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 % | 35.09% | 9.36% | 11.13% | 4.94% |
| Composite Net % | 33.98% | 8.44% | 10.20% | 4.05% |
| Benchmark % | 34.75% | 9.71% | 10.14% | 3.70% |
| Excess Return (Gross) % | 0.34% | -0.35% | 0.99% | 1.24% |
Recent Performance
| 3 MonthsData as of 31-Dec-2019 | Year to DateData as of 31-Dec-2019 | |
|---|---|---|
| Composite Gross % | 10.96% | 35.09% |
| Composite Net % | 10.73% | 33.98% |
| Benchmark % | 9.79% | 34.75% |
| Excess Return (Gross) % | 1.17% | 0.34% |
Returns for time periods greater than one year are annualised.
Past performance is not a reliable indicator of future performance.
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.
Holdings
Total
Holdings
38
Top Purchase
Lukoil PJSC
11.33%Top Sale
MMC Norilsk Nickel
2.87%Sectors
Total
Sectors
9
Top Contributor^
Energy
Net Contribution 0.85%Top Detractor^
Materials
Net Contribution -0.46%Largest Overweight
Financials
Largest Underweight
Energy
Countries
Total
Countries
12
Top Contributor^
Poland
Net Contribution 0.69%Top Detractor^
Georgia
Net Contribution -0.33%Largest Overweight
Kazakhstan
Largest Underweight
Poland
Team (As of 06-Feb-2020)
Ulle Adamson is a portfolio manager in the Equity Division at T. Rowe Price. She is the portfolio manager for the Emerging Europe Equity Strategy. Ms. Adamson is a vice president and an Investment Advisory Committee member of the Emerging Markets Equity Strategy and Emerging Markets Discovery Equity Strategy. She is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.
Ms. Adamson has 16 years of investment experience, all of which have been at T. Rowe Price. She joined the firm in 2002.
Ms. Adamson 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. Ms. Adamson is fluent in Estonian and English and also speaks Russian and Portuguese.
- Portfolio manager2015
since - Years at17
T. Rowe Price - Years investment17
experience
Nicholas Beecroft is a portfolio specialist in the Equity Division at T. Rowe Price, representing the firm's global equity strategies. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.
Mr. Beecroft has 18 years of investment experience, 14 of which have been with T. Rowe Price. He joined the firm in London in 2005 and spent many years working with our emerging markets equity team. Mr. Beecroft has been based in Hong Kong since 2011. Prior to joining T. Rowe Price, he was an investment analyst at Mercer Investment Consulting.
Mr. Beecroft earned a B.A, with honours, in contemporary European studies from the University of Southampton. He also has earned the Chartered Financial Analyst designation.
- Years at15
T. Rowe Price - Years investment19
experience
Kanwal Masood is a portfolio specialist in the Equity Division at T. Rowe Price, covering the Middle East and Africa Equity and Emerging Europe Equity Strategies. She is an associate vice president of T. Rowe Price International Ltd.
Ms. Masood has 10 years of investment experience, all of which have been with T. Rowe Price. She joined the firm in 2007, covering the global and regional emerging market equity strategies as a portfolio analyst. Prior to joining T. Rowe Price, she was a product specialist at the London Stock Exchange.
Ms. Masood earned a B.Sc. with honours in mathematics and computer science from King's College London.
- Years at13
T. Rowe Price - Years investment13
experience
Ulle Adamson is a portfolio manager in the Equity Division at T. Rowe Price. She is the portfolio manager for the Emerging Europe Equity Strategy. Ms. Adamson is a vice president and an Investment Advisory Committee member of the Emerging Markets Equity Strategy and Emerging Markets Discovery Equity Strategy. She is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.