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Capital at risk. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.

The listed funds are not an exhaustive list of funds available. Visit www.funds.troweprice.com to see the full range of funds offered by T. Rowe Price, including those that consider environmental and social characteristics as part of their investment process.  For up to date information regarding any T. Rowe Price fund's investment strategy, please see the relevant fund KID and prospectus. 

SICAV
Emerging Markets Discovery Equity Fund
A focused, yet well-diversified, actively managed all-cap fund of typically 50-80 emerging markets companies. We seek to identify "forgotten" stocks that are under-owned and under-researched by mainstream investors, and which we believe are positioned to benefit from a fundamental re-rating. The fund is categorised as Article 8 under Sustainable Finance Disclosure Regulation (SFDR).
ISIN LU1244138340
View more information on risks
FACTSHEET
KID
SFDR DISCLOSURE
31-Aug-2024 - Ernest Yeung, Portfolio Manager,
We remain positive on emerging markets given our intact expectations for a peak in the US dollar and improving economic conditions. Long-term structural developments, including global supply chain changes, nearshoring, and the need for increased infrastructure spending could drive multiyear investment cycles. Capital spending to support decarbonisation and the green energy transition may also benefit companies across sectors.

Overview
Strategy
Fund Summary
We look for signs of positive fundamental change among stable, but unloved, businesses that we believe are facing unwarranted scepticism from investors. Meeting company management is central to our approach, as we aim to identify quality teams with strategic vision, a roadmap for success and the ability to execute. The promotion of environmental and/or social characteristics is achieved through the fund's commitment to maintain at least 10% of the value of its portfolio invested in Sustainable Investments, as defined by the SFDR. Additionally, we apply a proprietary responsible screen (exclusion list). The manager is not constrained by the fund’s benchmark, which is used for performance comparison purposes only.
Performance - Net of Fees

Past performance is not a reliable indicator of future performance.

31-Aug-2024 - Ernest Yeung, Portfolio Manager,
Emerging market equities rose in August. Clearer signals of interest rate cuts soon in the US and upbeat corporate earnings helped stocks overcome an early-month sell-off. Within the portfolio, security selection in financials was a major contributor. Bank holdings in Indonesia and Malaysia, seen as likely winners of a rate cut cycle, did well, as did several Brazilian lenders as investors reacted favourably to their latest quarterly earnings. Our stock choices in the consumer discretionary sector also added value. Notably, not holding a Chinese e-commerce company, which pulled back following pessimistic comments from management, was beneficial. Among stocks we hold, our position in a Chinese travel company also helped as it reported better-than-expected sales numbers. Less positively, our investments in information technology dragged. A South Korean memory chip maker was unable to fully recoup its losses from the early-August sell-off amid concerns about the potentially slowing growth of a key client. Light exposure to a Taiwanese foundry that reported healthy July sales was also costly. Our consumer staples preferences also detracted. A Korean food manufacturer declined as sales and profits of a core business declined, while China’s ongoing macroeconomic worries weighed on shares of a beverage company.
31-Jan-2024 - Ernest Yeung, Portfolio Manager,
Financials remains our biggest absolute allocation and our largest overweight versus the benchmark. We added to several of our emerging market bank holdings, which we believe have strong capital buffers, low-risk balance sheets, and high-quality franchises, positioning them well to gain market share and accelerate loan growth. We also have a considerable absolute allocation in consumer discretionary, where we own “forgotten” names with self-help stories and idiosyncratic drivers. Recently, we further increased our exposure to consumer discretionary by buying more shares in several of our South Korean and Chinese holdings within the auto supply chain and travel sectors.
31-Jan-2024 - Ernest Yeung, Portfolio Manager,
China remains the portfolio’s biggest country position in absolute terms, but we reduced our overall exposure over the month after we sold our stake in a food and beverage business. We think that cyclical and structural headwinds could pressure the company’s revenues, while margin expansion may moderate amid rising input costs. Elsewhere, we raised our allocation and overweight exposure to Thailand by initiating a position in a major telecommunications company. We believe that the recent wave of consolidation within the Thai telecoms segment could generate value.

Past performance is not a reliable indicator of future performance.

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 (“UCITS”). Full details of the objectives, investment policies and risks are located in the prospectus which is available with the key investor information documents and/or key information document (KID) in English and in an official language of the jurisdictions in which the Funds are registered for public sale, together with the articles of incorporation and the annual and semi-annual reports (together “Fund Documents”). Any decision to invest should be made on the basis of the Fund Documents which are available free of charge from the local representative, local information/paying agent or from authorised distributors. They can also be found along with a summary of investor rights in English at www.troweprice.com. The Management Company reserves the right to terminate marketing arrangements.

Hedged share classes (denoted by 'h') utilise investment techniques to mitigate currency risk between the underlying investment currency(ies) of the fund and the currency of the hedged share class.  The costs of doing so will be borne by the share class and there is no guarantee that such hedging will be effective.

Before deciding to invest in the fund, you should read the offering document/prospectus (including its investment objectives, policies and any risk warnings) which are available and may be obtained from any appointed distributors.

The specific securities identified and described in this website do not represent all of the securities purchased, sold, or recommended for the sub-fund and no assumptions should be made that the securities identified and discussed were or will be profitable.

A full list of the currently issued Share Classes including Distributing, Hedged, and Accumulating Categories may be obtained, free of charge and upon request, from the registered office of the Company.  

Benchmark: Investors may use the benchmark to compare the fund’s performance. The benchmark has been selected because it is similar to the investment universe used by the investment manager and therefore acts as an appropriate comparator. The investment manager is not constrained by any country, sector and/or individual security weightings relative to the benchmark and has complete freedom to invest in securities that do not form part of the benchmark.

Disclosure on Vendor Indices can be found here.