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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)

6.41%
3.18%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

2.16%
0.63

Inception Date 31-Jul-2010

Performance figures calculated in USD

Other Literature

Federico Santilli
Federico Santilli, Portfolio Manager

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.

 

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
70
Largest Holding Total 2.06% Was (30-Jun-2019) 2.26%
Other View Full Holdings Quarterly data as of 30-Sep-2019
Top 10 Holdings 18.24% View Top 10 Holdings Monthly data as of 30-Sep-2019

Top Purchase

Great Portland Estates (N)
1.09%
Was (30-Jun-2019) 0.00%

Top Sale

Grandvision (E)
0.00%
Was (30-Jun-2019) 1.28%

Quarterly Data as of 30-Sep-2019

Sectors

Total
Sectors
12
Largest Sector Financials 18.45% Was (30-Jun-2019) 16.16%
Other View complete Sector Diversification

Monthly Data as of 30-Sep-2019

Benchmark: MSCI EAFE Index

Top Contributor^

Consumer Discretionary
Net Contribution 1.10%
Sector
0.01%
Selection 1.09%

Top Detractor^

Materials
Net Contribution -0.14%
Sector
0.10%
Selection
-0.23%

^Relative

Quarterly Data as of 30-Sep-2019

Largest Overweight

Health Care
By1.73%
Portfolio 13.32%
Benchmark 11.59%

Largest Underweight

Information Technology
By-5.46%
Portfolio 1.32%
Benchmark 6.77%

Monthly Data as of 30-Sep-2019

Regions

Total
Regions
4
Largest Region Europe 63.69% Was (30-Jun-2019) 65.16%
Other View complete Region Diversification

Monthly Data as of 30-Sep-2019

Benchmark: MSCI EAFE Index

Top Contributor^

Developed Europe
Net Contribution 1.10%
Region
0.02%
Selection 1.08%

Top Detractor^

United States
Net Contribution -0.17%
Region
-0.20%
Selection
0.04%

^Relative

Quarterly Data as of 30-Sep-2019

Largest Overweight

North America
By3.90%
Portfolio 3.94%
Benchmark 0.04%

Largest Underweight

Pacific Ex Japan
By-9.08%
Portfolio 2.99%
Benchmark 12.08%

Monthly Data as of 30-Sep-2019

Countries

Total
Countries
14
Largest Country Japan 19.16% Was (30-Jun-2019) 18.47%
Other View complete Country Diversification

Monthly Data as of 30-Sep-2019

Benchmark: MSCI EAFE Index

Largest Overweight

Canada
By3.94%
Portfolio 3.94%
Benchmark 0.00%

Largest Underweight

Australia
By-7.04%
Portfolio 0.00%
Benchmark 7.04%

Monthly Data as of 30-Sep-2019

Currency

Total
Currencies
10
Largest Currency euro 33.99% Was (30-Jun-2019) 35.73%
Other View complete Currency Diversification

Monthly Data as of 30-Sep-2019

Benchmark : MSCI EAFE Index

Largest Overweight

U.S. dollar
By 10.72%
Portfolio 11.57%
Benchmark 0.85%

Largest Underweight

Australian dollar
By -5.83%
Portfolio 1.21%
Benchmark 7.04%

Monthly Data as of 30-Sep-2019

Team (As of 31-Aug-2019)

Federico Santilli

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 manager
    since
    2010
  • Years at
    T. Rowe Price
    18
  • Years investment
    experience
    18
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
    15
  • Years investment
    experience
    18
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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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