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Strategy

Asia ex-Japan Equity

The Asia ex-Japan Equity Composite seeks long-term capital appreciation primarily through investment in companies in Asia, excluding Japan, with faster earnings growth and reasonable valuation levels relative to market/sector averages.

3YR Return Annualised (Net)
(View Total Returns)

Tracking Error
(5 Years)

11.32%
3.75%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

0.42%
0.34

Inception Date 31-Dec-1995

Performance figures calculated in USD

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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 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.

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%

Holdings

Total
Holdings
84
Largest Holding Tencent Holdings 6.99% Was (31-Mar-2019) 6.64%
Other View Full Holdings Quarterly data as of 30-Jun-2019
Top 10 Holdings 40.52% View Top 10 Holdings Monthly data as of 30-Jun-2019

Top Purchase

MediaTek (N)
1.51%
Was (31-Mar-2019) 0.00%

Top Sale

Jiangsu Hengrui Medicine (E)
0.00%
Was (31-Mar-2019) 1.54%

Quarterly Data as of 30-Jun-2019

Sectors

Total
Sectors
11
Largest Sector Financials 24.58% Was (31-Mar-2019) 21.71%
Other View complete Sector Diversification

Monthly Data as of 30-Jun-2019

Benchmark: MSCI All Country Asia ex Japan Index (unhedged)

Top Contributor^

Consumer Staples
Net Contribution 1.10%
Sector
0.10%
Selection 1.00%

Top Detractor^

Consumer Discretionary
Net Contribution -0.70%
Sector
-0.03%
Selection
-0.67%

^Relative

Quarterly Data as of 30-Jun-2019

Largest Overweight

Consumer Staples
By5.60%
Portfolio 10.76%
Benchmark 5.16%

Largest Underweight

Materials
By-4.03%
Portfolio 0.65%
Benchmark 4.69%

Monthly Data as of 30-Jun-2019

Countries

Total
Countries
15
Largest Country China 39.47% Was (31-Mar-2019) 41.05%
Other View complete Country Diversification

Monthly Data as of 30-Jun-2019

Benchmark: MSCI All Country Asia ex Japan Index (unhedged)

Top Contributor^

India
Net Contribution 0.44%
Country
0.01%
Selection 0.43%

Top Detractor^

Taiwan
Net Contribution -0.13%
Country
-0.12%
Selection
-0.01%

^Relative

Quarterly Data as of 30-Jun-2019

Largest Overweight

India
By4.65%
Portfolio 15.13%
Benchmark 10.47%

Largest Underweight

Taiwan
By-4.39%
Portfolio 8.26%
Benchmark 12.65%

Monthly Data as of 30-Jun-2019

Team (As of 07-Feb-2019)

Anh Lu

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.

Ms. Lu has 24 years of investment experience, 18 of which have been with T. Rowe Price. Prior to joining the firm, she was a vice president of the Asia Pacific Technology Investment Banking Division of Salomon Smith Barney in Hong Kong. Before Salomon Smith Barney, Ms. Lu spent three years at LGT Asset Management as an analyst and portfolio manager.

Ms. Lu earned a B.A. with honours from the University of Western Ontario.

  • Portfolio manager
    since
    2009
  • Years at
    T. Rowe Price
    18
  • Years investment
    experience
    24
Nick Beecroft

Nicholas Beecroft is a portfolio specialist in the Equity Division at T. Rowe Price, representing the firm's global equity strategies. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

Mr. Beecroft has 18 years of investment experience, 14 of which have been with T. Rowe Price. He joined the firm in London in 2005 and spent many years working with our emerging markets equity team. Mr. Beecroft has been based in Hong Kong since 2011. Prior to joining T. Rowe Price, he was an investment analyst at Mercer Investment Consulting.

Mr. Beecroft earned a B.A, with honours, in contemporary European studies from the University of Southampton. He also has earned the Chartered Financial Analyst designation.

  • Years at
    T. Rowe Price
    14
  • Years investment
    experience
    18
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GIPS® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®). TRP has been independently verified for the twenty one- year period ended June 30, 2017 by KPMG LLP. The verification report is available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

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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