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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
An actively managed, portfolio of around 50-80 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 LU1079765662
View more information on risks
FACTSHEET
KID
30-Sep-2024 - Johannes Loefstrand, Portfolio Manager,
We continue to be excited about the outlook for the asset class. It remains an eclectic group of reasonably priced businesses, which operate in countries that are often misunderstood by other investors. Despite the current economic downturn, we believe Vietnam is well placed for a cyclical recovery and the long-term structural narrative there remains intact.

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.

30-Sep-2024 - Johannes Loefstrand, Portfolio Manager,
Frontier equities rose modestly in US dollar terms in September and underperformed both emerging and developed market peers. Vietnam once again posted a positive return and outperformed the benchmark index in September. During our most recent research trip to the country, the mood on the ground was the most optimistic we had seen in several years, and there has been a continuation of the positive macroeconomic momentum since our last visit in February 2024. At the portfolio level, our choice of securities within Morocco and our underweight allocation to Iceland held back relative returns. In Morocco, shares in a payments software company sold off, bucking the wider upward market trend in Moroccan stocks. Longer term, we continue to like the company; we expect it to continue to take market share and improve margin as it transitions its legacy on-premises business to software as a service. In contrast, a number of our positions in Vietnam made positive contributions to portfolio performance, notably a large bank and a manufacturer of plastic pipes. The latter enjoys a strong market position and stands to be a possible beneficiary of expected new infrastructure projects.
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.

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.