The Global Real Estate Equity Composite seeks capital growth and current income by investing in global companies engaged in the real estate industry.
- Employ fundamental research with a bottom-up approach.
- Assess the capability, strategy, and management of the business.
- Evaluate the asset base potential.
- Understand the supply and demand dynamics by property and market.
- Analyze balance sheet strength and flexibility.
- Integrate a risk-adjusted perspective throughout our analysis.
- Establish whether we would want to own a business for the long term.
- Leverage the deep knowledge base at T. Rowe Price, including dedicated analysts in North America, Europe, and Asia.
- Typically 40-80 securities
- Invest in highest conviction ideas
- Diversified by property type and geography, with at least 40% invested outside the U.S.
- Sector weights are the result of bottom-up security selection
- Country weightings +/- 10% of the benchmark
- Individual position sizes range from +/- 5% of the benchmark
- Continually monitor investments to ensure:
- Execution and results are tracking our expectations
- Strategy intact and investment thesis unfolding as expected
|1 YR||3 YR
|Composite Gross %||-9.62%||0.77%||2.48%||7.82%|
|Composite Net %||-10.16%||0.17%||1.87%||7.18%|
|Excess Return (Gross) %||5.84%||1.44%||0.26%||0.65%|
|3 MonthsData as of 30-Jun-2020||Year to DateData as of 30-Jun-2020|
|Composite Gross %||8.92%||-16.25%|
|Composite Net %||8.77%||-16.50%|
|Excess Return (Gross) %||-1.41%||4.68%|
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.
Summit Industrial Income REIT1.82%
IndustrialNet Contribution 0.69%
Triple NetNet Contribution -0.59%
Nina Jones is the portfolio manager for the Global Real Estate Equity and U.S. Real Estate Equity Strategies. She is also chairman of the Investment Advisory Committee for the U.S. Real Estate Equity Strategy. Nina is also a vice president and advisory committee member of the Financial Services and Mid-Cap Value strategies. She is a member of the investment advisory committee of the Global Growth, Global Stock and Institutional Large Cap Value strategies. Nina is vice president of T. Rowe Price Group.
Nina’s investment experience began in 2008 and she has been with T. Rowe Price since 2008, beginning in the U.S. Equity Division. Prior to this, Nina was a T. Rowe Price summer intern following payroll processor companies in the business services sector. Prior to joining the firm, she worked at KPMG LLP in the audit and risk advisory area.
Nina earned a dual B.S., magna cum laude, in accounting and finance from the University of Maryland and earned an M.B.A., with honors, in finance and economics from Columbia Business School. Nina also earned the certified public accountant designation.
- Portfolio manager2015
- Years at12
T. Rowe Price
- Years investment12
Jai Kapadia is a regional portfolio manager at T. Rowe Price. He manages the Global Real Estate Strategy and is responsible for stock selection for the Asia-Pacific region.
Mr. Kapadia has 13 years of investment experience, eight of which have been with T. Rowe Price. He joined the firm in 2011. Before his current role, Mr. Kapadia was an analyst and associate director of research in the Equity Research Group of T. Rowe Price in Hong Kong, covering Asian conglomerates, real estate and Indian pharmaceuticals. Prior to joining the firm, he worked at Credit Suisse in New York, covering telecommunication equipment stocks, and at Sirios Capital in Boston, covering consumer stocks.
Mr. Kapadia earned a B.A. in economics from Columbia University and an M.B.A. from the Massachusetts Institute of Technology, Sloan School of Management.
- Portfolio manager2019
- Years at9
T. Rowe Price
- Years investment14
Caleb Fritz is a portfolio specialist in the U.S. Equity Division. He acts as a proxy for equity portfolio managers with institutional clients, consultants, and prospects and supports the large-cap value strategies. Caleb also is a vice president of T. Rowe Price Group, Inc.
Caleb’s investment experience began in 2000. He was with T. Rowe Price from 2000 to 2003, beginning in the Participant Service Center, and returned in 2010 until the present. Prior to his current position, he was a lead portfolio analyst providing analytical support to investment, client service, and marketing staff for the firm’s large-cap value and health sciences portfolios. Prior to returning to the firm, Caleb was employed by Legg Mason Capital Management as an associate analyst covering the health care sector.
Caleb earned a B.A. and an M.A. from the University of South Florida. He also has earned the Chartered Financial Analyst® designation.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Years at12
T. Rowe Price
- Years investment20