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)
1YR Return (Net)
(View Total Returns)
Information Ratio
(5 Years)
Inception Date 31-Jul-2010
Performance figures calculated in USD
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.
Performance
Annualised Performance
Quarterly| 1 YR | 3 YR Annualised |
5 YR Annualised |
Since Inception Annualised |
|
|---|---|---|---|---|
| Composite Gross % | 2.80% | 7.08% | 5.26% | 8.51% |
| Composite Net % | 2.16% | 6.41% | 4.61% | 7.84% |
| Benchmark % | -1.34% | 6.48% | 3.27% | 5.70% |
| Excess Return (Gross) % | 4.14% | 0.60% | 1.99% | 2.81% |
Recent Performance
| 3 MonthsData as of 30-Sep-2019 | Year to DateData as of 30-Sep-2019 | |
|---|---|---|
| Composite Gross % | 1.53% | 13.90% |
| Composite Net % | 1.37% | 13.38% |
| Benchmark % | -1.07% | 12.80% |
| Excess Return (Gross) % | 2.60% | 1.10% |
Returns for time periods greater than one year are annualised.
Past performance is not a reliable indicator of future performance.
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.
MSCI Index returns shown with reinvestment of dividends after the deduction of withholding taxes.
Holdings
Total
Holdings
70
Top Purchase
Great Portland Estates (N)
1.09%Top Sale
Grandvision (E)
0.00%Sectors
Total
Sectors
12
Top Contributor^
Consumer Discretionary
Net Contribution 1.10%Top Detractor^
Materials
Net Contribution -0.14%Largest Overweight
Health Care
Largest Underweight
Information Technology
Regions
Total
Regions
4
Top Contributor^
Developed Europe
Net Contribution 1.10%Top Detractor^
United States
Net Contribution -0.17%Largest Overweight
North America
Largest Underweight
Pacific Ex Japan
Countries
Total
Countries
14
Largest Overweight
Canada
Largest Underweight
Australia
Currency
Total
Currencies
10
Largest Overweight
U.S. dollar
Largest Underweight
Australian dollar
Team (As of 31-Aug-2019)
Federico Santilli is a portfolio manager in the Equity Division at T. Rowe Price, covering international equity. Mr. Santilli is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.
Mr. Santilli has 18 years of investment experience, all of which have been with T. Rowe Price.
Mr. Santilli earned a B.Eng., with honours, in mechanical engineering from University College London and an M.Sc. in international business from the European Academic Consortium. He is fluent in Italian, English and Spanish and has also earned the Chartered Financial Analyst designation.
- Portfolio manager2010
since - Years at18
T. Rowe Price - Years investment18
experience
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 at15
T. Rowe Price - Years investment18
experience
Federico Santilli is a portfolio manager in the Equity Division at T. Rowe Price, covering international equity. Mr. Santilli is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.