Unconstrained, growth-orientated investing in the under explored markets of the Middle East and Africa.
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 diversified portfolio of stocks of companies in the developing countries of the Middle East and Africa.
- The fund is growth oriented, unconstrained and designed to deliver strong absolute performance.
- Stock selection is driven by fundamental analysis seeking to identify the best companies with attractive valuations and earnings that are growing faster than their local, regional or global peers.
- In investment frontiers such as the Middle East and Africa market, inefficiencies are likely to be significant. One of the core tenets of our investment strategy is that stocks are frequently mispriced.
- Focus on finding companies with above-average revenue growth, strong management and good corporate governance.
- The bottom-up, stock specific approach is supported by a top-down perspective focusing on macro and micro-factors mainly at the country level.
- Manager with a proven track record of investing in emerging markets supported by a dedicated analyst team.
- Dedicated Portfolio Manager supported by a well-resourced analyst team.
- Typically 50-80 stocks
- Individual positions typically range from 2.0%-8.0%
- Country and sector weights unconstrained
- Cash reserves typically 0%-5%
|1 YR||3 YR
|Since Manager Inception
|Indicative Benchmark %||-7.77%||-1.41%||0.80%||1.23%||2.31%|
|Excess Return %||-3.53%||-1.41%||-0.74%||0.94%||2.15%|
|1 YR||3 YR
|Indicative Benchmark %||-5.86%||-1.03%||1.42%||1.56%|
|Excess Return %||-6.28%||-2.16%||-1.23%||0.72%|
|Month to DateData as of 20-Nov-2020||Quarter to DateData as of 20-Nov-2020||Year to DateData as of 20-Nov-2020||1 MonthData as of 31-Oct-2020||3 MonthsData as of 31-Oct-2020|
|Indicative Benchmark %||9.09%||7.69%||-6.53%||-1.29%||3.13%|
|Excess Return %||-0.32%||2.22%||-2.83%||2.34%||2.34%|
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.
Index returns shown with reinvestment of dividends after the deduction of withholding taxes.
Effective 30 September 2010, the benchmark for the sub-fund was changed to S&P Emerging Market/Frontier Middle East & Africa Broad Market Index ex Israel. Prior to 30 September 2010, the benchmark for the sub-fund was MSCI Arabian Markets and Africa Index. Prior to 1 July 2009, the benchmark for the sub-fund was S&P IFCG Africa and Middle East ex-Saudi Arabia and ex-Israel. Prior to 1 September 2008, this benchmark also excluded Kuwait. The benchmark changes were made because the portfolio manager viewed the new benchmark composition to be a better representation of the investment strategy of the sub-fund. Historical benchmark representations have not been restated.
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^
Al Rajhi BankBy 2.64%
Largest Top Detractor^
Saudi British Bank (E)0.00%
Health CareNet Contribution 0.88%
MaterialsNet Contribution -0.78%
South AfricaNet Contribution 0.70%
United Arab EmiratesNet Contribution -0.79%
Oliver Bell is a vice president of T. Rowe Price Group, Inc., associate head of Equity EMEA and the lead portfolio manager and chairman of the Investment Advisory Committee for the T. Rowe Price Middle East & Africa Equity Strategy and the Frontier Markets Equity Strategy. He is a member of the International Equity Steering Committee and a Board member of T. Rowe Price (Luxembourg) Management S.a.r.l.
Mr. Bell has 21 years of investment experience, seven of which have been with T. Rowe Price. Prior to joining the firm in 2011, Mr. Bell was head of emerging markets equities research at Pictet Asset Management (the institutional asset management arm of Pictet & Cie, the largest private bank in Switzerland), where his responsibilities included managing several funds, as well as a team of analysts. During his time at Pictet, Mr. Bell was directly responsible for managing investments in the emerging Europe, Middle East and Africa region as part of the global emerging markets and the standalone Middle East and Africa portfolios. Mr. Bell also managed the Global Emerging Markets High Dividend Yield Equity Strategy.
Mr. Bell has earned a bachelor of science degree in chemistry from Exeter University and also has earned the Investment Management Certificate.
- Fund manager2011
- Years at9
T. Rowe Price
- Years investment23
Seun Oyegunle is the co-portfolio manager of the Africa & Middle East Fund in the Equity Division.
Seun’s investment experience began in 2009, and he has been with T. Rowe Price since 2013, beginning as a research analyst, covering retail and other sectors across a number of emerging markets, in the Emerging Markets department of the Equity Division. Prior to this, Seun was employed by Asset and Research Management Ltd as an analyst covering the consumer goods sector. He also was employed by Vetiva Capital Management Ltd.
Seun earned an M.B.A. in finance from the University of Pennsylvania, The Wharton School, and a B.Sc. in chemical engineering from the University of Lagos. Seun also has earned the Chartered Financial Analyst® designation.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Fund manager2020
- Years at7
T. Rowe Price
- Years investment11
|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||$1,000||$100||$100||5.00%||190 basis points||2.07%|
|Class I||$2,500,000||$100,000||$0||0.00%||100 basis points||1.10%|
Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.