SICAV
Emerging Markets Discovery Equity Fund
A focused, yet well-diversified all-cap fund of typically 50-80 emerging markets companies. We seek to identify “forgotten” stocks that are under-owned and under-researched by mainstream investors, and which we believe are positioned to benefit from a fundamental re-rating.
ISIN LU1244138340
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FACTSHEET
KIID
COMMENTARY

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Risk & Reward ?
(SRRI)
1 2 3 4 5 6 7 Data as of: 31-Oct-2019
NAV
(USD)
$15.21
Data as of: 15-Nov-2019
1YR Return
(Annualised)
10.34%
Data as of: 31-Oct-2019
Fund Size
(USD)
$102.8m
Data as of: 31-Oct-2019
Perf Change
(Daily)
0.86%
Data as of: 15-Nov-2019
3YR Return
(Annualised)
9.18%
Data as of: 31-Oct-2019

Overview
Strategy
Fund Summary
We look for signs of positive fundamental change among stable, but unloved, businesses that we believe are facing unwarranted scepticism from investors. Meeting company management is central to our approach, as we aim to identify quality teams with strategic vision, a roadmap for success and the ability to execute.
SMALL-CAP
MID-CAP
LARGE-CAP

58
Holdings

Style
Value
Risk & Reward Data
Information Ratio
0.43
Sharpe Ratio
0.54
Historical Tracking Error
4.19%
30 August 2019

Fund Name Change

Effective August 30, 2019, the Emerging Markets Value Equity Fund was renamed the Emerging Markets Discovery Equity Fund.

30 August 2019

Fund Name Change

Effective August 30, 2019, the Emerging Markets Value Equity Fund was renamed the Emerging Markets Discovery Equity Fund.

Performance - Net of Fees
Current Year Performance
MTD
1.81%
Benchmark*
0.68%
Excess Return

1.13%
QTD
6.74%
Benchmark*
4.93%
Excess Return

1.81%
YTD
11.51%
Benchmark*
11.10%
Excess Return

0.41%
Data as of 15-Nov-2019
1 Month
4.84%
Benchmark*
4.22%
Excess Return

0.62%
3 Months
-1.06%
Benchmark*
1.03%
Excess Return

-2.09%
Data as of 31-Oct-2019
 
Annualised Performance
1 YR
10.34%
Benchmark*
11.86%
Excess Return

-1.52%
3 YR
9.18%
Benchmark*
7.36%
Excess Return

1.82%
5 YR
N/A
Benchmark*
N/A
Excess Return

N/A
Inception
10.21%
Benchmark*
8.90%
Excess Return

1.31%
Manager Inception
10.21%
Benchmark*
8.90%
Excess Return

1.31%
Data as of 31-Oct-2019
Indicative Benchmark : MSCI Emerging Markets Index Net
Fund Inception: 14-Sep-2015
Manager Inception: 14-Sep-2015

* The index shown is not a formal benchmark. It is shown only for comparison purposes.

Holdings
Total
Holdings
58
Largest
Samsung Electronics
6.45%
Was ( 30-Jun-2019 )

5.96%
Top 10
27.21%
Contributor
Samsung Electronics
By 4.22%
% of fund
6.72%
Detractor
Nedbank
By -0.01%
% of fund
2.05%
Purchase
Hon Hai Precision Industry (N)
1.97%
Was ( 30-Jun-2019 )
0.00%
Sale
Zhuzhou CRRC Times Electric (E)
0.00%
Was ( 30-Jun-2019 )
1.67%
Data as of 30-Sep-2019
Sectors
Total
Sectors
11
Largest
Financials
33.13%
Was ( 30-Sep-2019 )
33.54%
Contributor
Materials
By 0.36%
Sector
-0.06%
Selection
0.42%
Detractor
Industrials & Business Services
By -1.36%
Sector
-0.16%
Selection
-1.20%
Data as of 30-Sep-2019
Over
Financials
By 8.47%
Fund
33.13%
Benchmark*
24.67%
Under
Communication Services
By -6.22%
Fund
4.87%
Benchmark*
11.09%
Data as of 31-Oct-2019
Data as of 31-Oct-2019
Indicative Benchmark: MSCI Emerging Markets Index

* The index shown is not a formal benchmark. It is shown only for comparison purposes.

Regions
Data as of
Countries
Total
Countries
17
Largest
China
34.05%
Was ( 30-Sep-2019 )
34.75%
Contributor
South Korea
By 0.85%
Country
0.10%
Selection
0.74%
Detractor
China
By -1.13%
Country
-0.06%
Selection
-1.07%
Data as of 30-Sep-2019
Over
South Africa
By 3.54%
Fund
8.20%
Benchmark*
4.66%
Under
Taiwan
By -6.97%
Fund
4.95%
Benchmark*
11.92%
Data as of 31-Oct-2019
Data as of 31-Oct-2019
Indicative Benchmark: MSCI Emerging Markets Index

* The index shown is not a formal benchmark. It is shown only for comparison purposes.


Team
Ernest Yeung,
Portfolio Manager
Ernest Yeung is a portfolio manager for the Emerging Markets Value Stock Strategy at T. Rowe Price.
Portfolio Manager since
2015
Years at T. Rowe Price
14
Years investment experience
16
Irmak Surenkok,
Portfolio Specialist
Irmak Surenkok is a portfolio specialist in the Equity Division at T. Rowe Price, representing the firm's regional and global emerging markets equity portfolio managers to institutional clients, consultants and prospects.
Years at T. Rowe Price
1
Years investment experience
16
How to Invest
Fees Minimum Initial Investment and Holding Amount Minimum Subsequent Investment Sales Charge (up to) Investment Management Fee Ongoing
Charges1

Indicative Benchmark Data Source: MSCI. 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.

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. Past performance is not a reliable indicator of future performance.

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 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 and via www.troweprice.com.

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 © 2019 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.

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.  

1 Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.