Risk Considerations

  1. The Fund is actively managed and invests mainly in a diversified portfolio of shares of Chinese companies and may have significant exposure to smaller capitalisation companies. 
  2. Investment in the Fund involves risks, including general investment risk, equity market risk, geographic concentration risk,  small and mid-capitalisation shares risk, risks associated with SME board, ChiNext market and STAR board, risks associated with the Stock Connect, emerging markets risk, risk associated with high volatility of equity markets in emerging countries (including China), risk associated with regulatory/exchanges requirements of the equity markets in emerging countries (including China), renminbi (RMB) currency and conversion risks, PRC tax risk, risks associated with depositary receipts and currency risk which may result in loss of a part or the entire amount of your investment.  
  3. The Fund may use derivatives for hedging and efficient portfolio management and is subject to derivatives risk. Exposure to derivatives may lead to a risk of significant loss by the Fund.
  4. The value of the Fund can be volatile and could go down substantially.
  5. Investors should not invest in the Fund solely based on this website.
SICAV
China Evolution Equity Fund
A style agnostic, index unconstrained portfolio investing across shares of Chinese companies including A-shares, H-shares and US-listed Chinese stocks. We focus on areas of the market that may be overlooked by some investors.
ISIN LU2187417386
FACTSHEET
KFS
YTD
Return
2.59%
Data as of: 30-Sep-2021
1YR Return
(Annualised)
20.26%
Data as of: 30-Sep-2021
3YR Return
(Annualised)
N/A
Data as of: 30-Sep-2021
NAV
(USD)
$11.88
Data as of: 15-Oct-2021
NAV Change
(Daily)
0.76%
Data as of: 15-Oct-2021
Fund Size
(USD)
$140.8m
Data as of: 30-Sep-2021
Wenli Zheng,
Portfolio Manager
Wenli Zheng is the portfolio manager of the China Evolution Equity Strategy for the International Equity Division. He also co-manages the Greater China portfolio for the International Discovery Strategy. Wenli started his investment career with T. Rowe Price in 2008 as a TMT analyst. Prior to this, Wenli was a strategic consultant with Capgemini.

Overview
Strategy
Fund Summary
Our approach focuses on uncovering stocks where change and growth are underappreciated or undiscovered. Leveraging our long history of investing in China, we seek to identify Chinese companies beyond the widely owned mega cap stocks that offer the long-term potential for durable or accelerating growth or a fundamental rerating.
SMALL-CAP
MID-CAP
LARGE-CAP

40
Holdings

Style
Agnostic
Risk & Reward Data

Risk return statistics are not available until 3 years of data is available.
Performance - Net of Fees
Current Year Performance
1 Month
-3.73%
Indicative Benchmark
-2.71%
Excess Return

-1.02%
3 Months
-8.27%
Indicative Benchmark
-13.34%
Excess Return

5.07%
6 Months
-4.96%
Indicative Benchmark
-9.30%
Excess Return

4.34%
YTD
2.59%
Indicative Benchmark
-10.65%
Excess Return

13.24%
Annualised Performance
1 YR
20.26%
Indicative Benchmark
1.30%
Excess Return

18.96%
3 YR
N/A
Indicative Benchmark
N/A
Excess Return

N/A
5 YR
N/A
Indicative Benchmark
N/A
Excess Return

N/A
Inception
16.24%
Indicative Benchmark
2.43%
Excess Return

13.81%
Data as of 30-Sep-2021
Indicative Benchmark : MSCI China All Shares Index Net
Share Class Inception Date: 10-Aug-2020
Holdings
Total
Holdings
40
Largest
Country Garden Services Holdings
6.80%
Was ( 30-Jun-2021 )

6.94%
Top 10
38.57%
Largest Contributor
NARI Technology
By 0.33%
% of fund
4.09%
Largest Detractor
Country Garden Services Holdings
By -2.91%
% of fund
6.80%
Largest Purchase
Zhejiang Shuanghuan Driveline (N)
3.71%
Was ( 30-Jun-2021 )
0.00%
Largest Sale
China Resources Gas Group (E)
0.00%
Was ( 30-Jun-2021 )
2.56%
Data as of 30-Sep-2021
Sectors
Total
Sectors
8
Largest
Industrials & Business Services
25.25%
Was ( 31-Aug-2021 )
29.77%
Largest Contributor
Industrials & Business Services
By 3.09%
Sector Weight
3.12%
Stock Selection
-0.02%
Largest Detractor
Materials
By -1.09%
Sector Weight
-0.82%
Stock Selection
-0.27%
Data as of 30-Sep-2021
Overweight
Industrials & Business Services
By 16.16%
Fund
25.25%
Indicative Benchmark
9.09%
Underweight
Financials
By -15.33%
Fund
0.00%
Indicative Benchmark
15.33%
Data as of 30-Sep-2021
Data as of 30-Sep-2021
Indicative Benchmark: MSCI China All Shares Index

Team
Wenli Zheng,
Portfolio Manager
Wenli Zheng is the portfolio manager of the China Evolution Equity Strategy for the International Equity Division. He also co-manages the Greater China portfolio for the International Discovery Strategy. Wenli started his investment career with T. Rowe Price in 2008 as a TMT analyst. Prior to this, Wenli was a strategic consultant with Capgemini.
Portfolio Manager since
2020
Years at T. Rowe Price
12
Years investment experience
12
Charles Knudsen,
Portfolio Specialist
Chuck Knudsen is a portfolio specialist in the Equity Division of T. Rowe Price.
Years at
T. Rowe Price
15
Years investment experience
33
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
3
Years investment experience
17
How to Invest
Fees Minimum Initial Investment and Holding Amount (USD) Minimum Subsequent Investment (USD) Sales Charge (up to) Investment Management Fee
Class A $1000 $100 5.00% 170 basis points

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.

Unless otherwise specified, all fund ratings, awards and data are as of 30-Sep-2021 and sourced from T. Rowe Price. 

SICAV refers to 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”).

Source for performance: T. Rowe Price. Fund performance is calculated using the official NAV with dividends reinvested in the share class currency, 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.  

Please refer to the factsheet for the Minimum Performance Information and other details.

Investment involves risks. Past performance is not a reliable indicator of future performance. The investment returns for some funds are denominated in foreign currency other than US/HK dollar. US/HK dollar-based investors are therefore exposed to fluctuations in the US/HK dollar against other foreign currency's exchange rate. Investors should refer to the prospectus for full details of the objectives, investment policies and risks.

Performance returns for share classes less than 1 year old (and associated benchmarks) are cumulative rather than annualised.  

The calendar year performance of a share class in its year of inception is calculated from its inception date to the last day of that year, which is not a full year return.

Issued in Hong Kong by T. Rowe Price Hong Kong Limited, 6/F, Chater House, 8 Connaught Road Central, Hong Kong. T. Rowe Price Hong Kong Limited is licensed and regulated by the Securities & Futures Commission (“SFC”). This has not been reviewed by the SFC.

All Risk & Reward Data shown is specific to the particular share class shown, and is not necessarily representative of the fund as a whole. The data is calculated based upon the return and standard deviation of the selected share class over 3 years (if the share class has a track record of between 3 and 5 years) or 5 years, once the share class has sufficient performance history. Risk & Reward Data is not available for share classes with under 3 years’ performance history. 

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.

Where Top 10 Contributor and Detractor figures are shown (within the Holdings sections), these represent the Top 10 contributing/detracting securities by percentage of positive or negative contribution to performance as of 30-Sep-2021.

Where individual top contributor/detractor figures are shown, these are the largest contributors/detractors by percentage of fund size, out of the Top 10 contributors/detractors to fund performance as of 30-Sep-2021.

Calculation methodology of the contributors/detractors is available upon request. The specific securities identified and described do not represent all of the securities purchased, sold, or recommended for clients in the fund. A complete list of contributors/detractors for the period covered is available upon request.

Certain numbers in this website may not equal the stated totals due to rounding.