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 % | -13.66% | 1.52% | 3.35% | 0.95% |
| Composite Net % | -14.41% | 0.66% | 2.47% | 0.09% |
| Benchmark % | -15.89% | 1.19% | 1.13% | 0.21% |
| Excess Return (Gross) % | 2.23% | 0.33% | 2.22% | 0.74% |
Recent Performance
| 3 MonthsData as of 30-Jun-2020 | Year to DateData as of 30-Jun-2020 | |
|---|---|---|
| Composite Gross % | 18.56% | -22.42% |
| Composite Net % | 18.32% | -22.76% |
| Benchmark % | 15.89% | -24.68% |
| Excess Return (Gross) % | 2.67% | 2.26% |
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 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
37
Top Purchase
Lukoil PJSC
12.49%Top Sale
Tatneft PJSC
4.06%Sectors
Total
Sectors
9
Top Contributor^
Communication Services
Net Contribution 1.29%Top Detractor^
Utilities
Net Contribution -0.40%Largest Overweight
Financials
Largest Underweight
Energy
Countries
Total
Countries
12
Top Contributor^
Russia
Net Contribution 1.20%Top Detractor^
Poland
Net Contribution -0.53%Largest Overweight
United States
Largest Underweight
Poland
Team (As of 05-Aug-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
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 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.