How we invest

Samy Muaddi, CFA, Portfolio Manager

 

Our investment process is analyst led. They are the heart of the organisation, they do over 200 research trips a year and the output of their bottom-up work is what drives the investment process.  That said, when constructing portfolios  there are three variables I look at to supplement their bottom-up work.

  • The first is governance. We have a four-decade history of looking at EM governance, but also partnering with our in-house responsible investing team on ESG parameters.
  • Second would be liquidity, and in working with our traders to measure every transaction on a post transaction cost basis, we want to be  sure we're paid for the relative illiquidity of EM debt.
  • Third and final would be the macro factors. We know in some countries the macro will outweigh the micro, and we need to size our risk accordingly for that conviction.

So it's the combination of that bottom-up analyst-driven process and a consistent portfolio construction process that leads to the end output.

 

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This material is being furnished for general informational purposes only. The material does not constitute or undertake to give advice of any nature, including fiduciary investment advice, and prospective investors are recommended to seek independent legal, financial and tax advice before making any investment decision. T. Rowe Price group of companies including T. Rowe Price Associates, Inc. and/or its affiliates receive revenue from T. Rowe Price investment products and services. Past performance is not a reliable indicator of future performance. 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.

The material does not constitute a distribution, an offer, an invitation, a personal or general recommendation or solicitation to sell or buy any securities in any jurisdiction or to conduct any particular investment activity. The material has not been reviewed by any regulatory authority in any jurisdiction.

Information and opinions presented have been obtained or derived from sources believed to be reliable and current; however, we cannot guarantee the sources' accuracy or completeness. There is no guarantee that any forecasts made will come to pass. The views contained herein are as of the date noted on the material and are subject to change without notice; these views may differ from those of other T. Rowe Price group companies and/or associates. Under no circumstances should the material, in whole or in part, be copied or redistributed without consent from T. Rowe Price.

The material is not intended for use by persons in jurisdictions which prohibit or restrict the distribution of the material and in certain countries the material is provided upon specific request.  

It is not intended for distribution to retail investors in any jurisdiction.

 

201910-992347

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