Q (GBP) | T. Rowe Price

Strategy

Manager's Outlook

The coronavirus pandemic is having a dramatic impact on societies and economies in Europe, triggering far-reaching changes in activity and policy. After a sharp slowdown in economic activity, the development of effective vaccines and the gradual reopening of economies now offer the hope of a recovery from deep recession later this year.

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A recovery will, to some extent, depend on the evolution of the disease and the efficacy and distribution of vaccines to treat it. In addition, the level of continuing policy support, the state of corporate and consumer confidence, and the degree of disruption caused by newly agreed post-Brexit trading arrangements are likely to determine the longer-term trajectory of activity.

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Massive central bank action and governmental fiscal measures continue to support economies, facilitated by the acceptance that policymakers should use fiscal policy as a tool to engineer a recovery. European Union integration has also advanced with the agreement to coordinate policy response, which is a departure from the monetary orthodoxy that dominated in earlier crises.

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The pandemic is serving as a catalyst for change as well, accelerating trends that were emerging before the crisis, particularly the shift from the offline to the online world and the further heightening of awareness around sustainability and green issues.

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In these uncertain times, it is important to be prepared for market dislocations triggered by events. Opportunities may emerge to buy companies at attractive valuations that have become stronger due to the coronavirus crisis and to sell those that are likely to be fundamentally weakened. Among these opportunities, in our view, are high-quality companies, which have lagged markedly since the market rotation sparked by the introduction of vaccines last year.

Investment Objective

To 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).

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 in to our investment process.
Environmental, social and governance ("ESG") factors with particular focus on those considered most likely to have a material impact on the performance of the holdings or potential holdings in the funds’ portfolio are assessed. These ESG factors, which are incorporated into the investment process alongside financials, valuation, macro-economics and other factors, are components of the investment decision. Consequently, ESG factors are not the sole driver of an investment decision but are instead one of several important inputs considered during investment analysis.

Portfolio Construction

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%

Performance (Class Q | GBP)

Annualised Performance

Calculated:

	1 YR	3 YR Annualised	5 YR Annualised	Since Inception Annualised	Since Manager Inception
Fund %	25.64%	12.29%	12.65%	11.36%	22.92%
Indicative Benchmark %	26.51%	9.62%	10.70%	9.23%	24.59%
Excess Return %	-0.87%	2.67%	1.95%	2.13%	-1.67%

	1 YR	3 YR Annualised	5 YR Annualised	Since Inception Annualised
Fund %	23.82%	12.22%	13.38%	11.00%
Indicative Benchmark %	22.18%	9.38%	11.30%	8.85%
Excess Return %	1.64%	2.84%	2.08%	2.15%

Recent Performance

	Month to DateData as of 24-Sep-2021	Quarter to DateData as of 24-Sep-2021	Year to DateData as of 24-Sep-2021	1 MonthData as of 31-Aug-2021	3 MonthsData as of 31-Aug-2021
Fund %	-1.77%	2.71%	13.53%	2.70%	7.41%
Indicative Benchmark %	-1.82%	2.48%	13.19%	2.76%	6.25%
Excess Return %	0.05%	0.23%	0.34%	-0.06%	1.16%

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.

Index 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.

31-Aug-2021 - Tobias Mueller, Portfolio Manager ,

The FTSE All-World Developed Europe ex UK Index rose for a seventh consecutive month in August on strong corporate earnings and hopes that central banks’ accommodative policies and coronavirus vaccination programmes would continue to support an economic recovery. At the portfolio level, the main contributor to relative performance was stock selection in financials. Our choice of securities in consumer discretionary and health care also helped, as did our underweight position in consumer staples. In financials, our top-performing holding was Finnish holding company Sampo, which owns a non-life business, a domestic life insurer and a stake in Nordea Bank. The shares were boosted by stronger-than-predicted second-quarter results, with positive momentum across all business segments. The capital position also improved with the sale of some Nordea shares. Conversely, our underweight position in information technology (IT) and stock picking in industrials and business services and communication services were modest drags on relative returns. Amadeus IT, a leading provider of global distribution systems and IT solutions for the travel industry, slipped further after weak first-half results posted at the end of July and some brokers downgraded earnings expectations for this year and 2022.

Holdings

Total
Holdings

Largest Holding ASML Holding 4.48% Was (31-Mar-2021) 4.36%

Other View Full Holdings Quarterly data as of 30-Jun-2021

Top 10 Holdings 29.85% View Top 10 Holdings Monthly data as of 31-Aug-2021

Largest Top Contributor^

ASML Holding

% of fund 4.46%

Largest Top Detractor^

Siemens

% of fund 2.98%

Top Purchase

Mayr Melnhof Karton (N)

0.96%

Was (31-Mar-2021) 0%

Top Sale

Munich Re (E)

0.00%

Was (31-Mar-2021) 2%

30-Jun-2021 - Tobias Mueller, Portfolio Manager ,

Continued Focus on Quality

We have identified four key themes where we can find numerous stocks on the right side of change: energy transition, sustainability, offline to online, and biologics. There may also be idiosyncratic reasons to buy a stock where "change" is more internally driven.

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We look for quality businesses that benefit from change where we have an insight on the key drivers for the stock, and we continue to seek to exploit a heightened opportunity set to acquire even better companies at even more attractive valuations. The quarter presented us with an opportunity to invest in a new high-quality name, while we eliminated three names.

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Our largest sector bets remain industrials and business services and consumer discretionary, while we remain underweight consumer staples and energy.

Financials

We adjusted our financials holdings, booking profits and recycling funds into new opportunities. We prefer businesses that can produce strong returns on a sustainable basis, weathering the impact of low interest rates and regulatory rules that weigh on earnings in the sector.

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Our largest overweight in the sector is capital markets, where London Stock Exchange, which runs exchanges, indices, and trading platforms, is our main position. We have a neutral allocation to banks and a modest underweight in insurance.

We exited Munich Re, a global reinsurer, after disappointing performance. We switched instead to Prudential,�which we believe will benefit from expansion in Asia, where new business is growing strongly. A capital raise has strengthened the balance sheet, and the company is sharpening its focus by demerging Jackson, its U.S. insurance arm.
We also eliminated our holding in Erste Group Bank, one of the largest lenders in Austria and Central Europe, taking profits after a strong run. We can see better risk/reward trade-offs in Prudential, a leading life insurer in South East Asia; Swedbank, a leading Sweden-based lender; and Dutch bank ING.

Industrials and Business Services

We favored industrials and business services in the first quarter as we added to cyclicality in the portfolio to capitalize on the nascent economic recovery. We found a number of undervalued high-quality companies with, in our view, strong growth potential in the commercial and business parts of this diverse sector. Since then, we reduced our cyclical exposure, taking some profits on strong performers.

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Our largest industry exposures in relative terms are to machinery and aerospace and defense. In the former, our largest investment is Valmet, a Finland-based provider of services and equipment to the paper, board, and pulp industry. In the latter industry, Airbus is our main holding.

We trimmed strong performers such as Valmet; Norma, a leading specialist in engineering joining technology; Rockwool International, a manufacturer of stone wool for insulation and other applications; and Assa Abloy, a global leader in security lock products and solutions.

Health Care

We increased our underweight bet in health care, taking profits in some names and exiting another. Generally, we are interested in the sector, where new, innovative industries are emerging, and investment is increasing to fill gaps in provision exposed by the coronavirus pandemic.

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We have positive allocations to health care equipment and supplies and to life sciences tools and services. We are underweight in pharmaceuticals, where our largest position is Sanofi, which specializes in immunology, vaccines, and rare diseases. In recent years, pharmaceuticals have experienced declining returns on research and development and have found it increasingly hard to develop assets.

We pared our holdings in Roche Holding and Sanofi after strong performance, and we exited Morphosys a German biotechnology company. We have lost conviction in the thesis that the clinical profile of Monjuvi, a treatment for lymphatic cancer, will translate into commercial strength owing to waning confidence in management and keener-than-anticipated competition.

Materials

We moved to an overweight allocation to materials. We have added high-quality names that we believe are on the right side of change, as clients switch to paper-based packaging away from plastic. Pulp prices are also increasing, which restores pricing power to our holdings as demand strengthens for their products.�

Our largest industry exposure is to containers and packaging, where we own Verallia, Europe's biggest maker of glass containers. We are also overweight chemicals, where our main holding is Symrise,�a supplier of flavorings and fragrances to food, beverage, cosmetic, and personal care producers; and forest products, where we own Stora Enso,�a Sweden-based integrated paper, board, and wood products producer.

We initiated a position in Mayr-Melnof Karton, a paper and packaging company that is Europe's largest producer of cartonboard used in consumer packaging. In our view, the company's consistent record of earnings and profit growth over the past 20 years is not reflected in its valuation. The company may also improve its growth exposure by using surplus cash to consolidate the market, which is benefiting from the replacement of plastic packaging.��

Sectors

Total
Sectors

Largest Sector Industrials & Business Services 20.05% Was (31-Jul-2021) 20.55%

Other View complete Sector Diversification

Top Contributor^

Communication Services

Net Contribution 0.37%

Sector

0.00%

Selection 0.36%

Top Detractor^

Information Technology

Net Contribution -0.42%

Sector

-0.02%

Selection

-0.40%

Largest Overweight

Consumer Discretionary

By3.84%

Fund 16.17%

Indicative Benchmark 12.33%

Largest Underweight

Consumer Staples

By-4.66%

Fund 5.39%

Indicative Benchmark 10.05%

31-Aug-2021 - Tobias Mueller, Portfolio Manager ,

Positioning activity was light in August, when market liquidity tends to be thin. We pared the largest sector positions in the portfolio, consumer discretionary and industrials and business services, for stock specific reasons. In the former, we added to our holding in an eye ware company whose earnings, we believe, will grow strongly as economies reopen. In the latter, we further reduced our position in an engineering company that makes seals and joining products. The shares have had a strong run and may struggle in slower growth conditions.

Countries

Total
Countries

Largest Country Germany 17.03% Was (31-Jul-2021) 17.22%

Other View complete Country Diversification

Top Contributor^

Germany

Net Contribution 0.41%

Country

0.02%

Selection 0.39%

Top Detractor^

Switzerland

Net Contribution -0.53%

Country

-0.11%

Selection

-0.42%

Largest Overweight

Italy

By5.06%

Fund 10.00%

Indicative Benchmark 4.95%

Largest Underweight

France

By-8.57%

Fund 13.23%

Indicative Benchmark 21.79%

30-Sep-2019 - Dean Tenerelli, Portfolio Manager ,

We deepened our underweight allocation in consumer staples, the largest in the portfolio, by selling Essity Aktiebolag, a global hygiene products company, taking profits after a strong run. In our view, the margin-improvement thesis has largely played out and is factored into the share price. Raw material prices have also started to decline, and the company could find it more challenging to maintain price increases. Consequently, the shares may struggle to rise much further. In contrast, we increased our overweight exposure to industrial and business services, health care and real estate.

Team (As of 10-Sep-2021)

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.

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
Portfolio Specialist

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 (EUR)	Minimum Subsequent Investment (EUR)	Minimum Redemption Amount (EUR)	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	€1,000	€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.

Portfolio Characteristics

as of 31-Aug-2021

Characteristic	Fund	Benchmark
Projected Earnings Growth Rate (IBES)	15.3%	12.8%
Price to Earnings (Current Fiscal Year)	26.1x	22.0x
Return on Equity (Current Fiscal Year)	14.8%	15.0%
Price to Book	4.6x	3.7x
Investment Weighted Median Market Cap (GBP mm)	20,835	39,971
Investment Weighted Average Market Cap (GBP mm)	48,736	74,659
Number of Issuers	58	432
Top 20 Holdings as % of Total	49.0%	31.9%
Portfolio Holdings Turnover (12 Months)	42.1%	0.0%
Percent of Portfolio in Cash	0.7%	0.0%
Active Share Percentage	78.15%	N/A

Statistics are Investment Weighted Median unless otherwise noted.

These statistics are based on the portfolio's underlying holdings and are not a projection of future portfolio performance. Actual results may vary.

Risks

The following risks are materially relevant to the fund (refer to prospectus for further details):

Capital risk
Country risk (Russia and Ukraine)
Currency risk
Equity risk
ESG and Sustainability risk
Geographic concentration risk
Hedging risk
Investment fund risk
Management risk
Market risk
Operational risk
Small and mid-cap risk

Risk/Return Characteristics

as of 31-Aug-2021

Risk/Return (5 Years)	Fund	Indicative Benchmark
Alpha	2.15%	0.00%
Beta	0.96	1.00
R-Squared	0.97	1.00
Annualized Std. Deviation	12.79%	13.34%
Information Ratio	0.66	0.00
Sharpe Ratio	0.97	0.79
Tracking Error	2.96%	0.00%

Past performance is not a reliable indicator of future performance.

Statistics based on monthly net returns of the Fund's Class I shares.

Returns shown with reinvestment of dividends after the deduction of withholding taxes.

Calendar Year Performance

2013^	2014	2015	2016	2017	2018	2019	2020
13.60%	-0.09%	6.26%	14.76%	18.64%	-7.61%	23.01%	12.92%	Fund
7.53%	-0.80%	5.16%	18.53%	16.25%	-9.84%	19.46%	8.12%	Indicative Benchmark
6.07%	0.71%	1.10%	-3.77%	2.39%	2.23%	3.55%	4.80%	Value added

Fund
Indicative Benchmark

Top 10 Holdings (31-Aug-2021)

Monthly as of:

Holding Name	% of Portfolio	Sector	Industry	Country
Airbus	2.81%	Industrials & Business Services	Aerospace & Defense	France
ASML Holding	5.16%	Information Technology	Semiconductors & Semiconductor Equipment	Netherlands
Cellnex Telecom	2.71%	Communication Services	Diversified Telecommunication Services	Spain
Jeronimo Martins	2.15%	Consumer Staples	Food & Staples Retailing	Portugal
Lonza Group	2.25%	Health Care	Life Sciences Tools & Services	Switzerland
Roche Holding	4.29%	Health Care	Pharmaceuticals	Switzerland
Sanofi	2.91%	Health Care	Pharmaceuticals	France
Siemens	3.03%	Industrials & Business Services	Industrial Conglomerates	Germany
Zalando	2.42%	Consumer Discretionary	Internet & Direct Marketing Retail	Germany
Zurich Insurance Group	2.11%	Financials	Insurance	Switzerland

Represents 29.85% of Total Net Assets

The Top 10 holdings shown are sorted in alphabetical order.

The information shown does not reflect any ETFs that may be held in the portfolio.

Purchases - 10 Largest (30-Jun-2021)

Quarterly as of:

Major Purchases	% of Fund	Previous Quarter Change	Industry	Country
Mayr Melnhof Karton (N)	0.96%	0.96%	Containers & Packaging	Austria
Amadeus IT	2.27%	0.26%	IT Services	Spain
Deutsche Boerse	1.64%	0.35%	Capital Markets	Germany
Cellnex Telecom (N)	0.00%	0.00%	Diversified Telecommunication Services	Spain
Lonza Group	1.81%	0.54%	Life Sciences Tools & Services	Switzerland
ING Groep	1.62%	0.33%	Banks	Netherlands
Zalando	2.67%	0.53%	Internet & Direct Marketing Retail	Germany
Zurich Insurance Group	1.91%	-0.12%	Insurance	Switzerland
Swedbank	1.72%	0.15%	Banks	Sweden
Stora Enso	1.21%	0.05%	Paper & Forest Products	Finland

(N) New Position.

30-Jun-2021 - Tobias Mueller, Portfolio Manager ,

We exited Munich Re, a global reinsurer, after disappointing performance. We switched instead to Prudential,�which we believe will benefit from expansion in Asia, where new business is growing strongly. A capital raise has strengthened the balance sheet, and the company is sharpening its focus by demerging Jackson, its U.S. insurance arm.
We also eliminated our holding in Erste Group Bank, one of the largest lenders in Austria and Central Europe, taking profits after a strong run. We can see better risk/reward trade-offs in Prudential, a leading life insurer in South East Asia; Swedbank, a leading Sweden-based lender; and Dutch bank ING.
We trimmed strong performers such as Valmet; Norma, a leading specialist in engineering joining technology; Rockwool International, a manufacturer of stone wool for insulation and other applications; and Assa Abloy, a global leader in security lock products and solutions.
We pared our holdings in Roche Holding and Sanofi after strong performance, and we exited Morphosys a German biotechnology company. We have lost conviction in the thesis that the clinical profile of Monjuvi, a treatment for lymphatic cancer, will translate into commercial strength owing to waning confidence in management and keener-than-anticipated competition.
We initiated a position in Mayr-Melnof Karton, a paper and packaging company that is Europe's largest producer of cartonboard used in consumer packaging. In our view, the company's consistent record of earnings and profit growth over the past 20 years is not reflected in its valuation. The company may also improve its growth exposure by using surplus cash to consolidate the market, which is benefiting from the replacement of plastic packaging.��

Sales - 10 Largest (30-Jun-2021)

Major Sales	% of Fund	Previous Quarter Change	Industry	Country
Munich Re (E)	0.00%	-2.00%	Insurance	Germany
Erste Group Bank (E)	0.00%	-1.61%	Banks	Austria
ASML Holding	4.22%	-0.14%	Semiconductors & Semiconductor Equipment	Netherlands
Norma	0.68%	-0.45%	Machinery	Germany
Roche Holding	3.93%	0.00%	Pharmaceuticals	Switzerland
Thule	1.49%	-0.40%	Leisure Products	Sweden
Morphosys (E)	0.00%	-0.42%	Biotechnology	Germany
Siemens	2.82%	-0.36%	Industrial Conglomerates	Germany
Sanofi	2.83%	-0.26%	Pharmaceuticals	France
Valmet	1.35%	-0.14%	Machinery	Finland

(E) Eliminated.

Major Purchases/Sales represent the highest to lowest total cost (purchases) and proceeds (sales) for the time period indicated.

The information shown does not reflect any ETFs that may be held in the portfolio.

Contributors (30-Jun-2021)

Quarterly as of:

Contributors	% of Fund	Industry	Country
Roche Holding	4.15%	Pharmaceuticals	Switzerland
Zalando	2.82%	Internet & Direct Marketing Retail	Germany
ASML Holding	4.46%	Semiconductors & Semiconductor Equipment	Netherlands
Cellnex Telecom	2.73%	Diversified Telecommunication Services	Spain
Lonza Group	1.91%	Life Sciences Tools & Services	Switzerland

30-Jun-2021 - Tobias Mueller, Portfolio Manager ,

Cellnex Telecom, the largest third-party independent transmission tower company in Europe, rose as it integrated large acquisitions across the region, which is driving strong organic growth. Deutsche Telekom also said it�would consider selling a controlling stake in its tower portfolio and highlighted its good relationship with Cellnex management.
Zalando, Europe's largest online retail fashion platform, performed best among our holdings as reopening economies fueled demand. the company also told brokers the reopening of large European markets is driving traffic online where there is greater choice than in stores.
Fluidra continued to rally on strong quarterly results that showed excellent sales, particularly in North America. It also significantly raised guidance for sales growth in 2021.
Our holdings in Amadeus IT, the global leader of distribution and IT Solutions for the travel industry, and Infineon Technologies, a German semiconductor company and the worldwide leading supplier of power semiconductors, were the main detractors. The former continued to suffer as the resurgence of the coronavirus hindered the recovery of travel demand in the busy midyear summer season. The latter underperformed the sector as the semiconductor industry appeared to suffer a market correction.

Detractors (30-Jun-2021)

Detractors	% of Fund	Industry	Country
Siemens	2.98%	Industrial Conglomerates	Germany
Munich Re	0.00%	Insurance	Germany
Iberdrola	1.84%	Electric Utilities	Spain
Infineon Technologies	1.52%	Semiconductors & Semiconductor Equipment	Germany
Husqvarna	1.10%	Household Durables	Sweden

The information shown does not reflect any ETFs that may be held in the portfolio.

N/A indicates Not Available.

Holdings (30-Jun-2021)

Quarterly as of:

Company	% of Fund	Previous Qtr Change	Value (EUR)	Shares	Sector	Industry	Country
ASML Holding	4.48%	0.13	€4,997,366.80	8,563	Information Technology	Semiconductors & Semiconductor Equipment	Netherlands
Roche Holding	4.16%	0.23	€4,640,596.61	14,532	Health Care	Pharmaceuticals	Switzerland
Sanofi	3.00%	-0.09	€3,340,375.05	37,655	Health Care	Pharmaceuticals	France
Siemens	2.99%	-0.20	€3,328,938.24	24,828	Industrials & Business Services	Industrial Conglomerates	Germany
Zalando	2.82%	0.69	€3,145,078.95	30,819	Consumer Discretionary	Internet & Direct Marketing Retail	Germany
Airbus	2.75%	0.26	€3,061,432.80	28,242	Industrials & Business Services	Aerospace & Defense	France
Cellnex Telecom	2.74%	0.59	€3,053,052.00	56,538	Communication Services	Diversified Telecommunication Services	Spain
Amadeus IT	2.40%	0.39	€2,676,144.38	44,947	Information Technology	IT Services	Spain
Zurich Insurance Group	2.02%	-0.01	€2,253,029.27	6,642	Financials	Insurance	Switzerland
Jeronimo Martins	1.92%	0.28	€2,140,558.14	138,817	Consumer Staples	Food & Staples Retailing	Portugal
Lonza Group	1.91%	0.64	€2,124,049.63	3,554	Health Care	Life Sciences Tools & Services	Switzerland
Alcon	1.87%	-0.20	€2,086,017.33	35,313	Health Care	Health Care Equipment & Supplies	Switzerland
Teleperformance	1.86%	0.00	€2,074,991.10	6,069	Industrials & Business Services	Professional Services	France
Iberdrola	1.85%	-0.29	€2,057,391.43	199,553	Utilities	Electric Utilities	Spain
Sampo	1.84%	0.05	€2,049,347.44	52,696	Financials	Insurance	Finland
Symrise	1.83%	0.08	€2,042,458.35	17,331	Materials	Chemicals	Germany
Swedbank	1.83%	0.26	€2,037,047.33	128,933	Financials	Banks	Sweden
Akzo Nobel	1.78%	0.02	€1,978,937.20	18,856	Materials	Chemicals	Netherlands
Coloplast	1.77%	-0.04	€1,971,221.51	14,385	Health Care	Health Care Equipment & Supplies	Denmark
SEB	1.76%	-0.17	€1,957,425.60	12,844	Consumer Discretionary	Household Durables	France
Ferrari	1.74%	-0.20	€1,942,188.00	11,162	Consumer Discretionary	Automobiles	Italy
Deutsche Boerse	1.74%	0.45	€1,936,460.85	13,133	Financials	Capital Markets	Germany
Pandora	1.73%	0.22	€1,932,705.52	16,948	Consumer Discretionary	Textiles, Apparel & Luxury Goods	Denmark
Davide Campari-Milano	1.73%	0.14	€1,930,747.43	170,035	Consumer Staples	Beverages	Italy
ING Groep	1.72%	0.43	€1,915,047.50	171,231	Financials	Banks	Netherlands
Adidas	1.71%	0.13	€1,909,318.50	6,070	Consumer Discretionary	Textiles, Apparel & Luxury Goods	Germany
Koninklijke DSM	1.70%	0.00	€1,895,080.90	12,017	Materials	Chemicals	Netherlands
Julius Baer	1.70%	-0.29	€1,894,885.44	34,278	Financials	Capital Markets	Switzerland
PRADA	1.69%	0.15	€1,886,421.04	295,400	Consumer Discretionary	Textiles, Apparel & Luxury Goods	Italy
Scout24 Holding	1.67%	0.03	€1,864,160.64	26,241	Communication Services	Interactive Media & Services	Germany
Assa Abloy	1.61%	-0.07	€1,793,742.87	70,067	Industrials & Business Services	Building Products	Sweden
Thule	1.58%	-0.30	€1,762,350.83	46,927	Consumer Discretionary	Leisure Products	Sweden
EssilorLuxottica	1.56%	0.11	€1,733,432.32	11,072	Consumer Discretionary	Textiles, Apparel & Luxury Goods	France
Barry Callebaut	1.54%	-0.05	€1,716,558.51	875	Consumer Staples	Food Products	Switzerland
Infineon Technologies	1.53%	-0.23	€1,703,948.18	50,153	Information Technology	Semiconductors & Semiconductor Equipment	Germany
Epiroc	1.47%	N/A	€1,635,152.97	84,413	Industrials & Business Services	Machinery	Sweden
Valmet	1.43%	-0.06	€1,588,206.61	43,193	Industrials & Business Services	Machinery	Finland
Terna Rete Elettrica Nazionale	1.41%	-0.16	€1,574,445.10	250,628	Utilities	Electric Utilities	Italy
Bawag	1.39%	-0.11	€1,553,478.96	34,278	Financials	Banks	Austria
FinecoBank Banca Fineco	1.35%	0.16	€1,506,852.90	101,780	Financials	Banks	Italy
de Longhi	1.33%	-0.03	€1,485,409.50	40,255	Consumer Discretionary	Household Durables	Italy
Partners Group Holding	1.30%	0.04	€1,445,013.63	1,127	Financials	Capital Markets	Switzerland
Rockwool International	1.28%	-0.06	€1,426,701.09	3,475	Industrials & Business Services	Building Products	Denmark
Stora Enso	1.28%	0.11	€1,422,820.71	92,331	Materials	Paper & Forest Products	Finland
Fluidra	1.24%	0.40	€1,381,935.90	41,007	Industrials & Business Services	Machinery	Spain
Verallia SASU	1.15%	0.02	€1,286,782.20	41,085	Materials	Containers & Packaging	France
Thales	1.14%	-0.07	€1,270,884.08	14,561	Industrials & Business Services	Aerospace & Defense	France
Knorr-Bremse	1.12%	0.03	€1,246,784.00	12,880	Industrials & Business Services	Machinery	Germany
Husqvarna	1.11%	-0.22	€1,235,689.77	109,476	Consumer Discretionary	Household Durables	Sweden
Flughafen Zurich	1.08%	-0.10	€1,198,911.47	8,579	Industrials & Business Services	Transportation Infrastructure	Switzerland
Prysmian	1.06%	0.01	€1,184,302.24	38,728	Industrials & Business Services	Electrical Equipment	Italy
Kojamo	1.06%	0.06	€1,183,409.24	61,412	Real Estate	Real Estate Management & Development	Finland
Kion	1.02%	-0.02	€1,142,000.64	12,672	Industrials & Business Services	Machinery	Germany
Topdanmark	0.98%	0.02	€1,089,946.15	24,862	Financials	Insurance	Denmark
Evotec	0.97%	0.13	€1,082,547.28	28,162	Health Care	Life Sciences Tools & Services	Germany
Mayr Melnhof Karton	0.96%	N/A	€1,064,901.20	5,903	Materials	Containers & Packaging	Austria
Aedas Homes SAU	0.78%	-0.01	€869,532.70	37,319	Real Estate	Real Estate Management & Development	Spain
Norma	0.72%	-0.42	€799,384.60	18,419	Industrials & Business Services	Machinery	Germany

N/A indicates Not Available.

Numbers may not add due to rounding and/or the exclusion of reserves and other assets.

Sector Diversification (31-Aug-2021)

Monthly as of:

Sector Diversification	% of Fund	% of Indicative Benchmark
Consumer Discretionary	16.17%	12.33%
Industrials & Business Services	20.05%	16.59%
Materials	8.74%	6.72%
Financials	16.23%	15.34%
Communication Services	4.37%	3.80%
Real Estate	1.96%	1.84%
Health Care	14.34%	14.90%
Utilities	3.36%	4.56%
Information Technology	8.73%	11.18%
Energy	0.00%	2.68%
Consumer Staples	5.39%	10.05%

Numbers may not add due to rounding and/or the exclusion of reserves and other assets.

T. Rowe Price uses the current MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. T. Rowe Price will adhere to all updates to GICS for prospective reporting.

Sector Attribution - Top and Bottom Five by Total Value Added (30-Jun-2021)

Data as of:

Sector	Total Value Added %	Value from SectorWeight %	Value from Stock Selection %
Communication Services	0.37%	0.00%	0.36%
Consumer Discretionary	0.28%	0.12%	0.16%
Energy	0.16%	0.16%	0.00%
Materials	0.14%	0.01%	0.14%
Industrials & Business Services	0.12%	-0.06%	0.17%
Utilities	0.08%	0.13%	-0.05%
Financials	0.00%	-0.02%	0.02%
Real Estate	-0.01%	-0.00%	-0.01%
Consumer Staples	-0.29%	-0.20%	-0.09%
Information Technology	-0.42%	-0.02%	-0.40%
Total	0.41%	-0.01%	0.43%

Numbers may not add to 100% due to rounding; all numbers are percentages.

Analysis represents the total performance of the portfolio as calculated by the FactSet attribution model and is inclusive of other assets that that will not receive a classification assignment in the detailed structure shown. Returns will not match official T. Rowe Price performance because FactSet uses different exchange rate sources and does not capture intra-day trading. Performance for each security is obtained in the local currency and, if necessary, is converted using an exchange rate determined by an independent third party. Figures are shown with gross dividends reinvested.

Sources: Financial data and analytics provider FactSet. Copyright 2021 FactSet. All Rights Reserved. MSCI/S&P GICS Sectors; Analysis by T. Rowe Price Associates, Inc. T. Rowe Price uses the current MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. T. Rowe Price will adhere to all updates to GICS for prospective reporting.

Figures are shown gross of fees. Returns would be lower as a result of the deduction of such fees.

30-Jun-2021 - Tobias Mueller, Portfolio Manager ,