The majority of fund management firms are struggling with declining assets and net outflows as investors turn away from traditional, actively managed equity funds.

But one fund launched last year has gone against the trend. T Rowe Price’s Africa and Middle East (AME) fund attracted $800m in its first eight months – a startling amount given the fund’s narrow focus, minimal marketing and mostly retail base. Another $65m has flowed into two recently launched institutional funds based on the same strategy.