Past performance is not a reliable indicator of future performance.
Strategy
Asia ex-Japan Equity
The Asia ex-Japan Equity Composite seeks long-term capital appreciation primarily through investment in companies in Asia, excluding Japan, with faster earnings growth and reasonable valuation levels relative to market/sector averages.
3YR Return Annualised (Net)
(View Total Returns)
Tracking Error
(5 Years)
1YR Return (Net)
(View Total Returns)
Information Ratio
(5 Years)
Inception Date 31-Dec-1995
Performance figures calculated in USD
Strategy
Investment Approach
- Employ fundamental analysis to identify companies with sustainable above-market earnings growth rates.
- Focus on franchise strength, management team quality, free cash flow, and financing/balance sheet structure.
- Verify relative valuation appeal versus both local market and region.
- Apply negative screening for macroeconomic and political factors to temper bottom-up enthusiasm for specific securities.
Portfolio Construction
- 80-120 stock portfolio
- Individual positions typically range from 0.40% to 5.00% — average position size of 1.00%
- Country and sector weightings a residual of stock selection. Significant deviations expected.
- Reserves range from 0% to 10%, but typically less than 5%
Performance
Annualised Performance
Quarterly| 1 YR | 3 YR Annualised |
5 YR Annualised |
10 YR Annualised |
|
|---|---|---|---|---|
| Composite Gross % | 30.98% | 12.82% | 15.77% | 9.12% |
| Composite Net % | 30.08% | 12.04% | 14.97% | 8.36% |
| Benchmark % | 25.02% | 8.15% | 13.58% | 6.50% |
| Excess Return (Gross) % | 5.96% | 4.67% | 2.19% | 2.62% |
Recent Performance
| 3 MonthsData as of 31-Dec-2020 | Year to DateData as of 31-Dec-2020 | |
|---|---|---|
| Composite Gross % | 18.61% | 30.98% |
| Composite Net % | 18.42% | 30.08% |
| Benchmark % | 18.60% | 25.02% |
| Excess Return (Gross) % | 0.01% | 5.96% |
Past performance is not a reliable indicator of future performance.
Returns for time periods greater than one year are annualised.
Gross performance returns are presented before management and all other fees, where applicable, but after trading expenses. Net of fees performance reflects the deduction of the highest applicable management fee that would be charged based on the fee schedule contained within this material, without the benefit of breakpoints. Gross and net performance returns reflect the reinvestment of dividends and are net of all non-reclaimable withholding taxes on dividends, interest income, and capital gains.
Index returns shown with reinvestment of dividends after the deduction of withholding taxes.
Effective 1 July 2018, the "net" version of the benchmark replaced the "gross" version of the benchmark. The "net" version of the benchmark assumes the reinvestment of dividends after the deduction of withholding taxes applicable to the country where the dividend is paid; as such, the returns of the new benchmark are more representative of the returns experienced by investors in foreign issuers. Historical benchmark performance has been restated accordingly.
Holdings
Total
Holdings
81
Top Purchase
POSCO (N)
0.90%Top Sale
Huayu Automotive Systems (E)
0.00%Sectors
Total
Sectors
10
Top Contributor^
Financials
Net Contribution 1.61%Top Detractor^
Consumer Discretionary
Net Contribution -0.78%Largest Overweight
Consumer Staples
Largest Underweight
Materials
Countries
Total
Countries
11
Top Contributor^
India
Net Contribution 1.59%Top Detractor^
China
Net Contribution -0.71%Largest Overweight
Hong Kong
Largest Underweight
China
Team (As of 25-Feb-2021)
Anh Lu is a portfolio manager in the Equity Division of T. Rowe Price Hong Kong Limited. Ms. Lu is the lead portfolio manager for the Asia ex-Japan Equity Strategy. She is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price Hong Kong Limited.
Ms. Lu has 24 years of investment experience, 18 of which have been with T. Rowe Price. Prior to joining the firm, she was a vice president of the Asia Pacific Technology Investment Banking Division of Salomon Smith Barney in Hong Kong. Before Salomon Smith Barney, Ms. Lu spent three years at LGT Asset Management as an analyst and portfolio manager.
Ms. Lu earned a B.A. with honours from the University of Western Ontario.
- Portfolio manager2009
since - Years at19
T. Rowe Price - Years investment25
experience
Nick Beecroft is the APAC head of the Investment Specialist Group and a portfolio specialist in the Equity Division. He also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.
Nick’s investment experience began in 2001, and he has been with T. Rowe Price since 2005, beginning in the Equity Division. Prior to this, Nick was employed by Mercer Investment Consulting as an investment analyst.
Nick earned a B.A., with honors, in contemporary European studies from the University of Southampton. He also has earned the Chartered Financial Analyst® designation.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Years at16
T. Rowe Price - Years investment20
experience
Anh Lu is a portfolio manager in the Equity Division of T. Rowe Price Hong Kong Limited. Ms. Lu is the lead portfolio manager for the Asia ex-Japan Equity Strategy. She is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price Hong Kong Limited.