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.
- Environmental, social and governance ("ESG") factors with particular focus on those considered most likely to have a material impact on the performance of the holdings or potential holdings in the funds’ portfolio are assessed. These ESG factors, which are incorporated into the investment process alongside financials, valuation, macro-economics and other factors, are components of the investment decision. Consequently, ESG factors are not the sole driver of an investment decision but are instead one of several important inputs considered during investment analysis.
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 | |
|---|---|---|---|---|---|
| Fund % | 33.28% | 9.42% | 5.52% | 8.38% | 11.18% |
| Indicative Benchmark % | 29.64% | 6.18% | 4.53% | 8.34% | 8.19% |
| Excess Return % | 3.64% | 3.24% | 0.99% | 0.04% | 2.99% |
| 1 YR | 3 YR Annualised |
5 YR Annualised |
10 YR Annualised |
|
|---|---|---|---|---|
| Fund % | 33.28% | 9.42% | 5.52% | 8.38% |
| Indicative Benchmark % | 29.64% | 6.18% | 4.53% | 8.34% |
| Excess Return % | 3.64% | 3.24% | 0.99% | 0.04% |
Recent Performance
| Month to DateData as of 15-Oct-2021 | Quarter to DateData as of 15-Oct-2021 | Year to DateData as of 15-Oct-2021 | 1 MonthData as of 30-Sep-2021 | 3 MonthsData as of 30-Sep-2021 | |
|---|---|---|---|---|---|
| Fund % | 3.75% | 3.75% | 24.14% | -2.80% | 1.56% |
| Indicative Benchmark % | 4.51% | 4.51% | 19.62% | -5.80% | -0.90% |
| Excess Return % | -0.76% | -0.76% | 4.52% | 3.00% | 2.46% |
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.
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 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
68
Largest Top Contributor^
Prologis
Largest Top Detractor^
Acadia Realty Trust
Top Purchase
Simon Property Group
2.57%Top Sale
UNITE
0.72%
Industry
Total
Industries
11
Top Contributor^
Lodging/Leisure
Net Contribution 0.51%Top Detractor^
Data Centers
Net Contribution -0.18%Largest Overweight
Lodging/Leisure
Largest Underweight
Diversified
Regions
Total
Regions
4
Largest Overweight
North America
Largest Underweight
Europe
Countries
Total
Countries
16
Largest Overweight
China
Largest Underweight
Germany
Team (As of 01-Oct-2021)
Jai Kapadia is a sector portfolio manager in the International Equity Division. He manages the Global Real Estate Equity Strategy.
Jai’s investment experience began in 2004, and he has been with T. Rowe Price since 2011, beginning as an analyst and associate director of research in the Equity Research Group in Hong Kong, where he covered Asian conglomerates, real estate, and Indian pharmaceuticals. Prior to this, Jai was employed by Credit Suisse, covering telecommunication equipment stocks, and by Sirios Capital, covering consumer stocks.
Jai earned a B.A. in economics from Columbia University and an M.B.A. from the Massachusetts Institute of Technology, Sloan School of Management.
- Fund manager2019
since - Years at10
T. Rowe Price - Years investment15
experience
Michele Ward is a portfolio specialist in the U.S. Equity Division. She acts as a proxy for equity portfolio managers with institutional clients, consultants, and prospects and supports the U.S. small- and mid-cap equity strategies and the Global Real Estate Equity and US Real Estate Equity Strategies. She also is a vice president of T. Rowe Price Group, Inc.
Michele’s investment experience began in 1983, and she has been with T. Rowe Price since 2014, beginning in the U.S. Equity Division. Prior to this, Michele was employed by Hewitt EnnisKnupp as an associate partner, where she advised and educated plan sponsor investment committees on investment policy, plan structure, and regulatory and fiduciary issues.
Michele earned a B.A., magna cum laude, in political science from Yale University and an M.B.A. from the Yale School of Management. She also has earned the Chartered Financial Analyst® designation.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Years at7
T. Rowe Price - Years investment38
experience
Fee Schedule
| Share Class | Minimum Initial Investment and Holding Amount (USD) | Minimum Subsequent Investment (USD) | Minimum Redemption Amount (USD) | Sales Charge (up to) | Investment Management Fee (up to) | Ongoing Charges |
|---|---|---|---|---|---|---|
| Class A | $1,000 | $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 | $1,000 | $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.
Jai Kapadia is a sector portfolio manager in the International Equity Division. He manages the Global Real Estate Equity Strategy.