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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)

15.72%
4.36%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

38.06%
0.87

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
62
Largest Holding Taiwan Semiconductor Manufacturing 9.13% Was (31-Mar-2021) 9.36%
Other View Full Holdings Quarterly data as of  30-Jun-2021
Top 10 Holdings 42.48% View Top 10 Holdings Monthly data as of  30-Jun-2021

Top Purchase

Gree Electric Appliances Inc of Zhuhai
2.29%
Was (31-Mar-2021) 1.41%

Top Sale

POSCO (E)
0.00%
Was (31-Mar-2021) 2.08%

Quarterly Data as of 30-Jun-2021

Sectors

Total
Sectors
10
Largest Sector Consumer Discretionary 27.65% Was (31-Mar-2021) 27.68%
Other View complete Sector Diversification

Monthly Data as of 30-Jun-2021

Benchmark: MSCI All Country Asia ex Japan Index

Top Contributor^

Communication Services
Net Contribution 0.23%
Sector
-0.01%
Selection 0.25%

Top Detractor^

Consumer Discretionary
Net Contribution -0.98%
Sector
0.03%
Selection
-1.01%

^Relative

Quarterly Data as of 30-Jun-2021

Largest Overweight

Consumer Discretionary
By9.18%
Portfolio 27.65%
Benchmark 18.47%

Largest Underweight

Financials
By-5.90%
Portfolio 11.68%
Benchmark 17.58%

Monthly Data as of 30-Jun-2021

Countries

Total
Countries
10
Largest Country China 42.28% Was (31-Mar-2021) 42.73%
Other View complete Country Diversification

Monthly Data as of 30-Jun-2021

Benchmark: MSCI All Country Asia ex Japan Index

Top Contributor^

Philippines
Net Contribution 0.37%
Country
0.14%
Selection 0.22%

Top Detractor^

China
Net Contribution -1.75%
Country
0.02%
Selection
-1.77%

^Relative

Quarterly Data as of 30-Jun-2021

Largest Overweight

Philippines
By3.88%
Portfolio 4.58%
Benchmark 0.70%

Largest Underweight

South Korea
By-5.69%
Portfolio 9.38%
Benchmark 15.08%

Monthly Data as of 30-Jun-2021

Team (As of 10-Sep-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
Jihong Min

Jihong Min is a co-portfolio manager of the Asia Opportunities Equity Strategy in the International Equity Division. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Singapore Private Limited.

Jihong’s investment experience began in 2003, and he has been with T. Rowe Price since 2012, beginning in the Investment Equity department. Prior to this, Jihong was an investment analyst with Fortress Investment Group and Geosphere Capital covering Asian financials. Jihong started his career in J.P. Morgan’s Investment Banking Division in New York.

Jihong earned a B.Sc. in business management from the State University of New York, Binghampton.

  • Portfolio manager
    since
    2021
  • Years at
    T. Rowe Price
    8
  • Years investment
    experience
    17
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