Past performance is not a reliable indicator of future performance.
Strategy
Asia Opportunities Equity
The Asia Opportunities Equity Composite seeks long-term capital appreciation primarily through investment in companies in Asia, excluding Japan, with faster earnings growth and reasonable valuation levels relative to market/sector averages.
3YR Return Annualised (Net)
(View Total Returns)
Tracking Error
(5 Years)
1YR Return (Net)
(View Total Returns)
Information Ratio
(5 Years)
Inception Date 31-May-2014
Performance figures calculated in USD
Strategy
Investment Approach
- Seeking long term capital appreciation to come from owning high quality businesses that will reliably compound earnings cash flow generation over time.
- In Asia, this type of company tends to exhibit three key characteristics:
- Established companies with leading market positions.
- Good management teams who care about shareholder returns.
- Returns-focused capital allocation and prudent balance sheet management.
- Fundamental research is critical in helping us to identify these characteristics and exploit market inefficiencies:
- Focus on the long term. Be patient.
- Gain a better understanding of the durability of a company’s prospects than the market.
- More accurately assess a company’s intrinsic value than other market participants.
Portfolio Construction
- Typically 40-70 stock portfolio
- Individual positions typically range from 0.50% to 6.00%.
- Country and sector weightings a residual of stock selection.
- Cash position typically less than 5%.
Performance
Annualised Performance
Quarterly| 1 YR | 3 YR Annualised |
5 YR Annualised |
Since Inception Annualised |
|
|---|---|---|---|---|
| Composite Gross % | 39.00% | 16.53% | 18.28% | 13.76% |
| Composite Net % | 38.06% | 15.72% | 17.46% | 12.97% |
| Benchmark % | 39.65% | 12.22% | 14.50% | 9.00% |
| Excess Return (Gross) % | -0.65% | 4.31% | 3.78% | 4.76% |
Recent Performance
| 3 MonthsData as of 30-Jun-2021 | Year to DateData as of 30-Jun-2021 | |
|---|---|---|
| Composite Gross % | 1.24% | 6.76% |
| Composite Net % | 1.06% | 6.39% |
| Benchmark % | 3.60% | 6.40% |
| Excess Return (Gross) % | -2.36% | 0.36% |
Past performance is not a reliable indicator of future performance.
Returns for time periods greater than one year are annualised.
Gross performance returns are presented before management and all other fees, where applicable, but after trading expenses. Net of fees performance reflects the deduction of the highest applicable management fee that would be charged based on the fee schedule contained within this material, without the benefit of breakpoints. Gross and net performance returns reflect the reinvestment of dividends and are net of all non-reclaimable withholding taxes on dividends, interest income, and capital gains.
Index returns shown with reinvestment of dividends after the deduction of withholding taxes.
Effective 1 July 2018, the "net" version of the benchmark replaced the "gross" version of the benchmark. The "net" version of the 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
62
Top Purchase
Gree Electric Appliances Inc of Zhuhai
2.29%Top Sale
POSCO (E)
0.00%Sectors
Total
Sectors
10
Top Contributor^
Communication Services
Net Contribution 0.23%Top Detractor^
Consumer Discretionary
Net Contribution -0.98%Largest Overweight
Consumer Discretionary
Largest Underweight
Financials
Countries
Total
Countries
10
Top Contributor^
Philippines
Net Contribution 0.37%Top Detractor^
China
Net Contribution -1.75%Largest Overweight
Philippines
Largest Underweight
South Korea
Team (As of 01-Oct-2021)
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.
- Portfolio manager2014
since - Years at13
T. Rowe Price - Years investment20
experience
Jihong Min is a co-portfolio manager of the Asia Opportunities Equity Strategy in the International Equity Division. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Singapore Private Limited.
Jihong’s investment experience began in 2003, and he has been with T. Rowe Price since 2012, beginning in the Investment Equity department. Prior to this, Jihong was an investment analyst with Fortress Investment Group and Geosphere Capital covering Asian financials. Jihong started his career in J.P. Morgan’s Investment Banking Division in New York.
Jihong earned a B.Sc. in business management from the State University of New York, Binghampton.
- Portfolio manager2021
since - Years at9
T. Rowe Price - Years investment18
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
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.