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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

Frontier Markets Equity Fund

Seeking to identify long-term market leaders in countries on the cusp of rapid development.

ISIN LU1607940118 Bloomberg TRPFMES:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

17.32%
$106.6m

1YR Return
(View Total Returns)

Manager Tenure

60.64%
1yr

Information Ratio
(3 Years)

Tracking Error
(3 Years)

0.53
6.01%

Inception Date 18-May-2017

Performance figures calculated in USD

Johannes Loefstrand
Johannes Loefstrand, Portfolio Manager

Johannes Loefstrand is the Co-Portfolio Manager on the Frontier Markets Fund in the Equity Division of T. Rowe Price. He 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 frontier markets companies.

Investment Approach

  • Invest across the entire frontier investment universe, including countries outside the MSCI Frontier Markets Index.
  • Rigorous, risk-aware approach to identify quality growing companies trading at attractive valuations.
  • Employ fundamental analysis with a focus on returns, balance sheet structure, management team and corporate governance.
  • Disciplined approach to valuation. Verify relative valuation appeal versus peers and history.
  • Consider macroeconomic and political factors to temper bottom-up enthusiasm.
  • Environmental, social and governance ("ESG") factors with particular focus on those considered most likely to have a material impact on the performance of the holdings or potential holdings in the funds’ portfolio are assessed. These ESG factors, which are incorporated into the investment process alongside financials, valuation, macro-economics and other factors, are components of the investment decision. Consequently, ESG factors are not the sole driver of an investment decision but are instead one of several important inputs considered during investment analysis.

Portfolio Construction

  • Number of holdings: typically 60-80 stocks
  • Individual position sizes typically range from 0.5%-10%
  • Country Ranges:
    • Index countries: Unconstrained
    • Non-index countries: Constrained – 15% limit in any one country.
  • Reserves are typically less than 5%
  • Expected Turnover range: 20-40%

Annualised Performance

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Since Manager Inception
Fund % 60.64% 17.32% N/A 9.70% 40.99%
Indicative Benchmark % 36.77% 14.14% N/A 9.05% 23.54%
Excess Return % 23.87% 3.18% N/A 0.65% 17.45%

Inception Date 18-May-2017

Manager Inception Date 01-Jan-2021

Indicative Benchmark: Linked Benchmark Net

Data as of 31-Oct-2021

Performance figures calculated in USD

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Fund % 51.28% 12.79% N/A 8.34%
Indicative Benchmark % 33.51% 11.31% N/A 8.25%
Excess Return % 17.77% 1.48% N/A 0.09%

Inception Date 18-May-2017

Indicative Benchmark: Linked Benchmark Net

Data as of 30-Sep-2021

Performance figures calculated in USD

Recent Performance

  Month to DateData as of 29-Nov-2021 Quarter to DateData as of 29-Nov-2021 Year to DateData as of 29-Nov-2021 1 MonthData as of 31-Oct-2021 3 MonthsData as of 31-Oct-2021
Fund % -2.19% 4.09% 37.91% 6.41% 10.46%
Indicative Benchmark % -3.51% 0.35% 19.21% 4.00% 7.81%
Excess Return % 1.32% 3.74% 18.70% 2.41% 2.65%

Inception Date 18-May-2017

Indicative Benchmark: Linked Benchmark Net

Indicative Benchmark: Linked Benchmark 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. Where the base currency of the fund differs from the share class currency, exchange rate movements may affect returns.

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 January 2020, the benchmark for the sub-fund changed to MSCI Frontier Markets 10/40 Index Net. Prior to this change, the benchmark was MSCI Frontier Markets Index Net. Historical benchmark representations have not been restated.

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
48
Largest Holding Mobile World Investment 7.07% Was (30-Jun-2021) 7.61%
Other View Full Holdings Quarterly data as of  30-Sep-2021
Top 10 Holdings 47.31% View Top 10 Holdings Monthly data as of  31-Oct-2021

Largest Top Contributor^

Mobile World Investment
% of fund 7.04%

Largest Top Detractor^

BRAC Bank
% of fund 4.53%

^Absolute, percentages based on the difference between the total net assets of the two largest holdings of the fund.

Quarterly Data as of 30-Sep-2021

Top Purchase

Kaspi.KZ JSC (N)
3.75%
Was (30-Jun-2021) 0%

Top Sale

Mobile World Investment
7.06%
Was (30-Jun-2021) 7.61%

Quarterly Data as of 30-Sep-2021

Sectors

Total
Sectors
12
Largest Sector Financials 33.28% Was (30-Sep-2021) 32.21%
Other View complete Sector Diversification

Monthly Data as of 31-Oct-2021

Indicative Benchmark: MSCI Frontier Market 10/40 Index Net

Top Contributor^

Real Estate
Net Contribution 2.17%
Sector
1.26%
Selection 0.91%

Top Detractor^

Financials
Net Contribution -1.69%
Sector
-0.11%
Selection
-1.58%

^Relative

Quarterly Data as of 30-Sep-2021

Largest Overweight

Information Technology
By17.73%
Fund 17.73%
Indicative Benchmark 0.00%

Largest Underweight

Materials
By-10.04%
Fund 0.10%
Indicative Benchmark 10.14%

Monthly Data as of 31-Oct-2021

Regions

Total
Regions
5
Largest Region Pacific Ex Japan 44.22% Was (30-Sep-2021) 46.75%
Other View complete Region Diversification

Monthly Data as of 31-Oct-2021

Indicative Benchmark: MSCI Frontier Market 10/40 Index Net

Top Contributor^

Pacific ex Japan
Net Contribution 3.26%
Region
-0.80%
Selection 4.06%

Top Detractor^

EM EMEA
Net Contribution -0.73%
Region
-0.73%
Selection
0.00%

^Relative

Quarterly Data as of 30-Sep-2021

Largest Overweight

Pacific Ex Japan
By10.74%
Fund 44.22%
Indicative Benchmark 33.48%

Largest Underweight

Middle East & Africa
By-16.62%
Fund 20.83%
Indicative Benchmark 37.44%

Monthly Data as of 31-Oct-2021

Countries

Total
Countries
18
Largest Country Vietnam 30.79% Was (30-Sep-2021) 32.79%
Other View complete Country Diversification

Monthly Data as of 31-Oct-2021

Indicative Benchmark: MSCI Frontier Market 10/40 Index Net

Top Contributor^

Vietnam
Net Contribution 3.27%
Country
-0.35%
Selection 3.62%

Top Detractor^

Bahrain
Net Contribution -0.79%
Country
-0.79%
Selection
0.00%

^Relative

Quarterly Data as of 30-Sep-2021

Largest Overweight

Egypt
By7.89%
Fund 7.89%
Indicative Benchmark 0.00%

Largest Underweight

Bahrain
By-7.33%
Fund 0.00%
Indicative Benchmark 7.33%

Monthly Data as of 31-Oct-2021

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% 200 basis points 2.17%
Class I $2,500,000 $100,000 $0 0.00% 110 basis points 1.20%
Class Q $1,000 $100 $100 0.00% 110 basis points 1.27%
Class S $10,000,000 $0 $0 0.00% 0 basis points 0.10%

Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.