Strategy
Middle East & Africa Equity
The Middle East & Africa Equity Composite seeks long-term capital appreciation through investing across the region in companies who are experiencing strong earnings growth and trading at reasonable valuations relative to market/sector averages.
3YR Return Annualised (Net)
(View Total Returns)
Tracking Error
(5 Years)
1YR Return (Net)
(View Total Returns)
Information Ratio
(5 Years)
Inception Date 30-Sep-2007
Performance figures calculated in USD
Strategy
Investment Approach
- The strategy is growth orientated, 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.
- A broad opportunity set allows for greater flexibility in the pursuit of alpha.
- Manager with a proven track record of investing in emerging markets supported by a dedicated analyst team.
Portfolio Construction
- Typically 50-80 stocks
- Individual positions typically range from 2.0%-8.0%
- Country and sector weights unconstrained
- Cash reserves 1%-5%
Performance
Annualised Performance
Quarterly| 1 YR | 3 YR Annualised |
5 YR Annualised |
10 YR Annualised |
|
|---|---|---|---|---|
| Composite Gross % | 8.82% | 7.85% | 2.03% | 6.74% |
| Composite Net % | 7.90% | 6.94% | 1.17% | 5.84% |
| Benchmark % | 10.83% | 6.52% | 1.64% | 4.51% |
| Excess Return (Gross) % | -2.01% | 1.33% | 0.39% | 2.23% |
Recent Performance
| 3 MonthsData as of 31-Dec-2019 | Year to DateData as of 31-Dec-2019 | |
|---|---|---|
| Composite Gross % | 7.23% | 8.82% |
| Composite Net % | 7.01% | 7.90% |
| Benchmark % | 8.45% | 10.83% |
| Excess Return (Gross) % | -1.22% | -2.01% |
Returns for time periods greater than one year are annualised.
Past performance is not a reliable indicator of future performance.
Gross performance returns are presented before management and all other fees, where applicable, but after trading expenses. Net of fees performance reflects the deduction of the highest applicable management fee that would be charged based on the fee schedule contained within this material, without the benefit of breakpoints. Gross and net performance returns reflect the reinvestment of dividends and are net of all non-reclaimable withholding taxes on dividends, interest income, and capital gains.
Holdings
Total
Holdings
56
Top Purchase
Saudi Arabian Oil (N)
2.01%Top Sale
Almarai (E)
0.00%Sectors
Total
Sectors
10
Top Contributor^
Communication Services
Net Contribution 0.76%Top Detractor^
Materials
Net Contribution -1.27%Largest Overweight
Consumer Discretionary
Largest Underweight
Materials
Countries
Total
Countries
13
Top Contributor^
Saudi Arabia
Net Contribution 0.66%Top Detractor^
South Africa
Net Contribution -1.61%Largest Overweight
Kuwait
Largest Underweight
Saudi Arabia
Team (As of 27-Mar-2020)
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.
- Portfolio manager2011
since - Years at8
T. Rowe Price - Years investment22
experience
S. Leigh Innes is a portfolio specialist in the Equity Division at T. Rowe Price, representing the firm's emerging market strategies to institutional clients, consultants and prospects. Ms. Innes is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.
Ms. Innes has 22 years of investment experience, 17 of which have been at T. Rowe Price. She started at T. Rowe Price in 2002 as a research analyst for emerging market portfolios, and in 2007, she assumed portfolio management responsibility for the Emerging Europe Equity Strategy from Chris Alderson. In 2015, she assumed the role of portfolio specialist. Ms. Innes began her investment career at Merrill Lynch where she was a fund manager/analyst covering Latin America.
Ms. Innes earned an M.A. (with honours) in mathematics from Oxford University. She also has earned the Chartered Financial Analyst designation.
- Years at17
T. Rowe Price - Years investment22
experience
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.