Strategy
Europe Structured Research Equity
The Europe Structured Research Equity Composite seeks sector- and industry-neutral exposure to the MSCI Europe Index, with value added through stock selection skill. The strategy combines fundamental research with a disciplined portfolio construction process to achieve its investment objectives.
3YR Return Annualised (Net)
(View Total Returns)
Tracking Error
(5 Years)
1YR Return (Net)
(View Total Returns)
Information Ratio
(5 Years)
Inception Date 31-Jul-2009
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
- Leverage broad and deep research of all MSCI Europe Index stocks.
- Combine fundamental research with highly structured portfolio construction to isolate stock selection skills.
- Analysts make all security-level decisions.
- 15+ analysts are allocated capital in proportion to their industry weight within the MSCI Europe Index.
Portfolio Construction
- Typically 200-300 stock portfolio
- Maximum active position size will typically range +/- 100 basis points relative to the MSCI Europe Index
- Sector and industry neutral
- Maximum portfolio weight in non-MSCI Europe names is 10%
- Expected tracking error of <2.00%
- Fully invested
Performance
Annualised Performance
Quarterly| 1 YR | 3 YR Annualised |
5 YR Annualised |
10 YR Annualised |
|
|---|---|---|---|---|
| Composite Gross % | -3.84% | 0.55% | 1.33% | 6.93% |
| Composite Net % | -4.22% | 0.15% | 0.93% | 6.50% |
| Benchmark % | -5.48% | 0.51% | 1.30% | 6.57% |
| Excess Return (Gross) % | 1.64% | 0.04% | 0.03% | 0.36% |
Recent Performance
| 3 MonthsData as of 30-Jun-2020 | Year to DateData as of 30-Jun-2020 | |
|---|---|---|
| Composite Gross % | 13.87% | -11.95% |
| Composite Net % | 13.77% | -12.13% |
| Benchmark % | 12.60% | -12.84% |
| Excess Return (Gross) % | 1.27% | 0.89% |
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.
Index returns shown with reinvestment of dividends after the deduction of withholding taxes.
Holdings
Total
Holdings
246
Top Purchase
Sanofi
1.73%Top Sale
Roche Holding
3.10%Sectors
Total
Sectors
11
Top Contributor^
Consumer Discretionary
Net Contribution 0.75%Top Detractor^
Communication Services
Net Contribution -0.12%Largest Overweight
Financials
Largest Underweight
Communication Services
Countries
Total
Countries
19
Top Contributor^
Germany
Net Contribution 0.67%Top Detractor^
Austria
Net Contribution -0.11%Largest Overweight
United Kingdom
Largest Underweight
Sweden
Team (As of 05-Aug-2020)
Ann Holcomb is a director of research, North America, in the U.S. Equity Division. Ann is a member of the Equity Steering Committee, and she is co-portfolio manager of the U.S. Structured Research Equity Strategy. She is also is cochair of the Investment Advisory Committee of the U.S. Structured Research Equity Strategy. Ann is a vice president of T. Rowe Price Group, Inc.
Ann’s investment experience began in 1995, and she has been with T. Rowe Price since 1996, beginning in the Quantitative Equity Group as a quantitative analyst and database programmer in the Quantitative Equity Group. She was a portfolio manager and member of the Investment Advisory Committee for the US Equity Index Strategies.
Ann earned a B.A. in mathematics from Goucher College and an M.S. in finance from Loyola University Maryland. She also has earned the Chartered Financial Analyst® designation. Ann presently serves on the Board of Trustees of Calvert School and the Walters Art Museum.
- Portfolio manager2009
since - Years at24
T. Rowe Price - Years investment24
experience
Mitchell Todd is the associate head of EMEA Equity in the Equity Division of T. Rowe Price. He is also a member of the firm's International Steering Committee. Mr. Todd is a vice president of T. Rowe Price Group, Inc., T. Rowe Price International Ltd and T. Rowe Price International Funds, Inc.
Mr. Todd has 18 years of investment experience, 11 of which have been with T. Rowe Price. Prior to joining the firm in 2007, he was an analyst with F&C Asset Management.
Mr. Todd earned an M.A. (honours) in accountancy and finance from the University of Aberdeen and is a member of the Institute of Chartered Accountants of Scotland.
- Portfolio manager2015
since - Years at12
T. Rowe Price - Years investment19
experience
Steph Jackson is the associate head of the U.S. Equity Division. He is a member of the Equity Steering Committee. Steph also is a vice president of T. Rowe Price Group, Inc.
Steph’s investment experience began in 1986, and he has been with T. Rowe Price since 2007, beginning as a portfolio specialist, supporting several U.S. small-cap and mid-cap strategies, in the U.S. Equity Division. After that, he was a director of Equity Research, leading the U.S. Associate Analyst team and the European Equity Research team in London. Steph is a former member of the International Steering, Equity Research, and Risk Management Oversight Committees. He also is the former chair of MOSAIC, a business resource group that identifies issues and opportunities relevant to talent, business practices, and culture in support of the firm's diversity and inclusion strategy. Prior to T. Rowe Price, he was a senior portfolio manager and a managing director with Brown Capital Management, where he managed mid-cap and large-cap growth portfolios. Prior to that, he was a growth portfolio manager and director of equity research with NCM Capital Management.
Steph earned a B.S. in business administration from the University of North Carolina, Chapel Hill, where he was a Morehead Scholar, and an M.B.A. from the University of Pennsylvania, The Wharton School. Steph also has earned the Chartered Financial Analyst® designation. He is a former member of the Investment Committee of the France-Merrick Foundation, a former executive Board member of the Baltimore Community Foundation, and a former Board member of the Abell Foundation. He also was the chairman of the Investment Committee of the Gilman School and a member of the Advisory Board of Bridges.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Portfolio manager2020
since - Years at12
T. Rowe Price - Years investment33
experience
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 at10
T. Rowe Price - Years investment31
experience
Ann Holcomb is a director of research, North America, in the U.S. Equity Division. Ann is a member of the Equity Steering Committee, and she is co-portfolio manager of the U.S. Structured Research Equity Strategy. She is also is cochair of the Investment Advisory Committee of the U.S. Structured Research Equity Strategy. Ann is a vice president of T. Rowe Price Group, Inc.