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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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Past performance is not a reliable indicator of future performance.

Strategy

Emerging Markets Equity

The Emerging Markets Equity Composite seeks long-term capital appreciation primarily through investment in established companies, in developing markets, with faster earnings growth and reasonable valuation levels relative to market/sector averages.

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

Tracking Error
(5 Years)

9.28%
3.06%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

12.41%
0.42

Inception Date 31-Dec-1995

Performance figures calculated in USD

Gonzalo Pángaro
Gonzalo Pángaro, Co-Portfolio Manager

Gonzalo Pángaro is the lead portfolio manager for the Emerging Markets Equity Strategy in the Equity Division. He is chairman of the Investment Advisory Committee for the Emerging Markets Equity Strategy  and a member of the International Equity Steering Committee. Gonzalo is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

 

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 broad sector opportunity set.
  • Apply negative screening for macroeconomic and political factors to temper bottom-up enthusiasm for specific securities.

Portfolio Construction

  • Typically 80-100 stocks
  • Expected 3-7% tracking error
  • Individual positions typically range from 0.30% to 6.00% — average position size from 0.50% to 1.00%
  • Country ranges +/- 10% absolute deviation from the benchmark
  • Sector ranges +/- 15% absolute deviation from the benchmark
  • Reserves are typically less than 5%
  • Expected Turnover range: 20-40%

Sectors

Total
Sectors
9
Largest Sector Information Technology 24.31% Was (30-Jun-2021) 23.12%
Other View complete Sector Diversification

Monthly Data as of 30-Sep-2021

Benchmark: MSCI Emerging Markets Index

Top Contributor^

Information Technology
Net Contribution 0.29%
Sector
0.06%
Selection 0.23%

Top Detractor^

Energy
Net Contribution -0.87%
Sector
-0.87%
Selection
0.00%

^Relative

Quarterly Data as of 30-Sep-2021

Largest Overweight

Consumer Staples
By8.70%
Portfolio 14.60%
Benchmark 5.90%

Largest Underweight

Materials
By-8.67%
Portfolio 0.00%
Benchmark 8.67%

Monthly Data as of 30-Sep-2021

Regions

Total
Regions
4
Largest Region Pacific Ex Japan 73.42% Was (30-Jun-2021) 69.99%
Other View complete Region Diversification

Monthly Data as of 30-Sep-2021

Benchmark: MSCI Emerging Markets Index

Largest Overweight

Europe
By3.04%
Portfolio 8.56%
Benchmark 5.52%

Largest Underweight

Pacific Ex Japan
By-5.02%
Portfolio 73.42%
Benchmark 78.44%

Monthly Data as of 30-Sep-2021

Countries

Total
Countries
24
Largest Country China 31.60% Was (30-Jun-2021) 30.97%
Other View complete Country Diversification

Monthly Data as of 30-Sep-2021

Benchmark: MSCI Emerging Markets Index

Top Contributor^

Argentina
Net Contribution 0.32%
Country
0.49%
Selection -0.17%

Top Detractor^

India
Net Contribution -0.88%
Country
-0.63%
Selection
-0.25%

^Relative

Quarterly Data as of 30-Sep-2021

Largest Overweight

Hong Kong
By4.18%
Portfolio 4.18%
Benchmark 0.00%

Largest Underweight

India
By-3.21%
Portfolio 8.97%
Benchmark 12.18%

Monthly Data as of 30-Sep-2021