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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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SICAV

Emerging Markets Equity Fund

Seeking to capture compelling growth opportunities in dynamic emerging markets.

ISIN LU0311545023 Bloomberg TRPGEMJ:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

8.54%
$3.1b

1YR Return
(View Total Returns)

Manager Tenure

57.42%
12yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.91
3.28%

Inception Date 31-Oct-2007

Performance figures calculated in USD

Gonzalo Pángaro
Gonzalo Pángaro, Co-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 Jd)

Annualised Performance

  1 YR 3 YR
Annualised
5 YR
Annualised
10 YR
Annualised
Since Manager Inception
Annualised
Fund % 57.42% 8.54% 15.05% 6.43% 12.88%
Indicative Benchmark % 58.39% 6.48% 12.07% 3.65% 9.80%
Excess Return % -0.97% 2.06% 2.98% 2.78% 3.08%

Inception Date 31-Oct-2007

Manager Inception Date 31-Mar-2009

Indicative Benchmark: MSCI Emerging Markets Index Net

Data as of 31-Mar-2021

Performance figures calculated in USD

  1 YR 3 YR
Annualised
5 YR
Annualised
10 YR
Annualised
Fund % 57.42% 8.54% 15.05% 6.43%
Indicative Benchmark % 58.39% 6.48% 12.07% 3.65%
Excess Return % -0.97% 2.06% 2.98% 2.78%

Inception Date 31-Oct-2007

Indicative Benchmark: MSCI Emerging Markets Index Net

Data as of 31-Mar-2021

Performance figures calculated in USD

Recent Performance

  Month to DateData as of 21-Apr-2021 Quarter to DateData as of 21-Apr-2021 Year to DateData as of 21-Apr-2021 1 MonthData as of 31-Mar-2021 3 MonthsData as of 31-Mar-2021
Fund % -0.40% -0.40% 1.09% -1.51% 1.50%
Indicative Benchmark % 1.62% 1.62% 3.95% -1.51% 2.29%
Excess Return % -2.02% -2.02% -2.86% 0.00% -0.79%

Inception Date 31-Oct-2007

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
95
Largest Holding Taiwan Semiconductor Manufacturing 9.42% Was (31-Dec-2020) 9.11%
Other View Full Holdings Quarterly data as of  31-Mar-2021
Top 10 Holdings 47.30% View Top 10 Holdings Monthly data as of  31-Mar-2021

Largest Top Contributor^

Taiwan Semiconductor Manufacturing
By 1.17%
% of fund 9.28%

Largest Top Detractor^

Samsung Electronics
By -2.04%
% of fund 8.04%

^Absolute

Quarterly Data as of 31-Mar-2021

Top Purchase

National Commercial Bank (N)
0.64%
Was (31-Dec-2020) 0%

Top Sale

SK Hynix (E)
0.00%
Was (31-Dec-2020) 1.05%

Quarterly Data as of 31-Mar-2021

Sectors

Total
Sectors
11
Largest Sector Information Technology 24.11% Was (28-Feb-2021) 24.57%
Other View complete Sector Diversification

Monthly Data as of 31-Mar-2021

Indicative Benchmark: MSCI Emerging Markets Index

Top Contributor^

Communication Services
Net Contribution 0.40%
Sector
-0.02%
Selection 0.42%

Top Detractor^

Financials
Net Contribution -0.82%
Sector
0.03%
Selection
-0.85%

^Relative

Quarterly Data as of 31-Mar-2021

Largest Overweight

Consumer Staples
By9.64%
Fund 15.27%
Indicative Benchmark 5.63%

Largest Underweight

Materials
By-6.44%
Fund 1.65%
Indicative Benchmark 8.09%

Monthly Data as of 31-Mar-2021

Countries

Total
Countries
24
Largest Country China 32.34% Was (28-Feb-2021) 33.11%
Other View complete Country Diversification

Monthly Data as of 31-Mar-2021

Indicative Benchmark: MSCI Emerging Markets Index

Top Contributor^

China
Net Contribution 0.54%
Country
0.11%
Selection 0.43%

Top Detractor^

Brazil
Net Contribution -0.75%
Country
-0.31%
Selection
-0.44%

^Relative

Quarterly Data as of 31-Mar-2021

Largest Overweight

Hong Kong
By3.19%
Fund 3.19%
Indicative Benchmark 0.00%

Largest Underweight

China
By-5.64%
Fund 32.34%
Indicative Benchmark 37.98%

Monthly Data as of 31-Mar-2021

Team (As of 16-Apr-2021)

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
Malik Asif

Malik Sarmad Asif is a co-portfolio manager of the Global Emerging Markets Equity Strategy. He is a member of the Emerging Markets Stock Investment Advisory Committee. Malik is a vice president of T. Rowe Price Group, Inc.

Malik’s investment experience began in 2005, and he has been with T. Rowe Price since 2012, beginning on the emerging markets equity team as an investment analyst. Prior to this, Malik was employed by Keefe, Bruyette & Woods in New York covering U.S. large-cap financial services. Malik also has worked on the investment team of the World Bank Group’s private sector investment arm (International Finance Corporation) and in Morgan Stanley’s investment banking division in London.

Malik earned a B.A., summa cum laude, in economics and international relations from Connecticut College, where he was elected to Phi Beta Kappa, and an M.B.A. from the University of Chicago, Booth School of Business, where he received the Chicago Booth Merit Fellowship.

  • Fund manager
    since
    2021
  • Years at
    T. Rowe Price
    8
  • Years investment
    experience
    13
Eric C. Moffett

Eric Moffett is a portfolio manager in the International Equity Division. He manages the Asia Opportunities Equity Strategy and is chairman of the strategy's Investment Advisory Committee. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Singapore Private Limited. 

Eric’s investment experience began in 2007, and he has been with T. Rowe Price since 2007, beginning in the Equity department. Prior to this, Eric was employed by Fayez Sarofim & Company as an analyst.

Eric earned an A.B., magna cum laude, in economics from Princeton University and an M.B.A. from Harvard Business School.

  • Fund manager
    since
    2021
  • Years at
    T. Rowe Price
    13
  • Years investment
    experience
    20
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
    16
  • Years investment
    experience
    34

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.