SICAV
Frontier Markets Equity Fund
A portfolio of around 60-80 high quality, high growth companies from across frontier markets. The fund aims to offer pure exposure to the dynamic and fast-growing regions of frontier markets, which we define as any country not included in developed or emerging market indices.
ISIN LU1777971620
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FACTSHEET
KIID
FUND PROFILE
COMMENTARY

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Risk & Reward ?
(SRRI)
1 2 3 4 5 6 7 Data as of: 31-Oct-2020
NAV
(EUR)
€8.53
Data as of: 27-Nov-2020
1YR Return
(Annualised)
-12.77%
Data as of: 31-Oct-2020
Fund Size
(USD)
$94.8m
Data as of: 31-Oct-2020
Perf Change
(Daily)
0.00%
Data as of: 27-Nov-2020
3YR Return
(Annualised)
N/A
Data as of: 31-Oct-2020

Overview
Strategy
Fund Summary
Our research seeks to identify companies with superior and sustainable earnings growth at valuations that do not fully reflect that growth. We are constantly on the ground meeting with company management teams and industry experts in local frontier countries to uncover the long-term winners.
SMALL-CAP
MID-CAP
LARGE-CAP

52
Holdings

Style
Core
Risk & Reward Data

Risk return statistics are not available until 3 years of data is available.
Performance - Net of Fees
Current Year Performance
MTD
4.92%
Benchmark*
3.15%
Excess Return

1.77%
QTD
5.18%
Benchmark*
5.42%
Excess Return

-0.24%
YTD
-12.78%
Benchmark*
-7.65%
Excess Return

-5.13%
Data as of 27-Nov-2020
1 Month
0.25%
Benchmark*
2.20%
Excess Return

-1.95%
3 Months
11.37%
Benchmark*
12.23%
Excess Return

-0.86%
Data as of 31-Oct-2020
 
Annualised Performance
1 YR
-12.77%
Benchmark*
-5.89%
Excess Return

-6.88%
3 YR
N/A
Benchmark*
N/A
Excess Return

N/A
5 YR
N/A
Benchmark*
N/A
Excess Return

N/A
Inception
-7.39%
Benchmark*
-2.12%
Excess Return

-5.27%
Manager Inception
N/A
Benchmark*
N/A
Excess Return

N/A
Data as of 31-Oct-2020
Indicative Benchmark : Linked Benchmark Net
Fund Inception: 19-Feb-2018

* The index shown is not a formal benchmark. It is shown only for comparison purposes.

Holdings
Total
Holdings
52
Largest
National Bank of Kuwait
9.59%
Was ( 30-Jun-2020 )

9.44%
Top 10
52,24%
Contributor
National Bank of Kuwait
By 0.09%
% of fund
9.53%
Detractor
Label Vie
By -1.64%
% of fund
3.28%
Purchase
Safaricom
3.51%
Was ( 30-Jun-2020 )
1.31%
Sale
Network International Holdings
1.06%
Was ( 30-Jun-2020 )
2.15%
Data as of 30-Sep-2020
Sectors
Total
Sectors
11
Largest
Financials
52.49%
Was ( 30-Sep-2020 )
54.13%
Contributor
Consumer Discretionary
By 0.84%
Sector
-0.04%
Selection
0.88%
Detractor
Financials
By -1.03%
Sector
0.12%
Selection
-1.15%
Data as of 30-Sep-2020
Over
Consumer Discretionary
By 9.86%
Fund
10.00%
Benchmark*
0.14%
Under
Communication Services
By -7.73%
Fund
7.68%
Benchmark*
15.41%
Data as of 31-Oct-2020
Data as of 31-Oct-2020
Indicative Benchmark: MSCI Frontier Market 10/40 Index Net

* The index shown is not a formal benchmark. It is shown only for comparison purposes.

Regions
Total
Regions
3
Largest
Middle East & Africa
45.57%
Was ( 30-Sep-2020 )
47.29%
Contributor
Pacific ex Japan
By 2.08%
Country
0.19%
Selection
1.89%
Detractor
EM EMEA
By -2.14%
Country
0.05%
Selection
-2.18%
Data as of 30-Sep-2020
Over
Pacific Ex Japan
By 15.72%
Fund
40.15%
Benchmark**
24.43%
Under
Middle East & Africa
By -17.24%
Fund
45.57%
Benchmark**
62.81%
Data as of 31-Oct-2020
Data as of 31-Oct-2020
Indicative Benchmark: MSCI Frontier Market 10/40 Index Net

* The index shown is not a formal benchmark. It is shown only for comparison purposes.

Countries
Total
Countries
20
Largest
Vietnam
31.15%
Was ( 30-Sep-2020 )
27.65%
Contributor
Vietnam
By 1.94%
Country
0.02%
Selection
1.92%
Detractor
Bahrain
By -0.94%
Country
-0.94%
Selection
0.00%
Data as of 30-Sep-2020
Over
Vietnam
By 10.05%
Fund
31.15%
Benchmark*
21.10%
Under
Nigeria
By -7.04%
Fund
0.00%
Benchmark*
7.04%
Data as of 31-Oct-2020
Data as of 31-Oct-2020
Indicative Benchmark: MSCI Frontier Market 10/40 Index Net

* The index shown is not a formal benchmark. It is shown only for comparison purposes.


Team
Oliver Bell,
Portfolio Manager
Oliver Bell is lead portfolio manager and chairman of the Investment Advisory Committee for the T. Rowe Price Middle East & Africa Equity Strategy and also the Frontier Markets Equity Strategy.
Portfolio Manager since
2014
Years at
T. Rowe Price
8
Years investment experience
22
Johannes Loefstrand,
Portfolio Manager
Johannes Loefstrand is co-portfolio manager with Oliver Bell on the Frontier Markets Equity Fund and will become sole portfolio manager effective January 1, 2021.
Portfolio Manager since
2020
Years at T. Rowe Price
4
Years investment experience
6
Charles Knudsen,
Portfolio Specialist
Chuck Knudsen is a portfolio specialist in the Equity Division of T. Rowe Price.
Years at
T. Rowe Price
15
Years investment experience
33
How to Invest
Fees Minimum Initial Investment and Holding Amount Minimum Subsequent Investment Sales Charge (up to) Investment Management Fee Ongoing
Charges1

Indicative Benchmark Data Source: MSCI. MSCI and its affiliates and third party sources and providers (collectively, “MSCI”) makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. Historical MSCI data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

Past performance is not a reliable indicator of future performance.

Source for performance: T. Rowe Price. Fund performance is calculated using the official NAV with dividends reinvested, if any. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested. It will be affected by changes in the exchange rate between the base currency of the fund and the subscription currency, if different. Sales charges (up to a maximum of 5% for the A Class), taxes and other locally applied costs have not been deducted and if applicable, they will reduce the performance figures.

Daily performance data is based on the latest available NAV.  

The Funds are sub-funds of the T. Rowe Price Funds SICAV, a Luxembourg investment company with variable capital which is registered with Commission de Surveillance du Secteur Financier and which qualifies as an undertaking for collective investment in transferable securities (“UCITS”). Full details of the objectives, investment policies and risks are located in the prospectus which is available with the key investor information documents in English and in an official language of the jurisdictions in which the Funds are registered for public sale, together with the articles of incorporation and the annual and semi-annual reports (together “Fund Documents”). Any decision to invest should be made on the basis of the Fund Documents which are available free of charge from the local representative, local information/paying agent or from authorised distributors and via www.troweprice.com.

Please note that the Fund typically has a risk of high volatility.

Hedged share classes (denoted by 'h') utilise investment techniques to mitigate currency risk between the underlying investment currency(ies) of the fund and the currency of the hedged share class.  The costs of doing so will be borne by the share class and there is no guarantee that such hedging will be effective.

The specific securities identified and described in this website do not represent all of the securities purchased, sold, or recommended for the sub-fund and no assumptions should be made that the securities identified and discussed were or will be profitable.

Attribution Data: Analysis represents the total performance of the portfolio as calculated by the FactSet attribution model and is inclusive of other assets that that will not receive a classification assignment in the detailed structure shown. Returns will not match official T. Rowe Price performance because FactSet uses different exchange rate sources and does not capture intra-day trading. Performance for each security is obtained in the local currency and, if necessary, is converted to U.S. dollars using an exchange rate determined by an independent third party. Figures are shown with gross dividends reinvested.

Sources: Copyright © 2020 FactSet Research Systems Inc. All rights reserved. MSCI/S&P GICS Sectors; Analysis by T. Rowe Price Associates, Inc. T. Rowe Price uses the MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. Each year, MSCI and S&P make changes to the GICS structure. The last change occurred on September 28, 2018. T. Rowe Price will adhere to all future updates to GICS for prospective reporting.

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc, ("MSCI") and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. ("S&P") and is licensed for use by [Licensee]. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or impIied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any or such standard or classification, Without limiting any or the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

A full list of the currently issued Share Classes including Distributing, Hedged, and Accumulating Categories may be obtained, free of charge and upon request, from the registered office of the Company.  

1 Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.

The Morningstar rating is sourced from Morningstar.

©2020 Morningstar, Inc.  All Rights Reserved.  The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely.  Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Citywire - where the Fund manager is rated by Citywire the rating is based on the manager's 3 year risk adjusted performance.