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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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Past performance is not a reliable indicator of future performance.

Strategy

Emerging Markets Equity

The Emerging Markets Equity Composite seeks long-term capital appreciation primarily through investment in established companies, in developing markets, with faster earnings growth and reasonable valuation levels relative to market/sector averages.

3YR Return Annualised (Net)
(View Total Returns)

Tracking Error
(5 Years)

11.23%
3.04%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

34.85%
0.52

Inception Date 31-Dec-1995

Performance figures calculated in USD

Gonzalo Pángaro
Gonzalo Pángaro, Co-Portfolio Manager

Gonzalo Pángaro is the lead portfolio manager for the Emerging Markets Equity Strategy in the Equity Division. He is chairman of the Investment Advisory Committee for the Emerging Markets Equity Strategy  and a member of the International Equity Steering Committee. Gonzalo is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

 

Strategy

Investment Approach

  • Employ fundamental analysis to identify companies with sustainable above-market earnings growth rates.
  • Focus on franchise strength, management team quality, free cash flow, and financing/balance sheet structure.
  • Verify relative valuation appeal versus both local market and broad sector opportunity set.
  • Apply negative screening for macroeconomic and political factors to temper bottom-up enthusiasm for specific securities.

Portfolio Construction

  • Typically 80-100 stocks
  • Expected 3-7% tracking error
  • Individual positions typically range from 0.30% to 6.00% — average position size from 0.50% to 1.00%
  • Country ranges +/- 10% absolute deviation from the benchmark
  • Sector ranges +/- 15% absolute deviation from the benchmark
  • Reserves are typically less than 5%
  • Expected Turnover range: 20-40%

Holdings

Total
Holdings
91
Largest Holding Taiwan Semiconductor Manufacturing 9.69% Was (31-Mar-2021) 9.68%
Other View Full Holdings Quarterly data as of  30-Jun-2021
Top 10 Holdings 45.25% View Top 10 Holdings Monthly data as of  30-Jun-2021

Top Purchase

Prosus
1.07%
Was (31-Mar-2021) 0.41%

Top Sale

Samsung Electronics
5.44%
Was (31-Mar-2021) 6.9%

Quarterly Data as of 30-Jun-2021

Sectors

Total
Sectors
10
Largest Sector Financials 23.43% Was (31-Mar-2021) 23.59%
Other View complete Sector Diversification

Monthly Data as of 30-Jun-2021

Benchmark: MSCI Emerging Markets Index

Top Contributor^

Real Estate
Net Contribution 0.18%
Sector
0.19%
Selection -0.01%

Top Detractor^

Consumer Discretionary
Net Contribution -1.16%
Sector
0.00%
Selection
-1.17%

^Relative

Quarterly Data as of 30-Jun-2021

Largest Overweight

Consumer Staples
By9.85%
Portfolio 15.47%
Benchmark 5.62%

Largest Underweight

Materials
By-7.34%
Portfolio 1.08%
Benchmark 8.42%

Monthly Data as of 30-Jun-2021

Regions

Total
Regions
4
Largest Region Pacific Ex Japan 69.99% Was (31-Mar-2021) 72.87%
Other View complete Region Diversification

Monthly Data as of 30-Jun-2021

Benchmark: MSCI Emerging Markets Index

Largest Overweight

Europe
By4.18%
Portfolio 8.91%
Benchmark 4.73%

Largest Underweight

Pacific Ex Japan
By-9.14%
Portfolio 69.99%
Benchmark 79.13%

Monthly Data as of 30-Jun-2021

Countries

Total
Countries
24
Largest Country China 30.97% Was (31-Mar-2021) 32.33%
Other View complete Country Diversification

Monthly Data as of 30-Jun-2021

Benchmark: MSCI Emerging Markets Index

Top Contributor^

South Africa
Net Contribution 0.24%
Country
0.06%
Selection 0.18%

Top Detractor^

China
Net Contribution -1.67%
Country
0.14%
Selection
-1.81%

^Relative

Quarterly Data as of 30-Jun-2021

Largest Overweight

Hong Kong
By3.26%
Portfolio 3.26%
Benchmark 0.00%

Largest Underweight

China
By-6.66%
Portfolio 30.97%
Benchmark 37.63%

Monthly Data as of 30-Jun-2021

Team (As of 01-Oct-2021)

Gonzalo Pángaro

Gonzalo Pángaro is the lead portfolio manager for the Emerging Markets Equity Strategy in the Equity Division. He is chairman of the Investment Advisory Committee for the Emerging Markets Equity Strategy  and a member of the International Equity Steering Committee. Gonzalo is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

Gonzalo’s investment experience began in 1991, and he has been with T. Rowe Price since 1995, beginning in the Buenos Aires office as an analyst, covering Latin American equities from Buenos Aires. After that, he served as head of International Research from 2000 to 2004. He also has been instrumental in the development of the firm's non-U.S. research capabilities. Prior to T. Rowe Price, Gonzalo was employed by Robert Fleming as head of Argentine research, covering Latin American utilities. He also was an investment analyst with Banco Mildesa, specializing in the Argentine market. 

Gonzalo earned a bachelor's degree in business administration from Argentine Catholic University and a master's degree in finance from CEMA University (Centro de Estudios Macroeconomicos de la Argentina). Gonzalo also has earned the Chartered Financial Analyst® designation. In addition to English, Gonzalo is fluent in Spanish and Portuguese.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

  • Portfolio manager
    since
    2004
  • Years at
    T. Rowe Price
    23
  • Years investment
    experience
    30
Malik Asif

Malik Sarmad Asif is an associate portfolio manager for the Global Emerging Markets Equity Strategy and a co-portfolio manager for the Emerging Markets Equity Strategy in the International Equity Division. He is a member of the Emerging Markets Stock Investment Advisory Committee. Malik is a vice president of T. Rowe Price Group, Inc.

Malik's investment experience began in 2005, and he has been with T. Rowe Price since 2012, beginning on the Emerging Markets Equity team as an investment analyst. Prior to this, Malik was employed by Keefe, Bruyette & Woods in equity research covering U.S. large-cap financial services. He also has worked on the investment team of the World Bank Group’s private sector investment arm, International Finance Corporation, and in Morgan Stanley’s investment banking division.

Malik earned a B.A., summa cum laude, in economics and international relations from Connecticut College and is a member of Phi Beta Kappa. He also earned an M.B.A. from the University of Chicago, Booth School of Business, where he received the Chicago Booth Merit Fellowship.

  • Portfolio manager
    since
    2021
  • Years at
    T. Rowe Price
    9
  • Years investment
    experience
    14
Eric C. Moffett

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 manager
    since
    2021
  • Years at
    T. Rowe Price
    13
  • Years investment
    experience
    20
Charles Knudsen, CFA

Chuck Knudsen is a portfolio specialist in the Equity Division. He also is a member of the Emerging Markets Equity team. Chuck is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc. 

Chuck’s investment experience began in 1987, and he has been with T. Rowe Price since 2005, beginning in the Global Investment Services department, the organization responsible for the firm's institutional business worldwide. After that, he was the associate head of Institutional Client Service, North America, for Global Investment Services. Prior to T. Rowe Price, Chuck was a senior vice president with Legg Mason Capital Management for three years, servicing many of the firm's large, global institutional clients. He also spent 15 years with Allied Investment Advisors, where he oversaw the Client Service team, was an equity analyst, and served as the portfolio manager for the Ark Funds Balanced Portfolio.

Chuck earned a B.A. from Duke University and an M.B.A. in finance and investments from George Washington University. He also has earned the Chartered Financial Analyst® designation and is a Series 7 and 63 registered representative.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

  • Years at
    T. Rowe Price
    16
  • Years investment
    experience
    34