An actively managed fund that 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 07 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% |
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