Emerging Markets Discovery Equity Fund

Capital en riesgo. El rendimiento pasado no es un indicador fiable de los resultados actuales o futuros y no debe ser el único factor a tener en cuenta a la hora de seleccionar un producto o una estrategia.

Los fondos listados no son una enumeración exhaustiva de los fondos disponibles. Visite www.funds.troweprice.com para acceder a la gama completa de fondos de T. Rowe Price, incluidos aquellos que tienen en cuenta características medioambientales y sociales en su proceso de inversión. Para obtener información actualizada sobre la estrategia de inversión de cualquier fondo de T. Rowe Price, consulte el KID y el folleto del respectivo fondo.

Descripción general

Strategy

Fund Summary

Buscamos indicios de cambios fundamentales positivos en empresas estables, pero poco apreciadas, que creemos que se enfrentan a un escepticismo injustificado por parte de los inversores. Reunirnos con la dirección de la empresa es fundamental para nuestro enfoque, ya que pretendemos identificar equipos de calidad con una visión estratégica, una hoja de ruta para el éxito y la capacidad de ejecución. La promoción de las características ambientales y/o sociales se logra a través del compromiso del fondo de mantener al menos el 10% del valor de su cartera invertido en Inversiones Sostenibles, tal como lo define el SFDR. Además, aplicamos una pantalla responsable de propiedad (lista de exclusión). El gestor no está limitado por el índice de referencia del fondo, que se utiliza únicamente a efectos de comparación de la rentabilidad.

Rentabilidad (después de comisiones)

Los resultados pasados no predicen rentabilidades futuras.

31-ene.-2022 - Ernest Yeung, Gestor de carteras,

La renta variable de ME se sobrepuso a la volatilidad de enero, provocada por el giro hawkish de la Reserva Federal de Estados Unidos (Fed). El riesgo geopolítico de Ucrania, que junto con las tensiones en Oriente Medio, también ha hecho subir los precios de la energía, es otro factor negativo para el conjunto de los mercados emergentes. Con todo, los ME superaron en rentabilidad a sus homólogos del mundo desarrollado durante el mes: China, Corea del Sur y Taiwán fueron los principales lastres, mientras que los exportadores de petróleo, como Arabia Saudí y Catar, obtuvieron mejores resultados. La cartera batió tanto a su índice de referencia como al índice MSCI Emerging Markets Value. La selección de valores en China y Corea del Sur fue lo que más contribuyó al comportamiento relativo, si bien nuestras asignaciones infraponderadas a estos mercados también añadieron valor. En China, resultaron positivas nuestras posiciones sobreponderadas en una empresa de distribución de agua, una promotora inmobiliaria y una plataforma de redes sociales. En cambio, la infraponderación de Sudáfrica y sobreponderación de México restaron valor. Por sectores, nuestras inversiones en títulos financieros y energéticos añadieron rentabilidad, mientras que nuestras posiciones en sectores orientados al crecimiento, como tecnología de la información (TI) y consumo discrecional, restaron valor.

31-ene.-2022 - Ernest Yeung, Gestor de carteras,

Ampliamos posiciones en bancos latinoamericanos y rusos, ya que el cambio de ciclo de los tipos de interés hizo subir los rendimientos de los bonos, lo cual, en nuestra opinión, podría beneficiar a las entidades financieras. A pesar del riesgo de sanciones a Rusia, vemos poco probable que se aísle al sistema bancario ruso, dada la crucial importancia de la energía y de otras materias primas rusas para Europa. También reforzamos nuestras posiciones en el sector de consumo discrecional, donde adquirimos más acciones en una firma de videojuegos tras el giro en sus beneficios del trimestre anterior y en un fabricante de componentes de automóviles, que pensamos que podría beneficiarse de mejoras en los productos.

31-ene.-2022 - Ernest Yeung, Gestor de carteras,

Aumentamos nuestra posición en China, nuestra mayor exposición geográfica en términos absoluto, comprando acciones de una sociedad inmobiliaria en línea, un banco y una plataforma de redes sociales, por considerar que el impacto de las medidas normativas es de carácter cíclico. Asimismo, redujimos nuestra posición infraponderada en Corea del Sur después de que una subida de los tipos de interés del país en enero lastrara la rentabilidad del mercado de renta variable. Por el contrario, incrementamos nuestra infraponderación de Taiwán y mantuvimos plaza la exposición a Rusia, donde las valoraciones son poco exigentes. También redujimos nuestra exposición a India vendiendo acciones de una compañía tecnológica tras su estelar repunte en 2021.

30-jun.-2021 - Ernest Yeung, Gestor de carteras,

Saudi British Bank is a subsidiary of HSBC Bank, and one of the strongest corporate and retail banks in Saudi Arabia. Its corporate lending has lagged; however, we invested in the stock as we look favorably at the new management team and the bank's restructuring story. We think it is well placed to benefit from the potential corporate growth over the medium term given its liquid and well capitalized balance sheet.

We bought shares of CIMB Group, a Malaysian bank with exposure to Indonesia, Thailand, and Singapore. Like most banks, profits were hit by the pandemic which reduced the demand for new loans and prompted an increase in provisions for doubtful debts. We believe that investors have yet to fully appreciate the bank's self-help efforts. The bank reduced its operating expenditure last year on the back of various cost-rationalization initiatives.

Firstrand is one of the largest South African banks by assets with a comprehensive range of banking services. About 80% of its normalized earnings are from South Africa and the rest from the UK and the rest of Africa. We purchased shares because we view Firstrand as one of the highest quality banks in EM and believe that its superior return-on-equity compared to its peers is sustainable in the medium term.
We sold Anhui Conch, one of China's largest cement producers, as our investment thesis has played out. We acquired the cement producer as we deemed it a beneficiary of consolidation amid slowing new capacity additions in China. We liked that it shifted its focus way from market share competition to profitability and that it's a well-run company with cost leadership in the industry and an unlevered balance sheet. However, with limited scope for volume growth, potentially range bound cement prices, and a lack of visibility on a possible change in its capital allocation policy, we decided to sell the stock.

POSCO is South Korea's largest steelmaker and we have sold shares as we see limited potential upside. While the supply and demand dynamics remain constructive, we expect steel prices to peak in the next few quarters.
We purchased shares in Gree Electric Appliances, one of the largest air conditioner manufacturers in China, which we view as a "forgotten" stock that has undertaken self-help measures and one with a catalyst - an employee share ownership scheme. It has been weighed down by the coronavirus pandemic, destocking, and channel reform. However, we believe that Gree has seen the worst and that going forward earnings will likely improve due to the company's growth potential, dominant market share and the upgrade trend in consumption.

We used proceeds of the sale of Haier Smart Home shares to acquire Gree Electric shares. Home appliance maker Haier, which has a strong positioning in refrigerators and washing machines, has priced in the expected margin upside and hence, we decided to deploy our funds elsewhere.�

We acquired shares of Huayu Auto, a high-quality auto parts supplier in China. It has executed well in the past and will likely benefit should EV pick up.

We bought shares of Singapore-listed Jardine Cycle & Carriage, the investment holding company of the Jardine Matheson Group in Southeast Asia. The Jardine group is undergoing a restructuring which we view as positive for Jardine Cycle as it will pave the way for increased transparency. In addition, Jardine Cycle traded at a discount to its unit Astra International, Southeast Asia's largest independent auto group. We see value in Astra, a market proxy for Indonesia, given the good execution of its management team and its net cash position.�
In the quarter, we sold shares of Zhejiang Expressway, an operator of high-grade toll roads in China's eastern province of Zhejiang. Its 2020 results beat expectations despite the impact of the coronavirus pandemic, but the market continues to underappreciate the stock. Based on our sell discipline, we will not be tempted to keep a flatlining stock in the portfolio beyond a two to three-year time horizon.
We sold shares of South Korea-based SK Hynix, one of the world's largest maker of DRAM chips, locking in gains as the stock has hit our target price. Shares may be under pressure in the coming months as we are near the peak of the current memory upcycle.

AAC Technologies is a maker of miniaturized components for smart mobile devices. We bought shares of the company because we are enthused by its venture into new products such as camera lenses, as it will tap its precision engineering capabilities. We like that the management is actively engaged and committed to making improved versions of their core acoustics products and finding new markets.

30-jun.-2021 - Ernest Yeung, Gestor de carteras,

Owning JOYY Inc, one of the largest video live streaming platforms in China, detracted from performance as its shares fell following sharp gains in the first quarter, exacerbated by the regulatory uncertainty within the internet space. In February, JOYY completed the sale of its domestic video live streaming business to Baidu, a dominant search engine in China, which turned its focus on international live streaming and short video. Live streaming has been growing in China for many years and has emerged as a monetization tool for most major apps. We believe that overseas markets will follow such a trend and that JOYY will likely benefit through BIGO Live, its live streaming app for Southeast Asian countries.

In the ecommerce space, shares of Vipshop, a large Chinese online apparel inventory clearance platform, lagged following gains in the last consecutive quarters and amid the regulatory clampdown in the industry.� The company has shown strong execution in the last two years with its cost cuts and re-calibration on discounted apparel merchandising and user growth. Its latest quarterly revenue beat consensus and we believe its strong user growth, which the company is focusing on this year, will likely drive revenue growth for longer than expected.
Shares of Hon Hai Precision, one of the world's largest electronics goods maker, paused after a strong run in the previous two quarters brought about by a surprise dividend payout and its plans to venture into the electric vehicle (EV) business. The strong moves it has made in its EV capabilities shifts its product exposure in an increasingly sustainable direction.�

Not owning Evergreen Marine hurt returns as the container shipping company's quarterly earnings significantly outpaced consensus estimates due to the increase in freight rates and better operating expense controls. The management attributed the freight rates rise to substantial demand coupled with a supply shortage. �
Owning OTP Bank, Hungary's leading bank, worked well for the portfolio as its shares outperformed, boosted by positive results and the acquisition of Nova KBM, the second-biggest bank in Slovenia in terms of market share. We view the acquisition as incrementally positive. With OTP's strong capital generation and robust capital buffer, we believe it has the ability to fund the purchase internally with scope for further acquisitions. Following a string of acquisitions, through its foreign subsidiaries, OTP has operations in Bulgaria, Croatia, Romania, and Russia among others.
In addition to Vipshop, Hong Kong-listed Galaxy Entertainment, one of Macau's casino operators, hurt relative performance. The resurgence of cases in southern China cast a pall on its stock price. We think the stock has not priced in the ramp-up of the vaccination rate in China that could bode well for the opening of borders. We believe Galaxy has a stronger balance sheet compared to its rivals and we expect it to benefit from pent-up demand as its product offerings better match Chinese consumer demand.
Owning Beijing Capital International Airport (BCIA), China's largest airport, crimped relative returns as the rise in new coronavirus cases in Guangzhou and Shenzhen dragged down tourism and travel-related names. We continue to own BCIA as we think it will benefit from a post-coronavirus travel resumption and earnings recovery with the return of international passenger volumes and duty-free spending.

NARI Technology, which makes electrical equipment and counts China's major state-owned grid companies as key customers, hurt as the share price took a breather following its rally in the last two quarters.� The second-quarter profit alert showed that market share gains and margin improvement are on track. We believe that NARI will benefit from power grid companies wanting to improve transmission efficiency and from the potential growth in secondary equipment spending.
In addition to OTP Bank, Banco BTG Pactual, the largest investment bank in Latin America, worked well for the portfolio following its 2021 guidance and the impact of rising interest rates. We like the bank's shift in its business mix into more durable revenue sources. We think it is executing well in its move to diversify into asset and wealth management businesses which have more predictable earnings.

Sberbank, the dominant bank in Russia, outperformed following the release of strong results. We like its management team, which succeeded in controlling costs in recent years, investing heavily in its IT systems while renovating and optimizing its large network of branches. In our view, it is one of the best-managed large companies in Russia.�

Utilities Were Beneficial�

Stock selection in utilities worked well for the portfolio although our overweight allocation in this underperforming sector, capped gains.

China's retail gas company Kunlun Energy, controlled by state-owned giant China National Petroleum Corporation, was positive for the portfolio as the company paid a special dividend under an asset disposal agreement and shares also reacted to the strength of oil and gas prices.

Shares of China Resources Gas Group, the country's biggest city-gas distributor that builds pipes into commercial, industrial, and residential properties recovered following consensus-beating 2020 results. We expect a pickup in gas volume growth after the company was hit hard by its high exposure to the commercial segment during the coronavirus downturn. We believe China Resources Gas is one of the best-run state-owned enterprises that will benefit from the steadily growing gas consumption in China.�

El rendimiento pasado no es un indicador fiable del rendimiento futuro.

Los Fondos son subfondos de T. Rowe Price Funds SICAV, una sociedad de inversión luxemburguesa con capital variable registrada en la Commission de Surveillance du Secteur Financier y que califica como un organismo de inversión colectiva en valores mobiliarios (“OICVM”). Los detalles completos de los objetivos, las políticas de inversión y los riesgos se encuentran en el folleto que está disponible con los documentos de información clave para el inversor y/o el documento de información clave (KID) en inglés y en un idioma oficial de las jurisdicciones en las que están registrados los Fondos. venta pública, junto con el contrato social y los informes anual y semestral (en conjunto, los “Documentos del Fondo”). Cualquier decisión de invertir debe tomarse sobre la base de los Documentos del Fondo que están disponibles de forma gratuita en el representante local, el agente de información/pagos local o los distribuidores autorizados. También se pueden encontrar junto con un resumen de los derechos de los inversores en inglés en www.troweprice.com. La Sociedad Gestora se reserva el derecho de rescindir los acuerdos de comercialización.

Las clases de acciones cubiertas (indicadas por 'h') utilizan técnicas de inversión para mitigar el riesgo cambiario entre la(s) moneda(s) de inversión subyacente del fondo y la moneda de la clase de acciones cubierta. Los costes de hacerlo correrán a cargo de la clase de acciones y no hay garantía de que dicha cobertura sea efectiva.

Antes de decidir invertir en el fondo, debe leer el documento/folleto de oferta (incluidos sus objetivos de inversión, políticas y cualquier advertencia de riesgo) que está disponible y puede obtenerse de cualquier distribuidor designado.
Los valores específicos identificados y descritos en este sitio web no representan todos los valores comprados, vendidos o recomendados para el subfondo y no se debe asumir que los valores identificados y discutidos fueron o serán rentables.

Puede obtenerse, de forma gratuita y previa solicitud, en el domicilio social de la Sociedad una lista completa de las Clases de Acciones actualmente emitidas, incluidas las Categorías de Distribución, Cobertura y Acumulación.

Índice de referencia: los inversores pueden utilizar el índice de referencia para comparar el rendimiento del fondo. Se ha seleccionado el índice de referencia porque es similar al universo de inversión utilizado por el gestor de inversiones y, por tanto, actúa como un comparador adecuado. El gestor de inversiones no está limitado por ningún país, sector y/o ponderaciones de valores individuales en relación con el índice de referencia y tiene total libertad para invertir en valores que no forman parte del índice de referencia.

La información sobre los índices de proveedores se puede encontrar aquí.

Riesgos

Typical Investor