Download

Audience for the document: Share Class: Language of the document:

Download

Share Class: Language of the document:

Change Details

If you need to change your email address please contact us.
Subscriptions
OK
You are ready to start subscribing.
Get started by going to our products or insights section to follow what you're interested in.

Products Insights

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

You have successfully subscribed.

Notify me by email when
regular data and commentary is available
exceptional commentary is available
new articles become available

Thank you for your continued interest

Please enter valid search characters

SICAV

Emerging Markets Discovery Equity Fund

Utilises a contrarian approach to invest in undervalued emerging markets companies positioned to benefit from a re-rating thesis for change.

ISIN LU1244138183 Bloomberg TREMVEA:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

8.77%
$118.3m

1YR Return
(View Total Returns)

Manager Tenure

4.10%
6yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

-0.15
6.21%

Inception Date 14-Sep-2015

Performance figures calculated in USD

31-Dec-2021 - Ernest Yeung, Portfolio Manager,
Emerging Markets (EM) value stocks outperformed growth stocks in 2021, and this trend could continue. The portfolio is positioned to take advantage of an expanding and evolving universe of “forgotten stocks”. We expect further gains in value stocks benefitting from a pick-up in economic growth and green infrastructure spending.
Ernest C. Yeung, CFA
Ernest C. Yeung, CFA, Portfolio Manager

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.

 

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.
  • 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 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%

Countries

Total
Countries
22
Largest Country China 30.82% Was (30-Nov-2021) 30.95%
Other View complete Country Diversification

Monthly Data as of 31-Dec-2021

Indicative Benchmark: MSCI Emerging Markets Index

Top Contributor^

China
Net Contribution 1.06%
Country
0.13%
Selection 0.93%

Top Detractor^

Taiwan
Net Contribution -0.73%
Country
-0.98%
Selection
0.25%

^Relative

Quarterly Data as of 31-Dec-2021

Largest Overweight

Mexico
By4.63%
Fund 6.68%
Indicative Benchmark 2.05%

Largest Underweight

Taiwan
By-10.82%
Fund 5.09%
Indicative Benchmark 15.91%

Monthly Data as of 31-Dec-2021

31-Dec-2021 - Ernest Yeung, Portfolio Manager,
China remains our largest country holding even after we reduced our stake in a search engine company where we expect to see weak revenue growth in the near term and eliminated our position in an education sector company after the sector suffered a drastic policy change. We increased our negative bias to India by selling stakes in a finance company and a bank. Our weight in South Korea relative to the benchmark increased as we initiated a position in a leisure company, which posted an earnings turnaround.