Past performance is not a reliable indicator of future performance.
Strategy
Emerging Europe Equity
The Emerging Europe Equity Composite seeks long-term capital appreciation primarily through investment in companies in eastern Europe, Russia, Middle East, and northern Africa, with faster earnings growth and reasonable valuation levels relative to market/sector averages.
3YR Return Annualised (Net)
(View Total Returns)
Tracking Error
(5 Years)
1YR Return (Net)
(View Total Returns)
Information Ratio
(5 Years)
Inception Date 30-Sep-2000
Performance figures calculated in EUR
Valuations and performance are computed in USD and converted to EUR. When converting U.S. Dollar composite returns, benchmarks, dispersion and asset data, the same exchange rate source is used consistently. Total returns in non-U.S. Dollar currencies are calculated by adjusting U.S. Dollar performance by the percent change in the U.S. Dollar/foreign currency exchange rate (as determined by an independent third party) for the time periods selected. Net of fees performance is calculated using the currency-converted gross performance and then deducting the highest applicable EUR fee without the benefit of breakpoints.
Strategy
Investment Approach
- Employ fundamental analysis to identify companies with sustainable above-market earnings growth rates.
- Focus on franchise strength, management team quality, free cash flow, and financing/balance sheet structure.
- Verify relative valuation appeal versus both local market and region.
- Apply negative screening for macroeconomic and political factors to temper bottom-up enthusiasm for specific securities.
Portfolio Construction
- Typically 30-60 stock portfolio.
- Individual positions typically range from 0.50% to 10.00% — average position size of 2.00% to 3.00%.
- Country and sector weights unconstrained.
- Reserves typically range from 0% to 5%.
Performance
Annualised Performance
Quarterly| 1 YR | 3 YR Annualised |
5 YR Annualised |
10 YR Annualised |
|
|---|---|---|---|---|
| Composite Gross % | -20.94% | -3.94% | 4.54% | -0.66% |
| Composite Net % | -21.63% | -4.75% | 3.66% | -1.51% |
| Benchmark % | -24.91% | -4.05% | 2.60% | -1.48% |
| Excess Return (Gross) % | 3.97% | 0.11% | 1.94% | 0.82% |
Recent Performance
| 3 MonthsData as of 30-Sep-2020 | Year to DateData as of 30-Sep-2020 | |
|---|---|---|
| Composite Gross % | -8.17% | -28.75% |
| Composite Net % | -8.37% | -29.22% |
| Benchmark % | -9.19% | -31.61% |
| Excess Return (Gross) % | 1.02% | 2.86% |
Past performance is not a reliable indicator of future performance.
Returns for time periods greater than one year are annualised.
Gross performance returns are presented before management and all other fees, where applicable, but after trading expenses. Net of fees performance reflects the deduction of the highest applicable management fee that would be charged based on the fee schedule contained within this material, without the benefit of breakpoints. Gross and net performance returns reflect the reinvestment of dividends and are net of all non-reclaimable withholding taxes on dividends, interest income, and capital gains.
Effective 1 July 2018, the "net" version of the benchmark replaced the "gross" version of the benchmark. The "net" version of the 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.
Effective 1 July 2018, the benchmark for the composite changed from gross to net of withholding taxes. The change was made because the firm viewed the new benchmark to be more consistent with the tax impacts of theportfolios in the composite. Historical benchmark representations have been restated. Effective 1 June 2010, the benchmark was changed to MSCI Emerging Markets Europe Index Net. Prior to 1 June 2010, the benchmark was the MSCI Emerging Markets Europe and Middle East Index Net. The benchmark changes were made because the firm viewed the new benchmark to be a better representation of the investment strategy of the composite.
Holdings
Total
Holdings
36
Top Purchase
Gazprom
10.40%Top Sale
MMC Norilsk Nickel
3.63%Sectors
Total
Sectors
9
Top Contributor^
Communication Services
Net Contribution 1.66%Top Detractor^
Materials
Net Contribution -1.47%Largest Overweight
Financials
Largest Underweight
Materials
Countries
Total
Countries
12
Top Contributor^
Russia
Net Contribution 1.28%Top Detractor^
Poland
Net Contribution -0.59%Largest Overweight
Kazakhstan
Largest Underweight
Poland
Team (As of 15-Jan-2021)
Ulle Adamson is a portfolio manager in the Equity Division. She is the portfolio manager for the Emerging Europe Equity Strategy. Ulle is a vice president and an Investment Advisory Committee member of the Emerging Markets Equity and Emerging Markets Discovery Equity Strategies. She is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.
Ulle has been with T. Rowe Price since 2002, beginning in the Emerging Markets Equity division.
Ulle earned an M.A. in digital media studies from Sussex University and a B.Sc. in economics and business administration from the Stockholm School of Economics in Riga. She also has earned the Chartered Financial Analyst® designation. Ulle is fluent in Estonian and English and also speaks Russian and Portuguese.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Portfolio manager2015
since - Years at18
T. Rowe Price - Years investment18
experience
Nick Beecroft is the APAC head of the Investment Specialist Group and a portfolio specialist in the Equity Division. He also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.
Nick’s investment experience began in 2001, and he has been with T. Rowe Price since 2005, beginning in the Equity Division. Prior to this, Nick was employed by Mercer Investment Consulting as an investment analyst.
Nick earned a B.A., with honors, in contemporary European studies from the University of Southampton. He also has earned the Chartered Financial Analyst® designation.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Years at15
T. Rowe Price - Years investment19
experience
Ulle Adamson is a portfolio manager in the Equity Division. She is the portfolio manager for the Emerging Europe Equity Strategy. Ulle is a vice president and an Investment Advisory Committee member of the Emerging Markets Equity and Emerging Markets Discovery Equity Strategies. She is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.