The Global Real Estate Equity Composite seeks capital growth and current income by investing in global companies engaged in the real estate industry.
- Employ fundamental research with a bottom-up approach.
- Assess the capability, strategy, and management of the business.
- Evaluate the asset base potential.
- Understand the supply and demand dynamics by property and market.
- Analyze balance sheet strength and flexibility.
- Integrate a risk-adjusted perspective throughout our analysis.
- Establish whether we would want to own a business for the long term.
- Leverage the deep knowledge base at T. Rowe Price, including dedicated analysts in North America, Europe, and Asia.
- Typically 40-80 securities
- Invest in highest conviction ideas
- Diversified by property type and geography, with at least 40% invested outside the U.S.
- Sector weights are the result of bottom-up security selection
- Country weightings +/- 10% of the benchmark
- Individual position sizes range from +/- 5% of the benchmark
- Continually monitor investments to ensure:
- Execution and results are tracking our expectations
- Strategy intact and investment thesis unfolding as expected
|1 YR||3 YR
|Composite Gross %||7.26%||4.08%||5.06%||11.46%|
|Composite Net %||6.62%||3.45%||4.44%||10.80%|
|Excess Return (Gross) %||-1.38%||-1.37%||-0.73%||0.01%|
|3 MonthsData as of 30-Jun-2019||Year to DateData as of 30-Jun-2019|
|Composite Gross %||0.56%||15.36%|
|Composite Net %||0.41%||15.03%|
|Excess Return (Gross) %||0.36%||0.27%|
Past performance is not a reliable indicator of future performance.
Gross performance returns are presented before management and all other fees, where applicable, but after trading expenses. Net of fees performance reflects the deduction of the highest applicable management fee that would be charged based on the fee schedule contained within this material, without the benefit of breakpoints. Gross and net performance returns reflect the reinvestment of dividends and are net of all non-reclaimable withholding taxes on dividends, interest income, and capital gains.
Healthcare Trust of America (N)2.07%
Simon Property Group1.11%
IndustrialNet Contribution 0.47%
HealthcareNet Contribution -0.34%
Nina Jones is the lead portfolio manager for the T. Rowe Price Global Real Estate Strategy and is chairman of its Investment Advisory Committee. She is a vice president and an Investment Advisory Committee member of the Global Growth Stock, Capital Appreciation, and Financial Services Strategies. Mrs. Jones is a vice president of T. Rowe Price Group, Inc.
Mrs. Jones has 11 years of investment experience, all of which have been with T. Rowe Price. She joined the firm in 2008 after serving as a summer intern in 2007, covering payroll processor companies. Prior to joining the firm, she was a senior associate in audit and risk advisory for KPMG LLP.
Mrs. Jones earned a dual B.S., magna cum laude, in accounting and finance from the University of Maryland and earned an M.B.A., with honors, in finance and economics from Columbia Business School. She is a certified public accountant.
- Portfolio manager2015
- Years at11
T. Rowe Price
- Years investment11
Jai Kapadia is an analyst and associate director of research in the Equity Research Group of T. Rowe Price in Hong Kong, covering Asian conglomerates, real estate and Indian pharmaceuticals.
Mr. Kapadia has 13 years of investment experience, eight of which have been with T. Rowe Price. Prior to joining the firm in 2011, Mr. Kapadia worked at Credit Suisse in New York, covering telecommunication equipment stocks, and at Sirios Capital in Boston, covering consumer stocks.
Mr. Kapadia earned a B.A. in economics from Columbia University and an M.B.A. from MIT Sloan School of Management.
- Portfolio manager2019
- Years at7
T. Rowe Price
- Years investment12
Caleb Fritz is a portfolio specialist in the U.S. Equity Division of T. Rowe Price. He acts as a proxy for equity portfolio managers with institutional clients, consultants, and prospects. Mr. Fritz supports T. Rowe Price's large-cap value strategies. He is a vice president of T. Rowe Price Group, Inc.
Mr. Fritz has 18 years of investment experience, 11 of which have been with T. Rowe Price. Prior to his current position, he was a lead portfolio analyst providing analytical support to investment, client service, and marketing staff for the firm's large-cap value and health sciences portfolios. Prior to joining the firm in 2007, Mr. Fritz served as an associate analyst for Legg Mason Capital Management, covering the health care sector.
Mr. Fritz earned a B.A. and an M.A. from the University of South Florida, and he also has earned the Chartered Financial Analyst designation.
- Years at11
T. Rowe Price
- Years investment18