SICAV
Emerging Markets Equity Fund
Seeking to capture compelling growth opportunities in dynamic emerging markets.
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 31-Oct-2007
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 diversified portfolio of stocks of emerging market companies.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%
Performance (Class Jd)
Annualised Performance
| 1 YR | 3 YR Annualised |
5 YR Annualised |
10 YR Annualised |
Since Manager Inception Annualised |
|
|---|---|---|---|---|---|
| Fund % | 18.69% | 8.65% | 16.01% | 6.37% | 13.02% |
| Indicative Benchmark % | 18.31% | 6.17% | 12.81% | 3.63% | 9.80% |
| Excess Return % | 0.38% | 2.48% | 3.20% | 2.74% | 3.22% |
| 1 YR | 3 YR Annualised |
5 YR Annualised |
10 YR Annualised |
|
|---|---|---|---|---|
| Fund % | 18.69% | 8.65% | 16.01% | 6.37% |
| Indicative Benchmark % | 18.31% | 6.17% | 12.81% | 3.63% |
| Excess Return % | 0.38% | 2.48% | 3.20% | 2.74% |
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 % | 4.90% | 4.90% | 4.90% | 6.71% | 19.60% |
| Indicative Benchmark % | 5.18% | 5.18% | 5.18% | 7.35% | 19.70% |
| Excess Return % | -0.28% | -0.28% | -0.28% | -0.64% | -0.10% |
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.
Please note that no management fees are charged to the S and J share classes. No administration agent fees are charged to the J class. Fee arrangements for the S and J classes are made directly with the investment manager. Please see the prospectus for further information.
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
89
Largest Top Contributor^
Taiwan Semiconductor Manufacturing
By 0.52%Largest Top Detractor^
Alibaba Group Holding
By -4.92%Top Purchase
Yum China Holdings (N)
0.47%Top Sale
Hangzhou Hikvision Digital Technology (E)
0.00%Sectors
Total
Sectors
11
Top Contributor^
Financials
Net Contribution 2.01%Top Detractor^
Consumer Discretionary
Net Contribution -0.96%Largest Overweight
Consumer Staples
Largest Underweight
Materials
Countries
Total
Countries
23
Top Contributor^
India
Net Contribution 0.68%Top Detractor^
China
Net Contribution -1.20%Largest Overweight
Hong Kong
Largest Underweight
China
Team (As of 15-Jan-2021)
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.
- Fund manager2009
since - Years at22
T. Rowe Price - Years investment29
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
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 at16
T. Rowe Price - Years investment34
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 | 2.01% |
| Class I | $2,500,000 | $100,000 | $0 | 0.00% | 100 basis points | 1.06% |
| Class Jd | $10,000,000 | $0 | $0 | 0.00% | 0 basis points | 0.10% |
| Class Q | $1,000 | $100 | $100 | 0.00% | 100 basis points | 1.10% |
| Class S | $10,000,000 | $0 | $0 | 0.00% | 0 basis points | 0.06% |
Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.
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.