Past performance is not a reliable indicator of future performance.
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 % | -6.39% | -0.09% | 3.43% | 6.22% |
| Composite Net % | -6.77% | -0.49% | 3.02% | 5.80% |
| Benchmark % | -7.76% | -0.34% | 3.21% | 5.86% |
| Excess Return (Gross) % | 1.37% | 0.25% | 0.22% | 0.36% |
Recent Performance
| 3 MonthsData as of 30-Sep-2020 | Year to DateData as of 30-Sep-2020 | |
|---|---|---|
| Composite Gross % | 0.24% | -11.74% |
| Composite Net % | 0.14% | -12.01% |
| Benchmark % | 0.10% | -12.75% |
| Excess Return (Gross) % | 0.14% | 1.01% |
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.
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.
Holdings
Total
Holdings
237
Top Purchase
Deutsche Telekom (N)
0.35%Top Sale
Nestle
4.23%Sectors
Total
Sectors
11
Top Contributor^
Financials
Net Contribution 0.53%Top Detractor^
Industrials & Business Services
Net Contribution -0.50%Largest Overweight
Financials
Largest Underweight
Industrials & Business Services
Countries
Total
Countries
17
Top Contributor^
United Kingdom
Net Contribution 0.28%Top Detractor^
Denmark
Net Contribution -0.26%Largest Overweight
United Kingdom
Largest Underweight
Denmark
Team (As of 15-Jan-2021)
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 a portfolio manager in the Equity Division. He is a vice president of T. Rowe Price Group, Inc., T. Rowe Price International Ltd, and T. Rowe Price International Funds, Inc.
Mitchell’s investment experience began in 2000, and he has been with T. Rowe Price since 2007, beginning in the Equity Division. Prior to this, Mitchell was employed by F&C Asset Management as an analyst.
Mitchell earned an M.A., with honors, in accountancy from the University of Aberdeen. He is a member of the Institute of Chartered Accountants of Scotland.
- Portfolio manager2015
since - Years at13
T. Rowe Price - Years investment20
experience
Steph Jackson is the head of T. Rowe Price Investment Management. He is a member of the Management Committee and a member of the Black Leadership Council. 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. Most recently, Steph was the associate head of the U.S. Equity Division. Steph is a former member of the Equity Steering Committee, 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 at13
T. Rowe Price - Years investment34
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.