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GIPS® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®). TRP has been independently verified for the twenty one- year period ended June 30, 2017 by KPMG LLP. The verification report is available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

TRP is a U.S. investment management firm with various investment advisers registered with the U.S. Securities and Exchange Commission, the U.K. Financial Conduct Authority, and other regulatory bodies in various countries and holds itself out as such to potential clients for GIPS purposes. TRP further defines itself under GIPS as a discretionary investment manager providing services primarily to institutional clients with regard to various mandates, which include U.S, international, and global strategies but excluding the services of the Private Asset Management group.

A complete list and description of all of the Firm's composites and/or a presentation that adheres to the GIPS® standards are available upon request. Additional information regarding the firm's policies and procedures for calculating and reporting performance results is available upon request

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Past performance is not a reliable indicator of future performance.

Strategy

Europe ex-UK Equity

The Europe ex-UK Equity Composite seeks to provide long-term capital appreciation through an aggressive and focused approach to fund management. The composite will seek to hold a focused list of stocks selected through proprietary analysis and will also place a heavy emphasis on portfolio construction and risk management with the intention of maximizing risk-adjusted performance.

3YR Return Annualised (Net)
(View Total Returns)

Tracking Error
(5 Years)

5.45%
2.75%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

4.30%
0.92

Inception Date 28-Feb-2007

Performance figures calculated in EUR

Other Literature

Tobias Mueller, CFA
Tobias Mueller, CFA, Portfolio Manager

Tobias Mueller is the portfolio manager for the European Select Strategy, effective October 2018. Previously, he covered the technology, medical technology and exchange sectors as a research analyst in the Equity Division. Mr. Mueller is a vice president of T. Rowe Price International Ltd.

 

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

  • 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 in to our investment process.

Portfolio Construction

  • Typically 40-70 stocks
  • Individual position size up to 4.0% relative to the benchmark
  • Sector ranges: typically +/-10% relative to benchmark
  • Country ranges: typically +/-10% relative to 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%

Holdings

Total
Holdings
63
Largest Holding Roche Holding 4.36% Was (30-Jun-2020) 4.49%
Other View Full Holdings Quarterly data as of  30-Sep-2020
Top 10 Holdings 29.26% View Top 10 Holdings Monthly data as of  30-Sep-2020

Top Purchase

SAP
2.97%
Was (30-Jun-2020) 0.08%

Top Sale

Nestle (E)
0.00%
Was (30-Jun-2020) 4%

Quarterly Data as of 30-Sep-2020

Sectors

Total
Sectors
11
Largest Sector Industrials & Business Services 18.73% Was (30-Jun-2020) 19.18%
Other View complete Sector Diversification

Monthly Data as of 30-Sep-2020

Benchmark: FTSE Developed Europe ex United Kingdom Index

Top Contributor^

Consumer Discretionary
Net Contribution 1.49%
Sector
0.51%
Selection 0.99%

Top Detractor^

Health Care
Net Contribution -0.16%
Sector
0.17%
Selection
-0.33%

^Relative

Quarterly Data as of 30-Sep-2020

Largest Overweight

Consumer Discretionary
By5.88%
Portfolio 16.76%
Benchmark 10.88%

Largest Underweight

Consumer Staples
By-7.42%
Portfolio 5.43%
Benchmark 12.85%

Monthly Data as of 30-Sep-2020

Countries

Total
Countries
12
Largest Country Germany 22.32% Was (30-Jun-2020) 15.45%
Other View complete Country Diversification

Monthly Data as of 30-Sep-2020

Benchmark: FTSE Developed Europe ex United Kingdom Index

Top Contributor^

Germany
Net Contribution 1.19%
Country
-0.02%
Selection 1.21%

Top Detractor^

Switzerland
Net Contribution -0.42%
Country
0.07%
Selection
-0.49%

^Relative

Quarterly Data as of 30-Sep-2020

Largest Overweight

Italy
By5.76%
Portfolio 10.40%
Benchmark 4.64%

Largest Underweight

France
By-9.20%
Portfolio 11.77%
Benchmark 20.96%

Monthly Data as of 30-Sep-2020

Team (As of 01-Oct-2020)

Tobias Mueller, CFA

Tobias Mueller is the portfolio manager for the European Select Strategy, effective October 2018. Previously, he covered the technology, medical technology and exchange sectors as a research analyst in the Equity Division. Mr. Mueller is a vice president of T. Rowe Price International Ltd.

Mr. Mueller has 13 years of investment experience, eight of which have been with T. Rowe Price. He completed an internship at the firm in 2010, and prior to joining T. Rowe Price in 2011, he worked at Lehman Brothers in the Principal Finance Group, London, where he focused on distressed fixed income assets.

Mr. Mueller has 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.

  • Portfolio manager
    since
    2020
  • Years at
    T. Rowe Price
    9
  • Years investment
    experience
    14
Andrew Clifton

Andrew Clifton is a portfolio specialist in the Equity Division at T. Rowe Price. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

Mr. Clifton has over 30 years of investment experience, nine of which have been at T. Rowe Price. Prior to joining the firm in 2010, he was an executive director at UBS Global Asset Management. Prior to that, he was a vice president at Merrill Lynch.

Mr. Clifton earned a B.Sc. in economics from the London School of Economics and an M.Sc. in econometrics from the University of Southampton.

  • Years at
    T. Rowe Price
    10
  • Years investment
    experience
    31