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 % | -11.97% | 0.21% | 2.03% | 4.70% | 0.23% |
| Indicative Benchmark % | -18.29% | -1.45% | 2.03% | 4.75% | 0.22% |
| Excess Return % | 6.32% | 1.66% | 0.00% | -0.05% | 0.01% |
| 1 YR | 3 YR Annualised |
5 YR Annualised |
10 YR Annualised |
|
|---|---|---|---|---|
| Fund % | -11.97% | 0.21% | 2.03% | 4.70% |
| Indicative Benchmark % | -18.29% | -1.45% | 2.03% | 4.75% |
| Excess Return % | 6.32% | 1.66% | 0.00% | -0.05% |
Recent Performance
| Month to DateData as of 26-Oct-2020 | Quarter to DateData as of 26-Oct-2020 | Year to DateData as of 26-Oct-2020 | 1 MonthData as of 30-Sep-2020 | 3 MonthsData as of 30-Sep-2020 | |
|---|---|---|---|---|---|
| Fund % | -0.43% | -0.43% | -14.59% | -3.12% | 3.20% |
| Indicative Benchmark % | 0.19% | 0.19% | -19.54% | -3.11% | 2.09% |
| Excess Return % | -0.62% | -0.62% | 4.95% | -0.01% | 1.11% |
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 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
63
Largest Top Contributor^
Prologis
By 2.86%Largest Top Detractor^
Essex Property Trust
By -0.45%Top Purchase
Equinix (N)
1.26%Top Sale
Hudson Pacific Properties (E)
0.00%
Industry
Total
Industries
11
Top Contributor^
Industrial
Net Contribution 0.77%Top Detractor^
Apartment Residential
Net Contribution -1.00%Largest Overweight
Apartment Residential
Largest Underweight
Diversified
Regions
Total
Regions
4
Largest Overweight
Pacific Ex Japan
Largest Underweight
Europe
Countries
Total
Countries
14
Largest Overweight
United Kingdom
Largest Underweight
Germany
Team (As of 01-Oct-2020)
Nina Jones is the portfolio manager for the Global Real Estate Equity and U.S. Real Estate Equity Strategies. She is also chairman of the Investment Advisory Committee for the U.S. Real Estate Equity Strategy. Nina is also a vice president and advisory committee member of the Financial Services and Mid-Cap Value strategies. She is a member of the investment advisory committee of the Global Growth, Global Stock and Institutional Large Cap Value strategies. Nina is vice president of T. Rowe Price Group.
Nina’s investment experience began in 2008 and she has been with T. Rowe Price since 2008, beginning in the U.S. Equity Division. Prior to this, Nina was a T. Rowe Price summer intern following payroll processor companies in the business services sector. Prior to joining the firm, she worked at KPMG LLP in the audit and risk advisory area.
Nina 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. Nina also earned the certified public accountant designation.
- Fund manager2015
since - Years at12
T. Rowe Price - Years investment12
experience
Jai Kapadia is a regional portfolio manager at T. Rowe Price. He manages the Global Real Estate Strategy and is responsible for stock selection for the Asia-Pacific region.
Mr. Kapadia has 13 years of investment experience, eight of which have been with T. Rowe Price. He joined the firm in 2011. Before his current role, Mr. Kapadia was 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. Prior to joining the firm, he 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 the Massachusetts Institute of Technology, Sloan School of Management.
- Fund manager2019
since - Years at9
T. Rowe Price - Years investment14
experience
Caleb Fritz is a portfolio specialist in the U.S. Equity Division. He acts as a proxy for equity portfolio managers with institutional clients, consultants, and prospects and supports the large-cap value strategies. Caleb also is a vice president of T. Rowe Price Group, Inc.
Caleb’s investment experience began in 2000. He was with T. Rowe Price from 2000 to 2003, beginning in the Participant Service Center, and returned in 2010 until the present. 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 returning to the firm, Caleb was employed by Legg Mason Capital Management as an associate analyst covering the health care sector.
Caleb earned a B.A. and an M.A. from the University of South Florida. He also has earned the Chartered Financial Analyst® designation.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Years at12
T. Rowe Price - Years investment20
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.
Nina Jones is the portfolio manager for the Global Real Estate Equity and U.S. Real Estate Equity Strategies. She is also chairman of the Investment Advisory Committee for the U.S. Real Estate Equity Strategy. Nina is also a vice president and advisory committee member of the Financial Services and Mid-Cap Value strategies. She is a member of the investment advisory committee of the Global Growth, Global Stock and Institutional Large Cap Value strategies. Nina is vice president of T. Rowe Price Group.