Utilises a contrarian approach to invest in undervalued emerging markets companies positioned to benefit from a re-rating thesis for change.
Investment ObjectiveTo increase the value of its shares, over the long term, through growth in the value of its investments. The fund invests mainly in a widely diversified portfolio of stocks of emerging market companies.
- Aim to exploit the valuation anomalies that arise across the diverse and inefficient emerging market opportunity set.
- Employ a contrarian approach using fundamental research, quantitative screen and industry contacts to identify companies that are out of favour, undervalued and that offer an attractive risk and reward profile.
- Minimize the risk of value traps by focusing on companies offering yield or a book value anchor to the valuation, and where we have identified re-rating thesis that can lead to an expansion in valuation over time.
- Risk management is an integral part of the portfolio construction process.
- Typically 50-80 stock portfolio
- Expected 4-8% tracking error
- Individual position typically 0.5% to 5%, position sized by prospective risks
- Country ranges +/-10% absolute deviation from the benchmark
- Sector ranges +/-15% absolute deviation from the benchmark
- Reserves are normally less than 5%, max 10%
|1 YR||3 YR
|Since Manager Inception
|Indicative Benchmark %||-1.88%||4.89%||N/A||7.46%||7.46%|
|Excess Return %||-7.73%||-1.69%||N/A||-0.42%||-0.42%|
|1 YR||3 YR
|Indicative Benchmark %||18.42%||11.57%||N/A||10.33%|
|Excess Return %||-1.19%||0.93%||N/A||1.22%|
|Month to DateData as of 27-Mar-2020||Quarter to DateData as of 27-Mar-2020||Year to DateData as of 27-Mar-2020||1 MonthData as of 29-Feb-2020||3 MonthsData as of 29-Feb-2020|
|Indicative Benchmark %||-16.05%||-24.19%||-24.19%||-5.27%||-2.95%|
|Excess Return %||-2.71%||-7.02%||-7.02%||-3.37%||-6.78%|
Past performance is not a reliable indicator of future performance. Source for fund 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.
Where the base currency of the fund differs from the share class currency, exchange rate movements may affect returns.
Returns shown with reinvestment of dividends after the deduction of withholding taxes.
Effective 1 July 2018, the "net" version of the indicative benchmark replaced the "gross" version of the indicative benchmark. The "net" version of the indicative benchmark assumes the reinvestment of dividends after the deduction of withholding taxes applicable to the country where the dividend is paid; as such, the returns of the new benchmark are more representative of the returns experienced by investors in foreign issuers. Historical benchmark performance has been restated accordingly.
Largest Top Contributor^
Samsung ElectronicsBy 4.25%
Largest Top Detractor^
PKO Bank PolskiBy -0.06%
Mobile TeleSystems PJSC (N)1.67%
FinancialsNet Contribution 0.51%
Communication ServicesNet Contribution -0.86%
IndiaNet Contribution 0.96%
South AfricaNet Contribution -1.15%
Ernest Yeung is a portfolio manager for the Emerging Markets Discovery Equity Strategy at T. Rowe Price. He was the co-portfolio manager for the International Small-Cap Equity Strategies from 2009 to 2014. Mr. Yeung is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price Hong Kong Limited.
Mr. Yeung has 17 years of investment experience, 15 of which have been with T. Rowe Price. Prior to joining the firm in 2003, he was an analyst with HSBC Asset Management in London.
Mr. Yeung earned an M.A., with honours, in economics from Cambridge University. He also has earned the Chartered Financial Analyst designation and the Investment Management Certificate.
- Fund manager2015
- Years at16
T. Rowe Price
- Years investment18
Nicholas Beecroft is a portfolio specialist in the Equity Division at T. Rowe Price, representing the firm's global equity strategies. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.
Mr. Beecroft has 18 years of investment experience, 14 of which have been with T. Rowe Price. He joined the firm in London in 2005 and spent many years working with our emerging markets equity team. Mr. Beecroft has been based in Hong Kong since 2011. Prior to joining T. Rowe Price, he was an investment analyst at Mercer Investment Consulting.
Mr. Beecroft earned a B.A, with honours, in contemporary European studies from the University of Southampton. He also has earned the Chartered Financial Analyst designation.
- Years at15
T. Rowe Price
- Years investment19
|Share Class||Minimum Initial Investment and Holding Amount (USD)||Minimum Subsequent Investment (USD)||Minimum Redemption Amount (USD)||Sales Charge (up to)||Investment Management Fee (up to)||Ongoing Charges|
|Class A||$15,000||$100||$100||5.00%||190 basis points||2.07%|
|Class I||$2,500,000||$100,000||$0||0.00%||100 basis points||1.10%|
|Class Q||$15,000||$100||$100||0.00%||100 basis points||1.17%|
Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.