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An actively managed, invests mainly in a widely diversified portfolio of shares of emerging market companies. It offer the opportunity for long-term growth of capital through investments in undervalued stocks of companies in emerging markets.
Offers active exposure to Emerging Markets equities through a concentrated, value and contrarian oriented approach. Differentiates itself by targeting overlooked, "forgotten" businesses whose share price has stabilised after a period of setbacks, rather than companies that already screen statistically cheap, to capture a specific re-rating catalyst.
Managed by T. Rowe Price under portfolio manager Ernest Yeung, who created the strategy in 2015 and has run it continuously since, an 11-year track record. He is supported by Associate Portfolio Manager Haider Ali, on the strategy since 2018, and a broader bench of around 26 regional Emerging Markets analysts.
Aims to generate long-term capital appreciation ahead of the MSCI Emerging Markets Index through bottom-up stock selection, within an expected tracking error range of 4% to 8%. The strategy may underperform during momentum- or growth-led market rallies, since it avoids richly-valued, popular names until their fundamentals and valuation re-align.
Combines bottom-up fundamental research with a benchmark-agnostic approach to build a high-conviction portfolio of around 50 to 80 holdings across Emerging Markets equities. Categorises holdings through a "Forgotten Stock" framework, targeting overlooked businesses that have anchored after a period of setbacks and identifying a specific internal or external catalyst to capture alpha from their eventual re-rating. Applies a disciplined, rules-based sell process alongside explicit geographic and sector diversification ranges to manage single-name and single-country active risk.
Endowus offers retail share class with 100% trailer fee rebated back to Endowus investors to achieve lower cost of access.
Serves as a value and contrarian complement within a diversified Emerging Markets equity allocation, enhanced by a differentiated, catalyst-driven source of stock-picking alpha. Suitable for investors seeking a genuinely differentiated Emerging Markets holding to sit alongside more growth, quality or income-oriented funds, while accepting a meaningfully active, benchmark-agnostic approach.
Daily data. Returns as of 03 Nov 2026.
| Year | Total | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
| 2026 | - | 11.1% | 3.9% | -11.4% | 12.0% | 10.5% | -1.6% | -3.4% | 1.2% | 0.2% | -7.3% | - | - |
| 2025 | 35.9% | 3.6% | -0.2% | 0.4% | -0.4% | 4.5% | 5.5% | 0.9% | 3.2% | 7.0% | 5.3% | -1.9% | 3.8% |
| 2024 | 5.1% | -4.1% | 3.7% | 3.8% | -0.1% | 1.3% | 2.7% | -0.7% | 1.6% | 6.6% | -5.4% | -3.0% | -0.7% |
| 2023 | 10.4% | 6.0% | -4.0% | 2.6% | -2.2% | -1.4% | 5.0% | 5.7% | -5.0% | -3.4% | -4.0% | 6.7% | 5.1% |
| 2022 | -16.4% | 0.1% | -6.1% | -3.1% | -2.9% | 1.1% | -5.9% | -1.3% | 0.6% | -9.6% | -2.4% | 13.7% | -0.1% |
| Load more | 5 of 12 | ||||||||||||
| Taiwan Semiconductor Manufacturing Co Ltd | 9.56% |
| Samsung Electronics Co Ltd | 9.47% |
| SK hynix Inc | 6.82% |
| MediaTek Inc | 3.95% |
| ASE Technology Holding Co Ltd | 3.13% |
| Gerdau SA | 2.48% |
| China Construction Bank Corp Class H | 2.24% |
| ICICI Bank Ltd | 2.19% |
| Grupo Mexico SAB de CV Class B | 2.02% |
| NetEase Inc Ordinary Shares | 1.92% |
| Saudi National Bank | 1.92% |
| Bank Of Ningbo Co Ltd Class A | 1.89% |
| True Corp PCL Units Non-Voting Depository Receipt | 1.85% |
| Firstrand Ltd | 1.85% |
| Reliance Industries Ltd | 1.79% |
Warning statements
Risk Warnings Investment involves risk. Past performance is not an indicator nor a guarantee of future performance or returns. Projected performance or returns are not guaranteed to materialise. The value of investments and the income from them can go down as well as up, and you may not get the full amount you invested. Rates of exchange may cause the value of investments to go up or down. Individual stock performance does not represent the return of a fund.
The value of the fund can be volatile and can go down substantially within a short period of time. It is possible that a certain amount or all of your investment could be lost.
Generic risk warnings relating to collective investment schemes
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