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GIPS® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. T. Rowe Price has been independently verified for the twenty four-year period ended June 30, 2020, by KPMG LLP. The verification report is available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report.

TRP is a U.S. investment management firm with various investment advisers registered with the U.S. Securities and Exchange Commission, the U.K. Financial Conduct Authority, and other regulatory bodies in various countries and holds itself out as such to potential clients for GIPS purposes. TRP further defines itself under GIPS as a discretionary investment manager providing services primarily to institutional clients with regard to various mandates, which include U.S, international, and global strategies but excluding the services of the Private Asset Management group.

A complete list and description of all of the Firm's composites and/or a presentation that adheres to the GIPS® standards are available upon request. Additional information regarding the firm's policies and procedures for calculating and reporting performance results is available upon request

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Past performance is not a reliable indicator of future performance.

Strategy

Asia ex-Japan Equity

The Asia ex-Japan Equity Composite seeks long-term capital appreciation primarily through investment in companies in Asia, excluding Japan, with faster earnings growth and reasonable valuation levels relative to market/sector averages.

3YR Return Annualised (Net)
(View Total Returns)

Tracking Error
(5 Years)

14.36%
3.10%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

15.48%
0.97

Inception Date 31-Dec-1995

Performance figures calculated in USD

Anh Lu
Anh Lu, Portfolio Manager

Anh Lu is a portfolio manager in the Equity Division of T. Rowe Price Hong Kong Limited. Ms. Lu is the lead portfolio manager for the Asia ex-Japan Equity Strategy. She is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price Hong Kong Limited.

 

Strategy

Investment Approach

  • Employ fundamental analysis to identify companies with sustainable above-market earnings growth rates.
  • Focus on franchise strength, management team quality, free cash flow, and financing/balance sheet structure.
  • Verify relative valuation appeal versus both local market and region.
  • Apply negative screening for macroeconomic and political factors to temper bottom-up enthusiasm for specific securities.

Portfolio Construction

  • 70-100 stock portfolio
  • Individual positions typically range from 0.40% to 5.00% — average position size of 1.00%
  • Country and sector weightings a residual of stock selection. Significant deviations expected.
  • Reserves range from 0% to 10%, but typically less than 5%

Sectors

Total
Sectors
9
Largest Sector Information Technology 26.94% Was (30-Jun-2021) 26.39%
Other View complete Sector Diversification

Monthly Data as of 30-Sep-2021

Benchmark: MSCI All Country Asia ex Japan Index

Top Contributor^

Industrials & Business Services
Net Contribution 1.58%
Sector
0.13%
Selection 1.45%

Top Detractor^

Materials
Net Contribution -0.60%
Sector
-0.57%
Selection
-0.03%

^Relative

Quarterly Data as of 30-Sep-2021

Largest Overweight

Consumer Staples
By3.67%
Portfolio 8.63%
Benchmark 4.96%

Largest Underweight

Materials
By-5.42%
Portfolio 0.00%
Benchmark 5.42%

Monthly Data as of 30-Sep-2021

Countries

Total
Countries
12
Largest Country China 42.68% Was (30-Jun-2021) 46.13%
Other View complete Country Diversification

Monthly Data as of 30-Sep-2021

Benchmark: MSCI All Country Asia ex Japan Index

Top Contributor^

Taiwan
Net Contribution 0.95%
Country
-0.04%
Selection 0.98%

Top Detractor^

India
Net Contribution -0.33%
Country
0.15%
Selection
-0.48%

^Relative

Quarterly Data as of 30-Sep-2021

Largest Overweight

China
By3.51%
Portfolio 42.68%
Benchmark 39.17%

Largest Underweight

South Korea
By-8.55%
Portfolio 5.90%
Benchmark 14.45%

Monthly Data as of 30-Sep-2021