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 % | 10.74% | 8.98% | 9.40% | 10.07% |
| Composite Net % | 9.97% | 8.23% | 8.64% | 9.31% |
| Benchmark % | 1.69% | 3.61% | 4.41% | 4.65% |
| Excess Return (Gross) % | 9.05% | 5.37% | 4.99% | 5.42% |
Recent Performance
| 3 MonthsData as of 30-Jun-2020 | Year to DateData as of 30-Jun-2020 | |
|---|---|---|
| Composite Gross % | 20.32% | -1.21% |
| Composite Net % | 20.13% | -1.55% |
| Benchmark % | 16.71% | -4.74% |
| Excess Return (Gross) % | 3.61% | 3.53% |
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.
Holdings
Total
Holdings
55
Top Purchase
Samsung Electronics
4.88%Top Sale
Shimao Group Holdings
0.46%Sectors
Total
Sectors
8
Top Contributor^
Financials
Net Contribution 2.27%Top Detractor^
Health Care
Net Contribution -0.78%Largest Overweight
Consumer Discretionary
Largest Underweight
Health Care
Countries
Total
Countries
11
Top Contributor^
China
Net Contribution 3.75%Top Detractor^
India
Net Contribution -0.70%Largest Overweight
Hong Kong
Largest Underweight
China
Team (As of 05-Aug-2020)
Eric Moffett is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price Hong Kong Limited. He is the portfolio manager for the firm's Asia Opportunities equity strategy and chairman of the strategy's Investment Advisory Committee.
Mr. Moffett has 19 years of investment experience, 12 of which have been with T. Rowe Price. Prior to joining the firm in 2007, Mr. Moffett was an analyst with Fayez Sarofim & Company, where he covered the household products, communications equipment and lodging/leisure industries. Mr. Moffett also was employed as an associate at Audax Group and as a management consultant with Bain & Company.
Mr. Moffett 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 at12
T. Rowe Price - Years investment19
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 at15
T. Rowe Price - Years investment19
experience
Eric Moffett is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price Hong Kong Limited. He is the portfolio manager for the firm's Asia Opportunities equity strategy and chairman of the strategy's Investment Advisory Committee.