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Strategy

Europe Equity

The Europe Equity Composite seeks long-term capital appreciation primarily through investment in established companies, in developed European markets, with faster earnings growth and reasonable valuation levels relative to market/sector averages. The strategy generally includes 0-10% exposure to emerging-market stocks, as defined by inclusion in the European segment of the MSCI's Emerging Markets (Free) Index.

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

Tracking Error
(5 Years)

7.85%
3.33%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

8.64%
0.43

Inception Date 30-Jun-1995

Performance figures calculated in EUR

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Dean Tenerelli
Dean Tenerelli, Portfolio Manager

Dean Tenerelli is portfolio manager in the Equity Division at T. Rowe Price. He manages the Europe Equity Strategy, a position he has held since October 2005, and is chairman of its Investment Advisory Committee. He 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

  • Fundamental research is critical to successfully identify and assess long-term investment opportunities. We look for companies with high returns on capital and capable of providing sustainable earnings across the market cycle.
  • Style agnostic, focus on quality. By avoiding style constraints, we can invest in quality companies and maintain a balanced portfolio through market cycles.
  • Disciplined approach to valuation. We aim to buy businesses at a clear discount to their intrinsic value.
  • Risk management is essential and is assisted by diversification, quantitative analysis and automatic stabilizers built in to our investment process.

Portfolio Construction

  • Typically 50-80 stocks
  • Individual position size up to 4.0% relative to the benchmark
  • Sector ranges: typically +/-10% relative to benchmark
  • Country ranges: typically +/-10% relative to benchmark
  • Expected Tracking Error: typically 3.0% to 6.0%
  • Information Ratio objective: >0.5
  • Cash target range: fully invested, typically less than 5.0%
  • Turnover range: 40%-100%

Holdings

Total
Holdings
61
Largest Holding Nestle 4.30% Was (30-Jun-2019) 4.53%
Other View Full Holdings Quarterly data as of 30-Sep-2019
Top 10 Holdings 29.66% View Top 10 Holdings Monthly data as of 30-Sep-2019

Top Purchase

Bankinter (N)
1.37%
Was (30-Jun-2019) 0.00%

Top Sale

UBS (E)
0.00%
Was (30-Jun-2019) 1.53%

Quarterly Data as of 30-Sep-2019

Sectors

Total
Sectors
11
Largest Sector Industrials & Business Services 16.32% Was (30-Jun-2019) 14.14%
Other View complete Sector Diversification

Monthly Data as of 30-Sep-2019

Benchmark: MSCI Europe Index

Top Contributor^

Information Technology
Net Contribution 0.30%
Sector
0.06%
Selection 0.23%

Top Detractor^

Health Care
Net Contribution -0.15%
Sector
0.08%
Selection
-0.23%

^Relative

Quarterly Data as of 30-Sep-2019

Largest Overweight

Utilities
By3.93%
Portfolio 8.40%
Benchmark 4.47%

Largest Underweight

Consumer Staples
By-9.68%
Portfolio 5.24%
Benchmark 14.92%

Monthly Data as of 30-Sep-2019

Countries

Total
Countries
12
Largest Country United Kingdom 18.54% Was (30-Jun-2019) 19.96%
Other View complete Country Diversification

Monthly Data as of 30-Sep-2019

Benchmark: MSCI Europe Index

Top Contributor^

Switzerland
Net Contribution 0.41%
Country
0.07%
Selection 0.33%

Top Detractor^

France
Net Contribution -0.34%
Country
0.00%
Selection
-0.34%

^Relative

Quarterly Data as of 30-Sep-2019

Largest Overweight

Spain
By5.32%
Portfolio 9.95%
Benchmark 4.63%

Largest Underweight

United Kingdom
By-7.34%
Portfolio 18.54%
Benchmark 25.88%

Monthly Data as of 30-Sep-2019

Team (As of 31-Aug-2019)

Dean Tenerelli

Dean Tenerelli is portfolio manager in the Equity Division at T. Rowe Price. He manages the Europe Equity Strategy, a position he has held since October 2005, and is chairman of its Investment Advisory Committee. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

Mr. Tenerelli has 28 years of investment experience, 19 of which have been at T. Rowe Price. He joined the firm in 2000 as an equity research analyst and was appointed co-manager of the firm's Global Equity Strategy in 2004. Prior to joining T. Rowe Price, Mr. Tenerelli served as a director for Credit Suisse Asset Management, where he was a senior telecommunications analyst. Prior to Credit Suisse Asset Management, Mr. Tenerelli worked as assistant portfolio manager at Artisan Partners (1995-2000). He began his investment career in 1993 at Banesto Bolsa in Madrid as an equity analyst following Spanish equities. Mr. Tenerelli later became an international equity analyst, focused on Europe, for Waddell and Reed in Kansas City, MO. In 1995, he moved to Artisan Partners as an assistant portfolio manager.

A graduate of Rutgers University with a B.A. in economics, Mr. Tenerelli earned an M.B.A. from Escuela Superior de Administracion y Direccion de Empresa and an M.A. in international management from American Graduate School of International Management (Thunderbird).

  • Portfolio manager
    since
    2005
  • Years at
    T. Rowe Price
    19
  • Years investment
    experience
    28
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
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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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