WASHINGTON | By Pablo Pardo | In 10 months, the T. Rowe Price European Stock has invested 15% of its $944 million (700 million euros) in Spanish assets. Possibly because, as its manager, Dean Penerelli, explained in Barron’s last week’s issue, he knows Spain. Penerelli is not an idealist, neither a gambler. He speaks Spanish, received an MBA at Barcelona’s ESADE, and worked at Spanish bank Banesto (now part of Banco Santander) in the early Nineties. Another important factor may be that, according to Barron’s, Penerelli “likes to buy on the cheap”.