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T. Rowe Price European Smaller Companies

Elite Rated by FundCalibre

The fund is pan-European, investing around 30% in the UK, and its manager is highly experienced, with a proven track record managing small- and mid-cap portfolios in Europe. He is part of a dedicated smaller companies analyst team, utilising an integrated investment process that emphasises fundamental stock selection and rigorous portfolio construction.

Company Description

Founded in 1937, T. Rowe Price is one of the world’s largest investment managers and was awarded the Elite Provider for Equities Rating in 2016 and 2017. Fundamental research is at the heart of the T. Rowe Price approach, with more than 200 in-house analysts dedicated to equity and fixed income research. Experienced and stable fund management teams are a key feature of the firm.


Fund Manager

Ben joined T. Rowe Price in 2006 as an analyst covering European smaller companies. He has 16 years of investment experience and previously managed Baillie Gifford’s former Smaller Companies fund for 3 years. Ben has co-managed this fund since 2008, taking the lead role in January 2016. He is a CFA charterholder and achieved a Masters in Engineering at Oxford University.


Our mission: early identification of long-term opportunities.

Ben Griffiths - Fund Manager

The Investment Process

The research process emphasises high quality, durable franchises with good capital allocation and high standards of corporate governance. The team’s universe of stocks is less well covered, giving them plenty of scope to find unloved and undervalued companies. Buying early or in a contrarian fashion with a long-term view allows them to compound their winners.


The manager is happy for the fund to be quite different from the benchmark. So risk management is controlled through rigorous analysis and careful portfolio construction – not risk avoidance. Investors should also be aware of the currency risk.

Our Opinion

This is an excellent pan-European smaller companies fund run by a very experienced manager, with the backing of a dedicated team and all the resources that T. Rowe Price can provide.

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