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Financial Intermediary / All Funds / China Evolution 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
China Evolution Equity Fund
An actively managed, style agnostic, index unconstrained portfolio investing in c. 40-80 names across A-shares, H-shares and US-listed Chinese stocks. We focus on areas of the market that may be overlooked by some investors, going beyond the top 100 largest companies in the China universe by market cap to identify future winners.
ISIN LU2187417469
Bloomberg TCEEIUI LX
View more information on risks
FACTSHEET
KID
30-Apr-2025 - Wenli Zheng Portfolio Manager,
We believe that while the US-China trade conflict has ratcheted up and China’s exports will face strong headwinds, the domestic economy appears to be stabilising, even prior to further major policy stimulus. We believe that consumption and technological innovation will become China’s engines of economic growth and could unlock valuable investment prospects beyond mega caps.

Strategy
Fund Summary
Our approach focuses on uncovering stocks where change and growth are underappreciated or undiscovered. Leveraging our long history of investing in China, we seek to identify innovative companies beyond the widely owned mega cap stocks that offer the long-term potential for durable or accelerating growth or a fundamental rerating. 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.

30-Apr-2025 - Wenli Zheng Portfolio Manager,
Chinese equities retreated in April as the US-China tariff dispute escalated, heightening fears of a decoupling between the world’s two largest economies. Beijing intensified market stabilisation measures and expectations for policy support helped stocks to finish off their worst level for the month. Within the portfolio, our stock selection in consumer discretionary and consumer staples worked well. Our off-benchmark position in a bubble tea maker added value as the company is seen rapidly gaining share in the domestic beverage market. Within the consumer staples space, owning a snack food maker lifted relative returns as it benefitted from the structural growth in the snack food sector through channel transformation and supply chain efficiency. These companies are largely unaffected by the trade friction, and we believe that any stimulus efforts to boost consumption will offer an additional tailwind for these consumer-related names. Real estate helped returns, thanks to our overweight allocation in the sector which outperformed, thanks to the government’s stimulus policies and hopes for more support. In contrast, stock choices in information technology hurt fund performance. A maker of radio frequency connectors used in automobiles and consumer electronics detracted as shares took a breather following sharp gains in the first quarter.
31-Jan-2024 - Wenli Zheng Portfolio Manager,
In January we increased our allocation to the consumer discretionary sector, where we have a significant absolute position. In this space we own businesses that gain from structural trends such as electrification. We hold shares of an electric vehicle startup and auto parts companies. We invested in a home appliance producer that we think can grow its earnings, driven by its market share gains in the global appliance industry. We also own shares of market share gainers in the sportswear and hotel industry. Recently, we initiated a position in a leading hotel operator and franchisor within China’s upper midscale segment.

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

Typical Investor

Designed for investors who plan to invest for the medium to long term.

The fund may appeal to investors who:

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

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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