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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

Middle East & Africa Equity Fund

Unconstrained, growth-orientated investing in the under explored markets of the Middle East and Africa.

ISIN LU0310187579 Bloomberg TRPMEAA:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

9.09%
$7.0m

1YR Return
(View Total Returns)

Manager Tenure

28.87%
1yr

Information Ratio
(5 Years)

Tracking Error
(5 Years)

-0.09
5.35%

Inception Date 24-Dec-2007

Performance figures calculated in USD

31-Dec-2021 - Seun Oyegunle, CFA, Portfolio Manager ,
Overall, we believe the long-term outlook for the Africa and Middle East region remains robust, as we look beyond the pandemic. Longer-term growth in this region is likely to be driven by some of the world’s most attractive demographics, rising urbanisation and levels of infrastructure investment, and a strong asset base in natural resources.
Seun Oyegunle, CFA
Seun Oyegunle, CFA, Portfolio Manager

Seun Oyegunle is the portfolio manager of the Africa & Middle East Fund in the Equity Division.

 

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 the developing countries of the Middle East and Africa.

Investment Approach

  • The fund is growth oriented, unconstrained and designed to deliver strong absolute performance.
  • Stock selection is driven by fundamental analysis seeking to identify the best companies with attractive valuations and earnings that are growing faster than their local, regional or global peers.
  • In investment frontiers such as the Middle East and Africa market, inefficiencies are likely to be significant. One of the core tenets of our investment strategy is that stocks are frequently mispriced.
  • Focus on finding companies with above-average revenue growth, strong management and good corporate governance.
  • The bottom-up, stock specific approach is supported by a top-down perspective focusing on macro and micro-factors mainly at the country level.
  • Manager with a proven track record of investing in emerging markets supported by a dedicated analyst team.
  • Dedicated Portfolio Manager supported by a well-resourced analyst team.

Portfolio Construction

  • Typically 50-80 stocks
  • Individual positions typically range from 2.0%-8.0%
  • Country and sector weights unconstrained
  • Cash reserves typically 0%-5%

Countries

Total
Countries
10
Largest Country Saudi Arabia 36.83% Was (30-Nov-2021) 35.03%
Other View complete Country Diversification

Monthly Data as of 31-Dec-2021

Indicative Benchmark: MSCI Arabian Markets & Africa 10/40 IMI Index

Top Contributor^

Saudi Arabia
Net Contribution 1.36%
Country
0.07%
Selection 1.28%

Top Detractor^

Kuwait
Net Contribution -0.09%
Country
-0.09%
Selection
0.00%

^Relative

Quarterly Data as of 31-Dec-2021

Largest Overweight

Netherlands
By4.61%
Fund 4.61%
Indicative Benchmark 0.00%

Largest Underweight

Kuwait
By-6.20%
Fund 0.00%
Indicative Benchmark 6.20%

Monthly Data as of 31-Dec-2021

31-Dec-2021 - Seun Oyegunle, CFA, Portfolio Manager ,
We continued to identify what we believe to be attractive investment opportunities in Saudi Arabia. The country has identified a need to diversify away from a petroleum-dependent economy, reflected in its Vision 2030 policy. We initiated a position in the kingdom’s only regulated exchange, depositary and clearing counterparty, participating in the IPO. Even with the expected normalisation in trading after the exceptional level of retail-driven trading in 2020/21, the stock’s valuation appears compelling given the potential for durable earnings growth and margin expansion.