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SICAV

European Structured Research Equity Fund

Research-driven, industry focused investment.

Class I ISIN LU0207128991 Bloomberg TRPESRI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(EUR)

7.59%
€8.4m

1YR Return
(View Total Returns)

Manager Tenure

12.84%
14yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

-0.33
1.75%

Inception Date 07-Jan-2005

Performance figures calculated in EUR

Other Literature

31-Oct-2019 - Mitchell Todd, Portfolio Manager,
European shares rose in October to the highest level in almost one-and-a-half years on optimism over a U.S.-China trade deal, a Brexit agreement between the UK and the European Union, and a cut in U.S. interest rates. Stocks rallied after an early drop as growth fears abated and on increasing signs that the U.S. and China might resolve their dispute. However, the rally fizzled at the end of the month when China said it doubted a long-term trade deal was possible.
Ann Holcomb
Ann Holcomb, Co-Portfolio Manager

Ann Holcomb is a portfolio manager in the U.S. Equity Division of T. Rowe Price and head of the Associate Analyst Program . Ms. Holcomb is cochair of the Investment Advisory Committee of the US Structured Research Strategy. She also is portfolio manager of the European Structured Research Strategy. Ms. Holcomb is a vice president of T. Rowe Price Group, Inc.

 

Strategy

Investment Objective

To increase the value of its shares, over the long term, through growth in the value of its investments. The fund invests mainly in a widely diversified portfolio of stocks of European companies selected by the investment manager’s team of research analysts (as opposed to a single portfolio manager).

Investment Approach

  • Leverage broad and deep research of all MSCI Europe Index stocks.
  • Combine fundamental research with highly structured portfolio construction to isolate stock selection skills.
  • Analysts make all security-level decisions.
  • 15+ analysts are allocated capital in proportion to their industry weight within the MSCI Europe Index.

Portfolio Construction

  • Typically 200-300 stock portfolio
  • Maximum active position size will typically range +/- 100 basis points relative to the MSCI Europe Index
  • Sector and industry neutral
  • Maximum portfolio weight in non-MSCI Europe names is 10%
  • Expected tracking error of <2.00%
  • Fully invested

Performance (Class I)

Annualised Performance

  1 YR 3 YR
Annualised
5 YR
Annualised
10 YR
Annualised
Since Manager Inception
Fund % 12.84% 7.59% 5.42% 7.43% 4.84%
Indicative Benchmark % 12.63% 8.25% 6.01% 8.04% 4.65%
Excess Return % 0.21% -0.66% -0.59% -0.61% 0.19%

Inception Date 07-Jan-2005

Manager Inception Date 31-Aug-2019

Indicative Benchmark: MSCI Europe Index Net

Data as of  31-Oct-2019

  1 YR 3 YR
Annualised
5 YR
Annualised
10 YR
Annualised
Fund % 5.54% 6.93% 4.84% 7.35%
Indicative Benchmark % 5.74% 7.65% 5.44% 7.73%
Excess Return % -0.20% -0.72% -0.60% -0.38%

Inception Date 07-Jan-2005

Indicative Benchmark: MSCI Europe Index Net

Data as of  30-Sep-2019

Performance figures calculated in EUR

Recent Performance

  Month to DateData as of 15-Nov-2019 Quarter to DateData as of 15-Nov-2019 Year to DateData as of 15-Nov-2019 1 MonthData as of 31-Oct-2019 3 MonthsData as of 31-Oct-2019
Fund % 1.93% 3.03% 23.31% 1.09% 3.48%
Indicative Benchmark % 2.38% 3.25% 23.12% 0.86% 3.14%
Excess Return % -0.45% -0.22% 0.19% 0.23% 0.34%

Inception Date 07-Jan-2005

Indicative Benchmark: MSCI Europe Index Net

Indicative Benchmark: MSCI Europe Index Net

Performance figures calculated in EUR

Past performance is not a reliable indicator of future performance.  Source for fund performance: T. Rowe Price. Fund performance is calculated using the official NAV with dividends reinvested, if any. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested. It will be affected by changes in the exchange rate between the base currency of the fund and the subscription currency, if different. Sales charges (up to a maximum of 5% for the A Class), taxes and other locally applied costs have not been deducted and if applicable, they will reduce the performance figures. 

Where the base currency of the fund differs from the share class currency, exchange rate movements may affect returns.

Returns shown with reinvestment of dividends after the deduction of withholding taxes. 

Effective 1 July 2018, the "net" version of the indicative benchmark replaced the "gross" version of the indicative benchmark. The "net" version of the indicative benchmark assumes the reinvestment of dividends after the deduction of withholding taxes applicable to the country where the dividend is paid; as such, the returns of the new benchmark are more representative of the returns experienced by investors in foreign issuers. Historical benchmark performance has been restated accordingly. 

31-Oct-2019 - Mitchell Todd, Portfolio Manager,
Consumer discretionary, information technology (IT) and communication services were the best-performing sectors in the portfolio in October, due to our stock picking. Automakers and retailers with online businesses performed well in consumer discretionary. ASOS, a leading global online fashion retailer, rose sharply after solid results for the 2019 financial year, which allayed the worst fears about earnings and the balance sheet. Within IT, our small exposure to Nokia added value. The company posted a strong third quarter, but the shares fell sharply after it paused the dividend and reduced sales growth guidance to in-line with the market due to various challenges that will weigh on results through next year. On the negative side, several companies weighed modestly on performance in industrials and business services, financials and materials. The underperformers included Rolls-Royce, a UK-based engineering company focussed on power and propulsion systems, Hiscox, a Bermuda-based insurer listed in London, and Netherlands-based Koninklijke DSM, a leading vitamin maker and performance materials business.

Holdings

Total
Holdings
271
Largest Holding Nestle 4.48% Was (30-Jun-2019) 4.31%
Other View Full Holdings Quarterly data as of 30-Sep-2019
Top 10 Holdings 22.93% View Top 10 Holdings Monthly data as of 31-Oct-2019

Largest Top Contributor^

Nestle
By 1.25%
% of fund 4.47%

Largest Top Detractor^

Royal Dutch Shell
By -0.28%
% of fund 2.39%

^Absolute

Quarterly Data as of 30-Sep-2019

Sectors

Total
Sectors
11
Largest Sector Financials 17.23% Was (30-Sep-2019) 17.22%
Other View complete Sector Diversification

Monthly Data as of 31-Oct-2019

Indicative Benchmark: MSCI Europe Index

Top Contributor^

Health Care
Net Contribution 0.27%
Sector
0.03%
Selection 0.24%

Top Detractor^

Industrials & Business Services
Net Contribution -0.08%
Sector
0.00%
Selection
-0.08%

^Relative

Quarterly Data as of 30-Sep-2019

Largest Overweight

Health Care
By0.88%
Fund 14.46%
Indicative Benchmark 13.58%

Largest Underweight

Communication Services
By-1.10%
Fund 3.57%
Indicative Benchmark 4.67%

Monthly Data as of 31-Oct-2019

Team (As of 31-Aug-2019)

Ann Holcomb

Ann Holcomb is a portfolio manager in the U.S. Equity Division of T. Rowe Price and head of the Associate Analyst Program . Ms. Holcomb is cochair of the Investment Advisory Committee of the US Structured Research Strategy. She also is portfolio manager of the European Structured Research Strategy. Ms. Holcomb is a vice president of T. Rowe Price Group, Inc.

Ms. Holcomb has 24 years of investment experience, 23 of which have been with T. Rowe Price. She joined the firm in 1996. Prior to her current position, she was a quantitative analyst and database programmer in the Quantitative Equity Group and a member of the Investment Advisory Committee for the US Equity Index Strategy.

Ms. Holcomb earned a B.A. in mathematics from Goucher College and an M.S. in finance from Loyola University Maryland. She also has earned the Chartered Financial Analyst designation. Ms. Holcomb presently serves on the Board of Trustees of Calvert School and the Walters Art Museum.

  • Fund manager
    since
    2005
  • Years at
    T. Rowe Price
    23
  • Years investment
    experience
    24
Mitchell Todd

Mitchell Todd is the associate head of EMEA Equity in the Equity Division of T. Rowe Price. He is also a member of the firm's International Steering Committee. Mr. Todd is a vice president of T. Rowe Price Group, Inc., T. Rowe Price International Ltd and T. Rowe Price International Funds, Inc.

Mr. Todd has 18 years of investment experience, 11 of which have been with T. Rowe Price. Prior to joining the firm in 2007, he was an analyst with F&C Asset Management.

Mr. Todd earned an M.A. (honours) in accountancy and finance from the University of Aberdeen and is a member of the Institute of Chartered Accountants of Scotland.

  • Fund manager
    since
    2015
  • Years at
    T. Rowe Price
    12
  • Years investment
    experience
    19
Andrew Clifton

Andrew Clifton is a portfolio specialist in the Equity Division at T. Rowe Price. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

Mr. Clifton has over 30 years of investment experience, nine of which have been at T. Rowe Price. Prior to joining the firm in 2010, he was an executive director at UBS Global Asset Management. Prior to that, he was a vice president at Merrill Lynch.

Mr. Clifton earned a B.Sc. in economics from the London School of Economics and an M.Sc. in econometrics from the University of Southampton.

  • Years at
    T. Rowe Price
    9
  • Years investment
    experience
    30

Fee Schedule

Share Class Minimum Initial Investment and Holding Amount Minimum Subsequent Investment Minimum Redemption Amount Sales Charge (up to) Investment Management Fee (up to) Ongoing Charges
Class I €2,500,000 €100,000 €0 0.00% 55 basis points 0.65%

Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.

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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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