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Strategy

Middle East & Africa Equity

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.

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

Tracking Error
(5 Years)

9.72%
3.52%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

3.00%
0.70

Inception Date 30-Sep-2007

Performance figures calculated in USD

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Oliver Bell
Oliver Bell, Portfolio Manager

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.

 

Strategy

Investment Approach

  • 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.

Portfolio Construction

  • Typically 50-80 stocks
  • Individual positions typically range from 2.0%-8.0%
  • Country and sector weights unconstrained
  • Cash reserves 1%-5%

Holdings

Total
Holdings
58
Largest Holding Naspers 7.38% Was (31-Mar-2019) 7.99%
Other View Full Holdings Quarterly data as of 30-Jun-2019
Top 10 Holdings 37.24% View Top 10 Holdings Monthly data as of 30-Jun-2019

Top Purchase

Label Vie
2.18%
Was (31-Mar-2019) 1.52%

Top Sale

Al Rajhi Bank
5.66%
Was (31-Mar-2019) 7.28%

Quarterly Data as of 30-Jun-2019

Sectors

Total
Sectors
10
Largest Sector Financials 40.86% Was (31-Mar-2019) 49.97%
Other View complete Sector Diversification

Monthly Data as of 30-Jun-2019

Benchmark: MSCI Arabian Markets & Africa 10/40 IMI Index

Top Contributor^

Materials
Net Contribution 0.64%
Sector
0.61%
Selection 0.03%

Top Detractor^

Industrials & Business Services
Net Contribution -0.31%
Sector
-0.04%
Selection
-0.27%

^Relative

Quarterly Data as of 30-Jun-2019

Largest Overweight

Consumer Staples
By3.30%
Portfolio 9.19%
Benchmark 5.89%

Largest Underweight

Materials
By-14.40%
Portfolio 1.36%
Benchmark 15.76%

Monthly Data as of 30-Jun-2019

Countries

Total
Countries
13
Largest Country South Africa 34.72% Was (31-Mar-2019) 38.38%
Other View complete Country Diversification

Monthly Data as of 30-Jun-2019

Benchmark: MSCI Arabian Markets & Africa 10/40 IMI Index

Top Contributor^

Saudi Arabia
Net Contribution 0.55%
Country
0.14%
Selection 0.41%

Top Detractor^

Nigeria
Net Contribution -0.40%
Country
-0.54%
Selection
0.14%

^Relative

Quarterly Data as of 30-Jun-2019

Largest Overweight

Kuwait
By3.46%
Portfolio 8.43%
Benchmark 4.97%

Largest Underweight

Saudi Arabia
By-11.41%
Portfolio 17.42%
Benchmark 28.83%

Monthly Data as of 30-Jun-2019

Team (As of 31-Aug-2019)

Oliver Bell

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 manager
    since
    2011
  • Years at
    T. Rowe Price
    8
  • Years investment
    experience
    22
Leigh Innes

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 22 years of investment experience, 17 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 at
    T. Rowe Price
    17
  • Years investment
    experience
    22
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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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