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Capital at risk. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.

The listed funds are not an exhaustive list of funds available. Visit www.funds.troweprice.com to see the full range of funds offered by T. Rowe Price, including those that consider environmental and social characteristics as part of their investment process.  For up to date information regarding any T. Rowe Price fund's investment strategy, please see the relevant fund KID and prospectus. 

SICAV
Asian Opportunities Equity Fund
An actively managed, high conviction portfolio of around 40-70 Asia ex-Japan companies that we believe can reliably compound earnings and sustain strong cash flow generation over time. Put simply, we aim to buy high quality businesses run by high quality people. The fund is categorised as Article 8 under Sustainable Finance Disclosure Regulation (SFDR).
ISIN LU1044871579
View more information on risks
FACTSHEET
KID
SFDR DISCLOSURE
30-Apr-2024 - Jihong Min, Portfolio Manager,
Asia ex-Japan equities offer diverse investment opportunities from our perspective. We count a recovering technology hardware cycle, structural economic improvements, and growing attention to shareholder returns among the tailwinds on display. Although China’s economic momentum has been uneven, the resilience of high-quality Chinese growth stocks demonstrates to us that the market remains investable.

Overview
Strategy
Fund Summary
Our Asia-based investment team employs bottom-up, fundamental analysis to identify established companies with leading market positions, characterised by returns-focused capital allocation, and run by good management teams who care about shareholder returns. We believe taking a long-term view can exploit mispricings in the region caused by short-term investing. The promotion of environmental and/or social characteristics is achieved through the fund's commitment to maintain at least 10% of the value of its portfolio invested in Sustainable Investments, as defined by the SFDR. Additionally, we apply a proprietary responsible screen (exclusion list). The manager is not constrained by the fund’s benchmark, which is used for performance comparison purposes only.

Performance - Net of Fees

Past performance is not a reliable indicator of future performance.

30-Apr-2024 - Jihong Min, Portfolio Manager,
Asia ex-Japan equities rose in April. A solid finish for stocks in China and Hong Kong supported the region’s performance in a volatile month marked by weakness in large technology stocks, geopolitical tensions in the Middle East, and concerns about US interest rates remaining higher for longer. Within the portfolio, stock selection in information technology was the main drag on relative returns. Shares of a semiconductor chip designer fell as its below-consensus sales forecast overshadowed better-than-expected profit growth. Nonetheless, we still expect the company to benefit from new business arising from smartphones’ incorporation of artificial intelligence and other new technologies. Our choice of financial stocks was another relative detractor. Shares of an Indonesian bank fell despite the lender’s strong results, as wider investor sentiment pulled back amid the Indonesian rupiah’s slide against the US dollar. That said, we remain confident in the bank’s quality and view it as a long-term earnings compounder. Conversely, stock selection and an overweight position in communication services supported relative performance. An internet company’s shares soared after it announced the release of a highly-anticipated mobile game. We expect game launches and new video advertising services to lift the company’s earnings.
30-Jun-2022 - Jihong Min, Portfolio Manager,

Our focus on high-quality companies with the potential to compound earnings across economic cycles continued to guide our investment decisions. We took advantage of near-term market headwinds to invest in companies that we believe still have strong long-term growth potential. We also sold some stocks in favor of investment ideas that display better risk-and-reward profiles to us.

China has traditionally been a major source of investment opportunities for the portfolio, and we remain confident about the structural health of many of its companies. We found certain pockets of market concern to be extreme, which created disconnects between stock prices and company fundamentals in several instances. From a sector perspective, our search for companies with durable earnings drivers has often led us toward financial, consumer-related, and technology names, which we believe can grow alongside positive secular trends in purchasing power and innovation in Asia.

China

Contrary to the most bearish expectations surrounding China's pandemic policy, regulatory stance, and economic prospects, we think that the country is on a path toward stabilization. We expect this to bode well for our holdings with cyclical earnings exposures, including real estate, insurance, internet, and consumer-oriented companies. We also favor certain technology businesses for their secular growth potential, especially after their recent valuation deratings. ����

  • We bought shares of construction software company Glodon amid a sell-off in technology-related stocks. We see substantial room for automation and software penetration in China's construction industry to increase, and we believe that Glodon's market dominance should benefit it. We also like the company's steady business in cost estimation and its growth potential in construction management.
  • Sunny Optical Technology is among the world's top makers of smartphone lens sets and camera modules, as well as vehicle lens sets. Concerns about softer demand and increased competition in its smartphone-related business put pressure on the company's share price; we took advantage of this weakness to invest in it. Our structural growth outlook for its vehicle lens set business remains intact given the rise of assisted and autonomous driving. We also expect margins in its smartphone-related business to improve.

Financials

Our sizeable position in financials stems from our conviction in several well-established companies that we believe display a clear runway of growth. We prefer banks with strong lending franchises and the potential to gain market share, as well as lenders that look likely to benefit the most from rising interest rates. Among other key sector holdings are life insurers expanding their footprints in underpenetrated markets.

  • We invested in Bank Central Asia (BCA) as broad risk aversion held back the stock. BCA is a leading private-sector lender in Indonesia, and it stands out to us for its solid deposit base, competitive transaction banking business, and prudent lending culture. We think that it shows visible potential as a long-term earnings compounder. �
  • BDO Unibank is a major universal bank in the Philippines. We bought the stock in the belief that it had not fully priced in the potential of a post-pandemic recovery. We view BDO as a likely beneficiary of economic growth and rising interest rates in the Philippines, and we expect improved earnings to support a valuation re-rating for the stock.
  • We sold shares of India-based housing loan provider Housing Development Finance Corporation, which announced a merger with Indian private-sector lender HDFC Bank. HDFC Bank is a high-conviction holding and we thought it was prudent to manage our exposure to the post-merger entity, while raising funds for other investments.

Consumer Discretionary

We are constructive on the sector, where we see long-term consumption growth and evolving consumer behavior driving different business opportunities. Notable sector holdings include market-leading e-commerce companies, cash-generative fast-food restaurant operators, and established auto-related businesses. We also anticipate sales and earnings recoveries for several of these companies as COVID restrictions ease further in their markets. �

  • Jollibee Foods owns fast-food restaurant chains in the Philippines and abroad, including the U.S. We were mindful of the size of our holding, so we reduced it to fund other investments, even though our long-term outlook for the company remains positive. We have conviction in the strength of Jollibee's core domestic business and the turnaround in its international business.
  • We purchased shares of Haier Smart Home, a major home appliance maker in China. We anticipate potential market share gains for the company. Haier has a strong presence in the premium market segment, and we believe it is well-placed to benefit from consumers' growing interest in quality brands.

Consumer Staples

Our holdings in the sector are diverse and include fast-moving consumer goods (FMCG), beer, cosmetics, convenience store and retail pharmacy companies. We made selective adjustments within our sector exposure in favor of where our research indicated better relative value.

  • We sold shares of oral care product company Colgate-Palmolive (India). While we considered its fundamentals to be solid, we are concerned about its muted growth in a competitive market and concentrated product portfolio.
  • Hindustan Unilever is a major FMCG company in India. We bought shares in the company because we view it as a high-quality business with a strong management team, a diverse product portfolio, and market leadership across various product categories. Weak rural demand, rising raw material costs, and other market concerns undercut the stock's valuation, which created a better-priced entry point for us.
31-Jan-2024 - Jihong Min, Portfolio Manager,
Financials commanded the largest absolute sector position and overweight against the benchmark in January. We trimmed our overall exposure to Indian banks but invested in a South Korean insurer, whose valuation we expect to improve as uncertainty around new accounting rules fades. We also like its healthy dividend yield and see room for it to return excess capital to shareholders. Our next largest sector allocation was in information technology, where we were overweight. Diversifying our exposure to the recovering memory chip market, we started a position in a chipmaker, which is also a major supplier of artificial intelligence chips.

Benchmark Data Source: MSCI. MSCI index returns are shown with reinvestment of dividends after the deduction of withholding taxes. MSCI and its affiliates and third party sources and providers (collectively, “MSCI”) makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. Historical MSCI data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

Past performance is not a reliable indicator of future performance.

Source for performance: T. Rowe Price. Fund performance is calculated using the official NAV with dividends reinvested, if any. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested. It will be affected by changes in the exchange rate between the base currency of the fund and the subscription currency, if different. Sales charges (up to a maximum of 5% for the A Class), taxes and other locally applied costs have not been deducted and if applicable, they will reduce the performance figures.

Daily performance data is based on the latest available NAV.  

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.

Please note that the Fund typically has a risk of high volatility.

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.

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.

Attribution Data: Analysis represents the total performance of the portfolio as calculated by the FactSet attribution model and is inclusive of other assets that that will not receive a classification assignment in the detailed structure shown. Returns will not match official T. Rowe Price performance because FactSet uses different exchange rate sources and does not capture intra-day trading. Performance for each security is obtained in the local currency and, if necessary, is converted to U.S. dollars using an exchange rate determined by an independent third party. Figures are shown with gross dividends reinvested.

Sources: Copyright © 2023 FactSet Research Systems Inc. All rights reserved. MSCI/S&P GICS Sectors; Analysis by T. Rowe Price Associates, Inc. T. Rowe Price uses the MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. Each year, MSCI and S&P make changes to the GICS structure. The last change occurred on September 28, 2018. T. Rowe Price will adhere to all future updates to GICS for prospective reporting.

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc, ("MSCI") and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. ("S&P") and is licensed for use by [Licensee]. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or impIied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any or such standard or classification, Without limiting any or the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

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.  

 

©2023 Morningstar, Inc. All rights reserved. The information  contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Citywire Data Source: Citywire – where the fund manager is rated by Citywire, the rating is based on the manager’s 3-year risk adjusted performance. For further information on ratings methodology, please visit www.aboutcitywire.com.