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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)

6.95%
0.93%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

27.15%
0.12

Inception Date 31-Jul-2009

Performance figures calculated in EUR

Other Literature

Ann Holcomb, CFA
Ann Holcomb, CFA, Co-Portfolio Manager

Ann Holcomb is a director of research, North America, in the U.S. Equity Division. Ann is a member of the Equity Steering Committee, and she is co-portfolio manager of the U.S. Quantitative US strategy.  She is also is cochair of the Investment Advisory Committee of the US Structured Research Strategy. Ann is a vice president of T. Rowe Price Group, 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
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 22.64% View Top 10 Holdings Monthly data as of 31-Dec-2019

Top Purchase

Eni (N)
0.47%
Was (30-Sep-2019) 0.00%

Top Sale

Prudential
0.15%
Was (30-Sep-2019) 0.71%

Quarterly Data as of 31-Dec-2019

Sectors

Total
Sectors
11
Largest Sector Financials 17.61% Was (30-Sep-2019) 17.22%
Other View complete Sector Diversification

Monthly Data as of 31-Dec-2019

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
By1.36%
Portfolio 15.20%
Benchmark 13.84%

Largest Underweight

Communication Services
By-0.98%
Portfolio 3.36%
Benchmark 4.34%

Monthly Data as of 31-Dec-2019

Countries

Total
Countries
18
Largest Country United Kingdom 30.25% Was (30-Sep-2019) 30.43%
Other View complete Country Diversification

Monthly Data as of 31-Dec-2019

Benchmark: MSCI Europe Index

Top Contributor^

Germany
Net Contribution 0.18%
Country
-0.00%
Selection 0.19%

Top Detractor^

Switzerland
Net Contribution -0.09%
Country
-0.00%
Selection
-0.08%

^Relative

Quarterly Data as of 31-Dec-2019

Largest Overweight

United Kingdom
By4.27%
Portfolio 30.25%
Benchmark 25.98%

Largest Underweight

France
By-1.21%
Portfolio 16.84%
Benchmark 18.05%

Monthly Data as of 31-Dec-2019

Team (As of 31-Mar-2020)

Ann Holcomb, CFA

Ann Holcomb is a director of research, North America, in the U.S. Equity Division. Ann is a member of the Equity Steering Committee, and she is co-portfolio manager of the U.S. Quantitative US strategy.  She is also is cochair of the Investment Advisory Committee of the US Structured Research Strategy. Ann is a vice president of T. Rowe Price Group, Inc. 

Ann’s investment experience began in 1995, and she has been with T. Rowe Price since 1996, beginning in the Quantitative Equity Group as a quantitative analyst and database programmer in the Quantitative Equity Group.  She was a portfolio manager and member of the Investment Advisory Committee for the US Equity Index Strategies. 

Ann 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. Ann presently serves on the Board of Trustees of Calvert School and the Walters Art Museum.

  • Portfolio manager
    since
    2009
  • 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.

  • Portfolio 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.

  • Portfolio manager
    since
    2020
  • 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
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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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