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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

Asia Opportunities Equity

The Asia Opportunities 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)

12.76%
4.10%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

27.74%
0.94

Inception Date 31-May-2014

Performance figures calculated in USD

Eric C. Moffett
Eric C. Moffett, Portfolio Manager

Eric Moffett is a portfolio manager in the International Equity Division. He manages the Asia Opportunities Equity Strategy and is chairman of the strategy's Investment Advisory Committee. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Singapore Private Limited. 

 

Strategy

Investment Approach

  • Seeking long term capital appreciation to come from owning high quality businesses that will reliably compound earnings/ cash flow generation over time.
  • In Asia, this type of company tends to exhibit three key characteristics:
    • Established companies with leading market positions.
    • Good management teams who care about shareholder returns.
    • Returns-focused capital allocation and prudent balance sheet management.
  • Fundamental research is critical in helping us to identify these characteristics and exploit market inefficiencies:
    • Focus on the long term. Be patient.
    • Gain a better understanding of the durability of a company’s prospects than the market.
    • More accurately assess a company’s intrinsic value than other market participants.

Portfolio Construction

  • Typically 40-70 stock portfolio
  • Individual positions typically range from 0.50% to 6.00%.
  • Country and sector weightings a residual of stock selection.
  • Cash position typically less than 5%.

Holdings

Total
Holdings
66
Largest Holding Taiwan Semiconductor Manufacturing 6.99% Was (30-Sep-2020) 6.86%
Other View Full Holdings Quarterly data as of  31-Dec-2020
Top 10 Holdings 41.61% View Top 10 Holdings Monthly data as of  31-Dec-2020

Top Purchase

Jardine Matheson Holdings (N)
1.78%
Was (30-Sep-2020) 0%

Top Sale

Treasury Wine Estates (E)
0.00%
Was (30-Sep-2020) 2.76%

Quarterly Data as of 31-Dec-2020

Sectors

Total
Sectors
10
Largest Sector Consumer Discretionary 27.23% Was (30-Sep-2020) 31.05%
Other View complete Sector Diversification

Monthly Data as of 31-Dec-2020

Benchmark: MSCI All Country Asia ex Japan Index

Top Contributor^

Financials
Net Contribution 1.80%
Sector
0.00%
Selection 1.80%

Top Detractor^

Consumer Staples
Net Contribution -1.29%
Sector
-0.26%
Selection
-1.04%

^Relative

Quarterly Data as of 31-Dec-2020

Largest Overweight

Consumer Discretionary
By8.16%
Portfolio 27.23%
Benchmark 19.08%

Largest Underweight

Information Technology
By-4.64%
Portfolio 18.43%
Benchmark 23.07%

Monthly Data as of 31-Dec-2020

Countries

Total
Countries
10
Largest Country China 38.53% Was (30-Sep-2020) 40.43%
Other View complete Country Diversification

Monthly Data as of 31-Dec-2020

Benchmark: MSCI All Country Asia ex Japan Index

Top Contributor^

India
Net Contribution 1.73%
Country
-0.02%
Selection 1.75%

Top Detractor^

China
Net Contribution -0.92%
Country
0.47%
Selection
-1.39%

^Relative

Quarterly Data as of 31-Dec-2020

Largest Overweight

Hong Kong
By6.28%
Portfolio 13.64%
Benchmark 7.36%

Largest Underweight

China
By-5.69%
Portfolio 38.53%
Benchmark 44.21%

Monthly Data as of 31-Dec-2020

Team (As of 05-Apr-2021)

Eric C. Moffett

Eric Moffett is a portfolio manager in the International Equity Division. He manages the Asia Opportunities Equity Strategy and is chairman of the strategy's Investment Advisory Committee. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Singapore Private Limited. 

Eric’s investment experience began in 2007, and he has been with T. Rowe Price since 2007, beginning in the Equity department. Prior to this, Eric was employed by Fayez Sarofim & Company as an analyst.

Eric earned an A.B., magna cum laude, in economics from Princeton University and an M.B.A. from Harvard Business School.

  • Portfolio manager
    since
    2014
  • Years at
    T. Rowe Price
    13
  • Years investment
    experience
    20
Nick Beecroft, CFA

Nick Beecroft is the APAC head of the Investment Specialist Group and a portfolio specialist in the Equity Division. He also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

Nick’s investment experience began in 2001, and he has been with T. Rowe Price since 2005, beginning in the Equity Division. Prior to this, Nick was employed by Mercer Investment Consulting as an investment analyst.

Nick earned a B.A., with honors, in contemporary European studies from the University of Southampton. He also has earned the Chartered Financial Analyst® designation.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

  • Years at
    T. Rowe Price
    16
  • Years investment
    experience
    20