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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)

13.77%
4.31%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

2.07%
1.10

Inception Date 31-May-2014

Performance figures calculated in USD

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Eric C. Moffett
Eric C. Moffett, Portfolio Manager

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. 

 

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%.

Holdings

Total
Holdings
48
Largest Holding Tencent Holdings 7.23% Was (31-Mar-2019) 5.70%
Other View Full Holdings Quarterly data as of 30-Jun-2019
Top 10 Holdings 44.26% View Top 10 Holdings Monthly data as of 30-Jun-2019

Top Purchase

Yixintang Pharmaceutical (N)
2.55%
Was (31-Mar-2019) 0.00%

Top Sale

Sichuan Swellfun (E)
0.00%
Was (31-Mar-2019) 2.06%

Quarterly Data as of 30-Jun-2019

Sectors

Total
Sectors
9
Largest Sector Communication Services 20.65% Was (31-Mar-2019) 15.81%
Other View complete Sector Diversification

Monthly Data as of 30-Jun-2019

Benchmark: MSCI All Country Asia ex Japan Index (unhedged)

Top Contributor^

Financials
Net Contribution 0.35%
Sector
-0.18%
Selection 0.52%

Top Detractor^

Information Technology
Net Contribution -0.22%
Sector
-0.07%
Selection
-0.15%

^Relative

Quarterly Data as of 30-Jun-2019

Largest Overweight

Communication Services
By8.41%
Portfolio 20.65%
Benchmark 12.24%

Largest Underweight

Information Technology
By-3.67%
Portfolio 12.54%
Benchmark 16.21%

Monthly Data as of 30-Jun-2019

Countries

Total
Countries
9
Largest Country China 37.63% Was (31-Mar-2019) 41.61%
Other View complete Country Diversification

Monthly Data as of 30-Jun-2019

Benchmark: MSCI All Country Asia ex Japan Index (unhedged)

Top Contributor^

Indonesia
Net Contribution 0.24%
Country
0.01%
Selection 0.23%

Top Detractor^

China
Net Contribution -0.25%
Country
-0.06%
Selection
-0.20%

^Relative

Quarterly Data as of 30-Jun-2019

Largest Overweight

India
By3.01%
Portfolio 13.48%
Benchmark 10.47%

Largest Underweight

Taiwan
By-4.70%
Portfolio 7.95%
Benchmark 12.65%

Monthly Data as of 30-Jun-2019

Team (As of 31-Aug-2019)

Eric C. Moffett

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 manager
    since
    2014
  • Years at
    T. Rowe Price
    11
  • Years investment
    experience
    18
Nick Beecroft

Nicholas Beecroft is a portfolio specialist in the Equity Division at T. Rowe Price, representing the firm's global equity strategies. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

Mr. Beecroft has 18 years of investment experience, 14 of which have been with T. Rowe Price. He joined the firm in London in 2005 and spent many years working with our emerging markets equity team. Mr. Beecroft has been based in Hong Kong since 2011. Prior to joining T. Rowe Price, he was an investment analyst at Mercer Investment Consulting.

Mr. Beecroft earned a B.A, with honours, in contemporary European studies from the University of Southampton. He also has earned the Chartered Financial Analyst designation.

  • Years at
    T. Rowe Price
    14
  • Years investment
    experience
    18
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GIPS® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®). TRP has been independently verified for the twenty one- year period ended June 30, 2017 by KPMG LLP. The verification report is available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

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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