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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 LU1044871900
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FACTSHEET
KID
SFDR DISCLOSUR
30-Nov-2024 - Jihong Min, Portfolio Manager,
We continue to find diverse investment opportunities within Asia ex-Japan equities despite the recent market volatility. We believe China remains committed to shoring up its economy and may deploy additional fiscal stimulus when the incoming US administration’s policies become clearer. Elsewhere, India’s economic growth has moderated but not stalled, in our opinion.

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-Nov-2024 - Jihong Min, Portfolio Manager,
Asia ex-Japan equities fell in November as most of the region’s markets declined. Republican Donald Trump’s US presidential election victory and fears of tougher trade policies, a stronger US dollar, and underwhelming economic stimulus announcements in China combined to dampen investor sentiment. Within the portfolio, our stock holdings in South Korea boosted relative returns. A music company’s shares rallied after it surprised investors with strong earnings that beat forecasts. The positive news also buoyed shares of its industry peer. We expect growth and valuations for both companies to recover from cyclical challenges. In addition, we think the Korean music industry looks structurally attractive as more artists potentially attain global success. From a sector perspective, stock selection and our overweight position in communication services lifted relative performance, due significantly to our positions in the two South Korean music companies. Conversely, our stock choices in real estate detracted. Shares of a property brokerage platform in China fell, partially reflecting investors’ disappointment toward Beijing’s latest stimulus efforts. The company also reported a mixed set of results. Nonetheless, we see evidence of the company gaining market share and expect it to benefit substantially when the property market recovers.
31-Jul-2024 - Jihong Min, Portfolio Manager,
Asia ex-Japan equities faltered in July. Technology-heavy bourses in Taiwan and South Korea fell as the global technology stock rally lost momentum, and Chinese equities succumbed to growing economic concerns despite easing monetary policy. Within the portfolio, stock selection in communication services weighed on relative returns. China’s slowing economic momentum clouded the outlook for hiring activity and dampened shares of an online recruitment firm. Nonetheless, we believe the company is uniquely positioned to gain market share over the long run in an underpenetrated industry with significant room for growth. Our stock picks in information technology were another source of relative weakness. Investors’ pullback from names linked to artificial intelligence hurt shares of a semiconductor chip designer, whose sales guidance was also below consensus. We continue to monitor the company’s risk-and-reward profile, assessing its near-term and multiyear prospects against its valuation closely. Conversely, our choice of consumer discretionary stocks helped relative performance. In India, consumer-friendly measures in the government’s budget lifted a motorcycle maker’s shares. We like the exposure that the company offers to recovering motorcycle demand in India, along with upgrades in its product portfolio.
31-Jan-2024 - Jihong Min, Portfolio Manager,
Our biggest absolute country exposure in January was to China, where we turned more underweight against the benchmark. We still see structural growth or cyclical improvement potential in a variety of companies but selectively adjusted our holdings amid the economy’s weaker-than-expected recovery. We sold out of a beer company facing declining sales volumes and a housing developer sensitive to the property market cycle. In India, our next largest absolute market position, we also widened our underweight stance. We sold shares of an Indian private-sector bank as we reassessed its potential for rapid growth without hurting its margins and profitability.

Past performance is not a reliable indicator of future performance.

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.

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.

Before deciding to invest in the fund, you should read the offering document/prospectus (including its investment objectives, policies and any risk warnings) which are available and may be obtained from any appointed distributors.

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.

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.  

Benchmark: Investors may use the benchmark to compare the fund’s performance. The benchmark has been selected because it is similar to the investment universe used by the investment manager and therefore acts as an appropriate comparator. The investment manager is not constrained by any country, sector and/or individual security weightings relative to the benchmark and has complete freedom to invest in securities that do not form part of the benchmark.

Disclosure on Vendor Indices can be found here.