T. Rowe Price T. Rowe Price Trusty Logo

Download

Audience for the document: Share Class: Language of the document:

Download

Share Class: Language of the document:

Change Details

If you need to change your email address please contact us.
Subscriptions
OK
You are ready to start subscribing.
Get started by going to our products or insights section to follow what you're interested in.

Products Insights

GIPS® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®). TRP has been independently verified for the twenty one- year period ended June 30, 2017 by KPMG LLP. The verification report is available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

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

Other Literature

You have successfully subscribed.

Notify me by email when
regular data and commentary is available
exceptional commentary is available
new articles become available

Thank you for your continued interest

OEIC

Continental European Equity Fund

Style-agnostic, quality-driven European equity investment.

Class C ISIN GB00BD3RT239 Bloomberg TRPCEEC:LN

3YR Return Annualised
(View Total Returns)

Total Assets
(GBP)

3.92%
£3.7m

1YR Return
(View Total Returns)

Manager Tenure

2.51%
<1yr

Information Ratio
(3 Years)

Tracking Error
(3 Years)

1.57
2.68%

Inception Date 26-Sep-2016

Performance figures calculated in GBP

Other Literature

Tobias Mueller, CFA
Tobias Mueller, CFA, Portfolio Manager

Tobias Mueller is the portfolio manager for the European Select Strategy, effective October 2018. Previously, he covered the technology, medical technology and exchange sectors as a research analyst in the Equity Division. Mr. Mueller 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
Annualised
Fund % 2.51% 3.92% N/A 7.81% 7.81%
Indicative Benchmark % -4.55% -0.28% N/A 5.08% 5.08%
Excess Return % 7.06% 4.20% N/A 2.73% 2.73%

Inception Date 26-Sep-2016

Manager Inception Date 26-Sep-2016

Indicative Benchmark: FTSE Developed Europe ex United Kingdom Index Net

Data as of  31-Oct-2020

Performance figures calculated in GBP

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Fund % 7.21% 6.54% N/A 9.60%
Indicative Benchmark % 0.03% 2.30% N/A 6.84%
Excess Return % 7.18% 4.24% N/A 2.76%

Inception Date 26-Sep-2016

Indicative Benchmark: FTSE Developed Europe ex United Kingdom Index Net

Data as of  30-Sep-2020

Performance figures calculated in GBP

Recent Performance

  Month to DateData as of 20-Nov-2020 Quarter to DateData as of 20-Nov-2020 Year to DateData as of 20-Nov-2020 1 MonthData as of 31-Oct-2020 3 MonthsData as of 31-Oct-2020
Fund % 9.52% 3.19% 8.72% -5.78% -2.09%
Indicative Benchmark % 12.50% 5.69% 4.81% -6.06% -3.31%
Excess Return % -2.98% -2.50% 3.91% 0.28% 1.22%

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
63
Largest Holding Roche Holding 4.43% Was (30-Jun-2020) 4.48%
Other View Full Holdings Quarterly data as of 30-Sep-2020
Top 10 Holdings 27.73% View Top 10 Holdings Monthly data as of 31-Oct-2020

Largest Top Contributor^

Zalando
By 0.86%
% of fund 2.94%

Largest Top Detractor^

Roche Holding
By -0.95%
% of fund 4.24%

^Absolute

Quarterly Data as of 30-Sep-2020

Top Purchase

SAP
2.98%
Was (30-Jun-2020) 0.08%

Top Sale

Nestle (E)
0.00%
Was (30-Jun-2020) 3.98%

Quarterly Data as of 30-Sep-2020

Sectors

Total
Sectors
11
Largest Sector Industrials & Business Services 17.85% Was (30-Sep-2020) 19.01%
Other View complete Sector Diversification

Monthly Data as of 31-Oct-2020

Indicative Benchmark: FTSE Developed Europe ex United Kingdom Index

Largest Overweight

Consumer Discretionary
By5.17%
Fund 16.41%
Indicative Benchmark 11.24%

Largest Underweight

Consumer Staples
By-7.35%
Fund 5.56%
Indicative Benchmark 12.91%

Monthly Data as of 31-Oct-2020

Countries

Total
Countries
12
Largest Country Germany 19.20% Was (30-Sep-2020) 22.54%
Other View complete Country Diversification

Monthly Data as of 31-Oct-2020

Indicative Benchmark: FTSE Developed Europe ex United Kingdom Index

Largest Overweight

Italy
By6.08%
Fund 10.71%
Indicative Benchmark 4.62%

Largest Underweight

France
By-9.35%
Fund 11.81%
Indicative Benchmark 21.16%

Monthly Data as of 31-Oct-2020

Team (As of 01-Oct-2020)

Tobias Mueller, CFA

Tobias Mueller is the portfolio manager for the European Select Strategy, effective October 2018. Previously, he covered the technology, medical technology and exchange sectors as a research analyst in the Equity Division. Mr. Mueller is a vice president of T. Rowe Price International Ltd.

Mr. Mueller has 13 years of investment experience, eight of which have been with T. Rowe Price. He completed an internship at the firm in 2010, and prior to joining T. Rowe Price in 2011, he worked at Lehman Brothers in the Principal Finance Group, London, where he focused on distressed fixed income assets.

Mr. Mueller has 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.

  • Fund manager
    since
    2020
  • Years at
    T. Rowe Price
    9
  • Years investment
    experience
    14
Andrew Clifton

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

Mr. Clifton has over 30 years of investment experience, nine of which have been at T. Rowe Price. Prior to joining the firm in 2010, he was an executive director at UBS Global Asset Management. Prior to that, he was a vice president at Merrill Lynch.

Mr. Clifton 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
    10
  • Years investment
    experience
    31

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 to 65 basis points 0.82%

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