US Fund Manager Adds Africa and Middle East to SICAV Range

Nick Parmee

10 September 2007

Baltimore-based T Rowe Price has added a regional equity strategy focusing on investment in Africa and the Middle East to its Luxembourg-domiciled SICAV range. The strategy, which will be available to institutional investors and third party distributors, will be a concentrated portfolio investing in 25-50 stocks. The objective of the fund is to provide long-term capital growth by investing primarily in a diversified portfolio of transferable equity and equity-related securities of companies established, or conducting the predominant part of their economic activity, in the emerging markets of Africa and the Middle East. The fund will be managed by veteran Christopher Alderson, who oversees emerging market equity investing for the firm. Mr Alderson said: “These markets offer significant long-term growth potential and diversification benefits for investors who are willing to accept more risk by placing a portion of their international assets in an aggressive portfolio. There are also many attractive companies with sustainable growth and reasonable valuations.”