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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

Responsible Asian ex-Japan Equity Fund

Formerly Asian ex-Japan Equity Fund

A diversified fund, with a focus on sustainable growth.

ISIN LU1382643945 Bloomberg TRAXJIE:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

15.98%
$942.6m

1YR Return
(View Total Returns)

Manager Tenure

4.00%
5yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.55
3.58%

Inception Date 16-Mar-2016

Performance figures calculated in EUR

31-Dec-2021 - Anh Lu, Portfolio Manager,
We maintain a positive view on Asia ex-Japan equities, backed by secular tailwinds and resilient fundamentals. We believe regional long-term trends such as China’s increasing focus on environmental protection and industrial infrastructure upgrading are intact. We remain vigilant regarding potential risks including a new coronavirus variant, a sharper-than-expected slowdown in China, and geopolitical tensions.
Anh Lu
Anh Lu, Portfolio Manager

Anh Lu is a portfolio manager in the Equity Division of T. Rowe Price Hong Kong Limited. Ms. Lu is the lead portfolio manager for the Asia ex-Japan Equity Strategy. She 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 diversified portfolio of stocks of companies in Asia (excluding Japan).

Investment Approach

  • Employ fundamental analysis to identify companies with sustainable above-market earnings growth rates.
  • Focus on franchise strength, management team quality, free cash flow, and financing/balance sheet structure.
  • Verify relative valuation appeal versus both local market and region.
  • Apply negative screening for macroeconomic and political factors to temper bottom-up enthusiasm for specific securities.
  • 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

  • 80-120 stock portfolio
  • Individual positions typically range from 0.40% to 5.00% - average position size of 1.00%
  • Country and sector weightings a residual of stock selection. Significant deviations expected.
  • Reserves range from 0% to 10%, but typically less than 5%

Countries

Total
Countries
12
Largest Country China 43.89% Was (30-Nov-2021) 43.16%
Other View complete Country Diversification

Monthly Data as of 31-Dec-2021

Indicative Benchmark: MSCI All Country Asia ex Japan Index

Top Contributor^

Switzerland
Net Contribution 0.72%
Country
0.72%
Selection 0.00%

Top Detractor^

China
Net Contribution -0.36%
Country
-0.29%
Selection
-0.08%

^Relative

Quarterly Data as of 31-Dec-2021

Largest Overweight

China
By6.69%
Fund 43.89%
Indicative Benchmark 37.19%

Largest Underweight

South Korea
By-8.68%
Fund 5.93%
Indicative Benchmark 14.61%

Monthly Data as of 31-Dec-2021

31-Dec-2021 - Anh Lu, Portfolio Manager,
China remains our biggest country position in absolute terms and our largest overweight. We took advantage of the market’s recent weakness and increased our holdings in internet and e-commerce firms with innovative business models and secular growth prospects. For example, we bought shares in a company that is a potential beneficiary in the secular growth of China’s online pharmaceutical sector. We own shares in a range of attractively valued Chinese companies that we believe will become market share gainers and earnings compounders as they will likely benefit from the “green” transition, upgrading of industrial infrastructure, and the substitution of imports with local products.