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GIPS® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. T. Rowe Price has been independently verified for the twenty four-year period ended June 30, 2020, by KPMG LLP. The verification report is available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report.

TRP is a U.S. investment management firm with various investment advisers registered with the U.S. Securities and Exchange Commission, the U.K. Financial Conduct Authority, and other regulatory bodies in various countries and holds itself out as such to potential clients for GIPS purposes. TRP further defines itself under GIPS as a discretionary investment manager providing services primarily to institutional clients with regard to various mandates, which include U.S, international, and global strategies but excluding the services of the Private Asset Management group.

A complete list and description of all of the Firm's composites and/or a presentation that adheres to the GIPS® standards are available upon request. Additional information regarding the firm's policies and procedures for calculating and reporting performance results is available upon request

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T. Rowe Price

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Past performance is not a reliable indicator of future performance.

Strategy

Global Real Estate Equity

The Global Real Estate Equity Composite seeks capital growth and current income by investing in global companies engaged in the real estate industry.

3YR Return Annualised (Net)
(View Total Returns)

Tracking Error
(5 Years)

0.78%
2.88%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

-11.60%
0.12

Inception Date 31-Oct-2008

Performance figures calculated in USD

Other Literature

Nina P.  Jones
Nina P. Jones, Portfolio Manager

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.

 

Strategy

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

Holdings

Total
Holdings
63
Largest Holding Prologis 5.87% Was (30-Jun-2020) 6.37%
Other View Full Holdings Quarterly data as of  30-Sep-2020
Top 10 Holdings 31.00% View Top 10 Holdings Monthly data as of  30-Sep-2020

Top Purchase

Equinix (N)
1.27%
Was (30-Jun-2020) 0%

Top Sale

Prologis
5.88%
Was (30-Jun-2020) 6.37%

Quarterly Data as of 30-Sep-2020

Industry

Total
Industries
11
Largest Industry Apartment Residential 25.40% Was (30-Jun-2020) 26.01%
Other View complete Industry Diversification

Monthly Data as of 30-Sep-2020

Benchmark: FTSE EPRA Nareit Developed Index

Top Contributor^

Industrial
Net Contribution 0.76%
Industry
0.40%
Selection 0.37%

Top Detractor^

Apartment Residential
Net Contribution -1.00%
Industry
-0.01%
Selection
-0.99%

^Relative

Quarterly Data as of 30-Sep-2020

Largest Overweight

Apartment Residential
By6.60%
Portfolio 25.40%
Benchmark 18.81%

Largest Underweight

Diversified
By-5.35%
Portfolio 12.61%
Benchmark 17.96%

Monthly Data as of 30-Sep-2020

Regions

Total
Regions
4
Largest Region North America 55.52% Was (30-Jun-2020) 55.58%
Other View complete Region Diversification

Monthly Data as of 30-Sep-2020

Benchmark: FTSE EPRA Nareit Developed Index

Largest Overweight

Pacific Ex Japan
By1.00%
Portfolio 14.06%
Benchmark 13.06%

Largest Underweight

Europe
By-1.00%
Portfolio 17.78%
Benchmark 18.78%

Monthly Data as of 30-Sep-2020

Countries

Total
Countries
14
Largest Country United States 52.39% Was (30-Jun-2020) 52.41%
Other View complete Country Diversification

Monthly Data as of 30-Sep-2020

Benchmark: FTSE EPRA Nareit Developed Index

Largest Overweight

United Kingdom
By1.85%
Portfolio 6.56%
Benchmark 4.71%

Largest Underweight

Germany
By-3.24%
Portfolio 2.95%
Benchmark 6.18%

Monthly Data as of 30-Sep-2020

Team (As of 15-Jan-2021)

Nina P.  Jones

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.

  • Portfolio manager
    since
    2015
  • Years at
    T. Rowe Price
    12
  • Years investment
    experience
    12
Jai Kapadia

Jai Kapadia is a regional portfolio manager in the International Equity Division . He manages the Global Real Estate Equity Strategy and is responsible for stock selection for the Asia-Pacific region.  

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 joining the firm, 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.

  • Portfolio manager
    since
    2019
  • Years at
    T. Rowe Price
    9
  • Years investment
    experience
    14
Caleb N. Fritz, CFA

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 at
    T. Rowe Price
    13
  • Years investment
    experience
    20