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Strategy

Investment Objective

To increase the value of its shares, over the long term, through growth in the value of its investments. The fund invests mainly in a diversified portfolio of stocks of European companies.

Investment Approach

  • Fundamental research is critical to successfully identify and assess long-term investment opportunities. The portfolio benefits from our considerable equity research resources with over 20 European analysts seeking insights into the industries and companies that they cover.
  • We look to discover quality businesses that will benefit from change, either as a result of being on what we believe to be the “right side” of change, or from idiosyncratic change, and where we have an insight on key long-term drivers for the stock.
  • Valuation needs to present an attractive risk/reward profile, and we follow this overall approach across the market cycle and across style and market cap boundaries.
  • ESG considerations are embedded across our investment process, particularly as they can be a key indicator of the durability of a business and a source of change across many industries.
  • Risk management is integral to the portfolio construction process, and the portfolio benefits from close collaboration with our Risk, Quantitative and ESG teams as well as other investment personnel.
  • Environmental, social and governance ("ESG") factors with particular focus on those considered most likely to have a material impact on the performance of the holdings or potential holdings in the funds’ portfolio are assessed. These ESG factors, which are incorporated into the investment process alongside financials, valuation, macro-economics and other factors, are components of the investment decision. Consequently, ESG factors are not the sole driver of an investment decision but are instead one of several important inputs considered during investment analysis.

Past performance is not a reliable indicator of future performance.

Annualised Performance

Current Year Performance

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31-May-2025 - Sebastian Schrott, Portfolio Manager

European shares rebounded in May from two consecutive months of declines as trade tensions eased and companies reported better-than-expected financial results for the first quarter. At the portfolio level, our choice of securities in health care, industrials and business services and energy were the main drags on relative performance. An underweight exposure to industrials and business services also detracted. In health care, a company engaged in the chronic care medical products industry fell sharply after the company issued a profit warning, cut margin guidance, and the chief executive officer abruptly resigned. The company also faces tougher economic conditions in China. Interim leadership is planning a reset to accelerate growth. Conversely, our security selection in financials and communication services was supportive. In financials, the stock of an online payments processor rose sharply after the company reported broad-based, resilient growth across the three pillars of the business over the first quarter, despite concerns that a possible economic slowdown caused by trade war uncertainty might dent revenues. Management reiterated that the company was on track to meet guidance for higher revenue growth over the medium term, supported by continued wallet-share gains, and a geographically diversified customer base.

Team

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Fees

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Past performance is not a reliable indicator of future performance.

The Funds are sub-funds of the T. Rowe Price Funds SICAV, a Luxembourg investment company with variable capital which is registered with Commission de Surveillance du Secteur Financier and which qualifies as an undertaking for collective investment in transferable securities (“UCITS”). Full details of the objectives, investment policies and risks are located in the prospectus which is available with the key investor information documents and/or key information document (KID) in English and in an official language of the jurisdictions in which the Funds are registered for public sale, together with the articles of incorporation and the annual and semi-annual reports (together “Fund Documents”). Any decision to invest should be made on the basis of the Fund Documents which are available free of charge from the local representative, local information/paying agent or from authorised distributors. They can also be found along with a summary of investor rights in English at www.troweprice.com. The Management Company reserves the right to terminate marketing arrangements.

Hedged share classes (denoted by 'h') utilise investment techniques to mitigate currency risk between the underlying investment currency(ies) of the fund and the currency of the hedged share class.  The costs of doing so will be borne by the share class and there is no guarantee that such hedging will be effective.

Before deciding to invest in the fund, you should read the offering document/prospectus (including its investment objectives, policies and any risk warnings) which are available and may be obtained from any appointed distributors.

The specific securities identified and described in this website do not represent all of the securities purchased, sold, or recommended for the sub-fund and no assumptions should be made that the securities identified and discussed were or will be profitable.

A full list of the currently issued Share Classes including Distributing, Hedged, and Accumulating Categories may be obtained, free of charge and upon request, from the registered office of the Company.  

Benchmark: Investors may use the benchmark to compare the fund’s performance. The benchmark has been selected because it is similar to the investment universe used by the investment manager and therefore acts as an appropriate comparator. The investment manager is not constrained by any country, sector and/or individual security weightings relative to the benchmark and has complete freedom to invest in securities that do not form part of the benchmark.

Disclosure on Vendor Indices can be found here.

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GIPS® Information

T. Rowe Price (“TRP”) claims compliance with the Global Investment Performance Standards (GIPS®).

A complete list and description 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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