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SICAV

European Structured Research Equity Fund

Research-driven, industry focused investment.

ISIN LU0207128991 Bloomberg TRPESRI:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(EUR)

6.28%
€8.7m

1YR Return
(View Total Returns)

Manager Tenure

19.06%
15yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

-0.28
1.77%

Inception Date 07-Jan-2005

Performance figures calculated in EUR

Other Literature

31-Jan-2020 - Mitchell Todd, Portfolio Manager,
The MSCI Europe Index fell from record highs in January, as the rapidly spreading coronavirus respiratory disease became a global health emergency and raised fears of a hit to economic growth. Six of the 11 sector components of the index fell, led by energy and materials. Consumer discretionary and financials posted sizeable declines; communication services and industrials weakened. Conversely, utilities surged and health care, consumer staples and real estate made modest gains. Information technology was little changed.
Ann Holcomb, CFA
Ann Holcomb, CFA, 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 % 19.06% 6.28% 4.41% 7.49% 8.83%
Indicative Benchmark % 17.21% 7.19% 4.90% 7.96% 8.31%
Excess Return % 1.85% -0.91% -0.49% -0.47% 0.52%

Inception Date 07-Jan-2005

Manager Inception Date 31-Aug-2019

Indicative Benchmark: MSCI Europe Index Net

Data as of  31-Jan-2020

  1 YR 3 YR
Annualised
5 YR
Annualised
10 YR
Annualised
Fund % 26.56% 6.65% 6.06% 7.27%
Indicative Benchmark % 26.05% 7.51% 6.65% 7.78%
Excess Return % 0.51% -0.86% -0.59% -0.51%

Inception Date 07-Jan-2005

Indicative Benchmark: MSCI Europe Index Net

Data as of  31-Dec-2019

Performance figures calculated in EUR

Recent Performance

  Month to DateData as of 26-Feb-2020 Quarter to DateData as of 26-Feb-2020 Year to DateData as of 26-Feb-2020 1 MonthData as of 31-Jan-2020 3 MonthsData as of 31-Jan-2020
Fund % -2.29% -3.04% -3.04% -0.77% 3.81%
Indicative Benchmark % -1.59% -2.83% -2.83% -1.26% 3.50%
Excess Return % -0.70% -0.21% -0.21% 0.49% 0.31%

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-Jan-2020 - Mitchell Todd, Portfolio Manager,
Within the portfolio, financials, real estate, industrials and business services and health care made mildly positive contributions to relative performance due to stock selection. However, information technology and consumer discretionary weighed on returns owing to our choice of securities. In financials the best performers were Finnish holding company Sampo, which owns a non-life business, a domestic life insurer and a stake in Nordea Bank; Prudential, a UK-based global life insurer and asset manager; and Zurich Insurance, a global insurer based in Switzerland. Sampo underperformed for most of the year but gained over the past two months since cutting its dividend, removing a major headwind. Conversely in information technology, not owning Wirecard, a Germany-based supplier of online payment processing systems, Dassault Systemes, a software developer or STMicroelectronics, a Switzerland-based semiconductor company, worked against us, as these companies outperformed the index. Press allegations of accounting irregularities at Wirecard weighed on the stock in recent months, but the shares rose on expectations of strong results in the fourth quarter.

Holdings

Total
Holdings
269
Largest Holding Nestle 4.10% Was (30-Sep-2019) 4.48%
Other View Full Holdings Quarterly data as of 31-Dec-2019
Top 10 Holdings 22.72% View Top 10 Holdings Monthly data as of 31-Jan-2020

Largest Top Contributor^

Roche Holding
By 1.01%
% of fund 3.28%

Largest Top Detractor^

Nestle
By -2.36%
% of fund 4.07%

^Absolute

Quarterly Data as of 31-Dec-2019

Top Purchase

N/A

Top Sale

N/A

Sectors

Total
Sectors
11
Largest Sector Financials 17.40% Was (31-Dec-2019) 17.61%
Other View complete Sector Diversification

Monthly Data as of 31-Jan-2020

Indicative Benchmark: MSCI Europe Index

Top Contributor^

Information Technology
Net Contribution 0.25%
Sector
0.00%
Selection 0.25%

Top Detractor^

Industrials & Business Services
Net Contribution -0.17%
Sector
-0.00%
Selection
-0.17%

^Relative

Quarterly Data as of 31-Dec-2019

Largest Overweight

Health Care
By1.55%
Fund 15.86%
Indicative Benchmark 14.31%

Largest Underweight

Communication Services
By-0.99%
Fund 3.31%
Indicative Benchmark 4.30%

Monthly Data as of 31-Jan-2020

Countries

Total
Countries
N/A

Top Contributor

N/A

Top Detractor

N/A

Currency

Total
Currencies
N/A

Team (As of 06-Feb-2020)

Ann Holcomb, CFA

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
    24
  • Years investment
    experience
    25
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
Stephon Jackson

Steph Jackson is a director of Equity Research-Europe in the International Equity department  of T. Rowe Price. He is a member of the International Steering Committee and formerly served on the Equity Research, Equity Steering and Risk Management Oversight Committees. Additionally, Mr. Jackson is the former chair of MOSAIC, a business resource group that identifies issues and opportunities relevant to talent, business practices and culture in support of the firm's diversity and inclusion strategy. Mr. Jackson is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price Associates, Inc.

Mr. Jackson has 33 years of investment experience, 12 of which have been with T. Rowe Price. He joined the firm in 2007 as a portfolio specialist, supporting several U.S. small-cap and mid-cap strategies before transitioning to a director of Equity Research role leading the U.S. associate analyst team. Prior to joining the firm, he was a senior portfolio manager and a managing director with Brown Capital Management, where he managed mid-cap and large-cap growth portfolios. Prior to that, Mr. Jackson was a growth portfolio manager and director of equity research with NCM Capital Management.

Mr. Jackson earned a B.S. in business administration from the University of North Carolina at Chapel Hill, where he was a Morehead Scholar, and an M.B.A. from The Wharton School, University of Pennsylvania. Mr. Jackson also has earned the Chartered Financial Analyst designation. He is a former member of the Investment Committee of the France-Merrick Foundation, an executive Board member of the Baltimore Community Foundation and a former member of the Abell Foundation Board. He was previously the chairman of the Investment Committee of the Gilman School and a member of the Advisory Board of Bridges.

  • Fund manager
    since
    2019
  • Years at
    T. Rowe Price
    12
  • Years investment
    experience
    33
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 (EUR) Minimum Subsequent Investment (EUR) Minimum Redemption Amount (EUR) 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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