Strategy

International Disciplined Equity

Formerly International Concentrated Equity Strategy

The International Disciplined Equity Composite seeks long-term capital appreciation by investing in a focused number of non-U.S. companies in developed and emerging markets. Emerging market exposure typically ranges up to 15% as defined by inclusion in the European segment of MSCI's Emerging Markets Index. The strategy targets attractive opportunities across the investable universe irrespective of growth or value style or market capitalization.

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

Tracking Error
(5 Years)

1.23%
3.14%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

-1.75%
0.77

Inception Date 31-Jul-2010

Performance figures calculated in USD

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Federico Santilli
Federico Santilli, Portfolio Manager

Federico Santilli is a portfolio manager covering international equity in the International Equity Division. He is an executive vice president of T. Rowe Price International Funds, Inc., and T. Rowe Price Institutional International Funds. He also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

 

Strategy

Investment Approach

  • Seeks long-term capital appreciation with a strong focus on risk management by investing in non-U.S. companies in developed and, to a lesser extent, emerging markets
  • Leverages T. Rowe Prices worldwide research platform together with insights from the firm’s sector and regional portfolio managers
  • Diversified portfolio focused on identifying mis-priced, quality stocks, underpinned by strong risk management
  • Close attention is given to diversification across regions, sectors and factor risks
  • Targets attractive opportunities irrespective of growth or value style or market capitalization

Portfolio Construction

  • Portfolio manager has full discretion in portfolio construction.
  • Individual position sizes are determined by each company’s individual risk/reward profile.
  • A rigorous, active risk-control process is used to eliminate unintended positions.
  • Typical sector and country weights within +/- 15% of benchmark.
  • Final construction results in a portfolio with 60-70 stocks.

Holdings

Total
Holdings
69
Largest Holding Groupe Bruxelles Lambert 2.80% Was (31-Mar-2020) 1.29%
Other View Full Holdings Quarterly data as of 30-Jun-2020
Top 10 Holdings 19.41% View Top 10 Holdings Monthly data as of 30-Jun-2020

Top Purchase

Barry Callebaut (N)
1.73%
Was (31-Mar-2020) 0.00%

Top Sale

Allianz (E)
0.00%
Was (31-Mar-2020) 1.31%

Quarterly Data as of 30-Jun-2020

Sectors

Total
Sectors
12
Largest Sector Consumer Staples 16.26% Was (31-Mar-2020) 15.67%
Other View complete Sector Diversification

Monthly Data as of 30-Jun-2020

Benchmark: MSCI EAFE Index

Top Contributor^

Consumer Discretionary
Net Contribution 0.92%
Sector
-0.02%
Selection 0.94%

Top Detractor^

Industrials & Business Services
Net Contribution -1.14%
Sector
-0.02%
Selection
-1.12%

^Relative

Quarterly Data as of 30-Jun-2020

Largest Overweight

Consumer Staples
By4.25%
Portfolio 16.26%
Benchmark 12.01%

Largest Underweight

Information Technology
By-6.18%
Portfolio 2.21%
Benchmark 8.38%

Monthly Data as of 30-Jun-2020

Regions

Total
Regions
4
Largest Region Europe 65.65% Was (31-Mar-2020) 68.31%
Other View complete Region Diversification

Monthly Data as of 30-Jun-2020

Benchmark: MSCI EAFE Index

Top Contributor^

Developed Europe
Net Contribution 0.64%
Region
0.04%
Selection 0.61%

Top Detractor^

Pacific ex Japan
Net Contribution -0.79%
Region
-0.42%
Selection
-0.37%

^Relative

Quarterly Data as of 30-Jun-2020

Largest Overweight

North America
By5.31%
Portfolio 5.41%
Benchmark 0.10%

Largest Underweight

Pacific Ex Japan
By-9.16%
Portfolio 2.43%
Benchmark 11.59%

Monthly Data as of 30-Jun-2020

Countries

Total
Countries
14
Largest Country Japan 16.26% Was (31-Mar-2020) 18.79%
Other View complete Country Diversification

Monthly Data as of 30-Jun-2020

Benchmark: MSCI EAFE Index

Largest Overweight

Canada
By5.41%
Portfolio 5.41%
Benchmark 0.00%

Largest Underweight

Japan
By-9.14%
Portfolio 16.26%
Benchmark 25.40%

Monthly Data as of 30-Jun-2020

Currency

Total
Currencies
10
Largest Currency euro 39.01% Was (31-Mar-2020) 39.60%
Other View complete Currency Diversification

Monthly Data as of 30-Jun-2020

Benchmark : MSCI EAFE Index

Largest Overweight

U.S. dollar
By 11.05%
Portfolio 11.71%
Benchmark 0.65%

Largest Underweight

Japanese yen
By -8.97%
Portfolio 16.43%
Benchmark 25.40%

Monthly Data as of 30-Jun-2020

Team (As of 05-Aug-2020)

Federico Santilli

Federico Santilli is a portfolio manager covering international equity in the International Equity Division. He is an executive vice president of T. Rowe Price International Funds, Inc., and T. Rowe Price Institutional International Funds. He also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

Federico’s investment experience began in 2001 when he joined T. Rowe Price, beginning in the International Equity Division.

Federico earned a B.Eng. in mechanical engineering from the University College London and an M.Sc. in international business from the European Academic Consortium. Federico also has earned the Chartered Financial Analyst® designation. He is fluent in Italian, English, and Spanish.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

  • Portfolio manager
    since
    2010
  • Years at
    T. Rowe Price
    19
  • Years investment
    experience
    19
Jason A.  White

Jason A. White is a portfolio specialist in the Equity Division of T. Rowe Price. He is a member of the international equity investment team, participates in investment strategy calls, and regularly travels with other investment professionals to visit companies around the world. Mr. White is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

Mr. White has 18 years of investment experience, 15 of which have been at T. Rowe Price. Prior to joining the firm in 2004, Mr. White was a principal of State Street Global Advisors and an investment analyst on the global active equity investment team, where he covered various non-U.S. equity strategies.

Mr. White earned an A.B. in economics from Kenyon College, an M.Eng. in operations research from Rensselaer Polytechnic Institute, and an M.B.A. in finance from the University of Chicago Booth School of Business.

  • Years at
    T. Rowe Price
    16
  • Years investment
    experience
    19

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GIPS® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®). TRP has been independently verified for the twenty one- year period ended June 30, 2017 by KPMG LLP. The verification report is available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

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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