Risk Considerations

  1. The Fund is actively managed and invests mainly in a diversified portfolio of shares of frontier markets companies.
  2. Investment in the Fund involves risks, including general investment risk, equity market risk, risks associated with depositary receipts, frontier markets risk, risk associated with high volatility of equity markets in frontier countries,  risk associated with regulatory/exchanges requirements of the equity markets in frontier countries, geographic concentration risk, small and mid-capitalisation shares risk 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
Frontier Markets Equity Fund
Seeking to identify quality growing companies trading at attractive valuations in countries on the cusp of rapid development.
ISIN LU1079763535
FACTSHEET
KFS
YTD
Return
30.31%
Data as of: 30-Sep-2021
1YR Return
(Annualised)
47.99%
Data as of: 30-Sep-2021
3YR Return
(Annualised)
10.43%
Data as of: 30-Sep-2021
NAV
(USD)
$14.06
Data as of: 15-Oct-2021
NAV Change
(Daily)
0.29%
Data as of: 15-Oct-2021
Fund Size
(USD)
$108.1m
Data as of: 30-Sep-2021
Johannes Loefstrand,
Portfolio Manager
Johannes Loefstrand is the portfolio manager of the Frontier Markets Equity Fund.

Overview
Strategy
Fund Summary
Long-term capital growth by investing in a diversified portfolio of high quality companies from across the entire frontier universe.
SMALL-CAP
MID-CAP
LARGE-CAP

48
Holdings

Style
Core
Risk & Reward Data
Information Ratio
-0.23
Sharpe Ratio
0.43
Historical Tracking Error
5.73%
Performance - Net of Fees
Current Year Performance
1 Month
1.04%
Indicative Benchmark
1.20%
Excess Return

-0.16%
3 Months
4.85%
Indicative Benchmark
3.36%
Excess Return

1.49%
6 Months
21.16%
Indicative Benchmark
18.37%
Excess Return

2.79%
YTD
30.31%
Indicative Benchmark
18.79%
Excess Return

11.52%
Annualised Performance
1 YR
47.99%
Indicative Benchmark
33.51%
Excess Return

14.48%
3 YR
10.43%
Indicative Benchmark
11.31%
Excess Return

-0.88%
5 YR
8.51%
Indicative Benchmark
9.81%
Excess Return

-1.30%
Inception
4.35%
Indicative Benchmark
3.13%
Excess Return

1.22%
Data as of 30-Sep-2021
Indicative Benchmark : Linked Benchmark Net
Share Class Inception Date: 24-Jun-2014
Holdings
Total
Holdings
48
Largest
Mobile World Investment
7.07%
Was ( 30-Jun-2021 )

7.61%
Top 10
47.98%
Largest Contributor
Mobile World Investment
By 0.42%
% of fund
7.04%
Largest Detractor
BRAC Bank
By -0.79%
% of fund
4.53%
Largest Purchase
Kaspi.KZ JSC (N)
3.75%
Was ( 30-Jun-2021 )
0.00%
Largest Sale
Nova Ljubljanska Banka dd
3.23%
Was ( 30-Jun-2021 )
4.52%
Data as of 30-Sep-2021
Sectors
Total
Sectors
11
Largest
Financials
32.21%
Was ( 31-Aug-2021 )
32.23%
Largest Contributor
Real Estate
By 2.17%
Sector Weight
1.26%
Stock Selection
0.91%
Largest Detractor
Financials
By -1.69%
Sector Weight
-0.11%
Stock Selection
-1.58%
Data as of 30-Sep-2021
Overweight
Information Technology
By 13.71%
Fund
13.71%
Indicative Benchmark
0.00%
Underweight
Materials
By -9.87%
Fund
0.10%
Indicative Benchmark
9.97%
Data as of 30-Sep-2021
Data as of 30-Sep-2021
Indicative Benchmark: MSCI Frontier Market 10/40 Index Net
Regions
Total
Regions
5
Largest
Pacific Ex Japan
46.75%
Was ( 31-Aug-2021 )
47.63%
Largest Contributor
Pacific ex Japan
By 3.26%
Country Weight
-0.80%
Stock Selection
4.06%
Largest Detractor
EM EMEA
By -0.73%
Country Weight
-0.73%
Stock Selection
0.00%
Data as of 30-Sep-2021
Overweight
Pacific Ex Japan
By 13.44%
Fund
46.75%
Indicative Benchmark
33.31%
Underweight
Middle East & Africa
By -21.81%
Fund
16.37%
Indicative Benchmark
38.18%
Data as of 30-Sep-2021
Data as of 30-Sep-2021
Indicative Benchmark: MSCI Frontier Market 10/40 Index Net
Countries
Total
Countries
17
Largest
Vietnam
32.79%
Was ( 31-Aug-2021 )
33.57%
Largest Contributor
Vietnam
By 3.27%
Country Weight
-0.35%
Stock Selection
3.62%
Largest Detractor
Bahrain
By -0.79%
Country Weight
-0.79%
Stock Selection
0.00%
Data as of 30-Sep-2021
Overweight
United Kingdom
By 4.98%
Fund
4.98%
Indicative Benchmark
0.00%
Underweight
Bahrain
By -7.44%
Fund
0.00%
Indicative Benchmark
7.44%
Data as of 30-Sep-2021
Data as of 30-Sep-2021
Indicative Benchmark: MSCI Frontier Market 10/40 Index Net

Team
Johannes Loefstrand,
Portfolio Manager
Johannes Loefstrand is the portfolio manager of the Frontier Markets Equity Fund.
Portfolio Manager since
2020
Years at T. Rowe Price
4
Years investment experience
6
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 (up to)

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.

The Morningstar rating is sourced from Morningstar.

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Citywire - where the Fund manager is rated by Citywire the rating is based on the manager's 3 year risk adjusted performance.