Tobias Mueller is replacing longtime manager Dean Tenerelli at the helm of T. Rowe Price European Stock later this year. Mueller has solid credentials and strong support, and manager transitions are normally smooth and successful at T. Rowe Price. But Mueller has limited portfolio management experience, and his process, though sound, is untested over time and different from Tenerelli’s approach. Thus, the Morningstar Analyst Ratings of both share classes are downgraded to Neutral.
Will PRESX outperform in future?
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The Process Pillar is our assessment of how sensible, clearly defined, and repeatable PRESX’s performance objective and investment process is for both security selection and portfolio construction.
The People Pillar is our evaluation of the PRESX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.
The Parent Pillar is our rating of PRESX’s parent organization’s priorities and whether they’re in line with investors’ interests.