T. Rowe Price-equities brochure-EMEA
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Transcript of T. Rowe Price-equities brochure-EMEA
About us 3
Investment process and philosophy 4 Fundamental research 5 Collaborative culture 6 Disciplined process 7
Why T. Rowe Price for European equities 8
European research 9
European equity fund range 10
Performance, awards and ratings 12
Contact us 16
October 2013
Rely on our consistent investment approach. You’ll be
pleasantly unsurprised
EUROPEAN EQUITIES FUND RANGE
.
T. ROWE PRICE | INVEST WITH CONFIDENCE T. ROWE PRICE | INVEST WITH CONFIDENCE
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About usWORlDWIDE REACh COmPlEmENTS lOCAl ExPERTISE
* As of 30 June 2013. Figures shown in US dollars. The combined assets under management of the T. Rowe Price group of companies. The T. Rowe Price group of companies includes T. Rowe Price Associates, Inc., T. Rowe Price International Ltd, T. Rowe Price Hong Kong Limited, T. Rowe Price Singapore Private Ltd. and T. Rowe Price (Canada), Inc. Assets under management are calculated in U.S. dollars and converted to Euros using an exchange rate determined by an independent third party.
Founded in 1937 by Thomas Rowe Price, Jr., T. Rowe Price is an independent investment management firm solely focused on long-term results for our clients.
Today, T. Rowe Price:n Manages global assets valued at €478 Bn*
n Clients in 37 countries across Europe, the Americas, Asia, and the Middle Eastn Offers a full range of investment strategies across
multiple asset classes and regionsn Has significant financial stability, no long-term
debt, considerable liquidity, and substantial shareholder equity
This global reach is strengthened by local expertise. Our portfolio managers, research analysts, and client service professionals:n Pursue local investment ideasn Keep close to the people we serve: advisors and investors like you
FUNDAmENTAl RESEARCh
DISCIPlINED PROCESS
COllABORATIvE CUlTURE
Our approach to managing investments centres on the long term. Three vital aspects of this approach enable us to focus on our ultimate goal—reliable, competitive performance for you.
Investment PROCESS AND PhIlOSOPhy
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T. ROWE PRICE | EUROPEAN EQUITIES FUND RANGE
GlOBAl PRESENCE
“Our primary emphasis isn’t on getting bigger; it’s on getting better. And the key to that is having an open culture, one that requires everyone to share their best thinking.
BIll STROmBERG, HEAd OF EqUITY
”
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T. ROWE PRICE | EUROPEAN EQUITIES FUND RANGE T. ROWE PRICE | INVEST WITH CONFIDENCET. ROWE PRICE | EUROPEAN EQUITIES FUND RANGE
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It’s our lifeblood ThE CORE vAlUE WE OFFER ClIENTSn Supported by one of the industry’s largest global buy-side research platformsn Grounded in proprietary analysis from both equity and credit points of viewn Provides reliable insights into individual companies
n Enhanced by continuous investment—no matter the market environment
COllABORATION
TR
AN
SPA
RE
NC
y
DIS
CIP
lIN
E
SECTOR STRATEGIES
REG
ION
Al
STRATEGIES
GlobalResearchPlatform
accountability
CROSS-REGIONAl STRATEGIES
It’s methodicalWITh A FOCUS ON CONSISTENT, COmPETITIvE RESUlTSn Consistency is the hallmark of our investment approachn Strict adherence to stated objectives and styles–regardless of market conditions and investment fashions–has distinguished our process for decadesn Application of a bottom-up approach to equity valuation drives the pursuit of consistent outperformance with diminished risk n Cultivation of deep familiarity with companies across the corporate life cycle, from IPO to market leadership, is essential to our method
A CONSISTENT CyClE
It’s an advantage hElPING US UNCOvER OPPORTUNITIES OThERS mAy mISSn Invites debate on high-conviction ideasn Ensures that knowledge is transferred across geographies and asset classes
n Daily dissemination of equity research (blue sheets)n Daily investment callsn Weekly conference calls with geographic and sector investment professionalsn Equity Steering Committee reviews
FORmAl COmmUNICATION
n Regular verbal and e-mail interaction between the global equity team, the Global Investment Advisory Committee, and global research resourcesn Blast e-mail distributions from investment analysts, portfolio managers, and trading desks
INFORmAl COmmUNICATIONRESOURCES IN GlOBAl mARKETSEQUITY PROFESSIONALSFIXED INCOME PROFESSIONALS
306
5
7
7
26
JAPAN
hONG KONG
AUSTRAlIA
UNITED KINGDOm
UNITED STATES
2003 2013
5
0
2003 2013
7
2
2003 2013
7
2
2003 2013
306
170 2003 2013
81
34
2003 2013
26
7
SINGAPORE
280152 FIxED INCOmE PROFESSIONAlS
EQUITy PROFESSIONAlS
81PROFESSIONALS PROFESSIONALS
PROFESSIONALS
PROFESSIONALS
PROFESSIONALS
PROFESSIONALS
As at 30 September 2013
FUNDAmENTAl RESEARCh
DISCIPlINED PROCESS
COllABORATIvE CUlTURE
T. ROWE PRICE | EUROPEAN EQUITIES FUND RANGE T. ROWE PRICE | INVEST WITH CONFIDENCE
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Why T. Rowe Price for European equities DEEP FAmIlIARITy WITh COmPANIES ACROSS ThE CORPORATE lIFE CyClE
T. Rowe Price has been investing in European equities for over 30 years—beginning with our International Growth Equity Strategy in 1980, and followed by the launch of our dedicated Europe Equity Strategy in 1995.
Experience has shown that by fostering a collegial environment, we quickly accelerate the best ideas into powerful investment strategies.
European researchExPERIENCE ENSURES CONTINUITy FOR OUR ClIENTS
EUROPEAN EQUITy RESEARCh RESOURCES
INDUSTRY LOCATION YeARS OFINVeSTMeNTeXPeRIeNCe
eDUCATION
CONSUMeR/ReTAIL
Sebastian SchrottJonty Starbuck, CFA
Retail luxury goodsBeverages, Tobacco
LondonLondon
513
M.B.A., Stanford UniversityPh.D., Bristol University
FINANCIAL SeRVICeS
Fred Rizzo, CFAMitchell ToddMarta YagoHari Balkrishna
BanksInsuranceReal EstateBanks
LondonLondonLondonLondon
1112
56
M.B.A., DePaul UniversityM.A., University of AberdeenM.B.A., Columbia Business SchoolM.B.A., Harvard Business School
HeALTH CARe
Melissa GallagherJohn Sherman
PharmaceuticalsChemicals, Defense, Medtech, Transport
LondonLondon
917
Ph.D., Cambridge UniversityM.B.A., Stanford University
INDUSTRIALS
Heather McPhersonRick de los ReyesJin Jeong, CPACraig Pennington, CFAAmi Shah
Paper and forest productsMetals and miningCapital goods, AutosOil and gasUtilities
BaltimoreBaltimoreLondonLondonLondon
1314
819
3
M.B.A., Duke UniversityM.B.A., Harvard Business SchoolM.B.A., Harvard Business SchoolM.Phil., Oxford UniversityM.B.A., London Business School
MeDIA/TeLeCOM
Christopher Whitehouse Media, Telecom services London 16 M.A., Oxford University
TeCHNOLOGY
Tobias Mueller Technology London 7 M.B.A., University of Chicago
SMALL CAP GeNeRALIST
Ben Griffiths, CFASin Dee Tan, CFALuis Fananas
LondonLondonLondon
145
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M.A., Oxford UniversityM.B.A., London Business SchoolB.Ec., University of Madrid
eMeRGING MARKeTS GeNeRALIST
Ulle Adamson, CFA
Jeneiv Shah, CFAOxana Lyalina
Consumer, Telecoms, Media, FinancialsEnergy, Industrials, MaterialsGeneralist
London
LondonLondon
10
54
M.A., Sussex University
B.S., University of WarwickB.S., University of London
Our deep European coverage includes 20 European analysts who are part of a global team of 130 research professionals averaging 12 years of experience.
In addition, the European team includes four portfolio managers who average 20 years of industry experience and eight years with T. Rowe Price.
€23.326 BnTOTAl ASSETS IN EUROPEAN EQUITIES
As of 30 SEPTEMBER 2013 Figure includes assets across global
and regional portfolios
EUROPEAN SmAllER COmPANIES EQUITymanaged byJustin Thomson
EUROPEAN STRUCTURED RESEARCh EQUITymanaged byKamran Baig
EUROPEAN EQUITymanaged bydean Tenerelli
EUROPEAN Ex-UK EQUITymanaged bydean Tenerelli
The combined European Equity assets under management of the T. Rowe Price group of companies. Assets under management are calculated in U.S. dollars and converted to Euros using an exchange rate determined by an independent third party.
* Ulle will resume her role as a full time emerging Europe equity analyst when Leigh Innes returns from maternity leave.
managed byLeigh Innes
interim portfolio managerUlle Adamson*
EmERGING EUROPE EQUITy
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T. ROWE PRICE | EUROPEAN EQUITIES FUND RANGE T. ROWE PRICE | INVEST WITH CONFIDENCE
European equity fund range T. ROWE PRICE FUNDS SICAv
T. Rowe Price offers European equity funds with established track records. In addition, all benefit from skilled portfolio managers whose experience offers you and your clients stability and continuity of process.
FUND NAmE EUROPEAN STRUCTURED RESEARCh EQUITy FUND
EUROPEAN EQUITy FUND EUROPEAN Ex-UK EQUITy FUND
EUROPEAN SmAllER COmPANIES EQUITy FUND
EmERGING EUROPE EQUITy FUND
STOCK mARKET CAPITAlISATION
STylE
INvESTmENT PhIlOSOPhy n Fundamental bottom-up stock research and selection to exploit market inefficiencies
n Consistent outperformance of the benchmark can be achieved with benchmark-like volatility and characteristics
n Portfolio construction rules can effectively manage risk and isolate stock selection skills
n Identify quality businesses across Europe with sustainable earnings across the market cycle
n Buy stocks below their intrinsic value, paying as little as possible for future earnings growth
n Avoid style constraints to maintain a balanced portfolio over time
n Identify quality businesses across Europe ex-UK with superior returns across the market cycle
n Buy stocks below their intrinsic value, paying as little as possible for future earnings growth
n Avoid style constraints to maintain a balanced portfolio over time
n Identify at an early stage high-quality, durable-growth franchises with good capital allocation and high stan- dards of corporate governance
n Exploit a broad universe where poor coverage can lead to pricing inefficiencies and undiscounted change
n Long-term investment horizon to exploit market inefficiencies– short-term nature of the market can present attractive opportunities
n Identify strong, growing businesses with proven management teams; corporate governance is key
n Macro factors are important and used as a negative screen
INvESTmENT PROCESS n Capital allocated across the team to align industry weights with the MSCI Europe Index
n Each analyst determines security weights and trading of their coverage within overall risk management constraints
n Industry- and sector-neutral portfolio constructed to exhibit tracking error of less than 2%
n Ideas generated from research platform with continual screening of the universe
n Discounted cash flow valuation with zero-growth assumption beyond the visible horizon
n High-conviction portfolio of 50–80 names, with risk appropriately diversified
n Ideas generated from research platform with continual screening of the universe
n Discounted cash flow valuation with zero-growth assumption beyond the visible horizon
n High-conviction portfolio of 50–80 names, with risk appropriately diversified
n Ideas generated by three dedicated small-cap analysts, wider European team, and global research platform
n Focus portfolio on durable growth companies, while also pragma- tically exploiting opportunities elsewhere
n High-conviction portfolio of 75–125 names, with risk appropriately diversified
n Dedicated resources search across the full opportunity set, including small-caps and frontier markets
n Careful stock selection can mitigate the risks of volatility and use volatility as an opportunity to buy and sell
n High-conviction portfolio of 30–60 names, with risk appropriately diversified
PORTFOlIO mANAGER
lARGE-CAPmID-CAPSmAll-CAP lARGE-CAPmID-CAPSmAll-CAP
JUSTIN ThOmSONJoined T. Rowe Price in 1998,21 years of experience
KAmRAN BAIGJoined T. Rowe Price in 1998,18 years of experience
lEIGh INNES
Joined T. Rowe Price in 2002,15 years of experience
DEAN TENEREllIJoined T. Rowe Price in 2000,21 years of experience
DEAN TENEREllIJoined T. Rowe Price in 2000,21 years of experience
lARGE-CAPmID-CAPSmAll-CAPlARGE-CAPmID-CAPSmAll-CAP
UllE ADAmSON*Joined T. Rowe Price in November 200211 years of Investment Experience
200–300 stocksAGNOSTIC
50–80 stocksAGNOSTIC
72–125 stocksGROWTh
lARGE-CAPmID-CAPSmAll-CAP
50–80 stocksAGNOSTIC
* Ulle will resume her role as a full time emerging Europe equity analyst when Leigh Innes returns from maternity leave
90–120 stocksGROWTh
T. ROWE PRICE | EUROPEAN EQUITIES FUND RANGE T. ROWE PRICE | INVEST WITH CONFIDENCE
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Performance, awards and ratings EUROPEAN EQUITIES
fund name european Structured reSearch equity
european equity europe ex-uK equity european Smaller companieS equity
emerging europe equity
inveStment region Pan-European Pan-European Europe Ex-UK Pan-European Emerging Europe
BenchmarK MSCI Europe Index MSCI Europe Index FTSE All World Developed Europe ex United Kingdom Index
S&P Pan Europe SmallCap MSCI All Country Europe Small Cap Index
MSCI Emerging Markets Europe 10/40 Index
launched January 2005 February 2007 February 2007 November 2008 November 2008
management feeClass I 55 basis points
Class A 150 basis points Class I 65 basis points Class I 65 basis points
Class A 180 basis pointsClass I 95 basis points
Class A 190 basis pointsClass I 100 basis points
iSin
valoren
Sedol
Class I LU0207128991
Class I 2026940
Class I B39LDN8
Class A LU0285830955Class I LU0285831334
Class A 3097766Class I 3253501
Class A B39LFM1Class I B39LFP4
Class Q (GBP) LU0938199691
Class Q (GBP) 21508567Class I 3253520
Class Q (GBP) BBBVGY4Class I B39LFY3
Class A 4854515Class I 4854532
Class A B3F17Q3Class I B3F17S5
Class A LU0382933892 Class I LU0382934197
Class A 4804754 Class I 4804756
Class A B3F17Z2 Class I B3F1815
BloomBerg codeS Class I TRPESRI LX Class A TRPEEQA LXClass I TRPEEQI LX
Class Q (GBP) TRPEXQA LX Class I TRPEXEI LX
Class A TPESCEA LX Class I TPESCEI LX
Class A TRPEEMA LX Class I TRPEEMI LX
currency € € € € €
quartile ranKingS 1-yR 3-yR 5-yR 1-yR 3-yR 5-yR 1-yR 3-yR 5-yR 1-yR 3-yR 5-yR 1-yR 3-yR 5-yR
A Share Class N/A* 1 1 1 N/A* 3 2 N/A** 1 2 N/A**
I Share Class*** 3 3 2 1 1 1 1 1 2 3 1 N/A** 1 2 N/A**
awards and ratings
s&P
morningstar
citywire fund manager ratings
* No A class currently available. ** Less than 5-year track record.
DEAN TENEREllI JUSTIN ThOmSON DEAN TENEREllI
© 2013 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Source & Copyright: CITYWIRE. The Fund manager is rated by Citywire based on the manager’s 3 year risk adjusted performance to 30 September 2013.
An S&P Capital IQ fund grading represents an opinion only and should not be relied on when making an investment decision. Past performance is not indicative of future results. Currency exchange rates may affect the value of investments. A long-term grading denotes a fund that has achieved an S&P Capital IQ fund grading for five or more consecutive years and continues to hold a grading. Copyright © 2013 by McGraw-Hill International (UK) Limited (S&P), a subsidiary of The McGraw-Hill Companies, Inc. All rights reserved.
2013 Morningstar, Inc. All Rights Reserved. Data as of 30 September 2013. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; “ (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
The A Class of each fund is compared against Luxembourg and Ireland domiciled funds in its Morningstar peer group.
The I Class of each fund is compared against Luxembourg and Ireland domiciled funds in its Morningstar peer group, filtered by the field `Institutional: Yes’. If there is more than one ‘Institutional’ share class per fund, the following filters (shown in order of prior-ity) will be applied to enable fair comparison against one share class per competitor fund: unhedged, highest maximum manage-ment fee, lowest minimum investment amount, highest share class size, highest net expense ratio, oldest performance start date, accumulation preferred, US dollar currency. This filter should only be used as an indicative guide.
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T. ROWE PRICE | EUROPEAN EQUITIES FUND RANGE T. ROWE PRICE | INVEST WITH CONFIDENCE
ThE UNITED KINGDOm AND IRElAND Jim Smith e: [email protected] t: +44 [0] 20 7651 8244 Daniel Khan e: [email protected] t: +44 [0] 20 7651 8357
mID-EUROPE Jandaan Felderhoff e: [email protected] t: +31 [0] 20 333 6202 Wim de Ruijter e: [email protected] t: +31 [0] 20 333 6204
NORThERN EUROPE Jan Eggertsen e: [email protected] t: +45 [0] 33 36 05 07
SWITzERlAND Paolo Corredig e: [email protected] t: +41 [0] 44 227 1563
SOUThERN EUROPE AND SOUTh AFRICA Peter Preisler e: [email protected] t: +45 [0] 33 36 05 04
ContaCt us T. Rowe Price offers more than European equities. Ask us about our other capabilities, including: US EQUITIES | EmERGING mARKETS | GlOBAl FIxED INCOmE
To learn more about our European investment expertise, please visit www.trowepriceeurope.com or contact us directly:
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T. ROWE PRICE | INVEST WITH CONFIDENCE
“Clients have relied on T. Rowe Price for our consistent, long-term investment strategy since the firm was founded in 1937. Looking ahead, investors around the world can continue to count on us for the same thoughtful approach. ”
ROBERT hIGGINBOThAmHEAd OF GLOBAL INvESTMENT SERvICES
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T. ROWE PRICE | EUROPEAN EQUITIES FUND RANGE
TRowePrice.co.uk/funds
T. ROWE PRICE, INVEST WITH CONFIDENCE and the Bighorn Sheep design are, collectively and/or apart, trademarks or registered trademarks of T. Rowe Price Group, Inc. in the United States, Euro-pean Union, and other countries. This material is intended for use only in select countries.
This marketing communication is directed at institutional investors only. It is not intended for distribution to retail investorsin any jurisdiction.
The Fund is a sub-fund of the T. Rowe Price Funds SICAV, a Luxembourg investment company with variable capital which qualifies as an undertaking for collective investment in transferable securities (“UCITS”). The Fund is offered on the basis of the Key Investor Information Document, the prospectus and the annual and semi-annual reports (together “Fund Documents”).
This document does not constitute investment advice - investors should ensure they understand the legal, regulatory and tax conse-quences of an investment in the Fund.
Issued and approved by T. Rowe Price International Ltd (“TRPIL”), 60 Queen Victoria Street, London, EC4N 4TZ. TRPIL is authorised and regulated by the Financial Conduct Authority.
Issued in Switzerland by T. Rowe Price (Switzerland) GmbH (“TRPSWISS”), Talstrasse 65, 6th Floor, 8001 Zurich, Switzerland.