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.
- 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.
- 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%
|1 YR||3 YR
|Composite Gross %||28.09%||15.98%||8.69%||8.28%|
|Composite Net %||27.21%||15.18%||7.94%||7.53%|
|Excess Return (Gross) %||9.92%||3.21%||2.14%||2.25%|
|3 MonthsData as of 31-Dec-2019||Year to DateData as of 31-Dec-2019|
|Composite Gross %||11.81%||28.09%|
|Composite Net %||11.62%||27.21%|
|Excess Return (Gross) %||0.03%||9.92%|
Returns for time periods greater than one year are annualised.
Past performance is not a reliable indicator of future performance.
Gross performance returns are presented before management and all other fees, where applicable, but after trading expenses. Net of fees performance reflects the deduction of the highest applicable management fee that would be charged based on the fee schedule contained within this material, without the benefit of breakpoints. Gross and net performance returns reflect the reinvestment of dividends and are net of all non-reclaimable withholding taxes on dividends, interest income, and capital gains.
MSCI Index returns shown with reinvestment of dividends after the deduction of withholding taxes.
Alibaba Group Holding7.24%
Information TechnologyNet Contribution 0.73%
Consumer StaplesNet Contribution -0.81%
South KoreaNet Contribution 0.41%
IndiaNet Contribution -0.34%
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 manager2009
- Years at18
T. Rowe Price
- Years investment24
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 at15
T. Rowe Price
- Years investment19