Past performance is not a reliable indicator of future performance.
Strategy
Europe ex-UK Equity
The Europe ex-UK Equity Composite seeks to provide long-term capital appreciation through an aggressive and focused approach to fund management. The composite will seek to hold a focused list of stocks selected through proprietary analysis and will also place a heavy emphasis on portfolio construction and risk management with the intention of maximizing risk-adjusted performance.
3YR Return Annualised (Net)
(View Total Returns)
Tracking Error
(5 Years)
1YR Return (Net)
(View Total Returns)
Information Ratio
(5 Years)
Inception Date 28-Feb-2007
Performance figures calculated in EUR
Valuations and performance are computed in USD and converted to EUR. When converting U.S. Dollar composite returns, benchmarks, dispersion and asset data, the same exchange rate source is used consistently. Total returns in non-U.S. Dollar currencies are calculated by adjusting U.S. Dollar performance by the percent change in the U.S. Dollar/foreign currency exchange rate (as determined by an independent third party) for the time periods selected. Net of fees performance is calculated using the currency-converted gross performance and then deducting the highest applicable EUR fee without the benefit of breakpoints.
Strategy
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 in to our investment process.
Portfolio Construction
- Typically 40-70 stocks
- Individual position size up to 4.0% relative to the benchmark
- Sector ranges: typically +/-10% relative to benchmark
- Country ranges: typically +/-10% relative to 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
Annualised Performance
Quarterly| 1 YR | 3 YR Annualised |
5 YR Annualised |
10 YR Annualised |
|
|---|---|---|---|---|
| Composite Gross % | 31.46% | 14.22% | 13.23% | 11.91% |
| Composite Net % | 30.82% | 13.65% | 12.67% | 11.36% |
| Benchmark % | 29.37% | 10.47% | 10.58% | 8.28% |
| Excess Return (Gross) % | 2.09% | 3.75% | 2.65% | 3.63% |
Recent Performance
| 3 MonthsData as of 30-Jun-2021 | Year to DateData as of 30-Jun-2021 | |
|---|---|---|
| Composite Gross % | 7.78% | 15.57% |
| Composite Net % | 7.65% | 15.29% |
| Benchmark % | 7.06% | 15.17% |
| Excess Return (Gross) % | 0.72% | 0.40% |
Past performance is not a reliable indicator of future performance.
Returns for time periods greater than one year are annualised.
Gross performance returns are presented before management and all other fees, where applicable, but after trading expenses. Net of fees performance reflects the deduction of the highest applicable management fee that would be charged based on the fee schedule contained within this material, without the benefit of breakpoints. Gross and net performance returns reflect the reinvestment of dividends and are net of all non-reclaimable withholding taxes on dividends, interest income, and capital gains.
Effective 1 June 2019, the benchmark for the composite changed from gross- to net- of withholding taxes. The change was made because the firm viewed the new benchmark to be more consistent with the tax impacts of the portfolios in the composite. Historical benchmark representations have been restated.
Holdings
Total
Holdings
58
Top Purchase
Mayr Melnhof Karton (N)
0.96%Top Sale
Munich Re (E)
0.00%Sectors
Total
Sectors
10
Top Contributor^
Communication Services
Net Contribution 0.36%Top Detractor^
Information Technology
Net Contribution -0.42%Largest Overweight
Industrials & Business Services
Largest Underweight
Consumer Staples
Countries
Total
Countries
11
Top Contributor^
Germany
Net Contribution 0.41%Top Detractor^
Switzerland
Net Contribution -0.53%Largest Overweight
Italy
Largest Underweight
France
Team (As of 10-Sep-2021)
Tobias Mueller is a regional portfolio manager for the European Select Strategy, effective October 2018, and for the Europe Equity and Europe ex-UK Equity Strategies, effective October 2020. He is a vice president of T. Rowe Price International Ltd.
Tobias’s investment experience began in 2006, and he has been with T. Rowe Price since 2011, beginning in the medical technology and exchange sectors as a research analyst in the Equity Division. Prior to this, Tobias completed an internship at the firm in 2010 and was employed by Lehman Brothers in the Principal Finance Group in London, where he focused on distressed fixed income assets.
Tobias 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.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Portfolio manager2020
since - Years at9
T. Rowe Price - Years investment14
experience
Andrew Clifton is a portfolio specialist in the Equity Division. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.
Andrew’s investment experience began in 1990, and he has been with T. Rowe Price since 2010, beginning in the Investment Specialist Group. Prior to this, Andrew was employed by UBS as an executive director at Global Asset Management. Andrew also was a vice president at Merrill Lynch.
Andrew earned a B.Sc. in economics from the London School of Economics and an M.Sc. in econometrics from the University of Southampton.
- Years at11
T. Rowe Price - Years investment32
experience
Tobias Mueller is a regional portfolio manager for the European Select Strategy, effective October 2018, and for the Europe Equity and Europe ex-UK Equity Strategies, effective October 2020. He is a vice president of T. Rowe Price International Ltd.