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GIPS® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. T. Rowe Price has been independently verified for the twenty four-year period ended June 30, 2020, by KPMG LLP. The verification report is available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report.

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

Europe ex-UK Equity

The Europe ex-UK Equity Composite seeks to provide long-term capital appreciation through an aggressive and focused approach to fund management. The composite will seek to hold a focused list of stocks selected through proprietary analysis and will also place a heavy emphasis on portfolio construction and risk management with the intention of maximizing risk-adjusted performance.

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

Tracking Error
(5 Years)

12.63%
2.88%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

25.56%
0.86

Inception Date 28-Feb-2007

Performance figures calculated in EUR

Tobias Mueller, CFA
Tobias Mueller, CFA, Portfolio Manager

Tobias Mueller is a regional portfolio manager for the European Select Strategy, effective October 2018, and for the Europe Equity and Europe ex-UK Equity Strategies, effective October 2020. He is a vice president of 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 40-70 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%

Sectors

Total
Sectors
10
Largest Sector Industrials & Business Services 20.47% Was (30-Jun-2021) 20.76%
Other View complete Sector Diversification

Monthly Data as of 30-Sep-2021

Benchmark: FTSE Developed Europe ex United Kingdom Index

Top Contributor^

Consumer Staples
Net Contribution 0.66%
Sector
0.16%
Selection 0.50%

Top Detractor^

Consumer Discretionary
Net Contribution -0.80%
Sector
-0.28%
Selection
-0.53%

^Relative

Quarterly Data as of 30-Sep-2021

Largest Overweight

Industrials & Business Services
By3.86%
Portfolio 20.47%
Benchmark 16.61%

Largest Underweight

Consumer Staples
By-4.63%
Portfolio 5.43%
Benchmark 10.06%

Monthly Data as of 30-Sep-2021

Countries

Total
Countries
11
Largest Country Germany 16.67% Was (30-Jun-2021) 18.13%
Other View complete Country Diversification

Monthly Data as of 30-Sep-2021

Benchmark: FTSE Developed Europe ex United Kingdom Index

Top Contributor^

Switzerland
Net Contribution 1.09%
Country
0.04%
Selection 1.05%

Top Detractor^

Germany
Net Contribution -0.70%
Country
0.03%
Selection
-0.73%

^Relative

Quarterly Data as of 30-Sep-2021

Largest Overweight

Italy
By5.15%
Portfolio 10.34%
Benchmark 5.20%

Largest Underweight

France
By-8.24%
Portfolio 13.48%
Benchmark 21.72%

Monthly Data as of 30-Sep-2021