Seeking to identify tomorrow’s winning European growth companies.
Investment ObjectiveTo increase the value of its shares, over the long term, through growth in the value of its investments. The fund invests mainly in a diversified portfolio of stocks of smaller publicly traded European companies.
- Invests in European small- and mid-cap companies capable of sustaining above-average, long-term earnings growth and selling at reasonable prices.
- Benchmark-unconstrained approach exploits diverse opportunities in developed Europe, peripheral, and European Union (EU) accession countries.
- Exposure to companies at different stages in the growth cycle offers the potential for more consistent performance across market cycles.
- Long-term investment horizon emphasizes bottom-up stock selection as the primary source of excess return.
- Dedicated London-based research team seeks companies with:
- Attractive industry structure.
- Compelling business models.
- Strong growth prospects.
- Solid management teams.
- Reasonable valuations.
- Typically 70-100 stock portfolio
- Diversification at the security, country, region, and sector levels offers the potential for attractive risk-adjusted returns
- Bias toward high-quality stocks provides the potential for downside risk protection
- Risk parameters
- Emerging Europe exposure: maximum 10%
- Typical position size: 0.50% to 5.00%
- Low turnover expected
- Expected tracking error: 3% to 7%
|1 YR||3 YR
|Since Manager Inception
|Indicative Benchmark %||5.89%||4.77%||8.68%||8.49%||8.42%|
|Excess Return %||-4.28%||0.43%||1.84%||0.66%||0.15%|
|1 YR||3 YR
|Indicative Benchmark %||24.08%||9.33%||12.36%||10.33%|
|Excess Return %||-12.80%||-0.34%||-0.19%||0.18%|
|Month to DateData as of 27-Mar-2020||Quarter to DateData as of 27-Mar-2020||Year to DateData as of 27-Mar-2020||1 MonthData as of 29-Feb-2020||3 MonthsData as of 29-Feb-2020|
|Indicative Benchmark %||-20.89%||-27.44%||-27.44%||-5.94%||-4.96%|
|Excess Return %||3.79%||5.57%||5.57%||0.50%||1.61%|
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.
Largest Top Contributor^
Codemasters Group HoldingsBy 0.05%
Largest Top Detractor^
Communication ServicesNet Contribution 0.62%
Information TechnologyNet Contribution -1.30%
Industrials & Business Services
BelgiumNet Contribution 0.26%
GermanyNet Contribution -0.28%
Ben Griffiths is the portfolio manager for the European Smaller Companies Equity Strategy in the International Equity Division, covering European small-cap stocks and co-portfolio manager of the International Small-Cap Equity Strategy. Ben is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.
Ben’s investment experience began in 1999, and he has been with T. Rowe Price since 2006, beginning in the Equity Division. Prior to this, Ben was employed by Baillie Gifford as an investment manager.
Ben earned a B.A. in investment analysis from Stirling University and an M.Eng. in engineering science from Oxford University. Ben also has earned the Chartered Financial Analyst® designation.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Fund manager2016
- Years at13
T. Rowe Price
- Years investment0
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 at9
T. Rowe Price
- Years investment30
|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 A||€15,000||€100||€100||5.00%||160 basis points||1.73%|
|Class I||€2,500,000||€100,000||€0||0.00%||95 basis points||1.04%|
|Class Q||€15,000||€100||€100||0.00%||95 basis points||1.11%|
Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.