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Strategy

Europe Structured Research Equity

The Europe Structured Research Equity Composite seeks sector- and industry-neutral exposure to the MSCI Europe Index, with value added through stock selection skill. The strategy combines fundamental research with a disciplined portfolio construction process to achieve its investment objectives.

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

Tracking Error
(5 Years)

7.04%
0.92%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

6.00%
0.06

Inception Date 31-Jul-2009

Performance figures calculated in EUR

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Mitchell Todd
Mitchell Todd, Co-Portfolio Manager

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.

 

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

  • 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

Holdings

Total
Holdings
271
Largest Holding Nestle 4.48% Was (30-Jun-2019) 4.31%
Other View Full Holdings Quarterly data as of 30-Sep-2019
Top 10 Holdings 23.26% View Top 10 Holdings Monthly data as of 30-Sep-2019

Top Purchase

Deutsche Wohnen (N)
0.46%
Was (30-Jun-2019) 0.00%

Top Sale

Novartis
2.08%
Was (30-Jun-2019) 2.67%

Quarterly Data as of 30-Sep-2019

Sectors

Total
Sectors
11
Largest Sector Financials 17.22% Was (30-Jun-2019) 17.54%
Other View complete Sector Diversification

Monthly Data as of 30-Sep-2019

Benchmark: MSCI Europe Index

Top Contributor^

Health Care
Net Contribution 0.27%
Sector
0.03%
Selection 0.24%

Top Detractor^

Industrials & Business Services
Net Contribution -0.08%
Sector
0.00%
Selection
-0.08%

^Relative

Quarterly Data as of 30-Sep-2019

Largest Overweight

Health Care
By0.88%
Portfolio 14.39%
Benchmark 13.51%

Largest Underweight

Communication Services
By-1.19%
Portfolio 3.51%
Benchmark 4.70%

Monthly Data as of 30-Sep-2019

Countries

Total
Countries
18
Largest Country United Kingdom 30.43% Was (30-Jun-2019) 29.84%
Other View complete Country Diversification

Monthly Data as of 30-Sep-2019

Benchmark: MSCI Europe Index

Top Contributor^

United Kingdom
Net Contribution 0.41%
Country
-0.02%
Selection 0.42%

Top Detractor^

Germany
Net Contribution -0.14%
Country
0.02%
Selection
-0.15%

^Relative

Quarterly Data as of 30-Sep-2019

Largest Overweight

United Kingdom
By4.55%
Portfolio 30.43%
Benchmark 25.88%

Largest Underweight

France
By-1.21%
Portfolio 16.80%
Benchmark 18.02%

Monthly Data as of 30-Sep-2019

Team (As of 31-Aug-2019)

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.

  • Portfolio manager
    since
    2015
  • Years at
    T. Rowe Price
    12
  • Years investment
    experience
    19
Ann Holcomb

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.

  • Portfolio manager
    since
    2009
  • Years at
    T. Rowe Price
    23
  • Years investment
    experience
    24
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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