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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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OEIC

Continental European Equity Fund

Style-agnostic, quality-driven European equity investment.

ISIN GB00BD3RT239 Bloomberg TRPCEEC:LN

3YR Return Annualised
(View Total Returns)

Total Assets
(GBP)

12.57%
£3.8m

1YR Return
(View Total Returns)

Manager Tenure

25.66%
<1yr

Information Ratio
(3 Years)

Tracking Error
(3 Years)

0.91
3.24%

Inception Date 26-Sep-2016

Performance figures calculated in GBP

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 through growth in the value of its investments.

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 into our investment process.

Portfolio Construction

  • 50-80 stocks
  • Individual positions typically range from 0.5% to 4.0%
  • Sector ranges: typically +/- 10% relative to benchmark
  • Country ranges: typically +/- 10% relative to 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%

Performance (Class C)

Annualised Performance

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Since Manager Inception
Fund % 25.66% 12.57% N/A 12.61% 22.51%
Indicative Benchmark % 26.51% 9.62% N/A 10.54% 24.59%
Excess Return % -0.85% 2.95% N/A 2.07% -2.08%

Inception Date 26-Sep-2016

Manager Inception Date 01-Oct-2020

Indicative Benchmark: FTSE Developed Europe ex United Kingdom Index Net

Data as of 31-Aug-2021

Performance figures calculated in GBP

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Fund % 22.60% 12.23% N/A 11.84%
Indicative Benchmark % 22.18% 9.38% N/A 9.94%
Excess Return % 0.42% 2.85% N/A 1.90%

Inception Date 26-Sep-2016

Indicative Benchmark: FTSE Developed Europe ex United Kingdom Index Net

Data as of 30-Jun-2021

Performance figures calculated in GBP

Recent Performance

  Month to DateData as of 20-Sep-2021 Quarter to DateData as of 20-Sep-2021 Year to DateData as of 20-Sep-2021 1 MonthData as of 31-Aug-2021 3 MonthsData as of 31-Aug-2021
Fund % -3.60% 1.62% 11.06% 3.28% 8.14%
Indicative Benchmark % -3.67% 0.55% 11.06% 2.76% 6.25%
Excess Return % 0.07% 1.07% 0.00% 0.52% 1.89%

Inception Date 26-Sep-2016

Indicative Benchmark: FTSE Developed Europe ex United Kingdom Index Net

Indicative Benchmark: FTSE Developed Europe ex United Kingdom Index Net

Performance figures calculated in GBP

Past performance is not a reliable indicator of future performance. Source for fund performance: T. Rowe Price. Fund performance is calculated using the official NAV with dividends reinvested, if any. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested. It will be affected by changes in the exchange rate between the base currency of the fund and the subscription currency, if different. Sales charges, taxes and other locally applied costs have not been deducted and if applicable, they will reduce the performance figures.

Effective 1 June 2019, the "net" version of the indicative benchmark replaced the "gross" version of the indicative benchmark. The "net" version of the indicative benchmark assumes the reinvestment of dividends after the deduction of withholding taxes applicable to the country where the dividend is paid; as such, the returns of the new benchmark are more representative of the returns experienced by investors in foreign issuers. Historical benchmark performance has been restated accordingly.

Holdings

Total
Holdings
58
Largest Holding ASML Holding 4.50% Was (31-Mar-2021) 4.39%
Other View Full Holdings Quarterly data as of  30-Jun-2021
Top 10 Holdings 30.04% View Top 10 Holdings Monthly data as of  31-Aug-2021

Largest Top Contributor^

ASML Holding
% of fund 4.42%

Largest Top Detractor^

Siemens
% of fund 2.97%

^Absolute, percentages based on the difference between the total net assets of the two largest holdings of the fund.

Quarterly Data as of 30-Jun-2021

Top Purchase

Mayr Melnhof Karton (N)
0.96%
Was (31-Mar-2021) 0%

Top Sale

Erste Group Bank (E)
0.00%
Was (31-Mar-2021) 1.63%

Quarterly Data as of 30-Jun-2021

Sectors

Total
Sectors
10
Largest Sector Industrials & Business Services 20.29% Was (31-Jul-2021) 20.73%
Other View complete Sector Diversification

Monthly Data as of 31-Aug-2021

Indicative Benchmark: FTSE Developed Europe ex United Kingdom Index

Top Contributor^

Communication Services
Net Contribution 0.38%
Sector
0.01%
Selection 0.37%

Top Detractor^

Information Technology
Net Contribution -0.41%
Sector
-0.03%
Selection
-0.39%

^Relative

Quarterly Data as of 30-Jun-2021

Largest Overweight

Consumer Discretionary
By3.99%
Fund 16.32%
Indicative Benchmark 12.33%

Largest Underweight

Consumer Staples
By-4.62%
Fund 5.43%
Indicative Benchmark 10.05%

Monthly Data as of 31-Aug-2021

Countries

Total
Countries
11
Largest Country Germany 17.24% Was (31-Jul-2021) 17.40%
Other View complete Country Diversification

Monthly Data as of 31-Aug-2021

Indicative Benchmark: FTSE Developed Europe ex United Kingdom Index

Top Contributor^

Germany
Net Contribution 0.43%
Country
0.02%
Selection 0.40%

Top Detractor^

Switzerland
Net Contribution -0.52%
Country
-0.11%
Selection
-0.41%

^Relative

Quarterly Data as of 30-Jun-2021

Largest Overweight

Italy
By5.10%
Fund 10.05%
Indicative Benchmark 4.95%

Largest Underweight

France
By-8.50%
Fund 13.29%
Indicative Benchmark 21.79%

Monthly Data as of 31-Aug-2021

Team (As of 10-Sep-2021)

Tobias Mueller, CFA

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.

Tobias’s investment experience began in 2006, and he has been with T. Rowe Price since 2011, beginning in the medical technology and exchange sectors as a research analyst in the Equity Division. Prior to this, Tobias completed an internship at the firm in 2010 and was employed by Lehman Brothers in the Principal Finance Group in London, where he focused on distressed fixed income assets.

Tobias earned an M.B.A. from the University of Chicago, Booth School of Business and is a graduate of business administration from the University of Applied Sciences in Munich, Germany. He also has earned the Chartered Financial Analyst® designation.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

  • Fund manager
    since
    2020
  • Years at
    T. Rowe Price
    10
  • Years investment
    experience
    15
Andrew Clifton

Andrew Clifton is a portfolio specialist in the Equity Division. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

Andrew’s investment experience began in 1990, and he has been with T. Rowe Price since 2010, beginning in the Investment Specialist Group. Prior to this, Andrew was employed by UBS as an executive director at Global Asset Management. Andrew also was a vice president at Merrill Lynch.

Andrew 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
    11
  • Years investment
    experience
    32

Fee Schedule

Share Class Minimum Initial Investment and Holding Amount Minimum Subsequent Investment Minimum Redemption Amount Sales Charge (up to) Management Charge Ongoing Charge
Class C £10,000 £500 £500 N/A Up to65 basis points 0.82%

Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.