The Middle East & Africa Equity Composite seeks long-term capital appreciation through investing across the region in companies who are experiencing strong earnings growth and trading at reasonable valuations relative to market/sector averages.
- The strategy is growth orientated, unconstrained and designed to deliver strong absolute performance.
- Stock selection is driven by fundamental analysis seeking to identify the best companies with attractive valuations and earnings that are growing faster than their local, regional or global peers.
- In investment frontiers such as the Middle East and Africa market, inefficiencies are likely to be significant. One of the core tenets of our investment strategy is that stocks are frequently mispriced.
- Focus on finding companies with above-average revenue growth, strong management and good corporate governance.
- The bottom-up, stock specific approach is supported by a top-down perspective focusing on macro and micro-factors mainly at the country level.
- A broad opportunity set allows for greater flexibility in the pursuit of alpha.
- Manager with a proven track record of investing in emerging markets supported by a dedicated analyst team.
- Typically 50-80 stocks
- Individual positions typically range from 2.0%-8.0%
- Country and sector weights unconstrained
- Cash reserves 1%-5%
|1 YR||3 YR
|Composite Gross %||3.88%||10.65%||2.59%||8.49%|
|Composite Net %||3.00%||9.72%||1.73%||7.58%|
|Excess Return (Gross) %||-0.58%||2.45%||2.47%||2.65%|
|3 MonthsData as of 30-Jun-2019||Year to DateData as of 30-Jun-2019|
|Composite Gross %||4.33%||10.37%|
|Composite Net %||4.11%||9.91%|
|Excess Return (Gross) %||0.61%||0.05%|
Returns for time periods greater than one year are annualised.
Past performance is not a reliable indicator of future performance.
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.
Effective 1 July 2018, the "net" version of the benchmark replaced the "gross" version of the benchmark. The "net" version of the 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.
Al Rajhi Bank5.66%
MaterialsNet Contribution 0.64%
Industrials & Business ServicesNet Contribution -0.31%
Saudi ArabiaNet Contribution 0.55%
NigeriaNet Contribution -0.40%
Oliver Bell is a vice president of T. Rowe Price Group, Inc., associate head of Equity EMEA and the lead portfolio manager and chairman of the Investment Advisory Committee for the T. Rowe Price Middle East & Africa Equity Strategy and the Frontier Markets Equity Strategy. He is a member of the International Equity Steering Committee and a Board member of T. Rowe Price (Luxembourg) Management S.a.r.l.
Mr. Bell has 21 years of investment experience, seven of which have been with T. Rowe Price. Prior to joining the firm in 2011, Mr. Bell was head of emerging markets equities research at Pictet Asset Management (the institutional asset management arm of Pictet & Cie, the largest private bank in Switzerland), where his responsibilities included managing several funds, as well as a team of analysts. During his time at Pictet, Mr. Bell was directly responsible for managing investments in the emerging Europe, Middle East and Africa region as part of the global emerging markets and the standalone Middle East and Africa portfolios. Mr. Bell also managed the Global Emerging Markets High Dividend Yield Equity Strategy.
Mr. Bell has earned a bachelor of science degree in chemistry from Exeter University and also has earned the Investment Management Certificate.
- Portfolio manager2011
- Years at7
T. Rowe Price
- Years investment21
S. Leigh Innes is a portfolio specialist in the Equity Division at T. Rowe Price, representing the firm's emerging market strategies to institutional clients, consultants and prospects. Ms. Innes is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.
Ms. Innes has 20 years of investment experience, 15 of which have been at T. Rowe Price. She started at T. Rowe Price in 2002 as a research analyst for emerging market portfolios, and in 2007, she assumed portfolio management responsibility for the Emerging Europe Equity Strategy from Chris Alderson. In 2015, she assumed the role of portfolio specialist. Ms. Innes began her investment career at Merrill Lynch where she was a fund manager/analyst covering Latin America.
Ms. Innes earned an M.A. (with honours) in mathematics from Oxford University. She also has earned the Chartered Financial Analyst designation.
- Years at17
T. Rowe Price
- Years investment22