T. Rowe Price Funds SICAV

China Evolution Equity Fund

Seeks to identify rising stars in China's sea change.

Holistic approach to China equity investing
  • Seek attractive investment opportunities across Chinese companies listed both onshore and offshore
  • Being benchmark-unconstrained, the fund manager takes a truly active approach

Investing in change


  • Identify change in business fundamentals or investor behaviour
  • We believe mispricing could arise in areas where future fundamentals will be different from the past

Looking beyond the obvious


  • The team seeks to go beyond the top 100 mega-cap names1 and focus on the less efficient part of the market
  • That translates roughly to a market cap range of US$20-30 billion or below today


¹ Source: MSCI, FactSet. Financial data and analytics provider FactSet. Copyright 2023 FactSet. All Rights Reserved. As of 31 March 2023. The top mega-cap names and market cap cut-off could evolve with changing market dynamics over time.

China Evolution Equity Fund

Class A

Inception Date

10 August 2020

Base currency


Management Fee

Up to 1.70% p.a.

ISIN code


Bloomberg code



MSCI China All Shares Index Net

Full details of the fees payable by investors are available within the prospectus. 
This benchmark is shown for comparison purposes only.

A word from our founder

“Change is the investor's only certainty.”

Thomas Rowe Price, Jr. / Founder

Why T. Rowe Price?

Our competitive edge

Heritage of success

Established in 1937, we are a diversified business, having been investing in emerging markets since 1980. Our demonstrated track record across markets lends confidence to investors.

Scale and size

We manage over US$18.54 billion of assets2 in China related equities, covering both securities listed in mainland China and on offshore exchanges.

Research is in our DNA

The breadth and depth of our 404 global research professionals3 provide a critical information edge to find the best investment ideas.

2 All figures as at 31 March 2023. Firmwide AUM includes assets managed by T. Rowe Price Associates, Inc. and its investment advisory affiliates. 

3 Source: T. Rowe Price. All figures as at 31 March 2023. 11 sector portfolio managers, 202 investment analysts, 83 associate research analysts, 43 specialty analysts, 61 quantitative analysts, and 4 economists.


Our collective views and insights


China 2021 Market Update

China 2021 Market Update

China 2021 Market Update

On a steady path to normalization.

By Wenli Zheng

Wenli Zheng Regional Portfolio Manager

Certain materials are more than 12 months old and may be outdated.  They are provided for historical purposes only.

Additional Disclosures

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.

Important Information

Unless otherwise stated, all data is as of 31 March 2023 and sourced from T. Rowe Price. Certain numbers in this website may not add due to rounding and/or the exclusion of cash.

Investment involves risk. Past performance is not a reliable indicator of future performance. The value of an investment and any income from it can fall as well as rise. You may get back less than the amounted invested. The performance returns are denominated in the share class dealing currency which can be a foreign currency and if so, US/SG dollar-based investors are exposed to fluctuations in the US/SG dollar/foreign currency exchange rate. Before deciding to invest in the fund, you should read the offering document/prospectus (including its investment objectives, policies and any risk warnings) and the product highlights sheet which are available and may be obtained from any appointed distributors.

T. Rowe Price Singapore Private Ltd. is the appointed Singapore representative and agent for service of process in Singapore. 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”).