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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 ex-Japan Equity Fund
An all-cap, growth-oriented portfolio of approximately 70-100 Asia ex-Japan stocks that represent our highest conviction ideas. The fund is categorised as Article 8 under Sustainable Finance Disclosure Regulation (SFDR).
ISIN LU0266341725
View more information on risks
FACTSHEET
KID
30-Sep-2024 - Anh Lu, Portfolio Manager,
We think Asia ex-Japan equities look well-positioned for further upside as US interest rate cuts begin. The region’s overall valuation also remains attractive relative to developed markets. In China, we believe the latest stimulus announcements signal a long-awaited pivot in policymakers’ approach to support the economy and view this positively for near-term market sentiment.

Overview
Strategy
Fund Summary
As an Asia-based investment team, we employ an unconstrained approach where fundamental research is key. We look to identify reasonably priced companies with compelling business models and quality management teams in industries conducive to sustainable growth. 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-Sep-2024 - Anh Lu, Portfolio Manager,
Asia ex-Japan equities rallied in September, powered by a pronounced step-up in economic stimulus in China and the start of much-anticipated US interest rate cuts. Within the portfolio, our underweight position in China’s soaring market held back relative returns, even though stock selection was positive. Not owning a food delivery company was unfavourable as its shares surged on Beijing’s plans to stimulate consumption and the wider economy. However, we remain cautious toward the company given signs of peaking growth in food delivery amid increased restaurant closures. In sector terms, stock selection in consumer discretionary and our underweight stance in the buoyant segment capped relative performance. Our holdings in two bicycle companies hurt as their shares fell. That said, we still expect both companies to benefit as the bicycle industry approaches the end of inventory destocking and demand for high-end bikes in China grows. In contrast, stock selection in industrials and business services added value. Shares of a producer of relays for electric vehicles rose on hopes for stronger economic activity in China. We like the improvements we had begun to see in the company before the stimulus announcements and expect it to be a longer-term market share gainer.
31-Jan-2024 - Anh Lu, Portfolio Manager,
Financials was our biggest absolute sector position and overweight against the benchmark in January. We invested in a Philippine bank, which we believe can generate a healthy return on equity and benefit from a valuation upgrade. In contrast, we reduced our absolute exposure to both consumer discretionary and consumer staples, staying underweight these sectors. We sold out of a South Korean cosmetics company, which has been facing challenges in China but growing in other markets. We believe the stock is fairly valued and favour investment opportunities elsewhere.
31-Jan-2024 - Anh Lu, Portfolio Manager,
China remained our largest absolute country position in January, although we widened our underweight stance versus the benchmark. We sold shares of an internet company as regulatory uncertainty tempered our outlook for earnings growth. Our second biggest absolute country exposure was to India, where we turned slightly underweight. We sold out of a container rail freight company given our concerns about elevated market expectations for its volume growth. We also rotated out of a consumer goods company following its share price rally, preferring its more attractively valued industry peer. Elsewhere, we broadly increased our absolute and relative allocations to Southeast Asia.

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.