T. Rowe Price China Evolution Equity Fund
Name
As of 04/17/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
5.6%
1 yr return
-13.8%
3 Yr Avg Return
-13.7%
5 Yr Avg Return
N/A
Net Assets
$34.5 M
Holdings in Top 10
43.5%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.66%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 106.60%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$500,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/17/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
TRCLX - Profile
Distributions
- YTD Total Return 5.6%
- 3 Yr Annualized Total Return -13.7%
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 0.47%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameT. Rowe Price China Evolution Equity Fund
-
Fund Family NameTROWEPRICE
-
Inception DateDec 10, 2019
-
Shares OutstandingN/A
-
Share ClassI
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerWenli Zheng
Fund Description
The fund normally invests at least 80% of its net assets (including any borrowings for investment purposes) in equity securities and equity related investments of Chinese companies. For purposes of this policy, the fund considers companies in Greater China, including the People’s Republic of China, Hong Kong, Macau, and Taiwan, to be Chinese companies.
Chinese companies include those that meet one or more of the following criteria (or any other factor utilized by MSCI Inc. or another third party provider):
·organized in Greater China;
·principally located in, or headquartered in, Greater China;
·trading markets for their securities are located in Greater China;
·business activities are predominantly conducted in Greater China, or a significant portion (e.g., at least 50%) of their revenues or profits are derived from Greater China;
·geographic distribution of the company’s shareholder base is predominantly in Greater China;
·the company is controlled by individuals or entities that are considered Greater Chinese; or
·securities are reported in a Greater Chinese currency, including the Renminbi (“RMB”), mainland China’s currency, and the Hong Kong dollar.
Equity securities may include common and preferred stocks. The fund may also gain exposure to Chinese equities through depositary receipts and equity-linked certificates or notes. The fund may purchase the stocks of companies of any size but typically emphasizes investments in small- and mid-cap companies.
At times, the fund may have a significant portion of its assets invested in the same economic sector.
The fund may invest in Chinese companies listed on the Shanghai and Shenzhen Stock Exchanges such as “A-shares” (which are denominated in RMB) and shares of Chinese companies denominated in other currencies (such as the Hong Kong dollar or U.S. dollar) that trade in China, Hong Kong, Taiwan, the United States, or otherwise outside of China. In addition to investments in Chinese companies, the fund may also invest up to 20% of its net assets in companies in other countries or markets, such as Japan or South Korea. Many of the areas in which the fund invests, including China, Macau, Taiwan and South Korea, are considered emerging markets. The fund’s adviser relies on a global team of investment analysts dedicated to in-depth fundamental research in an effort to identify companies for the fund’s portfolio.
The adviser takes a style-agnostic approach and aims to identify mispriced companies with opportunities driven by change. The types of change we focus on include:
·new technology or unique product offerings;
·significant market share;
·product cycle opportunities;
·attractive or improving industry or sector; and
·companies expected to benefit from management changes, regulatory changes, or new business models.
The adviser also considers the following key characteristics of each company:
·management’s depth, adaptability and integrity;
·overall financial health and stability of cash flow; and
·attractive valuation.
TRCLX - Performance
Return Ranking - Trailing
Period | TRCLX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 5.6% | -20.0% | 5.6% | 1.01% |
1 Yr | -13.8% | -35.6% | 17.1% | 19.19% |
3 Yr | -13.7%* | -28.0% | 1.8% | 12.22% |
5 Yr | N/A* | -16.7% | 13.3% | N/A |
10 Yr | N/A* | -5.1% | 8.6% | N/A |
* Annualized
Return Ranking - Calendar
Period | TRCLX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | -17.7% | -26.6% | 26.3% | 48.48% |
2022 | -28.2% | -41.6% | -9.4% | 51.09% |
2021 | -1.8% | -52.5% | 26.5% | 17.98% |
2020 | 57.3% | 1.3% | 138.5% | 9.09% |
2019 | N/A | -1.9% | 42.6% | N/A |
Total Return Ranking - Trailing
Period | TRCLX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 5.6% | -20.0% | 5.6% | 1.01% |
1 Yr | -13.8% | -35.6% | 17.1% | 19.19% |
3 Yr | -13.7%* | -28.0% | 1.8% | 12.22% |
5 Yr | N/A* | -16.7% | 13.3% | N/A |
10 Yr | N/A* | -5.1% | 8.6% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | TRCLX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | -15.5% | -25.7% | 30.1% | 47.47% |
2022 | -26.2% | -40.4% | -6.8% | 46.74% |
2021 | 6.3% | -48.9% | 29.5% | 11.24% |
2020 | 59.7% | 2.0% | 138.5% | 9.09% |
2019 | N/A | 7.8% | 44.4% | N/A |
NAV & Total Return History
TRCLX - Holdings
Concentration Analysis
TRCLX | Category Low | Category High | TRCLX % Rank | |
---|---|---|---|---|
Net Assets | 34.5 M | 1.04 M | 5.43 B | 59.60% |
Number of Holdings | 45 | 27 | 1185 | 73.96% |
Net Assets in Top 10 | 13.5 M | 534 K | 3.2 B | 60.42% |
Weighting of Top 10 | 43.54% | 4.9% | 81.8% | 64.58% |
Top 10 Holdings
- KANZHUN LTD 7.96%
- YANGZIJIANG SHIPBUILDING HOLDINGS LTD 6.35%
- TENCENT MUSIC ENTERTAINMENT GROUP 4.99%
- CHINA RESOURCES MIXC LIFESTYLE SERVICES LTD 4.01%
- FUYAO GLASS INDUSTRY GROUP CO LTD 3.64%
- H WORLD GROUP LTD 3.64%
- JASON FURNITURE HANGZHOU CO LTD 3.36%
- T. Rowe Price Government Reserve Fund 3.24%
- CHINA RESOURCES GAS GROUP LTD 3.20%
- KE HOLDINGS INC 3.16%
Asset Allocation
Weighting | Return Low | Return High | TRCLX % Rank | |
---|---|---|---|---|
Stocks | 96.84% | 0.00% | 101.98% | 76.29% |
Cash | 4.06% | 0.00% | 26.31% | 26.04% |
Preferred Stocks | 0.00% | 0.00% | 2.81% | 62.50% |
Other | 0.00% | -0.02% | 47.32% | 64.58% |
Convertible Bonds | 0.00% | 0.00% | 0.15% | 62.11% |
Bonds | 0.00% | 0.00% | 69.90% | 60.82% |
Stock Sector Breakdown
Weighting | Return Low | Return High | TRCLX % Rank | |
---|---|---|---|---|
Industrials | 32.21% | 0.00% | 36.69% | 3.16% |
Consumer Cyclical | 26.51% | 0.00% | 95.37% | 27.37% |
Real Estate | 14.27% | 0.00% | 22.12% | 5.26% |
Technology | 8.44% | 0.00% | 58.02% | 62.11% |
Healthcare | 6.81% | 0.00% | 100.00% | 68.42% |
Consumer Defense | 4.96% | 0.00% | 20.13% | 75.79% |
Utilities | 3.01% | 0.00% | 11.37% | 15.79% |
Communication Services | 2.89% | 0.00% | 41.06% | 67.37% |
Basic Materials | 0.90% | 0.00% | 19.86% | 75.79% |
Financial Services | 0.00% | 0.00% | 41.62% | 98.95% |
Energy | 0.00% | 0.00% | 19.38% | 78.95% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | TRCLX % Rank | |
---|---|---|---|---|
Non US | 80.56% | 0.00% | 99.82% | 90.63% |
US | 16.28% | 0.00% | 99.99% | 11.46% |
TRCLX - Expenses
Operational Fees
TRCLX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.66% | 0.09% | 12.20% | 35.42% |
Management Fee | 0.99% | 0.09% | 1.50% | 78.79% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | 0.15% | 0.06% | 0.25% | 63.64% |
Sales Fees
TRCLX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 3.50% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 1.00% | N/A |
Trading Fees
TRCLX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 2.00% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
TRCLX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 106.60% | 4.00% | 241.00% | 87.65% |
TRCLX - Distributions
Dividend Yield Analysis
TRCLX | Category Low | Category High | TRCLX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | 0.00% | 10.18% | 23.23% |
Dividend Distribution Analysis
TRCLX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Annual | Annual | Annual | Annual |
Net Income Ratio Analysis
TRCLX | Category Low | Category High | TRCLX % Rank | |
---|---|---|---|---|
Net Income Ratio | 0.47% | -1.76% | 3.66% | 30.53% |
Capital Gain Distribution Analysis
TRCLX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 19, 2023 | $0.248 | OrdinaryDividend |
Dec 19, 2022 | $0.325 | OrdinaryDividend |
TRCLX - Fund Manager Analysis
Managers
Wenli Zheng
Start Date
Tenure
Tenure Rank
Dec 10, 2019
2.47
2.5%
Wenli Zheng has been chairman of the committee since 2019. He joined the Firm in 2008 and his investment experience dates from that time. Wenli completed an internship at T. Rowe Price in 2007 and has been with the firm since 2008. Prior to joining T. Rowe Price, he was a strategy consultant at Capgemini in China. Wenli earned an M.B.A. from the University of Chicago and a dual bachelor's degree in industrial engineering and economics from the South China University of Technology.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.09 | 24.1 | 3.68 | 3.22 |