SICAV
Asian ex-Japan Equity Fund
A diversified fund, with a focus on sustainable growth.
3YR Return Annualised
(View Total Returns)
Total Assets
(USD)
1YR Return
(View Total Returns)
Manager Tenure
Information Ratio
(5 Years)
Tracking Error
(5 Years)
Inception Date 31-Jan-2013
Performance figures calculated in USD
Strategy
We remain constructive on the medium- to longer-term outlook for Asia ex-Japan equities. While the impact of the coronavirus pandemic varies across the region, compared to other parts of the world, much of Asia has seen more effective COVID-19 containment measures while the relative deterioration in fiscal and current account balances is more manageable. Domestic demand generally recovered quickly in the region following the initial shock from the coronavirus and the consumption recovery is likely to broaden.
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Regional equity markets have started to reflect the optimism stemming from the faster-than-expected development of coronavirus vaccines, their efficacy and potential successful rollout, raising expectations of a return to more normal conditions despite the production and distribution complexities. Valuations have normalized but the gap between the region versus developed markets is still wide. While there are pockets of excessive optimism in stocks within the biotechnology, electric vehicle, and software industries, we believe that many high-quality growth businesses are still trading at reasonable multiples. The combination of lower global rates and structural improvements in state finances has lowered the cost of capital and bodes well for valuations.
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The year ahead should see the recovery in China, the first major economy to return to growth following the damage wrought by the pandemic, gaining in pace and extending to the rest of Asia where control of the coronavirus will likely improve and low-base effects will elevate year-on-year numbers. We expect healthier earnings growth in 2021 and beyond, though the magnitude of earnings improvement will depend on the pace of economic normalization. Hence, there are some risks of earnings downgrades in 2021 should the success of the vaccines fall behind expectations.
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Other key risks include a premature and faster-than-expected tightening of liquidity and a flaring up of tensions between the U.S. and China under President Biden's administration which may disappoint investors expecting a de-escalation of fractious relations. Our base case is that friction between the U.S. and China will likely persist, with areas of contention focusing on technology, national security, and economic protectionism.
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We believe that our fundamental research and long-term focus should help us weather the near-term disruption brought about by the coronavirus pandemic.
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 companies in Asia (excluding Japan).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 region.
- Apply negative screening for macroeconomic and political factors to temper bottom-up enthusiasm for specific securities.
Portfolio Construction
- 80-120 stock portfolio
- Individual positions typically range from 0.40% to 5.00% - average position size of 1.00%
- Country and sector weightings a residual of stock selection. Significant deviations expected.
- Reserves range from 0% to 10%, but typically less than 5%
Performance (Class Q)
Annualised Performance
1 YR | 3 YR Annualised |
5 YR Annualised |
Since Inception Annualised |
|
---|---|---|---|---|
Fund % | 63.51% | 13.43% | 15.86% | 9.21% |
Indicative Benchmark % | 57.31% | 8.88% | 13.79% | 8.00% |
Excess Return % | 6.20% | 4.55% | 2.07% | 1.21% |
1 YR | 3 YR Annualised |
5 YR Annualised |
Since Inception Annualised |
|
---|---|---|---|---|
Fund % | 63.51% | 13.43% | 15.86% | 9.21% |
Indicative Benchmark % | 57.31% | 8.88% | 13.79% | 8.00% |
Excess Return % | 6.20% | 4.55% | 2.07% | 1.21% |
Recent Performance
Month to DateData as of 13-Apr-2021 | Quarter to DateData as of 13-Apr-2021 | Year to DateData as of 13-Apr-2021 | 1 MonthData as of 31-Mar-2021 | 3 MonthsData as of 31-Mar-2021 | |
---|---|---|---|---|---|
Fund % | 0.19% | 0.19% | 4.95% | -0.77% | 4.75% |
Indicative Benchmark % | 0.71% | 0.71% | 3.43% | -2.54% | 2.70% |
Excess Return % | -0.52% | -0.52% | 1.52% | 1.77% | 2.05% |
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.
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
81
Largest Top Contributor^
Samsung Electronics
By 1.37%Largest Top Detractor^
Alibaba Group Holding
By -5.20%Top Purchase
Taiwan Semiconductor Manufacturing
7.89%Top Sale
Huayu Automotive Systems (E)
0.00%Sectors
Total
Sectors
10
Top Contributor^
Communication Services
Net Contribution 0.92%Top Detractor^
Financials
Net Contribution -0.41%Largest Overweight
Industrials & Business Services
Largest Underweight
Materials
Countries
Total
Countries
11
Top Contributor
N/ATop Detractor
N/ALargest Overweight
India
Largest Underweight
South Korea
Team (As of 14-Apr-2021)

Anh Lu is a portfolio manager in the Equity Division of T. Rowe Price Hong Kong Limited. Ms. Lu is the lead portfolio manager for the Asia ex-Japan Equity Strategy. She is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price Hong Kong Limited.
Ms. Lu has 24 years of investment experience, 18 of which have been with T. Rowe Price. Prior to joining the firm, she was a vice president of the Asia Pacific Technology Investment Banking Division of Salomon Smith Barney in Hong Kong. Before Salomon Smith Barney, Ms. Lu spent three years at LGT Asset Management as an analyst and portfolio manager.
Ms. Lu earned a B.A. with honours from the University of Western Ontario.
- Fund manager2013
since - Years at19
T. Rowe Price - Years investment25
experience

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 at16
T. Rowe Price - Years investment20
experience
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% | 160 basis points | 1.72% |
Class I | $2,500,000 | $100,000 | $0 | 0.00% | 75 basis points | 0.81% |
Class Q | $1,000 | $100 | $100 | 0.00% | 75 basis points | 0.87% |
Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.
Anh Lu is a portfolio manager in the Equity Division of T. Rowe Price Hong Kong Limited. Ms. Lu is the lead portfolio manager for the Asia ex-Japan Equity Strategy. She is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price Hong Kong Limited.