Direct Marketing Retail	Netherlands
Victrex	1.23%	0.36	€2,023,963.77	68,905	Materials	Chemicals	United Kingdom
Hellofresh	1.22%	0.26	€2,000,859.20	107,644	Consumer Discretionary	Internet & Direct Marketing Retail	Germany
IQE	1.22%	-0.30	€1,998,952.30	3,463,784	Information Technology	Semiconductors & Semiconductor Equipment	United Kingdom
Instone Real Estate	1.21%	0.11	€1,984,459.77	90,227	Real Estate	Real Estate Management & Development	Germany
ASOS	1.19%	0.33	€1,955,816.88	49,233	Consumer Discretionary	Internet & Direct Marketing Retail	United Kingdom
Huhtamaki	1.13%	-0.06	€1,855,202.88	44,854	Materials	Containers & Packaging	Finland
FinecoBank Banca Fineco	1.12%	0.05	€1,847,304.06	173,410	Financials	Banks	Italy
WANdisco	1.10%	0.02	€1,809,571.14	345,271	Information Technology	Software	United Kingdom
Thule	1.09%	0.33	€1,795,476.70	87,070	Consumer Discretionary	Leisure Products	Sweden
Cairn Homes	1.09%	0.37	€1,790,108.40	1,416,225	Consumer Discretionary	Household Durables	Ireland
Alpha Financial Markets Consulting	1.09%	0.20	€1,788,808.15	602,709	Industrials & Business Services	Professional Services	United Kingdom
Team17	1.08%	-0.01	€1,783,917.01	403,913	Communication Services	Entertainment	United Kingdom
Zur Rose	1.08%	0.14	€1,781,052.55	18,055	Consumer Staples	Food & Staples Retailing	Switzerland
Cineworld	1.04%	-0.05	€1,716,837.37	665,321	Communication Services	Entertainment	United Kingdom
Renishaw	1.04%	0.33	€1,714,006.43	38,623	Information Technology	Electronic Equip, Instr & Cmpts	United Kingdom
YouGov	1.04%	0.18	€1,712,014.88	226,069	Communication Services	Media	United Kingdom
Laboratorios Farmaceuticos Rovi	1.03%	0.07	€1,694,604.40	69,451	Health Care	Pharmaceuticals	Spain
Tecan	1.01%	0.08	€1,657,546.90	6,610	Health Care	Life Sciences Tools & Services	Switzerland
Kambi	1.01%	-0.28	€1,657,225.99	130,746	Consumer Discretionary	Hotels Restaurants & Leisure	Sweden
Mail.Ru	0.98%	-0.46	€1,605,045.95	80,759	Communication Services	Interactive Media & Services	Russia
Va-Q-Tec	0.97%	0.29	€1,598,122.43	118,701	Industrials & Business Services	Machinery	Germany
Basic-Fit	0.95%	0.24	€1,566,307.20	46,272	Consumer Discretionary	Hotels Restaurants & Leisure	Netherlands
Frontier developments	0.92%	0.14	€1,521,023.75	105,684	Communication Services	Entertainment	United Kingdom
Karnov	0.92%	0.06	€1,512,098.31	298,447	Communication Services	Interactive Media & Services	Sweden
Wirecard	0.91%	-0.79	€1,495,601.46	14,083	Information Technology	IT Services	Germany
Amadeus IT	0.91%	0.05	€1,492,108.80	20,496	Information Technology	IT Services	Spain
Carel Industries	0.90%	-0.03	€1,474,956.68	106,268	Information Technology	Electronic Equip, Instr & Cmpts	Italy
Joules	0.89%	0.10	€1,464,331.29	540,575	Consumer Discretionary	Textiles, Apparel & Luxury Goods	United Kingdom
Bawag	0.88%	N/A	€1,448,659.51	35,985	Financials	Banks	Austria
Rotork	0.82%	0.06	€1,346,664.92	341,318	Industrials & Business Services	Machinery	United Kingdom
Playtech	0.81%	-0.07	€1,340,170.71	286,625	Consumer Discretionary	Hotels Restaurants & Leisure	United Kingdom
Inmobiliaria Colonial SocimiSA	0.79%	-0.02	€1,306,740.80	115,030	Real Estate	Equity Real Estate Investment Trusts (REITs)	Spain
Watches Of Switzerland	0.79%	0.19	€1,301,204.15	293,834	Consumer Discretionary	Textiles, Apparel & Luxury Goods	United Kingdom
Sabre Insurance	0.78%	0.03	€1,286,159.35	354,559	Financials	Insurance	United Kingdom
Hypoport	0.78%	0.18	€1,280,123.04	4,081	Financials	Diversified Financial Services	Germany
Norma	0.78%	0.19	€1,276,904.86	33,864	Industrials & Business Services	Machinery	Germany
Netcompany	0.75%	0.07	€1,230,496.46	29,050	Information Technology	Software	Denmark
Derwent London	0.74%	N/A	€1,221,600.48	25,866	Real Estate	Equity Real Estate Investment Trusts (REITs)	United Kingdom
Cassiopea	0.74%	0.01	€1,221,255.24	31,540	Health Care	Pharmaceuticals	Switzerland
Syncona	0.73%	-0.01	€1,205,068.66	467,210	Trusts & Funds	Trusts & Mutual Funds	United Kingdom
Imcd	0.73%	0.06	€1,199,520.40	15,418	Industrials & Business Services	Trading Companies & Distributors	Netherlands
Sensirion Holding	0.73%	-0.08	€1,194,880.50	31,573	Information Technology	Semiconductors & Semiconductor Equipment	Switzerland
Tikehau Capital SCA	0.73%	0.02	€1,193,500.00	54,250	Financials	Capital Markets	France
Balco	0.72%	-0.02	€1,188,934.62	132,747	Industrials & Business Services	Building Products	Sweden
SMCP SAS	0.71%	-0.30	€1,174,776.75	124,315	Consumer Discretionary	Specialty Retail	France
Stillfront	0.71%	0.20	€1,162,419.46	33,106	Communication Services	Entertainment	Sweden
Spirax Sarco Engineering	0.70%	0.07	€1,148,063.59	10,965	Industrials & Business Services	Machinery	United Kingdom
Polypipe	0.69%	0.35	€1,129,763.73	177,639	Industrials & Business Services	Building Products	United Kingdom
AJ Bell	0.69%	0.19	€1,128,068.40	223,266	Financials	Capital Markets	United Kingdom
Horizon Discovery	0.68%	-0.05	€1,122,438.55	635,354	Health Care	Life Sciences Tools & Services	United Kingdom
Shop Apotheke Europe	0.67%	0.09	€1,098,122.78	25,350	Consumer Discretionary	Internet & Direct Marketing Retail	Germany
Terveystalo	0.66%	0.10	€1,090,464.93	97,552	Health Care	Health Care Providers & Services	Finland
LivaNova	0.66%	0.16	€1,088,883.08	16,206	Health Care	Health Care Equipment & Supplies	United Kingdom
Ams	0.65%	-0.12	€1,074,860.08	29,689	Information Technology	Semiconductors & Semiconductor Equipment	Switzerland
Aedas Homes SAU	0.65%	-0.01	€1,068,403.05	49,809	Real Estate	Real Estate Management & Development	Spain
Konecranes	0.64%	0.03	€1,054,971.55	38,529	Industrials & Business Services	Machinery	Finland
Nfon	0.64%	-0.06	€1,046,850.65	108,066	Communication Services	Diversified Telecommunication Services	Germany
Spie	0.61%	-0.04	€1,003,630.56	55,266	Industrials & Business Services	Commercial Services & Supplies	France
Tyman	0.60%	0.07	€991,476.28	310,068	Industrials & Business Services	Building Products	United Kingdom
Serviceware	0.60%	-0.03	€990,743.07	74,490	Information Technology	Software	Germany
Aluflexpack	0.60%	-0.29	€986,517.35	53,772	Materials	Containers & Packaging	Switzerland
Avanza Holding Bank	0.60%	0.09	€981,551.05	105,031	Financials	Capital Markets	Sweden
Inwido	0.59%	0.14	€965,981.03	140,537	Industrials & Business Services	Building Products	Sweden
Zealand Pharma	0.56%	0.30	€924,856.48	29,416	Health Care	Biotechnology	Denmark
Kendrion	0.55%	0.30	€901,729.90	43,042	Industrials & Business Services	Electrical Equipment	Netherlands
Flow Traders	0.55%	-0.10	€899,122.68	41,742	Financials	Capital Markets	Netherlands
Kojamo	0.55%	N/A	€897,509.01	55,411	Real Estate	Real Estate Management & Development	Finland
Weir Group	0.54%	N/A	€880,396.03	49,521	Industrials & Business Services	Machinery	United Kingdom
Evotec	0.53%	N/A	€876,922.36	38,536	Health Care	Life Sciences Tools & Services	Germany
Brunello Cucinelli	0.53%	0.02	€870,498.81	27,618	Consumer Discretionary	Textiles, Apparel & Luxury Goods	Italy
Naked Wines	0.50%	-0.06	€825,056.43	309,970	Consumer Staples	Food & Staples Retailing	United Kingdom
Hurricane Energy	0.49%	-0.13	€803,813.58	2,037,300	Energy	Oil, Gas & Consumable Fuels	United Kingdom
Van Lanschot Kempen	0.46%	-0.02	€761,118.05	37,961	Financials	Banks	Netherlands
IES I Sverige Hldg Ii	0.46%	-0.01	€751,894.43	117,383	Consumer Discretionary	Diversified Consumer Services	Sweden
EVR Holdings	0.45%	0.05	€743,056.72	12,132,857	Information Technology	Software	United Kingdom
Rathbone Brothers	0.45%	-0.03	€733,395.52	29,235	Financials	Capital Markets	United Kingdom
B&S Group Sarl	0.40%	-0.12	€659,520.00	68,700	Consumer Discretionary	Distributors	Luxembourg
Bakkavor	0.39%	-0.07	€633,373.57	385,229	Consumer Staples	Food Products	United Kingdom
DKSH Holding	0.38%	0.00	€622,816.67	12,819	Industrials & Business Services	Professional Services	Switzerland
Stemmer Imaging	0.35%	-0.00	€574,350.61	21,755	Industrials & Business Services	Commercial Services & Supplies	Germany
Piovan	0.33%	0.00	€548,379.05	93,601	Industrials & Business Services	Machinery	Italy
IP	0.22%	0.02	€354,504.18	423,943	Financials	Capital Markets	United Kingdom
Aumann	0.21%	0.03	€348,498.17	22,748	Industrials & Business Services	Machinery	Germany
Barco	0.13%	N/A	€205,641.00	939	Information Technology	Electronic Equip, Instr & Cmpts	Belgium
Xaar	0.09%	0.02	€150,047.66	230,382	Information Technology	Technology Hardware, Storage & Peripherals	United Kingdom

N/A indicates Not Available.

Numbers may not add due to rounding and/or the exclusion of reserves and other assets.

Sector Diversification (31-Dec-2019)

Monthly as of:

Sector Diversification	% of Fund	% of Indicative Benchmark
Health Care	20.13%	8.89%
Communication Services	12.70%	5.22%
Information Technology	15.01%	9.25%
Consumer Discretionary	15.88%	11.12%
Trusts & Funds	0.73%	0.00%
Financials	11.74%	13.83%
Consumer Staples	1.97%	4.62%
Energy	0.49%	3.17%
Utilities	0.00%	2.85%
Materials	2.96%	6.49%
Industrials & Business Services	14.15%	22.38%
Real Estate	3.94%	12.18%

Numbers may not add due to rounding and/or the exclusion of reserves and other assets.

T. Rowe Price uses the MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. T. Rowe Price will adhere to all updates to GICS for prospective reporting.

Sector Attribution - Top and Bottom Five by Total Value Added (31-Dec-2019)

Data as of:

Sector	Total Value Added %	Value from Sector Weight %	Value from Stock Selection %
Communication Services	0.66%	-0.24%	0.91%
Financials	0.35%	0.03%	0.32%
Consumer Staples	0.32%	0.13%	0.19%
Real Estate	0.19%	0.19%	-0.01%
Health Care	0.18%	0.10%	0.08%
Energy	0.05%	0.18%	-0.13%
Materials	-0.06%	-0.00%	-0.06%
Industrials & Business Services	-0.20%	-0.13%	-0.06%
Consumer Discretionary	-1.12%	0.14%	-1.27%
Information Technology	-1.35%	0.32%	-1.67%
Total	-1.05%	0.69%	-1.74%

Past performance is not a reliable indicator of future performance.

Numbers may not add to 100% due to rounding; all numbers are percentages.

Analysis represents the total performance of the portfolio as calculated by the FactSet attribution model and is inclusive of other assets that that will not receive a classification assignment in the detailed structure shown. Returns will not match official T. Rowe Price performance because FactSet uses different exchange rate sources and does not capture intra-day trading. Performance for each security is obtained in the local currency and, if necessary, is converted using an exchange rate determined by an independent third party. Figures are shown with gross dividends reinvested.

Sources: Financial data and analytics provider FactSet. Copyright 2019 FactSet. All Rights Reserved. MSCI/S&P GICS Sectors; Analysis by T. Rowe Price Associates, Inc. T. Rowe Price uses the current MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. T. Rowe Price will adhere to all updates to GICS for prospective reporting.

Figures are shown gross of fees. Returns would be lower as a result of the deduction of such fees.

30-Sep-2019 - Ben Griffiths, Portfolio Manager,

Stock-Specific Opportunities Emerged in Volatile Markets

To this end, we opened positions in a range of high-quality growth compounders spanning the consumer discretionary, communication services, and health care sectors.
We also trimmed our exposure to health care and information technology, taking profits on strong performance in individual stocks. These sectors remain our largest overweight allocations, in keeping without our growth style.
We also maintained a large allocation to consumer discretionary and communication services.
Real estate and industrials and business services were still our largest underweights.

Information Technology

�

Communication Services

We opened a position in Stillfront at an attractive valuation. The company has a strong mergers and acquisitions record, organic growth is robust, and the studios in the group operate together efficiently. The recently acquired Kixeye, a Canadian games developer and publisher of strategy games,�is�now contributing to the bottom line, and we believe that it could make a significant contribution to earnings in the years ahead.

Financials

�

We increased our position in Hypoport, whose credit, real estate, and insurance platforms are generating strong sales and earnings growth. The company has a high market share among independent mortgage advisors and is now expanding its business for saving and cooperative banks, which make up 60% of the German mortgage market. Hypoport has also started to strengthen its presence in the corporate finance market, building a new platform for SMEs, which could further boost earnings.
We exited Banca Generali, the private banking and asset manager arm of Italian global insurer Assicurazioni Generali, taking profits after strong performance. In our view, the stock is now fully valued and has little room to rise further.

Health Care

�

We opened a position in Zealand Pharma, whose shares have performed strongly this year. We expect more gains after the new chief executive officer unveiled an updated strategy prioritizing independent development and commercialization of its dasiglucagon insulin drug. The company also announced positive results for the drug in phase 3 trials, clearing the way for an early filing of dasiglucagon in its HypoPal rescue kit with the Food and Drug Administration.�
We exited Handicare after a period of lackluster performance to recycle funds in better opportunities. We also sold our holding in Biocartis after the company released disappointing first-half results and revised down annual guidance.

Consumer Discretionary

�

We�invested in B&S Group, taking advantage of share price weakness triggered by poor first-half figures. We expect a meaningful improvement based on further delivery of FragranceNet.com synergies and further strong growth by HGT fueled by strong Asian demand for health and beauty products.
We exited Dufry, the world's leading travel retailer, to recycle funds in more interesting opportunities. We had expected better performance on the back of growing global passenger numbers and continuing concession wins. However, a prolonged period of slower-than-expected revenue growth caused the shares to derate.

Country Diversification (31-Dec-2019)

Monthly as of:

Country Diversification	% of Fund	% of Indicative Benchmark
United Kingdom	40.39%	32.62%
Ireland	2.51%	0.53%
Netherlands	5.93%	4.46%
Hong Kong	1.33%	0.00%
Russia	0.98%	0.00%
Finland	2.98%	2.09%
Germany	11.80%	10.97%
Luxembourg	0.40%	0.00%
Denmark	3.19%	3.07%
Ukraine	0.00%	0.04%
Georgia	0.00%	0.06%
Egypt	0.00%	0.12%
Canada	0.00%	0.21%
United Arab Emirates	0.00%	0.21%
Spain	3.38%	3.69%
Sweden	10.49%	10.93%
Portugal	0.00%	0.57%
Austria	0.88%	1.61%
Italy	4.86%	6.16%
Belgium	1.76%	3.68%
France	3.62%	6.22%
Switzerland	5.19%	8.85%
Norway	0.00%	3.90%

Numbers may not add due to rounding and/or the exclusion of reserves and other assets.

Country Attribution - Top and Bottom Five by Total Value Added (31-Dec-2019)

Data as of:

Country	Total Value Added %	Value from Country Weight %	Value from Stock Selection %
Belgium	0.27	0.01	0.26
Hong Kong	0.26	0.26	0.00
Italy	0.18	0.07	0.11
Austria	0.10	0.03	0.06
Egypt	0.04	0.04	0.00
Luxembourg	-0.15	-0.15	0.00
Switzerland	-0.19	0.09	-0.28
Netherlands	-0.23	-0.02	-0.21
Sweden	-0.26	-0.01	-0.25
Germany	-0.29	-0.02	-0.27
Total	-1.05	0.07	-1.12

Past performance is not a reliable indicator of future performance.

Numbers may not add to 100% due to rounding; all numbers are percentages.

Figures are shown gross of fees. Returns would be lower as a result of the deduction of such fees.

Indicative Benchmark Data Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

Daily performance data is based on the latest available NAV. Performance returns for share classes less than 1 year old (and associated benchmarks) are cumulative rather than annualised.

Please note that no management fees are charged to the S and J share classes. No administration agent fees are charged to the J class. Fee arrangements for the S and J classes are made directly with the investment manager. Please see the prospectus for further information.

The Funds are sub-funds of the T. Rowe Price Funds SICAV, a Luxembourg investment company with variable capital which is registered with Commission de Surveillance du Secteur Financier and which qualifies as an undertaking for collective investment in transferable securities (“UCITS”). Full details of the objectives, investment policies and risks are located in the prospectus which is available with the key investor information documents in English and in an official language of the jurisdictions in which the Funds are registered for public sale, together with the annual and semi-annual reports (together “Fund Documents”). Any decision to invest should be made on the basis of the Fund Documents which are available free of charge from the local representative, local information/paying agent or from authorised distributors and via www.troweprice.com.

Hedged share classes (denoted by 'h') utilise investment techniques to mitigate currency risk between the underlying investment currency(ies) of the fund and the currency of the hedged share class. The costs of doing so will be borne by the share class and there is no guarantee that such hedging will be effective.

Net Asset figure applies to all share classes.

Number of years managing the fund. In the case of co-portfolio management, the longer tenure is displayed.

The specific securities identified and described in this report do not represent all of the securities purchased, sold, or recommended for the sub-fund and no assumptions should be made that the securities identified and discussed were or will be profitable.

A full list of the currently issued Share Classes including Distributing, Hedged, and Accumulating Categories may be obtained, free of charge and upon request, from the registered office of the Company.

3YR Return Annualised (View Total Returns)

Total Assets (EUR)

1YR Return (View Total Returns)

Manager Tenure

Information Ratio (5 Years)

Tracking Error (5 Years)

Other Literature

Strategy

Investment Objective

Investment Approach

Portfolio Construction

Performance (Class I)

Annualised Performance

Recent Performance

Holdings

TotalHoldings

Largest Top Contributor^

Codemasters Group Holdings

Largest Top Detractor^

Aixtron

Top Purchase

Bawag (N)

Top Sale

Grandvision (E)

Stock-Specific Opportunities Emerged in Volatile Markets

Information Technology

Communication Services

Financials

Health Care

Consumer Discretionary

Sectors

TotalSectors

Top Contributor^

Communication Services

Top Detractor^

Information Technology

Largest Overweight

Health Care

Largest Underweight

Real Estate

Countries

TotalCountries

Top Contributor^

Belgium

Top Detractor^

Germany

Largest Overweight

United Kingdom

Largest Underweight

Norway

Team (As of 06-Jan-2020)

Benjamin GriffithsPortfolio Manager

Andrew CliftonPortfolio Specialist

Fee Schedule

Portfolio Characteristics

Risks

Risk/Return Characteristics

Calendar Year Performance (Class I)

Monthly Performance (Class I)

Purchases - 10 Largest (31-Dec-2019)

Sales - 10 Largest (31-Dec-2019)

Contributors (31-Dec-2019)

Detractors (31-Dec-2019)

Holdings (31-Dec-2019)

Sector Diversification (31-Dec-2019)

Sector Attribution - Top and Bottom Five by Total Value Added (31-Dec-2019)

Stock-Specific Opportunities Emerged in Volatile Markets

Information Technology

Communication Services

Financials

Health Care

Consumer Discretionary

Country Diversification (31-Dec-2019)

Country Attribution - Top and Bottom Five by Total Value Added (31-Dec-2019)

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3YR Return Annualised
(View Total Returns)

Total Assets
(EUR)

1YR Return
(View Total Returns)

Information Ratio
(5 Years)

Tracking Error
(5 Years)

Total
Holdings

Total
Sectors

Total
Countries

Benjamin Griffiths
Portfolio Manager

Andrew Clifton
Portfolio Specialist

GIPS^® Information