Seeking to identify long-term market leaders in countries on the cusp of rapid development.
Investment ObjectiveTo increase the value of its shares, over the long term, through growth in the value of its investments. The fund invests mainly in a diversified portfolio of stocks of frontier markets companies.
- Invest across the entire frontier investment universe, including countries outside the MSCI Frontier Markets Index.
- Rigorous, risk-aware approach to identify quality growing companies trading at attractive valuations.
- Employ fundamental analysis with a focus on returns, balance sheet structure, management team and corporate governance.
- Disciplined approach to valuation. Verify relative valuation appeal versus peers and history.
- Consider macroeconomic and political factors to temper bottom-up enthusiasm.
- Number of holdings: typically 60-80 stocks
- Individual position sizes typically range from 0.5%-10%
- Country Ranges:
- Index countries: Unconstrained
- Non-index countries: Constrained – 15% limit in any one country.
- Reserves are typically less than 5%
- Expected Turnover range: 20-40%
|1 YR||3 YR
|Since Manager Inception
|Indicative Benchmark %||-5.00%||-1.15%||3.21%||-1.16%||-1.16%|
|Excess Return %||-6.22%||-4.03%||-1.09%||0.59%||0.59%|
|1 YR||3 YR
|Indicative Benchmark %||-11.04%||-1.72%||-0.10%||-2.40%|
|Excess Return %||-6.33%||-5.20%||-1.01%||0.74%|
|Month to DateData as of 25-Sep-2020||Quarter to DateData as of 25-Sep-2020||Year to DateData as of 25-Sep-2020||1 MonthData as of 31-Aug-2020||3 MonthsData as of 31-Aug-2020|
|Indicative Benchmark %||1.76%||9.62%||-7.53%||8.14%||9.00%|
|Excess Return %||0.21%||-0.77%||-5.47%||0.29%||-0.57%|
Past performance is not a reliable indicator of future performance. Source for fund performance: T. Rowe Price. Fund performance is calculated using the official NAV with dividends reinvested, if any. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested. It will be affected by changes in the exchange rate between the base currency of the fund and the subscription currency, if different. Sales charges (up to a maximum of 5% for the A Class), taxes and other locally applied costs have not been deducted and if applicable, they will reduce the performance figures.
Where the base currency of the fund differs from the share class currency, exchange rate movements may affect returns.
Index returns shown with reinvestment of dividends after the deduction of withholding taxes.
Effective 1 July 2018, the "net" version of the indicative benchmark replaced the "gross" version of the indicative benchmark. The "net" version of the indicative benchmark assumes the reinvestment of dividends after the deduction of withholding taxes applicable to the country where the dividend is paid; as such, the returns of the new benchmark are more representative of the returns experienced by investors in foreign issuers. Historical benchmark performance has been restated accordingly.
Effective 1 January 2020, the benchmark for the sub-fund changed to MSCI Frontier Markets 10/40 Index Net. Prior to this change, the benchmark was MSCI Frontier Markets Index Net. Historical benchmark representations have not been restated.
Largest Top Contributor^
National Bank of KuwaitBy 0.27%
Largest Top Detractor^
Commercial International Bank Egypt0.48%
FinancialsNet Contribution 1.76%
Consumer StaplesNet Contribution -1.26%
EM EMEANet Contribution 0.63%
United StatesNet Contribution -0.08%
Pacific Ex Japan
Middle East & Africa
BahrainNet Contribution 1.59%
RwandaNet Contribution -0.70%
Oliver Bell is a vice president of T. Rowe Price Group, Inc., associate head of Equity EMEA and the lead portfolio manager and chairman of the Investment Advisory Committee for the T. Rowe Price Middle East & Africa Equity Strategy and the Frontier Markets Equity Strategy. He is a member of the International Equity Steering Committee and a Board member of T. Rowe Price (Luxembourg) Management S.a.r.l.
Mr. Bell has 21 years of investment experience, seven of which have been with T. Rowe Price. Prior to joining the firm in 2011, Mr. Bell was head of emerging markets equities research at Pictet Asset Management (the institutional asset management arm of Pictet & Cie, the largest private bank in Switzerland), where his responsibilities included managing several funds, as well as a team of analysts. During his time at Pictet, Mr. Bell was directly responsible for managing investments in the emerging Europe, Middle East and Africa region as part of the global emerging markets and the standalone Middle East and Africa portfolios. Mr. Bell also managed the Global Emerging Markets High Dividend Yield Equity Strategy.
Mr. Bell has earned a bachelor of science degree in chemistry from Exeter University and also has earned the Investment Management Certificate.
- Fund manager2014
- Years at8
T. Rowe Price
- Years investment22
Johannes Loefstrand is the Co-Portfolio Manager on the Frontier Markets Fund in the Equity Division of T. Rowe Price. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.
Johannes’s investment experience began in 2012 and he has been with T. Rowe Price since 2015, beginning in the Emerging Markets Equity Division. Prior to this, he was an investment analyst at Arisaig Partners in Singapore and in Cape Town.
Johannes earned a master of laws degree from the London School of Economics and a bachelor of laws degree from the University of Groningen, Netherlands.
- Fund manager2020
- Years at4
T. Rowe Price
- Years investment0
|Share Class||Minimum Initial Investment and Holding Amount (USD)||Minimum Subsequent Investment (USD)||Minimum Redemption Amount (USD)||Sales Charge (up to)||Investment Management Fee (up to)||Ongoing Charges|
|Class A||$1,000||$100||$100||5.00%||200 basis points||2.17%|
|Class I||$2,500,000||$100,000||$0||0.00%||110 basis points||1.20%|
|Class Q||$1,000||$100||$100||0.00%||110 basis points||1.27%|
|Class S||$10,000,000||$0||$0||0.00%||0 basis points||0.10%|
Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.