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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

Frontier Markets Equity

The Frontier Markets Equity Composite seeks long-term capital appreciation through investing in companies located, or with primary operations, in Frontier markets (defined as those markets which are not in the MSCI AC World Index) which are experiencing sustainable, strong earnings growth and trading at reasonable valuations relative to market/sector averages.

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

Tracking Error
(5 Years)

-2.99%
5.85%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

52.56%
0.26

Inception Date 30-Jun-2014

Performance figures calculated in USD

Johannes Loefstrand
Johannes Loefstrand, Portfolio Manager

Johannes Loefstrand is the Co-Portfolio Manager on the Frontier Markets Fund in the Equity Division of T. Rowe Price. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

 

Strategy

Investment Approach

  • Invest across the entire frontier investment universe, including countries outside the MSCI Frontier Markets Index.
  • Rigorous, risk-aware approach to identify quality growing companies trading at attractive valuations.
  • Employ fundamental analysis with a focus on returns, balance sheet structure, management team and corporate governance.
  • Disciplined approach to valuation. Verify relative valuation appeal versus peers and history.
  • Consider macroeconomic and political factors to temper bottom-up enthusiasm.

Portfolio Construction

  • Number of holdings: 60-80 stocks
  • Individual position sizes typically range from 0.5%-10%
  • Country Ranges:
    • Index countries: Unconstrained
    • Non-index countries: Constrained – 15% limit in any one country
  • Sector Ranges: Unconstrained. Maximum 50% in Financials.
  • Reserves are typically less than 5%
  • Expected Turnover range: 20-40%

Holdings

Total
Holdings
49
Largest Holding FPT 7.41% Was (31-Dec-2020) 5.41%
Other View Full Holdings Quarterly data as of  31-Mar-2021
Top 10 Holdings 48.63% View Top 10 Holdings Monthly data as of  31-Mar-2021

Top Purchase

Saigon Beer Alcohol Beverage (N)
2.14%
Was (31-Dec-2020) 0%

Top Sale

Vincom Retail JSC
0.48%
Was (31-Dec-2020) 2.24%

Quarterly Data as of 31-Mar-2021

Sectors

Total
Sectors
10
Largest Sector Financials 34.17% Was (31-Dec-2020) 35.54%
Other View complete Sector Diversification

Monthly Data as of 31-Mar-2021

Benchmark: MSCI Frontier Market 10/40 Index Net

Top Contributor^

Information Technology
Net Contribution 3.09%
Sector
3.09%
Selection 0.00%

Top Detractor^

Consumer Staples
Net Contribution -0.46%
Sector
-0.01%
Selection
-0.46%

^Relative

Quarterly Data as of 31-Mar-2021

Largest Overweight

Information Technology
By16.05%
Portfolio 16.05%
Benchmark 0.00%

Largest Underweight

Materials
By-9.09%
Portfolio 0.00%
Benchmark 9.09%

Monthly Data as of 31-Mar-2021

Regions

Total
Regions
5
Largest Region Pacific Ex Japan 49.38% Was (31-Dec-2020) 47.44%
Other View complete Region Diversification

Monthly Data as of 31-Mar-2021

Benchmark: MSCI Frontier Market 10/40 Index Net

Top Contributor^

EM EMEA
Net Contribution 4.07%
Region
0.39%
Selection 3.68%

Top Detractor

N/A

^Relative

Quarterly Data as of 31-Mar-2021

Largest Overweight

Pacific Ex Japan
By17.29%
Portfolio 49.38%
Benchmark 32.09%

Largest Underweight

Middle East & Africa
By-23.03%
Portfolio 20.85%
Benchmark 43.87%

Monthly Data as of 31-Mar-2021

Countries

Total
Countries
20
Largest Country Vietnam 38.49% Was (31-Dec-2020) 36.11%
Other View complete Country Diversification

Monthly Data as of 31-Mar-2021

Benchmark: MSCI Frontier Market 10/40 Index Net

Top Contributor^

Vietnam
Net Contribution 3.53%
Country
0.54%
Selection 3.00%

Top Detractor^

Oman
Net Contribution -0.36%
Country
-0.36%
Selection
0.00%

^Relative

Quarterly Data as of 31-Mar-2021

Largest Overweight

Vietnam
By9.71%
Portfolio 38.49%
Benchmark 28.78%

Largest Underweight

Bahrain
By-7.41%
Portfolio 0.00%
Benchmark 7.41%

Monthly Data as of 31-Mar-2021

Team (As of 27-Jul-2021)

Johannes Loefstrand

Johannes Loefstrand is the Co-Portfolio Manager on the Frontier Markets Fund in the Equity Division of T. Rowe Price. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

Johannes’s investment experience began in 2012 and he has been with T. Rowe Price since 2015, beginning in the Emerging Markets Equity Division. Prior to this, he was an investment analyst at Arisaig Partners in Singapore and in Cape Town.

Johannes earned a master of laws degree from the London School of Economics and a bachelor of laws degree from the University of Groningen, Netherlands.

  • Portfolio manager
    since
    2020
  • Years at
    T. Rowe Price
    5
  • Years investment
    experience
    0
Leigh Innes

Leigh Innes is a Director of Research in the International Equity Division. She also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

Leigh’s investment experience began in 1997, and she has been with T. Rowe Price since 2002, beginning as an investment analyst, a portfolio manager, and a portfolio specialist for Emerging Markets Equity. Prior to T. Rowe Price, Leigh was employed by Merrill Lynch as a fund manager/analyst covering Latin America.

Leigh earned an M.A., with honors, in mathematics from Oxford University. She also has earned the Chartered Financial Analyst® designation.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

  • Years at
    T. Rowe Price
    18
  • Years investment
    experience
    23