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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 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. 

China Evolution Equity Fund
An actively managed, style agnostic, index unconstrained portfolio investing in c. 40-80 names across A-shares, H-shares and US-listed Chinese stocks. We focus on areas of the market that may be overlooked by some investors, going beyond the top 100 largest companies in the China universe by market cap to identify future winners.
ISIN LU2187417469
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31-May-2024 - Wenli Zheng, Portfolio Manager,
We see positive changes in many high-quality Chinese companies and yet they remain underappreciated by other investors. Beyond mega-cap names, we believe we can find new innovators that will help in the country’s growth transformation, emerging leaders in areas with low penetration, beneficiaries of favourable supply-demand dynamics, and companies with improving dividends and buybacks.

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 innovative companies beyond the widely owned mega cap stocks that offer the long-term potential for durable or accelerating growth or a fundamental rerating. 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.

31-May-2024 - Wenli Zheng, Portfolio Manager,
Chinese equities advanced in May, boosted by Beijing’s policy shift in tackling the protracted downturn in the property market by focusing on reducing existing inventory. Within the portfolio, our stock choices in industrials and business services were a significant source of strength. In particular, a shipbuilder was a key contributor due to its strong orderbook momentum. Its year-to-date order wins already exceeded expectations. A provider of industrial automation and power supply products added further value as its shares recovered following sharp declines. China’s push for equipment upgrade lifted demand for products of industrial firms. Communication services aided returns also due to our stock choices. Owning a music streaming services provider and an online recruitment app helped the portfolio following their consensus-beating results in the first quarter. Turning to detractors, stock selection in consumer discretionary hurt. Our lack of exposure to an e-commerce giant, which released robust results, was a drag. Among the companies we own, an electric vehicle startup hampered fund performance as the weaker macroeconomic environment and heightened competition doused expectations of an earnings upgrade. Not holding financials also held back returns as mega-cap banking stocks advanced following the latest measures to stabilise the property market.
31-Jan-2024 - Wenli Zheng, Portfolio Manager,
In January we increased our allocation to the consumer discretionary sector, where we have a significant absolute position. In this space we own businesses that gain from structural trends such as electrification. We hold shares of an electric vehicle startup and auto parts companies. We invested in a home appliance producer that we think can grow its earnings, driven by its market share gains in the global appliance industry. We also own shares of market share gainers in the sportswear and hotel industry. Recently, we initiated a position in a leading hotel operator and franchisor within China’s upper midscale segment.

Benchmark Data Source: MSCI. MSCI index returns are shown with reinvestment of dividends after the deduction of withholding taxes. 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.

Past performance is not a reliable indicator of future performance.

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.

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 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 The Management Company reserves the right to terminate marketing arrangements.

Please note that the Fund typically has a risk of high volatility.

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.