SICAV
Emerging Markets Discovery Equity Fund
Formerly Emerging Markets Value Equity Fund
Utilises a contrarian approach to invest in undervalued emerging markets companies positioned to benefit from a re-rating thesis for change.
3YR Return Annualised
(View Total Returns)
Total Assets
(USD)
1YR Return
(View Total Returns)
Manager Tenure
Information Ratio
(5 Years)
Tracking Error
(5 Years)
Inception Date 14-Sep-2015
Performance figures calculated in USD
Strategy
Investment Objective
To increase the value of its shares, over the long term, through growth in the value of its investments. The fund invests mainly in a widely diversified portfolio of stocks of emerging market companies.Investment Approach
- Aim to exploit the valuation anomalies that arise across the diverse and inefficient emerging market opportunity set.
- Employ a contrarian approach using fundamental research, quantitative screen and industry contacts to identify companies that are out of favour, undervalued and that offer an attractive risk and reward profile.
- Minimize the risk of value traps by focusing on companies offering yield or a book value anchor to the valuation, and where we have identified re-rating thesis that can lead to an expansion in valuation over time.
- Risk management is an integral part of the portfolio construction process.
Portfolio Construction
- Typically 50-80 stock portfolio
- Expected 4-8% tracking error
- Individual position typically 0.5% to 5%, position sized by prospective risks
- Country ranges +/-10% absolute deviation from the benchmark
- Sector ranges +/-15% absolute deviation from the benchmark
- Reserves are normally less than 5%, max 10%
Performance (Class A)
Annualised Performance
1 YR | 3 YR Annualised |
5 YR Annualised |
Since Inception Annualised |
Since Manager Inception Annualised |
|
---|---|---|---|---|---|
Fund % | 6.45% | 3.29% | 10.24% | 9.70% | 9.70% |
Indicative Benchmark % | 18.31% | 6.17% | 12.81% | 11.80% | 11.80% |
Excess Return % | -11.86% | -2.88% | -2.57% | -2.10% | -2.10% |
1 YR | 3 YR Annualised |
5 YR Annualised |
Since Inception Annualised |
|
---|---|---|---|---|
Fund % | 6.45% | 3.29% | 10.24% | 9.70% |
Indicative Benchmark % | 18.31% | 6.17% | 12.81% | 11.80% |
Excess Return % | -11.86% | -2.88% | -2.57% | -2.10% |
Recent Performance
Month to DateData as of 15-Jan-2021 | Quarter to DateData as of 15-Jan-2021 | Year to DateData as of 15-Jan-2021 | 1 MonthData as of 31-Dec-2020 | 3 MonthsData as of 31-Dec-2020 | |
---|---|---|---|---|---|
Fund % | 4.72% | 4.72% | 4.72% | 8.58% | 27.48% |
Indicative Benchmark % | 5.18% | 5.18% | 5.18% | 7.35% | 19.70% |
Excess Return % | -0.46% | -0.46% | -0.46% | 1.23% | 7.78% |
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.
Index returns shown with reinvestment of dividends after the deduction of withholding taxes.
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.
Holdings
Total
Holdings
66
Largest Top Contributor^
Samsung Electronics
By 3.73%Largest Top Detractor^
Fresnillo
By -0.22%Top Purchase
China Construction Bank (N)
2.14%Top Sale
Haier Electronics (E)
0.00%Sectors
Total
Sectors
11
Top Contributor^
Consumer Discretionary
Net Contribution 4.15%Top Detractor^
Industrials & Business Services
Net Contribution -0.14%Largest Overweight
Materials
Largest Underweight
Information Technology
Countries
Total
Countries
17
Top Contributor^
China
Net Contribution 4.70%Top Detractor^
Taiwan
Net Contribution -0.23%Largest Overweight
Mexico
Largest Underweight
Taiwan
Team (As of 15-Jan-2021)

Ernest Yeung is a portfolio manager for the Emerging Markets Discovery Equity Strategy at T. Rowe Price. He was the co-portfolio manager for the International Small-Cap Equity Strategies from 2009 to 2014. Mr. Yeung is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price Hong Kong Limited.
Mr. Yeung has 17 years of investment experience, 15 of which have been with T. Rowe Price. Prior to joining the firm in 2003, he was an analyst with HSBC Asset Management in London.
Mr. Yeung earned an M.A., with honours, in economics from Cambridge University. He also has earned the Chartered Financial Analyst designation and the Investment Management Certificate.
- Fund manager2015
since - Years at17
T. Rowe Price - Years investment19
experience

Nick Beecroft is the APAC head of the Investment Specialist Group and a portfolio specialist in the Equity Division. He also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.
Nick’s investment experience began in 2001, and he has been with T. Rowe Price since 2005, beginning in the Equity Division. Prior to this, Nick was employed by Mercer Investment Consulting as an investment analyst.
Nick earned a B.A., with honors, in contemporary European studies from the University of Southampton. He also has earned the Chartered Financial Analyst® designation.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Years at15
T. Rowe Price - Years investment19
experience
Fee Schedule
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% | 190 basis points | 2.07% |
Class I | $2,500,000 | $100,000 | $0 | 0.00% | 100 basis points | 1.10% |
Class Q | $1,000 | $100 | $100 | 0.00% | 100 basis points | 1.17% |
Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.
Ernest Yeung is a portfolio manager for the Emerging Markets Discovery Equity Strategy at T. Rowe Price. He was the co-portfolio manager for the International Small-Cap Equity Strategies from 2009 to 2014. Mr. Yeung is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price Hong Kong Limited.