Unconstrained, growth-orientated investing in the under explored markets of the Middle East and Africa.
Investment ObjectiveTo 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.
- 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.
- Typically 50-80 stocks
- Individual positions typically range from 2.0%-8.0%
- Country and sector weights unconstrained
- Cash reserves typically 0%-5%
|1 YR||3 YR
|Since Manager Inception|
|Indicative Benchmark %||43.21%||11.60%||8.87%||5.48%||25.90%|
|Excess Return %||6.13%||-0.33%||0.47%||2.29%||4.50%|
|1 YR||3 YR
|Indicative Benchmark %||38.41%||9.26%||8.55%||5.79%|
|Excess Return %||7.54%||-1.34%||0.32%||2.06%|
|Month to DateData as of 01-Dec-2021||Quarter to DateData as of 01-Dec-2021||Year to DateData as of 01-Dec-2021||1 MonthData as of 31-Oct-2021||3 MonthsData as of 31-Oct-2021|
|Indicative Benchmark %||1.59%||-1.23%||21.75%||2.14%||4.99%|
|Excess Return %||-0.07%||1.36%||4.53%||1.26%||2.84%|
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. Where the base currency of the fund differs from the share class currency, exchange rate movements may affect returns.
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 January 2018, the indicative benchmark for the fund was changed to MSCI Arabian Markets & Africa 10/40 IMI Net Index. Prior to 1 January 2018, the indicative benchmark for the fund was S&P Emerging Market/Frontier Middle East & Africa Broad Market Index ex Israel. Prior to 30 September 2010, the indicative benchmark for the fund was MSCI Arabian Markets and Africa Index. Prior to 1 July 2009, the indicative benchmark for the fund was S&P IFCG Africa and Middle East ex-Saudi Arabia and ex-Israel. Prior to 1 September 2008, this indicative benchmark also excluded Kuwait. The benchmark changes were made because the portfolio manager viewed the new benchmark composition to be a better representation of the investment strategy of the fund. Historical benchmark representations have not been restated.
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.
Largest Top Contributor^
Al Rajhi Bank
Largest Top Detractor^
Consumer DiscretionaryNet Contribution 0.96%
Information TechnologyNet Contribution -0.30%
South AfricaNet Contribution 2.15%
NetherlandsNet Contribution -0.90%
|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||2.07%|
|Class I||$2,500,000||$100,000||$0||0.00%||100 basis points||1.10%|
Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.