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GIPS® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®). TRP has been independently verified for the twenty one- year period ended June 30, 2017 by KPMG LLP. The verification report is available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

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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SICAV

Emerging Markets Equity Fund

Seeking to capture compelling growth opportunities in dynamic emerging markets.

ISIN LU0353116022 WKN A14VBD

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

4.63%
$2.6b

1YR Return
(View Total Returns)

Manager Tenure

9.10%
11yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

1.00
3.43%

Inception Date 30-Jun-2015

Performance figures calculated in USD

Other Literature

Gonzalo Pángaro
Gonzalo Pángaro, Portfolio Manager

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.

 

Strategy

Investment Objective

To increase the value of its shares, over the long term, through growth in the value of its investments. The fund invests mainly in a diversified portfolio of stocks of emerging market companies.

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 (Class S)

Annualised Performance

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Fund % 9.10% 4.63% 11.34% 8.36%
Indicative Benchmark % 8.25% 1.94% 7.92% 4.85%
Excess Return % 0.85% 2.69% 3.42% 3.51%

Inception Date 30-Jun-2015

Indicative Benchmark: MSCI Emerging Markets Index Net

Data as of  31-Oct-2020

Performance figures calculated in USD

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Fund % 11.54% 5.20% 12.50% 8.26%
Indicative Benchmark % 10.54% 2.42% 8.97% 4.52%
Excess Return % 1.00% 2.78% 3.53% 3.74%

Inception Date 30-Jun-2015

Indicative Benchmark: MSCI Emerging Markets Index Net

Data as of  30-Sep-2020

Performance figures calculated in USD

Recent Performance

  Month to DateData as of 20-Nov-2020 Quarter to DateData as of 20-Nov-2020 Year to DateData as of 20-Nov-2020 1 MonthData as of 31-Oct-2020 3 MonthsData as of 31-Oct-2020
Fund % 11.07% 12.39% 11.58% 1.19% 1.25%
Indicative Benchmark % 9.62% 11.88% 10.58% 2.06% 2.64%
Excess Return % 1.45% 0.51% 1.00% -0.87% -1.39%

Inception Date 30-Jun-2015

Indicative Benchmark: MSCI Emerging Markets Index Net

Indicative Benchmark: MSCI Emerging Markets Index Net

Performance figures calculated in USD

Past performance is not a reliable indicator of future performance.  Source for fund performance: T. Rowe Price. Fund performance is calculated using the official NAV with dividends reinvested, if any. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested. It will be affected by changes in the exchange rate between the base currency of the fund and the subscription currency, if different. Sales charges (up to a maximum of 5% for the A Class), taxes and other locally applied costs have not been deducted and if applicable, they will reduce the performance figures. 

Please note that no management fees are charged to the S and J share classes. No administration agent fees are charged to the J class. Fee arrangements for the S and J classes are made directly with the investment manager. Please see the prospectus for further information.

Where the base currency of the fund differs from the share class currency, exchange rate movements may affect returns.

Index returns shown with reinvestment of dividends after the deduction of withholding taxes. 

Effective 1 July 2018, the "net" version of the indicative benchmark replaced the "gross" version of the indicative benchmark. The "net" version of the indicative 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
88
Largest Holding Taiwan Semiconductor Manufacturing 8.66% Was (30-Jun-2020) 6.74%
Other View Full Holdings Quarterly data as of 30-Sep-2020
Top 10 Holdings 49.16% View Top 10 Holdings Monthly data as of 31-Oct-2020

Largest Top Contributor^

Alibaba Group Holding
By 0.73%
% of fund 9.37%

Largest Top Detractor^

Itau Unibanco Holding
By -0.60%
% of fund 2.34%

^Absolute

Quarterly Data as of 30-Sep-2020

Top Purchase

Itau Unibanco Holding
2.34%
Was (30-Jun-2020) 2.04%

Top Sale

Banco Bradesco (E)
0.00%
Was (30-Jun-2020) 0.89%

Quarterly Data as of 30-Sep-2020

Sectors

Total
Sectors
10
Largest Sector Information Technology 22.87% Was (30-Sep-2020) 24.04%
Other View complete Sector Diversification

Monthly Data as of 31-Oct-2020

Indicative Benchmark: MSCI Emerging Markets Index

Top Contributor^

Communication Services
Net Contribution 0.53%
Sector
0.02%
Selection 0.51%

Top Detractor^

Consumer Discretionary
Net Contribution -1.27%
Sector
-0.49%
Selection
-0.78%

^Relative

Quarterly Data as of 30-Sep-2020

Largest Overweight

Consumer Staples
By9.69%
Fund 15.56%
Indicative Benchmark 5.87%

Largest Underweight

Materials
By-5.00%
Fund 1.84%
Indicative Benchmark 6.84%

Monthly Data as of 31-Oct-2020

Countries

Total
Countries
23
Largest Country China 36.10% Was (30-Sep-2020) 35.96%
Other View complete Country Diversification

Monthly Data as of 31-Oct-2020

Indicative Benchmark: MSCI Emerging Markets Index

Top Contributor^

Taiwan
Net Contribution 0.51%
Country
-0.07%
Selection 0.58%

Top Detractor^

India
Net Contribution -0.31%
Country
-0.15%
Selection
-0.15%

^Relative

Quarterly Data as of 30-Sep-2020

Largest Overweight

Hong Kong
By3.20%
Fund 3.20%
Indicative Benchmark 0.00%

Largest Underweight

China
By-7.21%
Fund 36.10%
Indicative Benchmark 43.31%

Monthly Data as of 31-Oct-2020

Team (As of 01-Oct-2020)

Gonzalo Pángaro

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.

  • Fund manager
    since
    2009
  • Years at
    T. Rowe Price
    22
  • Years investment
    experience
    29
Nick Beecroft, CFA

Nick Beecroft is the APAC head of the Investment Specialist Group and a portfolio specialist in the Equity Division. He also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

Nick’s investment experience began in 2001, and he has been with T. Rowe Price since 2005, beginning in the Equity Division. Prior to this, Nick was employed by Mercer Investment Consulting as an investment analyst.

Nick earned a B.A., with honors, in contemporary European studies from the University of Southampton. He 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
    15
  • Years investment
    experience
    19
Charles Knudsen, CFA

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 at
    T. Rowe Price
    15
  • Years investment
    experience
    33

Fee Schedule

Share Class Minimum Initial Investment and Holding Amount (USD) Minimum Subsequent Investment (USD) Minimum Redemption Amount (USD) Sales Charge (up to) Investment Management Fee (up to) Ongoing Charges
Class A $1,000 $100 $100 5.00% 190 basis points 2.01%
Class I $2,500,000 $100,000 $0 0.00% 100 basis points 1.06%
Class Jd $10,000,000 $0 $0 0.00% 0 basis points 0.10%
Class Q $1,000 $100 $100 0.00% 100 basis points 1.10%
Class S $10,000,000 $0 $0 0.00% 0 basis points 0.06%

Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.