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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
Frontier Markets Equity Fund
A portfolio of around 60-80 high quality, high growth companies from across frontier markets. The fund aims to offer pure exposure to the dynamic and fast-growing regions of frontier markets, which we define as any country not included in developed or emerging market indices.
ISIN LU1079763535
View more information on risks
FACTSHEET
KID
31-Jan-2020 - Oliver Bell, Portfolio Manager,
Conditions and investment opportunities vary widely among frontier markets, even those within the same region. While stock valuations are still reasonable, and the long-term growth outlook of many corporations remains underpriced, we acknowledge that there will be individual winners and losers. We are selective on our bottom-up ideas and continue to hold our highest-conviction names. In a time of low global growth, our investment universe offers exposure to strongly growing countries and companies.

Overview
Strategy
Fund Summary
Our research seeks to identify companies with superior and sustainable earnings growth at valuations that do not fully reflect that growth. We are constantly on the ground meeting with company management teams and industry experts in local frontier countries to uncover the long-term winners. 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-May-2024 - Johannes Loefstrand, Portfolio Manager,
Frontier equities rose in US dollar terms in May, performing broadly in line with developed markets and outperforming their emerging market peers. Stocks in Vietnam climbed on the back of solid corporate results and indications that consumer confidence may be improving. On the macroeconomic front, the latest data showed solid year-on-ear growth in retail sales and consumer service revenues while GDP growth in the first quarter of 2024 was driven by higher exports as global demand improved. At the portfolio level, we benefitted from our stock selection within Vietnam while our choice of securities in Slovenia was also helpful. Our position in a Vietnamese retailer contributed significantly to portfolio returns; its shares rose on the back of recent data showing that sales at its food retailing arm surged in the first four months of 2024, compared with the same period last year. On a sector basis, our stock picks in consumer discretionary provided the biggest fillip to portfolio returns, while our investments among real estate names was also positive. Conversely, our off-benchmark allocation to Georgia held back relative returns, as did our stock selection within financials and information technology.
31-Jan-2024 - Johannes Loefstrand, Portfolio Manager,
As of the end of January, the portfolio’s main overweight sector allocations relative to the benchmark were in information technology, consumer discretionary and financials while the most significant underweight sector allocations were to real estate, utilities, industrials and business services, and health care. Within the consumer discretionary space, we recently initiated a position in a university operator with its operations focused in Mexico and Peru. We believe this is a well-managed company that operates in countries of limited education regulation and limited state support.
31-Jan-2024 - Johannes Loefstrand, Portfolio Manager,
We recently undertook a research trip to Argentina. Within our macroeconomic framework, Argentina is the archetypal ‘Unanchored Frontier’ market, despite its rich human capital and natural resources. Each of the three economic anchors are effectively inexistent: the fiscal deficit is out of balance, national debt levels are unsustainable, and many of country’s key institutions are tainted by vested interests and corruption. It will be very difficult to transform the economy and bureaucracy in the medium term. We remain cautious; our two investments in this market are both commodity exporters and therefore less correlated with Argentine politics and economics than average.

Benchmark Data Source: MSCI. MSCI index returns are shown with reinvestment of dividends after the deduction of withholding taxes. MSCI and its affiliates and third party sources and providers (collectively, “MSCI”) makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. Historical MSCI data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

Past performance is not a reliable indicator of future performance.

Source for 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.

Daily performance data is based on the latest available NAV.  

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.

Please note that the Fund typically has a risk of high volatility.

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.

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.

Attribution Data: Analysis represents the total performance of the portfolio as calculated by the FactSet attribution model and is inclusive of other assets that that will not receive a classification assignment in the detailed structure shown. Returns will not match official T. Rowe Price performance because FactSet uses different exchange rate sources and does not capture intra-day trading. Performance for each security is obtained in the local currency and, if necessary, is converted to U.S. dollars using an exchange rate determined by an independent third party. Figures are shown with gross dividends reinvested.

Sources: Copyright © 2021 FactSet Research Systems Inc. All rights reserved. MSCI/S&P GICS Sectors; Analysis by T. Rowe Price Associates, Inc. T. Rowe Price uses the MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. Each year, MSCI and S&P make changes to the GICS structure. The last change occurred on September 28, 2018. T. Rowe Price will adhere to all future updates to GICS for prospective reporting.

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc, ("MSCI") and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. ("S&P") and is licensed for use by [Licensee]. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or impIied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any or such standard or classification, Without limiting any or the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

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.  

 

©2023 Morningstar, Inc. All rights reserved. The information  contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Citywire Data Source: Citywire – where the fund manager is rated by Citywire, the rating is based on the manager’s 3-year risk adjusted performance. For further information on ratings methodology, please visit www.aboutcitywire.com.