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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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Home / Products / Strategy / Emerging Markets Equity Strategy
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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.

Strategy HighLights
GIPS

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

Tracking Error
(5 Years)

9.45%
3.06%
Data as of 30-Sep-2021
Data as of 30-Sep-2021

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

12.57%
0.42
Data as of 30-Sep-2021
Data as of 30-Sep-2021

Inception Date 31-Dec-1995

Performance figures calculated in USD

Eric C. Moffett
Eric C. Moffett, Portfolio Manager

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. Eric also is a co-portfolio manager of the Emerging Markets Equity Strategy. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Singapore Private 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 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%

Regions

Total
Regions
4
Largest Region Pacific Ex Japan 73.42% Was (30-Jun-2021) 69.99%
Other View complete Region Diversification

Monthly Data as of 30-Sep-2021

Benchmark: MSCI Emerging Markets Index

Largest Overweight

Europe
By3.04%
Portfolio 8.56%
Benchmark 5.52%

Largest Underweight

Pacific Ex Japan
By-5.02%
Portfolio 73.42%
Benchmark 78.44%

Monthly Data as of 30-Sep-2021

Countries

Total
Countries
24
Largest Country China 31.60% Was (30-Jun-2021) 30.97%
Other View complete Country Diversification

Monthly Data as of 30-Sep-2021

Benchmark: MSCI Emerging Markets Index

Top Contributor^

Argentina
Net Contribution 0.32%
Country
0.49%
Selection -0.17%

Top Detractor^

India
Net Contribution -0.88%
Country
-0.63%
Selection
-0.25%

^Relative

Quarterly Data as of 30-Sep-2021

Largest Overweight

Hong Kong
By4.18%
Portfolio 4.18%
Benchmark 0.00%

Largest Underweight

India
By-3.21%
Portfolio 8.97%
Benchmark 12.18%

Monthly Data as of 30-Sep-2021

Strategies with co-portfolio managers display the manager with the longer tenure. 

Holdings information and other breakdowns (such as country and currency) are related to those of representative portfolio ("Portfolio"). The Portfolio is an account in the composite we believe most closely reflects current portfolio management style for the strategy. Performance is not a consideration in the selection of the representative portfolio. The characteristics of the representative portfolio shown may differ from those of other accounts in the strategy. Please see the GIPS® Disclosure page for additional information on the composite.

The specific securities identified and described above do not represent all of the securities purchased, sold or recommended for advisory clients and no assumptions should be made that investments in the securities identified and discussed were or will be profitable. 

Effective 1 April 2021, Eric Moffett and Malik Asif assumed co-portfolio management responsibility for the Emerging Markets Equity Strategy.