Style-agnostic, quality-driven European equity investment.
Investment ObjectiveTo increase the value of its shares, over the long term, through growth in the value of its investments. The fund invests mainly in a diversified portfolio of stocks of companies in Europe (excluding the UK).
- 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 in to our investment process.
- Typically 40-70 stocks
- Individual position size up to 4.0% relative to the indicative benchmark
- Sector ranges: typically +/- 10% relative to the indicative benchmark
- Country ranges: typically +/- 10% relative to the indicative 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 %||26.54%||8.04%||7.40%||7.68%||9.33%|
|Excess Return %||2.93%||2.62%||1.26%||2.77%||2.64%|
|1 YR||3 YR
|Indicative Benchmark %||26.54%||8.04%||7.40%||7.68%|
|Excess Return %||2.93%||2.62%||1.26%||2.77%|
|Month to DateData as of 15-Jan-2020||Quarter to DateData as of 15-Jan-2020||Year to DateData as of 15-Jan-2020||1 MonthData as of 31-Dec-2019||3 MonthsData as of 31-Dec-2019|
|Indicative Benchmark %||1.22%||1.22%||1.22%||1.66%||5.31%|
|Excess Return %||-0.41%||-0.41%||-0.41%||-0.24%||0.63%|
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 (up to a maximum of 5% for the A Class), taxes and other locally applied costs have not been deducted and if applicable, they will reduce the performance figures.
Where the base currency of the fund differs from the share class currency, exchange rate movements may affect returns.
Returns shown with reinvestment of dividends after the deduction of withholding taxes.
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^
Roche HoldingBy 3.20%
Largest Top Detractor^
Cia De Distribucion Integral Logista (N)1.79%
Health CareNet Contribution 0.73%
Industrials & Business ServicesNet Contribution -0.69%
SwedenNet Contribution 0.70%
FranceNet Contribution -0.57%
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 manager2009
- Years at19
T. Rowe Price
- Years investment28
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 at9
T. Rowe Price
- Years investment30
|Share Class||Minimum Initial Investment and Holding Amount||Minimum Subsequent Investment||Minimum Redemption Amount||Sales Charge (up to)||Investment Management Fee (up to)||Ongoing Charges||UK Tax Reporting Status|
|Class I||€2,500,000||€100,000||€0||0.00%||65 basis points||0.75%||Yes|
|Class Q||€15,000||€100||€100||0.00%||65 basis points||0.82%||Yes|
Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.
T. Rowe Price Funds SICAV and its sub-funds are domiciled in Luxembourg and therefore considered offshore funds for UK tax purposes. Selected share classes of T. Rowe Price Funds SICAV have been designated “Reporting Funds” by HM Revenue & Customs (HMRC) under the guidelines of the UK Offshore Funds Regulation. These share classes report all relevant tax information to HMRC on an annual basis. Details on the information reported are outlined in the SICAV Shareholder Tax Reporting document that is available in the Fund Range Docs drop-down. Investors in “Reporting Fund” share classes who are considered United Kingdom residents for tax purposes will have any accrued gains treated as a capital gain rather than income upon sale or other disposal of their shares.