The Asia Opportunities Equity Composite seeks long-term capital appreciation primarily through investment in companies in Asia, excluding Japan, with faster earnings growth and reasonable valuation levels relative to market/sector averages.
- Seeking long term capital appreciation to come from owning high quality businesses that will reliably compound earnings/ cash flow generation over time.
- In Asia, this type of company tends to exhibit three key characteristics:
- Established companies with leading market positions.
- Good management teams who care about shareholder returns.
- Returns-focused capital allocation and prudent balance sheet management.
- Fundamental research is critical in helping us to identify these characteristics and exploit market inefficiencies:
- Focus on the long term. Be patient.
- Gain a better understanding of the durability of a company’s prospects than the market.
- More accurately assess a company’s intrinsic value than other market participants.
- Typically 40-70 stock portfolio
- Individual positions typically range from 0.50% to 6.00%.
- Country and sector weightings a residual of stock selection.
- Cash position typically less than 5%.
|1 YR||3 YR
|Composite Gross %||26.70%||18.02%||11.78%||11.25%|
|Composite Net %||25.83%||17.21%||11.00%||10.48%|
|Excess Return (Gross) %||8.53%||5.25%||5.23%||5.26%|
|3 MonthsData as of 31-Dec-2019||Year to DateData as of 31-Dec-2019|
|Composite Gross %||12.14%||26.70%|
|Composite Net %||11.95%||25.83%|
|Excess Return (Gross) %||0.36%||8.53%|
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.
MSCI Index returns shown with reinvestment of dividends after the deduction of withholding taxes.
Hysan Development (N)4.00%
Industrials & Business ServicesNet Contribution 0.40%
Consumer StaplesNet Contribution -0.49%
ChinaNet Contribution 0.70%
Hong KongNet Contribution -0.42%
Eric Moffett is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price Hong Kong Limited. He is the portfolio manager for the firm's Asia Opportunities equity strategy and chairman of the strategy's Investment Advisory Committee.
Mr. Moffett has 19 years of investment experience, 12 of which have been with T. Rowe Price. Prior to joining the firm in 2007, Mr. Moffett was an analyst with Fayez Sarofim & Company, where he covered the household products, communications equipment and lodging/leisure industries. Mr. Moffett also was employed as an associate at Audax Group and as a management consultant with Bain & Company.
Mr. Moffett earned an A.B., magna cum laude, in economics from Princeton University and an M.B.A. from Harvard Business School.
- Portfolio manager2014
- Years at12
T. Rowe Price
- Years investment19
Nicholas Beecroft is a portfolio specialist in the Equity Division at T. Rowe Price, representing the firm's global equity strategies. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.
Mr. Beecroft has 18 years of investment experience, 14 of which have been with T. Rowe Price. He joined the firm in London in 2005 and spent many years working with our emerging markets equity team. Mr. Beecroft has been based in Hong Kong since 2011. Prior to joining T. Rowe Price, he was an investment analyst at Mercer Investment Consulting.
Mr. Beecroft earned a B.A, with honours, in contemporary European studies from the University of Southampton. He also has earned the Chartered Financial Analyst designation.
- Years at14
T. Rowe Price
- Years investment18