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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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SICAV

Continental European Equity Fund

Style-agnostic, quality-driven European equity investment.

ISIN LU0938199691 Bloomberg TRPEXQA:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(EUR)

17.15%
€91.9m

1YR Return
(View Total Returns)

Manager Tenure

15.76%
1yr

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.75
3.23%

Inception Date 24-May-2013

Performance figures calculated in GBP

31-Dec-2021 - Tobias Mueller, Portfolio Manager ,
Investor appetite for European stocks remained strong at the end of 2021 amid continued optimism that the economic recovery will weather the more infectious but less severe omicron strain of the coronavirus. However, the notable market progress seen last year may be less pronounced in 2022. Overall stock valuations are also less attractive.
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.

 

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 diversified portfolio of stocks of companies in Europe (excluding the UK).

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.
  • Environmental, social and governance ("ESG") factors with particular focus on those considered most likely to have a material impact on the performance of the holdings or potential holdings in the funds’ portfolio are assessed. These ESG factors, which are incorporated into the investment process alongside financials, valuation, macro-economics and other factors, are components of the investment decision. Consequently, ESG factors are not the sole driver of an investment decision but are instead one of several important inputs considered during investment analysis.

Portfolio Construction

  • Typically 40-70 stocks
  • Individual position size up to 4.0% relative to the indicative benchmark
  • Sector ranges: typically +/- 10% relative to the indicative benchmark
  • Country ranges: typically +/- 10% relative to the indicative 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%

Countries

Total
Countries
11
Largest Country Germany 17.24% Was (30-Nov-2021) 17.59%
Other View complete Country Diversification

Monthly Data as of 31-Dec-2021

Indicative Benchmark: FTSE Developed Europe ex United Kingdom Index

Top Contributor^

Sweden
Net Contribution 0.71%
Country
-0.01%
Selection 0.72%

Top Detractor^

Switzerland
Net Contribution -0.96%
Country
-0.19%
Selection
-0.77%

^Relative

Quarterly Data as of 31-Dec-2021

Largest Overweight

Italy
By5.45%
Fund 10.58%
Indicative Benchmark 5.14%

Largest Underweight

France
By-7.35%
Fund 14.64%
Indicative Benchmark 22.00%

Monthly Data as of 31-Dec-2021

30-Sep-2019 - Dean Tenerelli, Portfolio Manager ,
We deepened our underweight allocation in consumer staples, the largest in the portfolio, by selling Essity Aktiebolag, a global hygiene products company, taking profits after a strong run. In our view, the margin-improvement thesis has largely played out and is factored into the share price. Raw material prices have also started to decline, and the company could find it more challenging to maintain price increases. Consequently, the shares may struggle to rise much further. In contrast, we increased our overweight exposure to industrial and business services, health care and real estate.