SICAV
Global Real Estate Securities Fund
Equity investment alert to the changing supply and demand dynamics of the global property market.
3YR Return Annualised
(View Total Returns)
Total Assets
(USD)
1YR Return
(View Total Returns)
Manager Tenure
Information Ratio
(5 Years)
Tracking Error
(5 Years)
Inception Date 27-Oct-2008
Performance figures calculated in USD
Strategy
Investment Objective
To increase the value of its shares in the long term through both growth in the value of, and income from, its investments. The fund invests mainly in a diversified portfolio of securities issued by real-estate related companies. The companies may be anywhere in the world, including emerging markets.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.
- Analyze balance sheet strength and flexibility.
- Integrate a risk-adjusted perspective throughout our analysis.
- Establish whether we would want to own a business for the long term.
- Leverage the deep knowledge base at T. Rowe Price, including dedicated analysts in North America, Europe, and Asia.
Portfolio Construction
- Typically 40-80 securities
- Invest in highest conviction ideas
- Diversified by property type and geography, with at least 40% invested outside the U.S.
- Sector weights are the result of bottom-up security selection
- Country weightings +/- 10% of the benchmark
- Individual position sizes range from +/- 5% of the benchmark
- Continually monitor investments to ensure:
- Execution and results are tracking our expectations
- Strategy intact and investment thesis unfolding as expected
Performance (Class I)
Annualised Performance
| 1 YR | 3 YR Annualised |
5 YR Annualised |
10 YR Annualised |
Since Manager Inception Annualised |
|
|---|---|---|---|---|---|
| Fund % | 11.65% | 3.69% | 5.40% | 8.27% | 3.16% |
| Indicative Benchmark % | 13.00% | 5.61% | 6.81% | 8.63% | 4.88% |
| Excess Return % | -1.35% | -1.92% | -1.41% | -0.36% | -1.72% |
| 1 YR | 3 YR Annualised |
5 YR Annualised |
10 YR Annualised |
|
|---|---|---|---|---|
| Fund % | 11.65% | 3.69% | 5.40% | 8.27% |
| Indicative Benchmark % | 13.00% | 5.61% | 6.81% | 8.63% |
| Excess Return % | -1.35% | -1.92% | -1.41% | -0.36% |
Recent Performance
| Month to DateData as of 16-Oct-2019 | Quarter to DateData as of 16-Oct-2019 | Year to DateData as of 16-Oct-2019 | 1 MonthData as of 30-Sep-2019 | 3 MonthsData as of 30-Sep-2019 | |
|---|---|---|---|---|---|
| Fund % | 0.99% | 0.99% | 20.56% | 2.27% | 4.27% |
| Indicative Benchmark % | 1.23% | 1.23% | 21.29% | 2.35% | 4.63% |
| Excess Return % | -0.24% | -0.24% | -0.73% | -0.08% | -0.36% |
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 June 2019, 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
65
Largest Top Contributor^
Prologis
By 1.36%Largest Top Detractor^
Sun Hung Kai Properties
By -0.93%Top Purchase
Equity LifeStyle Properties (N)
1.20%Top Sale
Scentre (E)
0.00%
Industry
Total
Industries
10
Top Contributor^
Industrial
Net Contribution 0.40%Top Detractor^
Healthcare
Net Contribution -0.32%Largest Overweight
Apartment Residential
Largest Underweight
Diversified
Regions
Total
Regions
5
Largest Overweight
Latin America
Largest Underweight
North America
Countries
Total
Countries
17
Largest Overweight
Finland
Largest Underweight
Germany
Team (As of 31-Aug-2019)
Nina Jones is the lead portfolio manager for the T. Rowe Price Global Real Estate Strategy and is chairman of its Investment Advisory Committee. She is a vice president and an Investment Advisory Committee member of the Global Growth Stock, Capital Appreciation, and Financial Services Strategies. Mrs. Jones is a vice president of T. Rowe Price Group, Inc.
Mrs. Jones has 11 years of investment experience, all of which have been with T. Rowe Price. She joined the firm in 2008 after serving as a summer intern in 2007, covering payroll processor companies. Prior to joining the firm, she was a senior associate in audit and risk advisory for KPMG LLP.
Mrs. Jones earned a dual B.S., magna cum laude, in accounting and finance from the University of Maryland and earned an M.B.A., with honors, in finance and economics from Columbia Business School. She is a certified public accountant.
- Fund manager2015
since - Years at11
T. Rowe Price - Years investment11
experience
Jai Kapadia is an analyst and associate director of research in the Equity Research Group of T. Rowe Price in Hong Kong, covering Asian conglomerates, real estate and Indian pharmaceuticals.
Mr. Kapadia has 13 years of investment experience, eight of which have been with T. Rowe Price. Prior to joining the firm in 2011, Mr. Kapadia worked at Credit Suisse in New York, covering telecommunication equipment stocks, and at Sirios Capital in Boston, covering consumer stocks.
Mr. Kapadia earned a B.A. in economics from Columbia University and an M.B.A. from MIT Sloan School of Management.
- Fund manager2019
since - Years at8
T. Rowe Price - Years investment13
experience
Caleb Fritz is a portfolio specialist in the U.S. Equity Division of T. Rowe Price. He acts as a proxy for equity portfolio managers with institutional clients, consultants, and prospects. Mr. Fritz supports T. Rowe Price's large-cap value strategies. He is a vice president of T. Rowe Price Group, Inc.
Mr. Fritz has 19 years of investment experience, 12 of which have been with T. Rowe Price. 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 joining the firm in 2007, Mr. Fritz served as an associate analyst for Legg Mason Capital Management, covering the health care sector.
Mr. Fritz earned a B.A. and an M.A. from the University of South Florida, and he also has earned the Chartered Financial Analyst designation.
- Years at11
T. Rowe Price - Years investment19
experience
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 | 1.77% |
| Class I | $2,500,000 | $100,000 | $0 | 0.00% | 75 basis points | 0.85% |
| Class Q | $15,000 | $100 | $100 | 0.00% | 75 basis points | 0.92% |
Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.
Nina Jones is the lead portfolio manager for the T. Rowe Price Global Real Estate Strategy and is chairman of its Investment Advisory Committee. She is a vice president and an Investment Advisory Committee member of the Global Growth Stock, Capital Appreciation, and Financial Services Strategies. Mrs. Jones is a vice president of T. Rowe Price Group, Inc.