Style agnostic, focus on quality to maintain a balanced portfolio.
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 European companies.
- 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.
- 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.
- Typically 50-80 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 %||29.18%||9.71%||N/A||10.29%||33.27%|
|Excess Return %||-0.66%||3.55%||N/A||3.17%||-3.15%|
|1 YR||3 YR
|Indicative Benchmark %||35.09%||8.66%||N/A||9.88%|
|Excess Return %||2.05%||3.51%||N/A||3.00%|
|Month to DateData as of 20-Sep-2021||Quarter to DateData as of 20-Sep-2021||Year to DateData as of 20-Sep-2021||1 MonthData as of 31-Aug-2021||3 MonthsData as of 31-Aug-2021|
|Indicative Benchmark %||-4.13%||-0.88%||10.82%||1.51%||1.98%|
|Excess Return %||0.80%||1.88%||2.11%||0.15%||2.75%|
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 July 2018, 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^
Erste Group Bank (E)0.00%
Communication ServicesNet Contribution 0.51%
Information TechnologyNet Contribution -0.35%
Industrials & Business Services
United KingdomNet Contribution 0.62%
SwitzerlandNet Contribution -0.37%
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 at10
T. Rowe Price
- Years investment15
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 (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 A||€1,000||€100||€100||5.00%||150 basis points||1.62%||No|
|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.