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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

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)

8.28%
4.22%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

45.82%
0.36

Inception Date 30-Sep-2007

Performance figures calculated in USD

Seun Oyegunle, CFA
Seun Oyegunle, CFA, Portfolio Manager

Seun Oyegunle is the portfolio manager of the Africa & Middle East Fund in the Equity Division.

 

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 an established 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%

Sectors

Total
Sectors
10
Largest Sector Financials 44.86% Was (30-Jun-2021) 43.13%
Other View complete Sector Diversification

Monthly Data as of 30-Sep-2021

Benchmark: MSCI Arabian Markets & Africa 10/40 IMI Index

Top Contributor^

Consumer Discretionary
Net Contribution 0.71%
Sector
-1.75%
Selection 2.46%

Top Detractor^

Energy
Net Contribution -0.11%
Sector
-0.08%
Selection
-0.03%

^Relative

Quarterly Data as of 30-Sep-2021

Largest Overweight

Consumer Discretionary
By8.05%
Portfolio 15.18%
Benchmark 7.13%

Largest Underweight

Materials
By-12.57%
Portfolio 5.90%
Benchmark 18.47%

Monthly Data as of 30-Sep-2021

Countries

Total
Countries
12
Largest Country Saudi Arabia 35.09% Was (30-Jun-2021) 32.76%
Other View complete Country Diversification

Monthly Data as of 30-Sep-2021

Benchmark: MSCI Arabian Markets & Africa 10/40 IMI Index

Top Contributor^

South Africa
Net Contribution 1.93%
Country
0.30%
Selection 1.63%

Top Detractor^

Netherlands
Net Contribution -0.92%
Country
-0.92%
Selection
0.00%

^Relative

Quarterly Data as of 30-Sep-2021

Largest Overweight

Netherlands
By4.45%
Portfolio 4.45%
Benchmark 0.00%

Largest Underweight

Kuwait
By-6.22%
Portfolio 0.00%
Benchmark 6.22%

Monthly Data as of 30-Sep-2021