Seeking to identify long-term market leaders in countries on the cusp of rapid development.
3YR Return Annualised
(View Total Returns)
(View Total Returns)
Inception Date 18-May-2017
Performance figures calculated in USD
Investment ObjectiveTo 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.
- 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.
- 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%
|1 YR||3 YR
|Since Manager Inception|
|Indicative Benchmark %||36.77%||14.14%||N/A||9.05%||23.54%|
|Excess Return %||23.87%||3.18%||N/A||0.65%||17.45%|
|1 YR||3 YR
|Indicative Benchmark %||33.51%||11.31%||N/A||8.25%|
|Excess Return %||17.77%||1.48%||N/A||0.09%|
|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|
|Indicative Benchmark %||-3.51%||0.35%||19.21%||4.00%||7.81%|
|Excess Return %||1.32%||3.74%||18.70%||2.41%||2.65%|
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.
Largest Top Contributor^
Mobile World Investment
Largest Top Detractor^
Kaspi.KZ JSC (N)3.75%
Mobile World Investment7.06%
Real EstateNet Contribution 2.17%
FinancialsNet Contribution -1.69%
Pacific ex JapanNet Contribution 3.26%
EM EMEANet Contribution -0.73%
Pacific Ex Japan
Middle East & Africa
VietnamNet Contribution 3.27%
BahrainNet Contribution -0.79%
|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.