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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 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. 

Emerging Markets Discovery Equity Fund
A focused, yet well-diversified 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.
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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.
31-Mar-2022 - Ernest Yeung, Portfolio Manager,

Our positions reflected our focus on self-help stories, our re-opening thesis, and traditional economy stocks benefiting from the higher capital expenditure that corporates have been under-invested in the last few years. It also benefits from the transition to a greener world mapped out at last November's COP26 climate summit.

We believe our research has helped us identify good investment opportunities among EM companies whose managements have become proactive in restructuring in the wake of the pandemic. These self-help measures include initiatives like cutting costs, selling assets, shifting capacity, and changing product mix.

In our view, there are ample opportunities for us to identify pockets of "forgotten" EM stocks. For example, we were positioned in a cyclical commodity play in the first stage of the pandemic recovery in 2020. Then we rotated to the next stage and added to financials as the rate hike cycle started. Now, we believe the recovery is entering yet another stage and portfolio positioning has shifted back towards the core end of value.


We took advantage of the recent market weakness as we believe that regulatory crackdowns are cyclical in nature.

  • We found a compelling entry point into online travel agent on our economic re-opening thesis and on valuation grounds. The company's Q4 2021 earnings beat expectations and we believe the company will maintain its dominant market share in the online travel agency business thanks to its competitive advantages. In our view, it is well positioned to enjoy the long-term growth of Chinese outbound travel, which generates faster revenue growth and higher operating margins than domestic business.
  • We bought shares of Tingyi, one of the largest food and beverages companies in China by revenue with market-leading positions in most of its segments in noodles and beverages.


The Russian market was a relatively small part of our portfolio, but risks increased meaningfully after the sanctions by Western nations significantly impacted the financial sector and its ability to settle U.S. dollar transactions. We quickly reduced our risk and exposure to Russia during the quarter.


We added to our positions in Mexico because we felt stocks were trading at attractive valuations and the economy was set to benefit from the uptrend in commodity prices.

  • We bought shares in Grupo Mexico, which we think is a sum-of-the-parts story offering a resilient dividend clip on copper in the medium term and unique organic growth optionality in the longer term.

Consumer Discretionary

We cut our exposure to the sector as a result of reduced holdings in certain segments.

  • We trimmed Prosus, a Dutch multinational conglomerate company, which holds Naspers' global internet business. It holds shares in Tencent, which faced regulatory headwinds. The company also had to write off a sizeable stake in one of Russia's largest internet companies, VK Group, as a consequence of sanctions on the group's CEO amidst the conflict in Ukraine.
  • Huayu Automotive is one of China's biggest auto parts suppliers. We sold shares as we see mounting pressure for Huayu's major customers, Volkswagen and General Motors, from local brands. The company itself faces competition from local suppliers in many of the emerging areas such as electrification and advanced driver assistance systems.


We found some opportunities in Brazil, where we think valuations are attractive in an economy benefiting from strong commodity prices.

  • We bought shares of packaging company Klabin, which is an environmental, social, and governance (ESG) friendly business and in our view is undervalued by mainstream investors. It is a low-cost producer adding capacity at the low-end of the cost curve in a commodity with attractive medium-term fundamentals. As an integrated paper and packaging producer, we believe it is likely to benefit from strong secular trends such as increasing e-commerce penetration, plastic-to-paper substitution, and increasing interest in negative emission businesses and technologies.
  • BTG Pactual is one of the largest investment banks in Latin America. We bought shares as the bank is diversifying into asset and wealth management businesses, which we think have more predictable earnings and deserve a higher multiple than the firm's sales, trading, and investment banking businesses.

Past performance is not a reliable indicator of future performance.

The Funds are sub-funds of the T. Rowe Price Funds OEIC, an investment company with variable capital incorporated in England and Wales which is registered with the UK Financial Conduct Authority 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 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 and via

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.

IA Sector: Many UK funds are grouped into sectors by the Investment Association (the “IA”) (the trade body that represents UK investment managers), to help investors to compare funds with broadly similar characteristics. Investors may compare the fund against the performance of the Europe Excluding UK sector. This sector represents the average performance of certain funds that invest at least 80% of their assets in European shares and exclude UK securities. It can therefore serve as a method of comparing the fund’s performance with other funds that have broadly similar characteristics. The fund is not constrained to or managed in line with this sector. Source for IA Sector Data: © Morningstar. All Rights Reserved.

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