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Financial Intermediary / All Funds / Asian ex-Japan Equity Fund
Fund Range Documents

Capital at risk. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.

The listed funds are not an exhaustive list of funds available. Visit www.funds.troweprice.com to see the full range of funds offered by T. Rowe Price, including those that consider environmental and social characteristics as part of their investment process.  For up to date information regarding any T. Rowe Price fund's investment strategy, please see the relevant fund KID and prospectus. 

SICAV
Asian ex-Japan Equity Fund
An all-cap, growth-oriented portfolio of approximately 70-100 Asia ex-Japan stocks that represent our highest conviction ideas. The fund is categorised as Article 8 under Sustainable Finance Disclosure Regulation (SFDR).
ISIN LU0266341725
Bloomberg TRPAXJI LX
View more information on risks
FACTSHEET
KID
SFDR DISCLOSURE
31-Mar-2025 - Anh Lu, Portfolio Manager,
We are carefully weighing opportunities and risks in Asia ex-Japan equity markets. While we expect concerns about US trade tariffs, global technology spending, and country-specific challenges to persist, we also believe pockets of overly discounted stock valuations exist. We seek companies that we think have underpriced potential for durable growth or positive change.

Strategy
Fund Summary
As an Asia-based investment team, we employ an unconstrained approach where fundamental research is key. We look to identify reasonably priced companies with compelling business models and quality management teams in industries conducive to sustainable growth. The promotion of environmental and/or social characteristics is achieved through the fund's commitment to maintain at least 10% of the value of its portfolio invested in Sustainable Investments, as defined by the SFDR. Additionally, we apply a proprietary responsible screen (exclusion list). The manager is not constrained by the fund’s benchmark, which is used for performance comparison purposes only.
Performance (Class I)

Past performance is not a reliable indicator of future performance.

31-Mar-2025 - Anh Lu, Portfolio Manager,
Asia ex-Japan equities swung from gains to losses in March and finished nearly flat. Investors weighed improving economic signals in India and artificial intelligence opportunities in China against US trade tariff fears and a softening outlook for global technology spending. Within the portfolio, our stock choices in China hampered relative returns. Shares of a lens sets and camera modules producer fell after it reported mixed results. Nonetheless, we still believe in its potential for margin improvements and growth in certain product segments. By sector, our stock selection and an overweight stance in information technology hindered relative performance. Shares of a semiconductor packaging and testing company fell as markets reassessed projections of semiconductor chip demand. We trimmed the holding but still favour the company’s strength in advanced packaging, a crucial step in the production of leading-edge chips. Conversely, our financial holdings added value. Shares of an Indian life insurer gained along with its large-cap financial peers owing to a surge in investor interest, buoyed by hopes of looser financial conditions. We regard the life insurer as a high-quality business with the potential to gain market share and shift toward higher-margin protection products.
31-Jan-2024 - Anh Lu, Portfolio Manager,
Financials was our biggest absolute sector position and overweight against the benchmark in January. We invested in a Philippine bank, which we believe can generate a healthy return on equity and benefit from a valuation upgrade. In contrast, we reduced our absolute exposure to both consumer discretionary and consumer staples, staying underweight these sectors. We sold out of a South Korean cosmetics company, which has been facing challenges in China but growing in other markets. We believe the stock is fairly valued and favour investment opportunities elsewhere.

Risks

The following risks are materially relevant to the fund. Please click here to view the definitions of the risks listed below.

  • Country risk – China
  • Currency
  • Emerging markets
  • Equities
  • ESG
  • Geographic concentration
  • Investment fund
  • Issuer concentration
  • Management
  • Market
  • Operational
  • Small/mid cap
  • Stock Connect
  • Style

Typical Investor

Investors who plan to invest for the medium to long term, and who:

• are interested in investment growth
• are looking to diversify their equity investments, in particular existing investments in developed markets
• understand and can accept the risks of the fund, including the risks of investing in emerging markets

Past performance is not a reliable indicator of future performance.

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 and/or key information document (KID) 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. They can also be found along with a summary of investor rights in English at www.troweprice.com. The Management Company reserves the right to terminate marketing arrangements.

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.

Before deciding to invest in the fund, you should read the offering document/prospectus (including its investment objectives, policies and any risk warnings) which are available and may be obtained from any appointed distributors.

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.

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.  

Benchmark: Investors may use the benchmark to compare the fund’s performance. The benchmark has been selected because it is similar to the investment universe used by the investment manager and therefore acts as an appropriate comparator. The investment manager is not constrained by any country, sector and/or individual security weightings relative to the benchmark and has complete freedom to invest in securities that do not form part of the benchmark.

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