T. Rowe Price Group, Inc. · NASDAQ:TROW
T. Rowe Price — T. Rowe Price Conference (#TRPConference) 2025
42 slides from T. Rowe Price's conference presentation, September 2025
Slide 1: Emerging Markets Discovery Equity Fund
#TRPConference T. Rowe Price Funds SICAV— Emerging Markets Discovery Equity Fund Ernest Yeung, CFA Portfolio Manager September 2025 THIS MARKETING COMMUNICATION IS FOR INVESTMENT PROFESSIONALS ONLY. NOT FOR FURTHER DISTRIBUTION. T. R O W E P R I C E 1
Slide 2: Emerging Markets Discovery Equity Fund presenters
Emerging Markets Discovery Equity Fund Ernest Yeung, CFA Rob Secker, CFA Portfolio Manager Portfolio Specialist T. R O W E P R I C E 2
Slide 3: Emerging Markets Outlook
Emerging Markets Outlook T. R O W E P R I C E 3
Slide 4: EM: Opportunity amid heightened uncertainty
EM: Opportunity amid heightened uncertainty As of 30 June 2025 Forgotten Tariff Weaker asset Valuation resilience USD class Many EMs have The dollar’s weakest Average global Attractive domestic economies start to a year for fund is currently absolute and which offer resilience over 30 years 8% u/w E
Slide 5: Tariffs in EM: looking beyond the headlines
Tariffs in EM: looking beyond the headlines As of 30 June 2025 REVENUE EXPOSURE %: DOMESTIC VS GLOBAL CHINESE EXPORTS NOMINAL LEVEL BY DESTINATION Index (2019=100) 73% 47% 37% 34% 24% 21% 17% 14% 8% 92% 210 86% 83% Africa 79% 76% 190 ASEAN LATAM 66% 63% 170 53% Others (mostly EM) 150 27% 130 EU 110
Slide 6: EM: The forgotten asset class
EM: The forgotten asset class As of 31 July 2025 REGIONAL P/E VS NTM EPS GROWTH EM ALLOCATION IN GLOBAL MUTUAL FUNDS 24 200 US Over/Under-weight vs. MSCI benchmark (bps) 22 0 20 -200 Global 18 -400 NTM P/E 20 years avg. -617 16 -600 Europe 14 -800 EM 12 -1000 China Latest: -790 bps -0.7 standard dev
Slide 7: T. Rowe Price Funds SICAV—Emerging Markets Discovery Equity Fund
T. Rowe Price Funds SICAV— Emerging Markets Discovery Equity Fund T. R O W E P R I C E 7
Slide 8: Objective and Risks
Objective and Risks T. Rowe Price Funds SICAV―Emerging Markets Discovery Equity Fund Objective Risks – the following risks are materially relevant to the fund (refer to prospectus for further details): ▪ Country (China) – Chinese investments may be subject to higher levels of risks such as liquidit
Slide 9: Emerging Markets Discovery Equity Strategy Assets Under Management
Emerging Markets Discovery Equity Strategy Assets Under Management As of 30 June 2025 European Pooled Fund (OEIC) Investment Trust Management 82.4M USD 60.4M USD European Pooled Fund (SICAV) 103.4M USD Canadian Pooled Fund Subadvised Funds 42.3M USD 389.6M USD EMERGING MARKETS DISCOVERY EQUITY U.S.
Slide 10: Emerging Markets Discovery Equity Strategy Summary
Emerging Markets Discovery Equity Strategy Summary Repeatable Differentiated process: large, approach: experienced finding the team forgotten Complementary: Consistent different performance: exposures, amid different different market style sources of cycles alpha T. R O W E P R I C E 10
Slide 11: Emerging Markets Discovery Equity Team
Emerging Markets Discovery Equity Team As of 30 June 2025 Ernest Yeung, CFA, IMC (Hong Kong) 24 years of investment experience, 22 years with T. Rowe Price Portfolio Manager ▪ 2015–present, portfolio manager, Emerging Markets Discovery Equity Strategy T. Rowe Price Funds SICAV—Emerging ▪ 2009–2015,
Slide 12: Emerging Markets Equity Investment Team
Emerging Markets Equity Investment Team As of 30 June 2025 DIRECTORS OF Kamran Baig – London Tetsuji Inoue – Hong Kong Sridhar Nishtala – Singapore RESEARCH EMEA and Latin America Asia Asia Emerging Markets Discovery Equity Team Emerging Europe/Africa/Middle East/Frontier Asia Asia Asia Asia Ernest
Slide 13: Philosophy: Finding the forgotten
Philosophy: Finding the forgotten Deep value investing We hunt for We focus on in EM is challenged “forgotten” stocks in stocks that offer by numerous EM that we believe limited downside barriers to mean are under- owned, and improving reversion under- researched fundamentals by mainstream which can
Slide 14: Opportunity set: Defining our niche
Opportunity set: Defining our niche Mainstream investors’ view of the EM opportunity set: How we look at it: Quality Quality Growth Growth Average Bad Quality Bad Quality We bet on average getting better For illustrative purposes only. T. R O W E P R I C E 14
Slide 15: Framework 1: forgotten stocks may mitigate downside risk
Framework 1: forgotten stocks may mitigate downside risk Typical Forgotten Stock Chart Share price Controversy ▪ Limited institutional ownership ▪ Limited sell-side coverage ▪ Limited short selling ▪ Balance sheet repairs ▪ Earnings stabilise ▪ Market misses early stage rating Time For illustrative
Slide 16: Framework 2: uncovering change
Framework 2: uncovering change RNAL EXT ER Cost cutting TE N Bankruptcy IN AL Fundamental Research Can Identify This Change Management change Economic cycles Better Dividend / Buyback Change of government Asset Sales Value stocks don’t need top line growth to work. For illustrative purposes only. T.
Slide 17: Ensuring value stocks don't become value traps
Ensuring value stocks don’t become value traps – Strict sell discipline ▪ Is it too popular? Stock is ▪ Is it very expensive? Working ▪ Has the thesis changed? Flat line or not working ▪ Eliminate regardless of cheap valuations after 2-3 years T. R O W E P R I C E 17
Slide 18: A Case Study: Yangzijiang Shipbuilding
A Case Study: Yangzijiang Shipbuilding As of 31 July 2025 3.0 Eliminated Yangzijiang Shipbuilding was an in Q3 2025 under-covered name in 2018, with net cash balance sheet and fundamentals set to 2.5 rebound. Share price (USD) 2.0 Benefited from COVID and the Ukraine Initiated in crisis, as supply c
Slide 19: A Case Study: Beijing Capital International Airport
A Case Study: Beijing Capital International Airport As of 31 July 2025 1.8 Beijing Capital International Airport was a bet on earning recovery post 2020 from 1.6 international passenger volume and duty- free spending. 1.4 Initiated in Q4 2020 Share Price (USD) 1.2 Traffic recovery is pushed out, mai
Slide 20: Market and Sector Positioning
Market and Sector Positioning As of 31 August 2025 T. Rowe Price Funds SICAV―Emerging Markets Discovery Equity Fund vs. MSCI Emerging Markets Index Net2 % of % of % of % of RELATIVE MARKET WEIGHTS Fund Index2 RELATIVE SECTOR WEIGHTS Fund Index2 Netherlands¹ 3.01% 0.07% Brazil 6.98 4.32 Financials 27
Slide 21: 10 Largest Overweights and Underweights
10 Largest Overweights and Underweights As of 31 July 2025 T. Rowe Price Funds SICAV―Emerging Markets Discovery Equity Fund vs. MSCI Emerging Markets Index Net2 10 Largest % of % of 10 Largest % of % of Overweights Market Fund Index Difference Underweights Market Fund Index Difference Prosus Netherl
Slide 22: Performance
Performance Periods Ended 31 August 2025 | Figures are Calculated in U.S. Dollars T. Rowe Price Funds SICAV―Emerging Markets Discovery Equity Fund Annualised Three Year-to- One Three Five Since Inception Months Date Year Years Years 14 Sep 2015 Emerging Markets Discovery Equity Fund – Class I (USD)
Slide 23: Performance
Performance Figures are Calculated in U.S. Dollars T. Rowe Price Funds SICAV―Emerging Markets Discovery Equity Fund 2015₳ 2016 2017 2018 2019 2020 2021 2022 2023 2024 Emerging Markets Discovery Equity Fund – Class I (USD) 0.50% 11.74% 35.00% -10.03% 17.23% 7.50% 5.12% -15.44% 11.52% 6.22% (Net of Fe
Slide 24: Performance: not dependent on style
Performance: not dependent on style As of 31 August 2025 40 EM Discovery underperformed EM Discovery outperformed Rolling 1yr excess return Value outperformed Value outperformed of fund vs style 30 MSCI Emerging Markets Growth Index Net (%) MSCI Emerging Markets Value Index Net 20 10 0 Vs -10 -20 Co
Slide 25: Emerging Markets Discovery Equity Strategy Summary
Emerging Markets Discovery Equity Strategy Summary Repeatable Differentiated Consistent process approach performance ▪ Experienced fund management ▪ Identify ‘flat lining’ stocks with ▪ Consistent track record across team potential for fundamental market cycles improvement ▪ One of the largest analy
Slide 26: Q&A
O&A T. ROWE PRICE INVEST WITH CONFIDENCE* | 26
Slide 27: Please share your feedback
Please share your feedback For every survey completed, £10 will go to Ocean Generation Charity Scan QR code T. R O W E P R I C E 27
Slide 28: Appendix
T. ROWE PRICE INVEST WITH CONFIDENCE* | 28
Slide 29: Positioning
Positioning TROWE PRICE INVEST WITH CONFIDENCE® | 29
Slide 30: Portfolio Characteristics
Portfolio Characteristics As of 30 June 2025 T. Rowe Price Funds SICAV―Emerging Markets Discovery Equity Fund T. Rowe Price Funds SICAV— Emerging Markets Discovery MSCI Emerging Markets Equity Fund Index NetɎ Number of Issuers 68 1,147 Number of Markets 22 25 EPS Growth Rate (Current Fiscal Year)*‡†
Slide 31: Portfolio Positioning
Portfolio Positioning As of 30 June 2025 T. Rowe Price Funds SICAV―Emerging Markets Discovery Equity Fund vs. MSCI Emerging Markets Index Net1 HISTORICAL MARKET WEIGHTS (%) HISTORICAL SECTOR WEIGHTS (%) 6 8 6 4 4 2 2 0 Overweight/Underweight Overweight/Underweight 0 -2 -2 -4 -4 -6 -6 Brazil -8 China
Slide 32: Performance
Performance TROWE PRICE INVEST WITH CONFIDENCE® | 32
Slide 33: Attribution Analysis (USD)—Major Impacts by Sector
Attribution Analysis (USD)—Major Impacts Since Inception1 Through 30 June 2025 T. Rowe Price Funds SICAV―Emerging Markets Discovery Equity Fund vs. MSCI Emerging Markets Index NetɎ BY SECTOR (%) Allocation Effect Percentage 2.50 2.00 Total Effect 1.50 Sector Allocation 1.00 Effect 0.50 Stock Selecti
Slide 34: Attribution Analysis (USD)—Major Impacts by Market
Attribution Analysis (USD)—Major Impacts Since Inception1 Through 30 June 2025 T. Rowe Price Funds SICAV―Emerging Markets Discovery Equity Fund vs. MSCI Emerging Markets Index NetɎ BY MARKET (TOP AND BOTTOM FIVE BY MARKET DETAILS) (%) Allocation Effect Percentage 3.00 2.50 Total Effect 2.00 1.50 Mar
Slide 35: Since Inception Attribution Analysis—Stock Level
Since Inception Attribution Analysis (USD)—Major Impacts Stock Level Since Inception1 Through 30 June 2025 T. Rowe Price Funds SICAV―Emerging Markets Discovery Equity Fund vs. MSCI Emerging Markets Net Index3 Stock Return2 (Cumulative) Average Active Emerging Markets Discovery MSCI Emerging Stock Se
Slide 36: Consistent performance amid style divergence
Consistent performance amid style divergence As of 30 June 2025 T. Rowe Price Funds SICAV―Emerging Markets Discovery Equity Fund vs. MSCI Emerging Markets Net Index1 CALENDAR YEAR PORTFOLIO ATTRIBUTION (%) 15 Allocation Effect Stock Selection 10 5 Percent 0 -5 -10 -15 '15 '16 '17 '18 '19 '20 '21 '22
Slide 37: Managing downside risk through cycles
Managing downside risk through cycles As of 30 June 2025 T. Rowe Price Funds SICAV―Emerging Markets Discovery Equity Fund ROLLING 3 YEARS UP/DOWN CAPTURE RATIO 130 Up Capture (%) Down Capture (%) 120 110 100 90 80 70 Sep 18 Mar 19 Sep 19 Mar 20 Sep 20 Mar 21 Sep 21 Mar 22 Sep 22 Mar 23 Sep 23 Mar 24
Slide 38: Focus on stock picking
Focus on stock picking As of 30 June 2025 T. Rowe Price Funds SICAV―Emerging Markets Discovery Equity Fund TRACKING ERROR DECOMPOSITION Equity Market Currency 7.0% Industry 6.0% Style Country 5.0% Stock Specific 4.0% 3.0% 2.0% 1.0% 0.0% -1.0% Jan 20 May 20 Sep 20 Jan 21 May 21 Sep 21 Jan 22 May 22 S
Slide 39: Our approach to ESG investing
Our approach to ESG investing 1 ESG Integration 2 Responsible Exclusions 3 Sustainable Investing Criteria SFDR classification: Article 8 4 Principal Adverse Impact (PAI) Indicators 2 ESG integration T. Rowe Price Responsible exclusion 10% minimum Sustainable Investments1 PAI indicators are taken int
Slide 40: Additional Disclosures
Additional Disclosures Unless otherwise noted, numbers may not total due to rounding. Unless otherwise noted, the information provided in this material does not include content relating to Oak Hill Advisors, L.P., an alternative credit manager, which T. Rowe Price Group, Inc. acquired on 29 December
Slide 41: Important Information
Important Information 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 (“
Slide 42: Thank You
D4 T.RowePrice Thank You
T. Rowe Price Group — T. Rowe Price Conference (#TRPConference) 2025 on 6ix