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Strategy

Global Real Estate Equity

The Global Real Estate Equity Composite seeks capital growth and current income by investing in global companies engaged in the real estate industry.

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

Tracking Error
(5 Years)

4.41%
2.08%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

11.45%
-0.47

Inception Date 31-Oct-2008

Performance figures calculated in USD

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Nina P.  Jones
Nina P. Jones, Portfolio Manager

Nina Jones is the lead portfolio manager for the T. Rowe Price Global Real Estate Strategy and is chairman of its Investment Advisory Committee. She is a vice president and an Investment Advisory Committee member of the Global Growth Stock, Capital Appreciation, and Financial Services Strategies. Mrs. Jones is a vice president of T. Rowe Price Group, Inc.

 

Strategy

Investment Approach

  • Employ fundamental research with a bottom-up approach.
  • Assess the capability, strategy, and management of the business.
  • Evaluate the asset base potential.
  • Understand the supply and demand dynamics by property and market.
  • Analyze balance sheet strength and flexibility.
  • Integrate a risk-adjusted perspective throughout our analysis.
  • Establish whether we would want to own a business for the long term.
  • Leverage the deep knowledge base at T. Rowe Price, including dedicated analysts in North America, Europe, and Asia.

Portfolio Construction

  • Typically 40-80 securities
  • Invest in highest conviction ideas
  • Diversified by property type and geography, with at least 40% invested outside the U.S.
  • Sector weights are the result of bottom-up security selection
  • Country weightings +/- 10% of the benchmark
  • Individual position sizes range from +/- 5% of the benchmark
  • Continually monitor investments to ensure:
    • Execution and results are tracking our expectations
    • Strategy intact and investment thesis unfolding as expected

Holdings

Total
Holdings
65
Largest Holding Prologis 5.79% Was (30-Jun-2019) 5.77%
Other View Full Holdings Quarterly data as of 30-Sep-2019
Top 10 Holdings 32.27% View Top 10 Holdings Monthly data as of 30-Sep-2019

Top Purchase

Equity LifeStyle Properties (N)
1.20%
Was (30-Jun-2019) 0.00%

Top Sale

Scentre (E)
0.00%
Was (30-Jun-2019) 1.50%

Quarterly Data as of 30-Sep-2019

Industry

Total
Industries
10
Largest Industry Apartment Residential 23.88% Was (30-Jun-2019) 20.71%
Other View complete Industry Diversification

Monthly Data as of 30-Sep-2019

Benchmark: FTSE EPRA Nareit Developed Index

Top Contributor^

Industrial
Net Contribution 0.40%
Industry
0.01%
Selection 0.39%

Top Detractor^

Healthcare
Net Contribution -0.32%
Industry
-0.21%
Selection
-0.11%

^Relative

Quarterly Data as of 30-Sep-2019

Largest Overweight

Apartment Residential
By7.14%
Portfolio 23.88%
Benchmark 16.74%

Largest Underweight

Diversified
By-6.68%
Portfolio 13.21%
Benchmark 19.89%

Monthly Data as of 30-Sep-2019

Regions

Total
Regions
5
Largest Region North America 55.92% Was (30-Jun-2019) 54.31%
Other View complete Region Diversification

Monthly Data as of 30-Sep-2019

Benchmark: FTSE EPRA Nareit Developed Index

Largest Overweight

Latin America
By0.50%
Portfolio 0.50%
Benchmark 0.00%

Largest Underweight

North America
By-3.08%
Portfolio 55.92%
Benchmark 59.00%

Monthly Data as of 30-Sep-2019

Countries

Total
Countries
17
Largest Country United States 53.81% Was (30-Jun-2019) 52.34%
Other View complete Country Diversification

Monthly Data as of 30-Sep-2019

Benchmark: FTSE EPRA Nareit Developed Index

Largest Overweight

Finland
By1.51%
Portfolio 1.65%
Benchmark 0.14%

Largest Underweight

United States
By-2.11%
Portfolio 53.81%
Benchmark 55.93%

Monthly Data as of 30-Sep-2019

Team (As of 31-Aug-2019)

Nina P.  Jones

Nina Jones is the lead portfolio manager for the T. Rowe Price Global Real Estate Strategy and is chairman of its Investment Advisory Committee. She is a vice president and an Investment Advisory Committee member of the Global Growth Stock, Capital Appreciation, and Financial Services Strategies. Mrs. Jones is a vice president of T. Rowe Price Group, Inc.

Mrs. Jones has 11 years of investment experience, all of which have been with T. Rowe Price. She joined the firm in 2008 after serving as a summer intern in 2007, covering payroll processor companies. Prior to joining the firm, she was a senior associate in audit and risk advisory for KPMG LLP.

Mrs. Jones earned a dual B.S., magna cum laude, in accounting and finance from the University of Maryland and earned an M.B.A., with honors, in finance and economics from Columbia Business School. She is a certified public accountant.

  • Portfolio manager
    since
    2015
  • Years at
    T. Rowe Price
    11
  • Years investment
    experience
    11
Jai Kapadia

Jai Kapadia is a regional portfolio manager at T. Rowe Price. He manages the Global Real Estate Strategy and is responsible for stock selection for the Asia-Pacific region. 

Mr. Kapadia has 13 years of investment experience, eight of which have been with T. Rowe Price.  He joined the firm in 2011. Before his current role, Mr. Kapadia was an analyst and associate director of research in the Equity Research Group of T. Rowe Price in Hong Kong, covering Asian conglomerates, real estate and Indian pharmaceuticals. Prior to joining the firm, he worked at Credit Suisse in New York, covering telecommunication equipment stocks, and at Sirios Capital in Boston, covering consumer stocks. 

Mr. Kapadia earned a B.A. in economics from Columbia University and an M.B.A. from the Massachusetts Institute of Technology, Sloan School of Management.

  • Portfolio manager
    since
    2019
  • Years at
    T. Rowe Price
    8
  • Years investment
    experience
    13
Caleb N. Fritz, CFA

Caleb Fritz is a portfolio specialist in the U.S. Equity Division of T. Rowe Price. He acts as a proxy for equity portfolio managers with institutional clients, consultants, and prospects. Mr. Fritz supports T. Rowe Price's large-cap value strategies. He is a vice president of T. Rowe Price Group, Inc.

Mr. Fritz has 19 years of investment experience, 12 of which have been with T. Rowe Price. Prior to his current position, he was a lead portfolio analyst providing analytical support to investment, client service, and marketing staff for the firm's large-cap value and health sciences portfolios. Prior to joining the firm in 2007, Mr. Fritz served as an associate analyst for Legg Mason Capital Management, covering the health care sector.

Mr. Fritz earned a B.A. and an M.A. from the University of South Florida, and he also has earned the Chartered Financial Analyst designation.

  • Years at
    T. Rowe Price
    12
  • Years investment
    experience
    19
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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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