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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)

9.15%
£2.5m

1YR Return
(View Total Returns)

Manager Tenure

13.82%
3yrs

Inception Date 26-Sep-2016

Performance figures calculated in GBP

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Dean Tenerelli
Dean Tenerelli, Portfolio Manager

Dean Tenerelli is portfolio manager in the Equity Division at T. Rowe Price. He manages the Europe Equity Strategy, a position he has held since October 2005, and is chairman of its Investment Advisory Committee. He 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 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 % 13.82% 9.15% N/A 9.58% 9.58%
Indicative Benchmark % 10.52% 7.29% N/A 8.39% 8.39%
Excess Return % 3.30% 1.86% N/A 1.19% 1.19%

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-2019

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Fund % 8.78% 11.02% N/A 10.40%
Indicative Benchmark % 5.31% 9.16% N/A 9.20%
Excess Return % 3.47% 1.86% N/A 1.20%

Inception Date 26-Sep-2016

Indicative Benchmark: FTSE Developed Europe ex United Kingdom Index Net

Data as of  30-Sep-2019

Performance figures calculated in GBP

Recent Performance

  Month to DateData as of 04-Dec-2019 Quarter to DateData as of 04-Dec-2019 Year to DateData as of 04-Dec-2019 1 MonthData as of 31-Oct-2019 3 MonthsData as of 31-Oct-2019
Fund % -1.72% -0.94% 20.05% -1.46% -2.55%
Indicative Benchmark % -1.72% -1.91% 16.18% -1.55% -1.90%
Excess Return % 0.00% 0.97% 3.87% 0.09% -0.65%

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
52
Largest Holding Roche Holding 6.17% Was (30-Jun-2019) 5.71%
Other View Full Holdings Quarterly data as of 30-Sep-2019
Top 10 Holdings 34.81% View Top 10 Holdings Monthly data as of 31-Oct-2019

Largest Top Contributor^

Roche Holding
By 1.41%
% of fund 6.13%

Largest Top Detractor^

Getinge
By -0.62%
% of fund 2.54%

^Absolute

Quarterly Data as of 30-Sep-2019

Top Purchase

Bankinter (N)
1.80%
Was (30-Jun-2019) 0.00%

Top Sale

UBS (E)
0.00%
Was (30-Jun-2019) 1.65%

Quarterly Data as of 30-Sep-2019

Sectors

Total
Sectors
11
Largest Sector Health Care 16.20% Was (30-Sep-2019) 15.36%
Other View complete Sector Diversification

Monthly Data as of 31-Oct-2019

Indicative Benchmark: FTSE All World Developed Europe ex United Kingdom Index

Largest Overweight

Utilities
By3.47%
Fund 8.32%
Indicative Benchmark 4.85%

Largest Underweight

Consumer Staples
By-8.15%
Fund 4.66%
Indicative Benchmark 12.81%

Monthly Data as of 31-Oct-2019

Countries

Total
Countries
13
Largest Country France 20.36% Was (30-Sep-2019) 20.34%
Other View complete Country Diversification

Monthly Data as of 31-Oct-2019

Indicative Benchmark: FTSE All World Developed Europe ex United Kingdom Index

Largest Overweight

Spain
By6.42%
Fund 12.60%
Indicative Benchmark 6.18%

Largest Underweight

Germany
By-7.72%
Fund 11.42%
Indicative Benchmark 19.14%

Monthly Data as of 31-Oct-2019

Team (As of 31-Aug-2019)

Dean Tenerelli

Dean Tenerelli is portfolio manager in the Equity Division at T. Rowe Price. He manages the Europe Equity Strategy, a position he has held since October 2005, and is chairman of its Investment Advisory Committee. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

Mr. Tenerelli has 28 years of investment experience, 19 of which have been at T. Rowe Price. He joined the firm in 2000 as an equity research analyst and was appointed co-manager of the firm's Global Equity Strategy in 2004. Prior to joining T. Rowe Price, Mr. Tenerelli served as a director for Credit Suisse Asset Management, where he was a senior telecommunications analyst. Prior to Credit Suisse Asset Management, Mr. Tenerelli worked as assistant portfolio manager at Artisan Partners (1995-2000). He began his investment career in 1993 at Banesto Bolsa in Madrid as an equity analyst following Spanish equities. Mr. Tenerelli later became an international equity analyst, focused on Europe, for Waddell and Reed in Kansas City, MO. In 1995, he moved to Artisan Partners as an assistant portfolio manager.

A graduate of Rutgers University with a B.A. in economics, Mr. Tenerelli earned an M.B.A. from Escuela Superior de Administracion y Direccion de Empresa and an M.A. in international management from American Graduate School of International Management (Thunderbird).

  • Fund manager
    since
    2016
  • Years at
    T. Rowe Price
    19
  • Years investment
    experience
    28
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
    9
  • Years investment
    experience
    30

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.

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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

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