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GIPS® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. T. Rowe Price has been independently verified for the twenty four-year period ended June 30, 2020, by KPMG LLP. The verification report is available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report.

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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SICAV

Asian Opportunities Equity Fund

A concentrated portfolio of high-quality Asian companies.

ISIN LU1044871579 Bloomberg TRAOAEA:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

14.01%
$322.0m

1YR Return
(View Total Returns)

Manager Tenure

-5.51%
7yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.46
4.54%

Inception Date 21-May-2014

Performance figures calculated in USD

31-Dec-2021 - Eric C. Moffett, Portfolio Manager ,
We remain constructive on the medium- to long-term outlook for Asia ex-Japan equities. Amid the regulatory risks in China, we continue to focus on the long-term fundamentals of individual companies and identify high-quality names that in our view are well positioned to withstand increased government scrutiny, or that may benefit from the policy changes.
Eric C. Moffett
Eric C. Moffett, Portfolio Manager

Eric Moffett is a portfolio manager in the International Equity Division. He manages the Asia Opportunities Equity Strategy and is chairman of the strategy's Investment Advisory Committee. Eric also is a co-portfolio manager of the Emerging Markets Equity Strategy. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Singapore Private Limited.

 

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 companies in Asia.

Investment Approach

  • 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.
  • Environmental, social and governance ("ESG") factors with particular focus on those considered most likely to have a material impact on the performance of the holdings or potential holdings in the funds’ portfolio are assessed. These ESG factors, which are incorporated into the investment process alongside financials, valuation, macro-economics and other factors, are components of the investment decision. Consequently, ESG factors are not the sole driver of an investment decision but are instead one of several important inputs considered during investment analysis.

Portfolio Construction

  • 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%.

Countries

Total
Countries
10
Largest Country China 37.93% Was (30-Nov-2021) 37.09%
Other View complete Country Diversification

Monthly Data as of 31-Dec-2021

Indicative Benchmark: MSCI All Country Asia ex Japan Index

Top Contributor^

China
Net Contribution 1.63%
Country
0.10%
Selection 1.53%

Top Detractor^

Hong Kong
Net Contribution -0.63%
Country
-0.07%
Selection
-0.56%

^Relative

Quarterly Data as of 31-Dec-2021

Largest Overweight

Philippines
By4.33%
Fund 5.14%
Indicative Benchmark 0.81%

Largest Underweight

South Korea
By-5.81%
Fund 8.80%
Indicative Benchmark 14.61%

Monthly Data as of 31-Dec-2021

31-Dec-2021 - Eric C. Moffett, Portfolio Manager ,
China remains our largest position in absolute terms and we moved to a relative overweight at the end of December. We own shares of Chinese companies involved in a wide array of industries with meaningful exposures to quality internet, e-commerce, insurance, property, electrical equipment, and consumer-related names. We took advantage of the market’s weakness and added to ecommerce platforms that were hit by the regulatory clampdown but which in our view are sound businesses poised for recovery in the coming years. We believe that the sell-off in China’s property management companies appears unjustified as they generate recurring earnings and good cashflow.