Asian Opportunities Equity Fund

Übersicht

Manager's Outlook

We remain constructive on the medium- to long-term outlook for Asia ex-Japan equities. Most Asian economies are on a steady path to more normalized economic activity and north Asia has broadly picked up the pace compared with the rest of the region. In addition, demand for goods from these north Asian economies is driven by the West where economic activity is gaining traction.

�

We believe that domestic demand in Asia ex-Japan is holding up relatively well despite the uneven recovery of its economies. While China has experienced a V-shaped path to recovery, other Asian developing countries were stalled by the resurgence of coronavirus cases, the emergence of new variants and the impact of their virus containment measures as many had relied on prolonged restrictions on mobility rather than on an effective test-based strategy. Broadly speaking, however, the relative deterioration in fiscal and current account balances across the region has been more manageable compared with other parts of the world.

�

In terms of valuation, while there are pockets of excessive optimism in some sectors, we believe that the valuations of high-quality growth and cyclical growth businesses in Asia ex-Japan remain in line with historic levels.

�

Overall, we expect healthier earnings growth in 2021 and beyond, although the magnitude of earnings improvement of Asian companies will depend on the pace of economic normalization. Hence, there may be risks of earnings downgrades should the success of the vaccines fall behind expectations.

�

We remain cognizant of other risks. We believe that inflation appears to be under control in Asia and hence is not a source of immediate concern. We recognize that the vaccination drives in the developing world remain challenging. The slow progress of vaccination programs in some Asian countries may affect these economies more severely compared with others in the region. Delays in the distribution of vaccines could lead to persistent infections and prolonged restrictions could retard growth.

�

Geopolitical tensions remain a risk. While we may see some de-escalation of fractious relations between the U.S. and China under President Biden's administration, we believe that technological decoupling between the two countries is unlikely be reversed.

�

We continue to build this portfolio from the bottom up and while we take the macro environment into account, our philosophy and process remain squarely centered on fundamental stock selection. We are confident that we can continue to identify the best quality businesses in the region, supported by our Asia-based equity analysts and a global fundamental research platform along with our disciplined investment approach.

�

Strategy

Fund Summary

Unser Investment-Team mit Standorten in Asien sucht mit Hilfe von Fundamentalanalysen nach etablierten Unternehmen, die eine führende Marktstellung haben, eine renditeorientierte Kapitalallokation verfolgen und deren hochkarätigen Führungsteams die Erträge der Aktionäre wichtig sind. Bei einem langfristigen Anlagehorizont können sich durch Fehlbewertungen in der Region, die durch die Aktivitäten kurzfristig denkender Anleger entstehen, unseres Erachtens lukrative Chancen eröffnen. Die Förderung ökologischer und/oder sozialer Merkmale wird durch die Selbstverpflichtung des Fonds erreicht, mindestens 10% des Portfoliowertes in nachhaltigen Anlagen im Sinne der Verordnung über die Offenlegung nachhaltiger Finanzen (SFDR) zu halten. Darüber hinaus wenden wir interne Filter für die Auswahl an (Ausschlussliste). Der Portfoliomanager wird durch den Vergleichsindex des Fonds, der lediglich zum Performance-Vergleich dient, in seinen Entscheidungen nicht eingeschränkt.

Performance - nach Abzug von Gebühren

31-Mai-2022 - Jihong Min, Investment Analyst,

Nach anfänglichen Verlusten beendeten die Aktienmärkte der Region Asien (ohne Japan) den Mai mit moderaten Zugewinnen. Die Sorge um aggressive Zinserhöhungen in den USA hat sich angesichts der nachlassenden Wirtschaftstätigkeit und der Hoffnung, dass die Inflation einen Höhepunkt erreicht, verringert. Zusätzlich beflügelt wurde die Anlegerstimmung durch die Entscheidung der chinesischen Regierung, die Coronabeschränkungen zu lockern. Auf Portfolioebene wurde die relative Performance durch unsere Auswahl an Immobilienwerten geschmälert, darunter unser Engagement in einem der größten chinesischen Wohnimmobilienentwickler. Trotz neuer Maßnahmen zur Förderung von Immobilienkäufen blieben die Anleger angesichts der anhaltenden Verschuldungsprobleme nervös, was den chinesischen Immobilienmarkt betrifft. Zusätzlich belastet wurde die Performance durch unsere Titelauswahl und Untergewichtung im IT-Sektor, der sich besser als andere Branchen entwickelte, darunter unsere Beteiligung an einem taiwanischen Halbleiterhersteller. Unserer Ansicht nach weist das Unternehmen gut sichtbare Wachstumspotenziale auf. Wir sind jedoch in diesem Unternehmen über American Depositary Receipts (ADRs) investiert, deren Prämie gegenüber den in Taiwan gelisteten Aktien sank. Unsere Auswahl an Versorgungsaktien leistete hingegen einen positiven Beitrag zur relativen Performance, darunter unser Engagement in einem chinesischen städtischen Gasversorger. Die Aktie wurde gestützt durch solide Betriebsergebnisse. Zudem veröffentlichte das Unternehmen trotz des herausfordernden Umfelds aufgrund der Corona-Abriegelungsmaßnahmen eine robuste Prognose, die das Vertrauen der Anleger stärkte.

31-März-2021 - Eric C. Moffett, Portfoliomanager,

We believe we are well positioned for an eventual recovery from the coronavirus pandemic and remain comfortable with our positioning, particularly as our "COVID-off" names have started to work well for the portfolio.

We reduced our holdings in stocks with demanding valuations and used the proceeds to purchase less expensive names that provide attractive potential growth prospects and are likely to gain, market share.

We continued to pursue quality companies that can reliably compound earnings - companies that can deliver consistent earnings regardless of the economic cycle. We favor businesses which are run by a reliable management team, and which are cash-generative with an attractive dividend yield. We think the strength of domestic consumption in the region will prevail and will yield ample secular growth opportunities.

Real Estate

The portfolio substantially increased its exposure to the real estate sector. Our focus in this space are Chinese developers which will likely continue to expand market share and property management companies which are steady earnings compounders. We also have a preference for Hong Kong names, which will likely benefit from the reopening of the economy following the vaccine rollout.

�

We bought COLI on its share price weakness; the stock had been derating due to the risk of U.S. sanctions toward the end of the Trump administration, but this did not materialize. Despite the Chinese government's new leverage rules, we believe COLI is one developer which can continue increasing its market share.

�

Consumer Discretionary

We have a significant exposure in the consumer discretionary sector. Our preference is for cash-generative fast-food restaurants, auto dealers benefiting from China's auto demand recovery and increasing share in a fragmented market, as well as ecommerce companies gaining from people working, shopping and consuming media from home. We took advantage of the share price weakness in select ecommerce platforms after sharp gains in 2020.

�

We bought shares in Meituan Dianping, one of China's largest delivery platforms, following its share price weakness. The company, backed by Tencent Holdings, can count the synergy between its instore business and food delivery as its competitive advantage. Its instore business is for users to book restaurants, hotels, and other offline services, which it monetizes through advertising and commissions.
We invested in JD.com, one of China's biggest ecommerce platforms; its share price declined even after the company indicated that it had a strong first-quarter performance. JD.com's first-party (1P) model allows it to enjoy significant economies of scale, helped by a massive warehouse footprint across China. We think it can achieve margin improvement as the investment phase of its grocery and logistics operations comes to an end. Moreover, JD.com is expected to gain from the regulatory pressure on rival Alibaba.
We purchased shares in Coupang, which operates the largest e-commerce site in South Korea. We like its management which has built a strong moat with its USD3 billion investments and technology that allowed Coupang to disrupt offline commerce by offering faster delivery, competitive prices, and more product selections. Most Korean ecommerce and food delivery companies operate on a third-party model where a company charges commissions on products sold on its platform, while Coupang is gaining market share with its 1P model, where it takes the inventory risk and sells products at a profit.

Communication Services

The portfolio has a sizable position in the communication services sector in absolute terms. Our focus here is on social media platforms and search engine companies that are benefiting from developments such as increased remote working and consumption of goods and services from home. In the quarter, we invested in telecommunication companies with good growth and yields.

For example, we purchased shares of LG Uplus, a South Korean mobile company that operates in a three-player market, given its undemanding valuations. It reported a strong quarter performance, driven by its mobile revenue acceleration from 5G adoption, consolidation of cable operations and steady broadband segment. We view LGU as a market share gainer.
We bought shares in HKT Trust as we like the Hong Kong telecommunication company's growth prospects and high dividend yield.

Industrials and Business Services

We have a considerable position in industrials and business services. We preferred select transport and property management companies which we think are able to weather the economic difficulties wrought by the pandemic with either their strong balance sheet or increased discipline concerning new investments. They are also likely to gain once mobility restrictions are lifted. We favored companies benefiting from the trend toward increased imports created by the U.S.-China trade dispute. In the quarter we invested in companies that are increasing their share in an expanding market as well as those that will likely benefit from economic reopening.

�

We bought Hongfa Technology, a Chinese maker of relays used in autos, appliances, EV, and smart meters which we see as a share gainer in a growing industry, supported by its cost advantage and fast response ability. We view this stock as a quality, long-term growth story with an undiscounted upside margin. We think that while the rising copper price will have a negative effect on margins, the impact is likely manageable due to improving capacity utilization and favorable supply-demand situation.
We invested in Airports of Thailand which we view as a "COVID-off" beneficiary as borders reopen and visitor traffic recovers with the acceleration of the vaccine rollout programs. AOT operates six airports in Thailand including the Suvarnabhumi and Don Muang Airports in the capital Bangkok.

Financials

We have a sizeable absolute position in the financial sector, and own businesses across the region. This ranges from Indian and Singapore banks with high-quality lending franchises to Chailease, a Taiwanese leasing company with an increasing China and southeast Asian business, that will likely benefit from the cyclical recovery post COVID-19. In the quarter, we reduced our holdings in select stocks which turned expensive following their gains last year but which we still like in the long term.

We reduced our allocation to Hong Kong financials as we trimmed our positions in AIA and Hong Kong Exchanges & Clearing, the largest vertically integrated exchange in the region, on the back of their demanding valuations. However, we continue to believe that these are good businesses. AIA is a life insurer with a unique footprint in southeast Asia and a growing China business, a strong management team and sound capital position.

31-Mai-2022 - Jihong Min, Investment Analyst,

Auf Branchenebene sind wir absolut betrachtet im Finanzsektor am stärksten investiert, in dem wir unsere Übergewichtung durch den Zukauf attraktiv bewerteter Bankaktien weiter angehoben haben. Eine der Banken dürfte von dem Wirtschaftswachstum und den steigenden Zinsen auf den Philippinen profitieren. Zudem gehen wir davon aus, dass die Aktie durch steigende Gewinne gestützt werden wird. Zu unseren wichtigsten Sektorpositionen zählt zudem der Bereich Nicht-Basiskonsum. Zu unseren Beteiligungen in diesem Bereich zählt ein chinesischer Haushaltsgerätehersteller, der aufgrund seiner starken Position von einem wachsenden Interesse der Verbraucher an Premium-Marken profitieren dürfte.

31-Mai-2022 - Jihong Min, Investment Analyst,

Auf Länderebene sind wir in China am stärksten investiert und gegenüber der Benchmark deutlich übergewichtet. Wir haben einige Bereiche identifiziert, die attraktiv bewertet sind, um in Qualitätsunternehmen zu investieren, darunter ein Software-Anbieter für das Bauwesen, den wir aufgrund seiner soliden Kostenschätzungen und seinen Wachstumspotenzialen im Bereich Baumanagement für vielversprechend halten. Im Allgemeinen sehen wir bei einer Reihe chinesischer Unternehmen starke Fundamentaldaten, unter anderem in den Bereichen Internet, E-Commerce, Konsumgüter, Immobilien und Versicherungen. Wir haben unsere Untergewichtung in Indonesien verringert, indem wir in eine Bank investiert haben, die unserer Ansicht nach ein sichtbares Potenzial für Gewinnsteigerungen aufweist.

30-Juni-2021 - Eric C. Moffett, Portfoliomanager,

In the education sector, we saw heightened policy uncertainty in the quarter as China is framing new rules to cover the private tutoring industry. We decided to sell shares of TAL Education, an after-school tutoring provider, due to the possible adverse earnings impact and the disruption to business operations of a potential ban. About 80% of TAL's revenues are derived from kindergarten to grade 9 (K-9) level tutoring, which may be the subject of the potential ban.

�

We shifted our education position to New Oriental Education, a well-run provider of tutoring services with net cash in its balance sheet. We expect it to fare better than TAL should a ban be imposed given that it has more high school students and the regulatory changes will focus on those from lower levels. The new rules aim to ease pressure on children and lower family living costs.

�

We consolidated our holdings in the household durable names over the quarter. Hence, we sold shares of Hisense Home Appliances Group, one of the largest white goods companies in China.

�

We decided to switch to shares of Gree Electric where we had more conviction and see more potential upside in the stock given its growth prospects, dominant market share and improving capital allocation.

�

In e-commerce, we bought shares of Meituan, a platform providing services such as food delivery, as we diversified our exposure in this space. The company reported solid first-quarter results and food delivery profit continued to improve with scale and beat expectations. We continue to own Alibaba Group, the country's dominant internet platform.
We sold POSCO, South Korea's largest steelmaker, as our investment thesis has played out and we see limited potential upside. While the supply and demand dynamics remain favorable, we expect steel prices to peak in the next few quarters.
We locked in gains in conglomerate Jardine Matheson, selling its shares following a strong run since we initiated our position.

We bought shares of Hongfa Technology, a Chinese maker of relays used in autos, appliances, EV, and smart meters which we see as a share gainer in a growing industry, supported by its cost advantage and fast response ability. We view this stock as a quality, long-term growth story with an undiscounted upside margin.
Within the insurance sector, we own AIA, life insurer with a unique footprint in southeast Asia and a growing China business, a strong management team and sound capital position.

We sold shares of Hong Kong Exchanges and Clearing as Hong Kong's only securities and derivatives exchange and the sole operator of its clearing houses reported a stellar set of quarterly results that likely represent a short-term cyclical peak, in our view.��
We hold Infosys, a software services firm in India, which is seen as a beneficiary of the global recovery.

�

This quarter, we sold shares of TSMC, the world's biggest dedicated semiconductor foundry in terms of capacity, and Samsung Electronics, one of the world's largest memory chip manufacturer, following their substantial share price gains last year.� While Samsung's quarterly results beat market consensus, we believe there are indications that we may be nearing the peak of the current upcycle for Dynamic Random Access Memory (DRAM) chips. �DRAM is the type of memory chip that saves data when a device's power is turned on.

�

We bought shares of Vanguard International, a Taiwan-based company that focuses on 8-inch wafer fabrication foundry services. We view it as a well-managed company with good corporate governance and steady dividend growth over time. Over the longer term, 8-inch wafer supply may be tight owing to limited incremental 8-inch wafer capacity expansion mainly due to the lack of depreciated tools in the market. Moreover, we believe Vanguard may be less affected by U.S.-China trade tensions which centers more on leading-edge technology.
At the stock level, we bought shares of HKT Trust as we like the Hong Kong telecommunication company's growth prospects and high dividend yield. We view HKT Trust as a defensive stock and its bond-like nature, high-quality mobile subscriber base who are the first to adopt 5G, and strong balance sheet support our position in this stock.

31-März-2021 - Eric C. Moffett, Portfoliomanager,

Our positions in the outperforming real estate sector such as China Overseas Property Holdings Limited (COPL) and its sister company China Overseas Land & Investments (COLI) boosted relative results. Real estate has helped China's economic recovery from the coronavirus but an extended rise in home prices triggered worries about speculative asset bubbles and prompted tighter regulations including debt curbs. The market favoured COPL, which has over three decades of operations in Hong Kong, as property management companies are viewed to be more defensive and are less subject to policy risk than property developers.� Investors were also enthused by COPL's upbeat five-year guidance.
Owning COLI, one of China's largest property developers, worked well for the portfolio as its share price outperformed amid expectations that it can take market share following the government's leverage rules. Its shares also reacted positively to news that 22 Chinese cities plan to further limit land auctions to three times a year instead of continuous land sales, a move seen to help industry consolidation and benefit big developers.
Our position in Songcheng Performance Development, one of the better-managed, show-based theme park operators with a growing footprint of parks and good value-for-money proposition, was beneficial as investors shifted their interest to companies that will benefit from a �"COVID-off" environment. We think its expansion projects will continue to drive earnings growth over the next two to three years. These asset-light projects demonstrate Songcheng's potential to monetize its strong brand equity in more regions.
Shares of Amorepacific Group, the country's leading cosmetics company, recovered from last year's weakness amid expectations that more countries will reopen and loosen travel restrictions. Its 2020 results showed some signs of improvement with better revenue trends from its China business, helped by ecommerce sales. We continue to believe in Amorepacific's long runway of growth in its target markets.
POSCO, one of the world's largest steel producers, contributed to the outperformance as market participants rotated into commodity-related stocks in a market environment of accelerating inflation. Shares also rose on news that the Argentinian lithium reserve purchased in 2018 has risen in value due to ae higher lithium market price thanks to increased demand for electric (EV) vehicles.
Our position in NAVER, one of South Korea's largest internet portals, added to relative returns. NAVER shares outperformed amid expectations of increasing revenues due to high growth in e-commerce and webtoon, a publishing platform for online comics that is popular in South Korea and which is drawing more readers globally. NAVER announced it would acquire Wattpad, the user-generated fiction platform and entertainment company. Moreover, its LINE business, a leading mobile messenger service, has been de-consolidated and will no longer be a drag on margins. We view NAVER as an earnings compounder, supported by a disciplined management team that understands its competitiveness and opportunity sets.
COLI was a major positive contributor to relative results. We believe core earnings will be stable and that the company will benefit in a tightening cycle given its low balance sheet gearing. COLI has one of the strongest balance sheets in the sector and plans to use it to acquire land and gain market share when others are forced to deleverage in this cycle. COLI bought back shares last year for the first time in 15 years and increased its payout ratio.
Owning Hysan Development, a Hong Kong-listed commercial landlord, added value as its shares rose on the back of the economic reopening theme. Hong Kong started its vaccination program in the quarter, raising hopes that travel restrictions will soon be eased. We like Hysan's strong financial position and focus on ensuring a stable absolute dividend.
In addition to our position in NAVER, HKT Trust, Hong Kong's sole integrated telecommunications player engaged in fixed line and mobile business, outperformed following a stable set of results and a 7% dividend yield. We view HKT Trust as a defensive stock with good growth and yield. HKT Trust's bond-like nature, improving pricing power, network superiority and strong balance sheet supported our position in this stock.
Sea Limited, an internet platform provider domiciled in Singapore whose ecommerce business is gaining market share in Southeast Asia, also added value. Its 2021 revenue guidance significantly surpassed consensus estimates. We think Sea Limited is well positioned to grow market share in the Southeast Asian online gaming and ecommerce market, especially given the benign competitive environment compared to China.
Kotak Mahindra Bank, a mid-sized lender in India, hampered relative returns. The stock pulled back following substantial gains in the previous quarter and the resurgence of coronavirus cases in March which created some uncertainty around the sustainability of India's ongoing business recovery.� While the stock has re-rated fully to its pre-coronavirus multiple, we continue to like the high-quality lending franchise and view Kotak Mahindra as a market share gainer over the next few years. We think the bank still has the potential to gradually improve returns from further efficiency gains.
Shares of Philippine Seven, the operator of 7-Eleven convenience stores in the archipelago, declined on concerns of the impact of a prolonged lockdown on store sales. We continue to like the convenience store operator's business model as it is a solid generator of cash flow and convenience stores may prove much more resilient to disruption than other types of retail format.
Owning Jollibee Foods (JFC), a Filipino-owned chain of fast food restaurants, weighed on relative returns as its share price fell on concerns about the coronavirus restrictions. We continue to like the company, which has a cash-generative domestic business. We believe that JFC will maintain its dominant position in the quick service restaurant industry coming out of the pandemic. The company outperformed its peers in same-store sales since the lockdowns in the first quarter of 2020. We think the turnaround of its overseas businesses could provide a boost to the company, which last year acquired the American fast-food chain Smashburger, The Coffee Bean & Tea Leaf, and increased its stake in Tim Ho Wan, a popular Chinese dim sum restaurant franchise as it seeks to become among the world's top five fast-food restaurants.

Indikativ Benchmark-Datenquelle: MSCI. MSCI gibt keine ausdrücklichen oder konkludenten Gewährleistungen oder Zusicherungen ab und ist in keiner wie auch immer gearteten Weise haftbar hinsichtlich jeglicher hier zitierten MSCI-Daten. Die MSCI-Daten dürfen nicht weiterverbreitet oder als Grundlage für andere Indizes oder jegliche Wertpapiere oder Finanzprodukte verwendet werden. Der vorliegende Bericht wurde nicht von MSCI genehmigt, überprüft oder erstellt.

WARNING : /content/tpd/ch/de-ch/site-content/disclaimers/funds/sicav/sicav-performance-2 PATH IS NOT CORRECT.

Die täglichen Performance-Daten beruhen auf dem jügsten NAV.

Die Fonds sind Teilfonds der T. Rowe Price Funds SICAV, einer luxemburgischen Investmentgesellschaft mit variablem Kapital, die bei der Commission de Surveillance du Secteur Financier eingetragen ist und die Voraussetzungen für eine Einstufung als Organismus für gemeinsame Anlagen in Wertpapieren („OGAW“) erfüllt. Alle Informationen zu Anlagezielen, Anlagestrategien und Risiken sind dem Prospekt zu entnehmen, der zusammen mit dem PRIIPs-Basisinformationsblatt in einer englischsprachigen Fassung sowie in jeweils einer Amtssprache des Landes oder Hoheitsgebiets, in denen die Fonds zum allgemeinen Vertrieb registriert sind, erhältlich ist. Ebenfalls erhältlich sind die Satzung sowie die Jahres- und Halbjahresberichte, die zusammen mit dem Prospekt und den wesentlichen Anlegerinformationen die „Fondsdokumente“ bilden. Anlageentscheidungen sollten auf der Basis der Fondsdokumente getroffen werden. Diese sind bei unseren lokalen Repräsentanten, Informations- und Zahlstellen oder autorisierten Vertriebspartnern kostenfrei erhältlich. Die Fondsdokumente stehen außerdem nebst einer Zusammenfassung der Anlegerrechte in englischer Sprache unter www.troweprice.com zur Verfügung. Die Verwaltungsgesellschaft behält sich das Recht vor, Vertriebsvereinbarungen zu beenden.

Bitte beachten Sie, dass der Fonds typischerweise ein Risiko von hoher Volatilität aufweisst.

Abgesicherte Anteilsklassen (mit „h“ gekennzeichnet) verwenden Anlagetechniken zur Minderung von Währungsrisiken zwischen der zugrunde liegenden Anlagewährung und der Währung der abgesicherten Anteilsklasse. Die Kosten dafür werden von der Anteilsklasse getragen, und die Wirksamkeit dieser Absicherung kann nicht garantiert werden.

Die genannten und beschriebenen Wertpapiere stellen nicht die Gesamtheit der im Rahmen des SICAV-Teilfonds erworbenen, veräußerten oder empfohlenen Wertpapiere dar, und es sollte nicht davon ausgegangen werden, dass Anlagen in den genannten und beschriebenen Wertpapieren rentabel waren oder dies in Zukunft sein werden.

Attribution: Die Analyse gibt die Gesamtperformance des Portfolios laut der Berechnung anhand des Attributionsmodells von FactSet wieder und versteht sich einschließlich anderer Vermögenswerte, die keiner bestimmten Klassifikation in der nachstehenden detaillierten Struktur zugewiesen werden. Die Erträge entsprechen nicht der offiziellen Performance von T. Rowe Price, da FactSet andere Quellen für die Wechselkurse verwendet und den Intraday-Handel nicht erfasst. Die Performance jedes Wertpapiers wird in der Lokalwährung abgefragt und bei Bedarf auf Basis eines von einem unabhängigen Dritten festgelegten Wechselkurses in US-Dollar umgerechnet. Die angegebenen Werte verstehen sich inklusive der Wiederanlage der Bruttodividenden.

Quellen: Copyright © 2024 FactSet Research Systems Inc. Alle Rechte vorbehalten. Analysen von T. Rowe Price Associates, Inc. T. Rowe Price legt bei der Sektor- und Branchenberichterstattung für dieses Produkt eine individuell festgelegte Struktur zugrunde.

Die vollständige Liste mit allen derzeit ausgegebenen Anteilklassen, einschließlich der ausschüttenden, abgesicherten und thesaurierenden Kategorien, wird am Sitz der Gesellschaft auf Anfrage unentgeltlich zur Verfügung gestellt.

©2024 Morningstar, Inc. Alle Rechte vorbehalten. Für die in diesem Dokument enthaltenen Informationen gilt: (1) Sie sind Eigentum von Morningstar; (2) sie dürfen nicht kopiert oder weitergeleitet werden; (3) für ihre Richtigkeit, Vollständigkeit oder Rechtzeitigkeit wird keine Garantie übernommen. Weder Morningstar noch dessen Anbieter von Inhalten sind für jegliche Schäden oder Verluste verantwortlich, die sich aus der Verwendung dieser Informationen ergeben.

Citywire – die Bewertung des Fondsmanagers durch Citywire basiert auf einer risikoadjustierten Performance über einen Zeitraum von 3 Jahren.

Real Estate

Consumer Discretionary

Communication Services

Industrials and Business Services

Financials

Risiken

Typical Investor