Past performance is not a reliable indicator of future performance.
Strategy
Emerging Markets Equity
The Emerging Markets Equity Composite seeks long-term capital appreciation primarily through investment in established companies, in developing markets, with faster earnings growth and reasonable valuation levels 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 31-Dec-1995
Performance figures calculated in USD
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 broad sector opportunity set.
- Apply negative screening for macroeconomic and political factors to temper bottom-up enthusiasm for specific securities.
Portfolio Construction
- Typically 80-100 stocks
- Expected 3-7% tracking error
- Individual positions typically range from 0.30% to 6.00% — average position size from 0.50% to 1.00%
- Country ranges +/- 10% absolute deviation from the benchmark
- Sector ranges +/- 15% absolute deviation from the benchmark
- Reserves are typically less than 5%
- Expected Turnover range: 20-40%
Performance
Annualised Performance
Quarterly| 1 YR | 3 YR Annualised |
5 YR Annualised |
10 YR Annualised |
|
|---|---|---|---|---|
| Composite Gross % | 35.98% | 12.18% | 14.62% | 6.75% |
| Composite Net % | 34.85% | 11.23% | 13.66% | 5.85% |
| Benchmark % | 40.90% | 11.27% | 13.03% | 4.28% |
| Excess Return (Gross) % | -4.92% | 0.91% | 1.59% | 2.47% |
Recent Performance
| 3 MonthsData as of 30-Jun-2021 | Year to DateData as of 30-Jun-2021 | |
|---|---|---|
| Composite Gross % | 2.27% | 3.28% |
| Composite Net % | 2.05% | 2.84% |
| Benchmark % | 5.05% | 7.45% |
| Excess Return (Gross) % | -2.78% | -4.17% |
Past performance is not a reliable indicator of future performance.
Returns for time periods greater than one year are annualised.
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.
Index returns shown with reinvestment of dividends after the deduction of withholding taxes.
Effective 1 July 2018, the "net" version of the benchmark replaced the "gross" version of the benchmark. The "net" version of the 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.
Holdings
Total
Holdings
91
Top Purchase
Prosus
1.07%Top Sale
Samsung Electronics
5.44%Sectors
Total
Sectors
10
Top Contributor^
Real Estate
Net Contribution 0.18%Top Detractor^
Consumer Discretionary
Net Contribution -1.16%Largest Overweight
Consumer Staples
Largest Underweight
Materials
Regions
Total
Regions
4
Largest Overweight
Europe
Largest Underweight
Pacific Ex Japan
Countries
Total
Countries
24
Top Contributor^
South Africa
Net Contribution 0.24%Top Detractor^
China
Net Contribution -1.67%Largest Overweight
Hong Kong
Largest Underweight
China
Team (As of 10-Sep-2021)
Gonzalo Pángaro is the lead portfolio manager for the Emerging Markets Equity Strategy in the Equity Division. He is chairman of the Investment Advisory Committee for the Emerging Markets Equity Strategy and a member of the International Equity Steering Committee. Gonzalo is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.
Gonzalo’s investment experience began in 1991, and he has been with T. Rowe Price since 1995, beginning in the Buenos Aires office as an analyst, covering Latin American equities from Buenos Aires. After that, he served as head of International Research from 2000 to 2004. He also has been instrumental in the development of the firm's non-U.S. research capabilities. Prior to T. Rowe Price, Gonzalo was employed by Robert Fleming as head of Argentine research, covering Latin American utilities. He also was an investment analyst with Banco Mildesa, specializing in the Argentine market.
Gonzalo earned a bachelor's degree in business administration from Argentine Catholic University and a master's degree in finance from CEMA University (Centro de Estudios Macroeconomicos de la Argentina). Gonzalo also has earned the Chartered Financial Analyst® designation. In addition to English, Gonzalo is fluent in Spanish and Portuguese.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Portfolio manager2004
since - Years at23
T. Rowe Price - Years investment30
experience
Malik Sarmad Asif is an associate portfolio manager for the Global Emerging Markets Equity Strategy and a co-portfolio manager for the Emerging Markets Equity Strategy in the International Equity Division. He is a member of the Emerging Markets Stock Investment Advisory Committee. Malik is a vice president of T. Rowe Price Group, Inc.
Malik's investment experience began in 2005, and he has been with T. Rowe Price since 2012, beginning on the Emerging Markets Equity team as an investment analyst. Prior to this, Malik was employed by Keefe, Bruyette & Woods in equity research covering U.S. large-cap financial services. He also has worked on the investment team of the World Bank Group’s private sector investment arm, International Finance Corporation, and in Morgan Stanley’s investment banking division.
Malik earned a B.A., summa cum laude, in economics and international relations from Connecticut College and is a member of Phi Beta Kappa. He also earned an M.B.A. from the University of Chicago, Booth School of Business, where he received the Chicago Booth Merit Fellowship.
- Portfolio manager2021
since - Years at9
T. Rowe Price - Years investment14
experience
Eric Moffett is a portfolio manager in the International Equity Division. He manages the Asia Opportunities Equity Strategy and is chairman of the strategy's Investment Advisory Committee. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Singapore Private Limited.
Eric’s investment experience began in 2007, and he has been with T. Rowe Price since 2007, beginning in the Equity department. Prior to this, Eric was employed by Fayez Sarofim & Company as an analyst.
Eric earned an A.B., magna cum laude, in economics from Princeton University and an M.B.A. from Harvard Business School.
- Portfolio manager2021
since - Years at13
T. Rowe Price - Years investment20
experience
Chuck Knudsen is a portfolio specialist in the Equity Division. He also is a member of the Emerging Markets Equity team. Chuck is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.
Chuck’s investment experience began in 1987, and he has been with T. Rowe Price since 2005, beginning in the Global Investment Services department, the organization responsible for the firm's institutional business worldwide. After that, he was the associate head of Institutional Client Service, North America, for Global Investment Services. Prior to T. Rowe Price, Chuck was a senior vice president with Legg Mason Capital Management for three years, servicing many of the firm's large, global institutional clients. He also spent 15 years with Allied Investment Advisors, where he oversaw the Client Service team, was an equity analyst, and served as the portfolio manager for the Ark Funds Balanced Portfolio.
Chuck earned a B.A. from Duke University and an M.B.A. in finance and investments from George Washington University. He also has earned the Chartered Financial Analyst® designation and is a Series 7 and 63 registered representative.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Years at16
T. Rowe Price - Years investment34
experience
Gonzalo Pángaro is the lead portfolio manager for the Emerging Markets Equity Strategy in the Equity Division. He is chairman of the Investment Advisory Committee for the Emerging Markets Equity Strategy and a member of the International Equity Steering Committee. Gonzalo is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.