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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

Latin America Equity

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

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

Tracking Error
(5 Years)

1.38%
4.52%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

-7.09%
0.93

Inception Date 31-Dec-1995

Performance figures calculated in USD

Verena Wachnitz
Verena Wachnitz, Portfolio Manager

Verena Wachnitz is a portfolio manager for the Latin America Equity Strategy. Prior to this, she was an analyst covering the telecom, financials, materials, and real estate sectors in Latin America on the Equity research team. Verena 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 region.
  • Apply negative screening for macroeconomic and political factors to temper bottom-up enthusiasm for specific securities.

Portfolio Construction

  • Typically 30-60 stock portfolio.
  • Individual positions typically range from 0.5% to 20.0% — average position size of 2.0% to 3.0%.
  • Sector ranges typically +/- 10.0% absolute deviation to the benchmark.
  • Country ranges typically +/- 10.0% absolute deviation to the benchmark.
  • Reserves typically range from 0.0% to 5.0%.
  • Expected Turnover 20.0% to 50.0%.

Holdings

Total
Holdings
53
Largest Holding Itau Unibanco Holding 9.91% Was (30-Sep-2020) 8.64%
Other View Full Holdings Quarterly data as of  31-Dec-2020
Top 10 Holdings 50.53% View Top 10 Holdings Monthly data as of  31-Dec-2020

Top Purchase

Grupo Mexico (N)
2.56%
Was (30-Sep-2020) 0%

Top Sale

Southern Copper (E)
0.00%
Was (30-Sep-2020) 2.28%

Quarterly Data as of 31-Dec-2020

Sectors

Total
Sectors
11
Largest Sector Financials 34.98% Was (30-Sep-2020) 34.04%
Other View complete Sector Diversification

Monthly Data as of 31-Dec-2020

Benchmark: MSCI Emerging Markets Latin America Index

Top Contributor^

Communication Services
Net Contribution 1.01%
Sector
0.85%
Selection 0.16%

Top Detractor^

Materials
Net Contribution -2.26%
Sector
-1.64%
Selection
-0.62%

^Relative

Quarterly Data as of 31-Dec-2020

Largest Overweight

Financials
By9.17%
Portfolio 34.98%
Benchmark 25.81%

Largest Underweight

Materials
By-13.72%
Portfolio 6.99%
Benchmark 20.71%

Monthly Data as of 31-Dec-2020

Countries

Total
Countries
9
Largest Country Brazil 63.74% Was (30-Sep-2020) 59.96%
Other View complete Country Diversification

Monthly Data as of 31-Dec-2020

Benchmark: MSCI Emerging Markets Latin America Index

Top Contributor^

Argentina
Net Contribution 0.98%
Country
-0.82%
Selection 1.80%

Top Detractor^

Brazil
Net Contribution -1.13%
Country
-0.02%
Selection
-1.11%

^Relative

Quarterly Data as of 31-Dec-2020

Largest Overweight

Argentina
By5.73%
Portfolio 7.27%
Benchmark 1.54%

Largest Underweight

Mexico
By-6.69%
Portfolio 15.24%
Benchmark 21.92%

Monthly Data as of 31-Dec-2020

Team (As of 05-Apr-2021)

Verena Wachnitz

Verena Wachnitz is a portfolio manager for the Latin America Equity Strategy. Prior to this, she was an analyst covering the telecom, financials, materials, and real estate sectors in Latin America on the Equity research team. Verena is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

Verena has been with T. Rowe Price since 2003, beginning in the Latin America Equity team. Prior to this, Verena was employed by Centro de Estudios de Transporte e Infraestructura as an analyst.

Verena earned a B.A. in economics and a master's degree in finance from Universidad de San Andres. She also has earned the Chartered Financial Analyst® designation. Verena is fluent in Spanish, German, Portuguese, and English.

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

  • Portfolio manager
    since
    2014
  • Years at
    T. Rowe Price
    17
  • Years investment
    experience
    17
Charles Knudsen, CFA

Chuck Knudsen is a portfolio specialist in the Equity Division. He also is a member of the Emerging Markets Equity team. Chuck is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc. 

Chuck’s investment experience began in 1987, and he has been with T. Rowe Price since 2005, beginning in the Global Investment Services department, the organization responsible for the firm's institutional business worldwide. After that, he was the associate head of Institutional Client Service, North America, for Global Investment Services. Prior to T. Rowe Price, Chuck was a senior vice president with Legg Mason Capital Management for three years, servicing many of the firm's large, global institutional clients. He also spent 15 years with Allied Investment Advisors, where he oversaw the Client Service team, was an equity analyst, and served as the portfolio manager for the Ark Funds Balanced Portfolio.

Chuck earned a B.A. from Duke University and an M.B.A. in finance and investments from George Washington University. He also has earned the Chartered Financial Analyst® designation and is a Series 7 and 63 registered representative.

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

  • Years at
    T. Rowe Price
    16
  • Years investment
    experience
    34