Style-agnostic, quality-driven European equity investment.
To increase the value of its shares through growth in the value of its investments.
- 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.
- 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%
|1 YR||3 YR
|Since Manager Inception|
|Indicative Benchmark %||26.51%||9.62%||N/A||10.54%||24.59%|
|Excess Return %||-0.85%||2.95%||N/A||2.07%||-2.08%|
|1 YR||3 YR
|Indicative Benchmark %||22.18%||9.38%||N/A||9.94%|
|Excess Return %||0.42%||2.85%||N/A||1.90%|
|Month to DateData as of 16-Sep-2021||Quarter to DateData as of 16-Sep-2021||Year to DateData as of 16-Sep-2021||1 MonthData as of 31-Aug-2021||3 MonthsData as of 31-Aug-2021|
|Indicative Benchmark %||-1.44%||2.88%||13.63%||2.76%||6.25%|
|Excess Return %||-0.36%||0.64%||-0.49%||0.52%||1.89%|
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.
Largest Top Contributor^
Largest Top Detractor^
Mayr Melnhof Karton (N)0.96%
Erste Group Bank (E)0.00%
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 manager2020
- Years at9
T. Rowe Price
- Years investment14
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 at11
T. Rowe Price
- Years investment32
|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.