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SICAV

Frontier Markets Equity Fund

Seeking to identify long-term market leaders in countries on the cusp of rapid development.

ISIN LU1607940118 WKN A2DRUL

Since Inception Annualised
(View Total Returns)

Total Assets
(USD)

0.69%
$237.1m

1YR Return
(View Total Returns)

Manager Tenure

8.77%
2yrs

Information Ratio

Tracking Error

N/A
N/A

Inception Date 18-May-2017

Performance figures calculated in USD

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Oliver Bell
Oliver Bell, Portfolio Manager

Oliver Bell is a vice president of T. Rowe Price Group, Inc., associate head of Equity EMEA and the lead portfolio manager and chairman of the Investment Advisory Committee for the T. Rowe Price Middle East & Africa Equity Strategy and the Frontier Markets Equity Strategy. He is a member of the International Equity Steering Committee and a Board member of T. Rowe Price (Luxembourg) Management S.a.r.l.

 

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 frontier markets companies.

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: typically 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.
  • 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 % 8.77% N/A N/A 0.69%
Indicative Benchmark % 10.64% N/A N/A 3.74%
Excess Return % -1.87% N/A N/A -3.05%

Inception Date 18-May-2017

Indicative Benchmark: MSCI Frontier Market Index Net

Data as of  31-Oct-2019

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Fund % 3.24% N/A N/A 0.88%
Indicative Benchmark % 5.87% N/A N/A 3.53%
Excess Return % -2.63% N/A N/A -2.65%

Inception Date 18-May-2017

Indicative Benchmark: MSCI Frontier Market Index Net

Data as of  30-Sep-2019

Performance figures calculated in USD

Recent Performance

  Month to DateData as of 04-Dec-2019 Quarter to DateData as of 04-Dec-2019 Year to DateData as of 04-Dec-2019 1 MonthData as of 31-Oct-2019 3 MonthsData as of 31-Oct-2019
Fund % 0.58% 2.74% 12.80% -0.39% -4.60%
Indicative Benchmark % 0.66% 2.86% 13.82% 0.81% -2.73%
Excess Return % -0.08% -0.12% -1.02% -1.20% -1.87%

Inception Date 18-May-2017

Indicative Benchmark: MSCI Frontier Market Index Net

Indicative Benchmark: MSCI Frontier Market 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.

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
68
Largest Holding National Bank of Kuwait 9.45% Was (30-Jun-2019) 9.81%
Other View Full Holdings Quarterly data as of 30-Sep-2019
Top 10 Holdings 43.86% View Top 10 Holdings Monthly data as of 31-Oct-2019

Largest Top Contributor^

Military Commercial Joint Stock Bank
By 2.69%
% of fund 5.89%

Largest Top Detractor^

National Bank of Kuwait
By -0.79%
% of fund 9.44%

^Absolute

Quarterly Data as of 30-Sep-2019

Top Purchase

Banca Transilvania
2.79%
Was (30-Jun-2019) 1.71%

Top Sale

Grupo Financiero Galicia (E)
0.00%
Was (30-Jun-2019) 1.76%

Quarterly Data as of 30-Sep-2019

Sectors

Total
Sectors
11
Largest Sector Financials 54.80% Was (30-Sep-2019) 54.17%
Other View complete Sector Diversification

Monthly Data as of 31-Oct-2019

Indicative Benchmark: MSCI Frontier Markets Index

Top Contributor^

Consumer Discretionary
Net Contribution 1.02%
Sector
-0.26%
Selection 1.28%

Top Detractor^

Financials
Net Contribution -0.73%
Sector
-0.03%
Selection
-0.70%

^Relative

Quarterly Data as of 30-Sep-2019

Largest Overweight

Consumer Discretionary
By7.15%
Fund 7.29%
Indicative Benchmark 0.14%

Largest Underweight

Communication Services
By-9.33%
Fund 4.92%
Indicative Benchmark 14.24%

Monthly Data as of 31-Oct-2019

Regions

Total
Regions
5
Largest Region Middle East & Africa 50.10% Was (30-Sep-2019) 51.24%
Other View complete Region Diversification

Monthly Data as of 31-Oct-2019

Indicative Benchmark: MSCI Frontier Markets Index

Top Contributor^

Pacific ex Japan
Net Contribution 3.47%
Region
0.43%
Selection 3.04%

Top Detractor^

Latin America
Net Contribution -2.20%
Region
-2.20%
Selection
0.00%

^Relative

Quarterly Data as of 30-Sep-2019

Largest Overweight

Pacific Ex Japan
By13.32%
Fund 35.25%
Indicative Benchmark 21.94%

Largest Underweight

Middle East & Africa
By-16.62%
Fund 50.10%
Indicative Benchmark 66.72%

Monthly Data as of 31-Oct-2019

Countries

Total
Countries
25
Largest Country Kuwait 30.87% Was (30-Sep-2019) 30.63%
Other View complete Country Diversification

Monthly Data as of 31-Oct-2019

Indicative Benchmark: MSCI Frontier Markets Index

Top Contributor^

Vietnam
Net Contribution 2.69%
Country
0.28%
Selection 2.41%

Top Detractor^

Argentina
Net Contribution -2.20%
Country
-2.20%
Selection
0.00%

^Relative

Quarterly Data as of 30-Sep-2019

Largest Overweight

Vietnam
By6.37%
Fund 25.14%
Indicative Benchmark 18.77%

Largest Underweight

Kenya
By-6.52%
Fund 0.00%
Indicative Benchmark 6.52%

Monthly Data as of 31-Oct-2019

Team (As of 31-Aug-2019)

Oliver Bell

Oliver Bell is a vice president of T. Rowe Price Group, Inc., associate head of Equity EMEA and the lead portfolio manager and chairman of the Investment Advisory Committee for the T. Rowe Price Middle East & Africa Equity Strategy and the Frontier Markets Equity Strategy. He is a member of the International Equity Steering Committee and a Board member of T. Rowe Price (Luxembourg) Management S.a.r.l.

Mr. Bell has 21 years of investment experience, seven of which have been with T. Rowe Price. Prior to joining the firm in 2011, Mr. Bell was head of emerging markets equities research at Pictet Asset Management (the institutional asset management arm of Pictet & Cie, the largest private bank in Switzerland), where his responsibilities included managing several funds, as well as a team of analysts. During his time at Pictet, Mr. Bell was directly responsible for managing investments in the emerging Europe, Middle East and Africa region as part of the global emerging markets and the standalone Middle East and Africa portfolios. Mr. Bell also managed the Global Emerging Markets High Dividend Yield Equity Strategy.

Mr. Bell has earned a bachelor of science degree in chemistry from Exeter University and also has earned the Investment Management Certificate.

  • Fund manager
    since
    2017
  • Years at
    T. Rowe Price
    8
  • Years investment
    experience
    22
Kanwal Masood

Kanwal Masood is a portfolio specialist in the Equity Division at T. Rowe Price, covering the Middle East and Africa Equity and Emerging Europe Equity Strategies. She is an associate vice president of T. Rowe Price International Ltd.

Ms. Masood has 10 years of investment experience, all of which have been with T. Rowe Price. She joined the firm in 2007, covering the global and regional emerging market equity strategies as a portfolio analyst. Prior to joining T. Rowe Price, she was a product specialist at the London Stock Exchange.

Ms. Masood earned a B.Sc. with honours in mathematics and computer science from King's College London.

  • Years at
    T. Rowe Price
    12
  • Years investment
    experience
    12

Fee Schedule

Share Class Minimum Initial Investment and Holding Amount Minimum Subsequent Investment Minimum Redemption Amount Sales Charge (up to) Investment Management Fee (up to) Ongoing Charges
Class A $15,000 $100 $100 5.00% 200 basis points 2.17%
Class I $2,500,000 $100,000 $0 0.00% 110 basis points 1.18%
Class Q $15,000 $100 $100 0.00% 110 basis points 1.27%
Class S $10,000,000 $0 $0 0.00% 0 basis points 0.07%

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

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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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