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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

Responsible European Smaller Companies Equity Fund

Formerly European Smaller Companies Equity Fund

Seeking to identify tomorrow’s winning European growth companies.

ISIN LU0382931250 Bloomberg TPESCEA:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(EUR)

20.47%
€173.2m

1YR Return
(View Total Returns)

Manager Tenure

18.32%
6yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.35
7.30%

Inception Date 26-Nov-2008

Performance figures calculated in EUR

31-Dec-2021 - Ben Griffiths, Portfolio Manager,
The outlook for the next 12 months is highly uncertain. The resurgent coronavirus pandemic threatens to renew pressure on supply chains and the manufacturing, leisure and travel industries. The risk is that this pressure may combine with a more rapid withdrawal of central bank stimulus to curb inflation. Market valuations are also looking extended.
Benjamin Griffiths
Benjamin Griffiths, Portfolio Manager

Ben Griffiths is the lead portfolio manager for the International Small-Cap Equity Strategy and the Europe Smaller Companies Equity Strategy in the International Equity Division. Ben is a vice president of T. Rowe Price Group, Inc., and 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 smaller publicly traded European companies.

Investment Approach

  • 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.^^
  • 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 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%

Countries

Total
Countries
16
Largest Country United Kingdom 41.56% Was (30-Nov-2021) 39.79%
Other View complete Country Diversification

Monthly Data as of 31-Dec-2021

Indicative Benchmark: MSCI Europe Small Cap Index

Top Contributor^

Spain
Net Contribution 0.47%
Country
-0.10%
Selection 0.57%

Top Detractor^

Germany
Net Contribution -1.01%
Country
-0.08%
Selection
-0.93%

^Relative

Quarterly Data as of 31-Dec-2021

Largest Overweight

United Kingdom
By9.60%
Fund 41.56%
Indicative Benchmark 31.96%

Largest Underweight

Sweden
By-6.37%
Fund 6.86%
Indicative Benchmark 13.23%

Monthly Data as of 31-Dec-2021

30-Sep-2018 - Ben Griffiths, Portfolio Manager,
By paring back our position in the aforementioned online payments processor, we reduced our exposure to Germany. Our country positions otherwise did not change materially during the month.