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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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Past performance is not a reliable indicator of future performance.

Strategy

Emerging Europe Equity

The Emerging Europe Equity Composite seeks long-term capital appreciation primarily through investment in companies in eastern Europe, Russia, Middle East, and northern Africa, with faster earnings growth and reasonable valuation levels relative to market/sector averages.

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

Tracking Error
(5 Years)

-4.75%
5.86%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

-21.63%
0.33

Inception Date 30-Sep-2000

Performance figures calculated in EUR

Other Literature

Ulle Adamson
Ulle Adamson, Portfolio Manager

Ulle Adamson is a portfolio manager in the Equity Division at T. Rowe Price. She is the portfolio manager for the Emerging Europe Equity Strategy. Ms. Adamson is a vice president and an Investment Advisory Committee member of the Emerging Markets Equity Strategy and Emerging Markets Discovery Equity Strategy. She is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

 

Valuations and performance are computed in USD and converted to EUR. When converting U.S. Dollar composite returns, benchmarks, dispersion and asset data, the same exchange rate source is used consistently. Total returns in non-U.S. Dollar currencies are calculated by adjusting U.S. Dollar performance by the percent change in the U.S. Dollar/foreign currency exchange rate (as determined by an independent third party) for the time periods selected. Net of fees performance is calculated using the currency-converted gross performance and then deducting the highest applicable EUR fee without the benefit of breakpoints. 

Strategy

Investment Approach

  • Employ fundamental analysis to identify companies with sustainable above-market earnings growth rates.
  • Focus on franchise strength, management team quality, free cash flow, and financing/balance sheet structure.
  • Verify relative valuation appeal versus both local market and region.
  • Apply negative screening for macroeconomic and political factors to temper bottom-up enthusiasm for specific securities.

Portfolio Construction

  • Typically 30-60 stock portfolio.
  • Individual positions typically range from 0.50% to 10.00% — average position size of 2.00% to 3.00%.
  • Country and sector weights unconstrained.
  • Reserves typically range from 0% to 5%.

Holdings

Total
Holdings
36
Largest Holding Sberbank of Russia 14.88% Was (30-Jun-2020) 13.18%
Other View Full Holdings Quarterly data as of 30-Sep-2020
Top 10 Holdings 64.02% View Top 10 Holdings Monthly data as of 30-Sep-2020

Top Purchase

Gazprom
10.40%
Was (30-Jun-2020) 9.53%

Top Sale

MMC Norilsk Nickel
3.63%
Was (30-Jun-2020) 5.84%

Quarterly Data as of 30-Sep-2020

Sectors

Total
Sectors
9
Largest Sector Financials 35.21% Was (30-Jun-2020) 33.41%
Other View complete Sector Diversification

Monthly Data as of 30-Sep-2020

Benchmark: MSCI Emerging Markets Europe Index

Top Contributor^

Communication Services
Net Contribution 1.66%
Sector
0.48%
Selection 1.17%

Top Detractor^

Materials
Net Contribution -1.47%
Sector
-0.84%
Selection
-0.62%

^Relative

Quarterly Data as of 30-Sep-2020

Largest Overweight

Financials
By11.99%
Portfolio 35.21%
Benchmark 23.22%

Largest Underweight

Materials
By-8.83%
Portfolio 6.82%
Benchmark 15.64%

Monthly Data as of 30-Sep-2020

Countries

Total
Countries
12
Largest Country Russia 71.46% Was (30-Jun-2020) 68.39%
Other View complete Country Diversification

Monthly Data as of 30-Sep-2020

Benchmark: MSCI Emerging Markets Europe Index

Top Contributor^

Russia
Net Contribution 1.28%
Country
0.01%
Selection 1.26%

Top Detractor^

Poland
Net Contribution -0.59%
Country
-0.51%
Selection
-0.09%

^Relative

Quarterly Data as of 30-Sep-2020

Largest Overweight

Kazakhstan
By3.28%
Portfolio 3.28%
Benchmark 0.00%

Largest Underweight

Poland
By-10.09%
Portfolio 4.42%
Benchmark 14.51%

Monthly Data as of 30-Sep-2020

Team (As of 01-Oct-2020)

Ulle Adamson

Ulle Adamson is a portfolio manager in the Equity Division at T. Rowe Price. She is the portfolio manager for the Emerging Europe Equity Strategy. Ms. Adamson is a vice president and an Investment Advisory Committee member of the Emerging Markets Equity Strategy and Emerging Markets Discovery Equity Strategy. She is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

Ms. Adamson has 16 years of investment experience, all of which have been at T. Rowe Price. She joined the firm in 2002.

Ms. Adamson earned an M.A. in digital media studies from Sussex University and a B.Sc. in economics and business administration from the Stockholm School of Economics in Riga. She also has earned the Chartered Financial Analyst designation. Ms. Adamson is fluent in Estonian and English and also speaks Russian and Portuguese.

  • Portfolio manager
    since
    2015
  • Years at
    T. Rowe Price
    18
  • Years investment
    experience
    18
Nick Beecroft, CFA

Nick Beecroft is the APAC head of the Investment Specialist Group and a portfolio specialist in the Equity Division. He also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

Nick’s investment experience began in 2001, and he has been with T. Rowe Price since 2005, beginning in the Equity Division. Prior to this, Nick was employed by Mercer Investment Consulting as an investment analyst.

Nick earned a B.A., with honors, in contemporary European studies from the University of Southampton. 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
    15
  • Years investment
    experience
    19