The T. Rowe Price Funds SICAV China Evolution Equity Fund is increasing its investments in manufacturers within the Greater China AI supply chain. The fund focuses on producers of printed circuit boards, chip manufacturing equipment, and power components rather than major cloud or chip companies.
As of June 30, 2026, the fund's top holdings included Kingboard Laminates at 6.3%, Unimicron Technology at 3.7%, and WUS Printed Circuit Kunshan at 2.8%. Portfolio specialist Agnes Ng stated that these companies are positioned to benefit from supply bottlenecks as regional AI spending grows.
Managed by Wenli Zheng, the fund targets companies outside conventional benchmark indexes. As of July 31, 2026, the fund reported a year-to-date return of 19.66%, a one-year return of 41.74%, and a three-year annualized return of 14.81%, outperforming the MSCI China All Shares Index.
On September 8-9, 2026, T. Rowe Price announced a distribution partnership with the Bank of East Asia. This agreement aims to expand the fund's availability through retail and private banking channels in Hong Kong.
