Seeking to identify tomorrow’s winning European growth companies.
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 smaller publicly traded European companies.
- Invests in European small- and mid-cap companies capable of sustaining above-average, long-term earnings growth and selling at reasonable prices.
- Benchmark-unconstrained approach exploits diverse opportunities in developed Europe, peripheral, and European Union (EU) accession countries.
- Exposure to companies at different stages in the growth cycle offers the potential for more consistent performance across market cycles.
- Long-term investment horizon emphasizes bottom-up stock selection as the primary source of excess return.
- Dedicated London-based research team seeks companies with:~~Attractive industry structure.^^~~Compelling business models.^^~~Strong growth prospects.^^~~Solid management teams.^^~~Reasonable valuations.^^
- 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 70-100 stock portfolio
- Diversification at the security, country, region, and sector levels offers the potential for attractive risk-adjusted returns
- Bias toward high-quality stocks provides the potential for downside risk protection
- Risk parameters
- Emerging Europe exposure: maximum 10%
- Typical position size: 0.50% to 5.00%
- Low turnover expected
- Expected tracking error: 3% to 7%
|1 YR||3 YR
|Since Manager Inception
|Indicative Benchmark %||43.61%||11.74%||12.23%||13.97%||10.04%|
|Excess Return %||-2.66%||1.21%||3.29%||1.95%||2.54%|
|1 YR||3 YR
|Indicative Benchmark %||43.05%||9.44%||12.20%||11.56%|
|Excess Return %||0.75%||0.30%||3.01%||1.72%|
|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|
|Indicative Benchmark %||-1.75%||5.41%||21.70%||3.47%||6.70%|
|Excess Return %||-0.15%||1.24%||-1.44%||1.35%||4.46%|
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^
Shop Apotheke Europe
Montana Aerospace (N)1.20%
Health CareNet Contribution 0.54%
Consumer DiscretionaryNet Contribution -1.19%
Industrials & Business Services
SpainNet Contribution 0.59%
DenmarkNet Contribution -0.50%
Ben Griffiths is the lead portfolio manager for the International Small-Cap Equity Strategy and the Europe Smaller Companies Equity Strategy in the International Equity Division. Ben is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.
Ben’s investment experience began in 1999, and he has been with T. Rowe Price since 2006, beginning as a research analyst in the Equity Division. Prior to this, Ben was employed by Baillie Gifford as an investment manager.
Ben earned a diploma in investment analysis from the University of Stirling and an M.Eng. in engineering science from Oxford University. Ben also has earned the Chartered Financial Analyst® designation.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Fund manager2016
- Years at15
T. Rowe Price
- Years investment22
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%||160 basis points||1.77%||No|
|Class I||€2,500,000||€100,000||€0||0.00%||95 basis points||1.05%||No|
|Class Q||€1,000||€100||€100||0.00%||95 basis points||1.12%||No|
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.