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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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T. Rowe Price

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Past performance is not a reliable indicator of future performance.

Strategy

Middle East & Africa Equity

The Middle East & Africa Equity Composite seeks long-term capital appreciation through investing across the region in companies who are experiencing strong earnings growth and trading at reasonable valuations relative to market/sector averages.

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

Tracking Error
(5 Years)

-3.10%
4.02%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

-11.51%
-0.05

Inception Date 30-Sep-2007

Performance figures calculated in USD

Other Literature

Seun Oyegunle, CFA
Seun Oyegunle, CFA, Portfolio Manager

Seun Oyegunle is the co-portfolio manager of the Africa & Middle East Fund in the Equity Division.

 

Strategy

Investment Approach

  • The strategy is growth orientated, unconstrained and designed to deliver strong absolute performance.
  • Stock selection is driven by fundamental analysis seeking to identify the best companies with attractive valuations and earnings that are growing faster than their local, regional or global peers.
  • In investment frontiers such as the Middle East and Africa market, inefficiencies are likely to be significant. One of the core tenets of our investment strategy is that stocks are frequently mispriced.
  • Focus on finding companies with above-average revenue growth, strong management and good corporate governance.
  • The bottom-up, stock specific approach is supported by a top-down perspective focusing on macro and micro-factors mainly at the country level.
  • A broad opportunity set allows for greater flexibility in the pursuit of alpha.
  • Manager with a proven track record of investing in emerging markets supported by a dedicated analyst team.

Portfolio Construction

  • Typically 50-80 stocks
  • Individual positions typically range from 2.0%-8.0%
  • Country and sector weights unconstrained
  • Cash reserves 1%-5%

Holdings

Total
Holdings
46
Largest Holding Naspers 10.95% Was (30-Jun-2020) 11.68%
Other View Full Holdings Quarterly data as of  30-Sep-2020
Top 10 Holdings 51.71% View Top 10 Holdings Monthly data as of  30-Sep-2020

Top Purchase

National Commercial Bank
3.62%
Was (30-Jun-2020) 2.19%

Top Sale

Saudi British Bank (E)
0.00%
Was (30-Jun-2020) 2.46%

Quarterly Data as of 30-Sep-2020

Sectors

Total
Sectors
8
Largest Sector Financials 47.20% Was (30-Jun-2020) 45.73%
Other View complete Sector Diversification

Monthly Data as of 30-Sep-2020

Benchmark: MSCI Arabian Markets & Africa 10/40 IMI Index

Top Contributor^

Health Care
Net Contribution 0.93%
Sector
-0.03%
Selection 0.96%

Top Detractor^

Materials
Net Contribution -0.78%
Sector
-0.66%
Selection
-0.12%

^Relative

Quarterly Data as of 30-Sep-2020

Largest Overweight

Consumer Staples
By6.82%
Portfolio 12.50%
Benchmark 5.68%

Largest Underweight

Materials
By-10.56%
Portfolio 7.61%
Benchmark 18.17%

Monthly Data as of 30-Sep-2020

Countries

Total
Countries
14
Largest Country South Africa 29.17% Was (30-Jun-2020) 31.20%
Other View complete Country Diversification

Monthly Data as of 30-Sep-2020

Benchmark: MSCI Arabian Markets & Africa 10/40 IMI Index

Top Contributor^

South Africa
Net Contribution 0.43%
Country
0.25%
Selection 0.18%

Top Detractor^

United Arab Emirates
Net Contribution -0.75%
Country
0.02%
Selection
-0.78%

^Relative

Quarterly Data as of 30-Sep-2020

Largest Overweight

United Kingdom
By7.07%
Portfolio 7.07%
Benchmark 0.00%

Largest Underweight

Saudi Arabia
By-10.40%
Portfolio 25.93%
Benchmark 36.33%

Monthly Data as of 30-Sep-2020

Team (As of 15-Jan-2021)

Seun Oyegunle, CFA

Seun Oyegunle is the co-portfolio manager of the Africa & Middle East Fund in the Equity Division. 

Seun’s investment experience began in 2009, and he has been with T. Rowe Price since 2013, beginning as a research analyst, covering retail and other sectors across a number of emerging markets, in the Emerging Markets department of the Equity Division. Prior to this, Seun was employed by Asset and Research Management Ltd as an analyst covering the consumer goods sector. He also was employed by Vetiva Capital Management Ltd.

Seun earned an M.B.A. in finance from the University of Pennsylvania, The Wharton School, and a B.Sc. in chemical engineering from the University of Lagos. Seun also has earned the Chartered Financial Analyst® designation.

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

  • Portfolio manager
    since
    2020
  • Years at
    T. Rowe Price
    7
  • Years investment
    experience
    11
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