Africa & Middle East Fund - I Class

Invests in companies with attractive valuations and earnings that are growing faster than their local, regional, or global peers. A focused portfolio leading to high-conviction decision-making.

Emerging markets investments are subject to the risk of abrupt and severe price fluctuations. Investing internationally involves special risks including economic and political uncertainty and currency fluctuation.

PRAMXCUSIP 77956H260
Prospectus

Morningstar (Category)

Morningstar1

Miscellaneous Region
N/A

Fund Manager Tenure2

Net Assets3
(USD)

7yrs
$125.1m

Data as of 07/31/2019

Data as of 07/31/2019

Price
(USD)

Daily Price Change

$8.62
$-0.02

Data as of 08/16/2019

Data as of 08/16/2019

Oliver Bell
Oliver Bell, Portfolio Manager

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.

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Strategy

Investment Objective

The fund seeks long-term growth of capital by investing primarily in the common stocks of companies located (or with primary operations) in Africa and the Middle East.

Morningstar Equity Style

Mid Growth

Data as of 07/31/2019

The Morningstar Style Box™, a proprietary Morningstar data point, is a 9-square grid that provides a graphical representation of the "investment style" of stocks and mutual funds. See disclaimer at bottom of page for more information.

Morningstar Rating

No data available.

Average Annual Total Returns (I Class)*

1 YR
3.33%
Benchmark
4.46%
Value
-1.13% -2.55%

Data as of 06/30/2019

3 YR
9.45%
Benchmark
7.89%
Value
1.56% 0.96%
5 YR
1.29%
Benchmark
-0.25%
Value
1.54% 0.83%
10 YR
7.01%
Benchmark
N/A
Value
N/A N/A

Expense Ratio

Gross
1.30%
Net
1.13%
Limitation Type
Contractual
expires 02/28/2021

Benchmark: MSCI Arabian Markets & Africa 10/40 Investable Market Index Net

Investor Class Inception Date: 09/04/2007

I Class Inception Date: 03/06/2017

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when you sell your shares. Average annual total return figures include changes in principal value, reinvested dividends, and capital gain distributions.

*The T. Rowe Price Funds-I Class share the portfolio of an existing fund (the original share class of the fund is referred to as the "investor class"). The total return figures for I Class shares have been calculated using the performance data of the investor class up to the inception date of the I Class (shown above) and the actual performance results of the I Class since that date.  Because the I Classes are expected to have lower expenses than the Investor Classes, The I Class performance, had it existed over the periods shown, would have been higher. 

The gross expense ratio reflects the fund expenses as stated in the fee table of the fund's prospectus prior to the deduction of any waiver or reimbursement. The net expense ratio reflects fund expenses after the deduction of any waiver or reimbursement.  If a fund has an active contractual expense limitation, the expiration date is shown below the gross and net expense ratio values above.  Expense ratios are as of the most recent prospectus.

Current Year Performance (I Class)*

Daily YTD
0.47%
Benchmark
2.30%
Value
-1.83%

Data as of 08/16/2019

Monthly YTD
6.99%
Benchmark
9.59%
Value
-2.60%

Data as of 07/31/2019

One Month
-3.06%
Benchmark
-0.66%
Value
-2.40%
Three Months
-5.36%
Benchmark
-2.97%
Value
-2.39%

Benchmark: MSCI Arabian Markets & Africa 10/40 Investable Market Index Net

Investor Class Inception Date: 09/04/2007

I Class Inception Date: 03/06/2017

*The T. Rowe Price Funds-I Class share the portfolio of an existing fund (the original share class of the fund is referred to as the "investor class"). The total return figures for I Class shares have been calculated using the performance data of the investor class up to the inception date of the I Class (shown above) and the actual performance results of the I Class since that date.  Because the I Classes are expected to have lower expenses than the Investor Classes, The I Class performance, had it existed over the periods shown, would have been higher. 

Asset Allocation

Net Assets
(USD)
$125.1m
Largest Global ex-US Stock 96.51% $120.7m
Other View complete Asset Allocation

Data as of 07/31/2019

Holdings

Total
Holdings
58
Largest Holding Naspers 9.09% Was (03/31/2019) 8.00%
Other View complete Full Holdings
Top 10 Holdings 45.87% View the latest Top 10 Holdings
12-Month Portfolio Turnover 46.9% Data as of 07/31/2019

Data as of 06/30/2019

Largest Contributor

Naspers
9.09%

Largest Detractor

Samba Financial
2.92%

Data as of 06/30/2019

Purchase

Absa
4.57%
Was 3.46%

Sale

Massmart Holdings (E)
0.00%
Was 1.06%

Data as of 06/30/2019

Sectors

Total
Sectors
10
Largest Sector Financials 48.46% Was (06/30/2019) 49.82%
Other View complete Sector Diversification

Data as of 07/31/2019

Benchmark: MSCI Arabian Markets & Africa 10/40 IMI Index

Contributor

Materials
By 0.63%
Sector 0.60%
Selection 0.03%

Detractor

Industrials & Business Services
By -0.32%
Sector -0.05%
Selection -0.27%

Data as of 06/30/2019

Over

Consumer Discretionary
By 6.78%
Fund 19.66%
Benchmark 12.88%

Under

Materials
By -13.47%
Fund 1.73%
Benchmark 15.20%

Data as of 07/31/2019

Countries

Total
Countries
13
Largest Country South Africa 42.32% Was (06/30/2019) 42.89%
Other View complete Country Diversification

Data as of 07/31/2019

Benchmark: MSCI Arabian Markets & Africa 10/40 IMI Index

Contributor

Saudi Arabia
By 0.59%
Country 0.15%
Selection 0.45%

Detractor

Nigeria
By -0.39%
Country -0.55%
Selection 0.16%

Data as of 06/30/2019

Over

Kuwait
By 7.58%
Fund 12.89%
Benchmark 5.31%

Under

Saudi Arabia
By -9.91%
Fund 18.99%
Benchmark 28.90%

Data as of 07/31/2019

Team (As of )

Oliver Bell

Oliver Bell
Portfolio Manager

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.

  • Fund manager
    since 2011
  • Years at
    T. Rowe Price 7
  • Years investment
    experience 21
Leigh Innes

Leigh Innes
Portfolio Specialist

S. Leigh Innes is a portfolio specialist in the Equity Division at T. Rowe Price, representing the firm's emerging market strategies to institutional clients, consultants and prospects. Ms. Innes is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

  • Years at
    T. Rowe Price 17
  • Years investment
    experience 22
Charles Knudsen

Charles Knudsen
Portfolio Specialist

Chuck Knudsen is a portfolio specialist in the Equity Division of T. Rowe Price. Mr. Knudsen is a member of the Emerging Markets Equity team and a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc. Previously, he was the associate head of Institutional Client Service, North America, for Global Investment Services, the organization responsible for the firm's institutional business worldwide.

  • Years at
    T. Rowe Price 14
  • Years investment
    experience 32

For a complete list of the members of the fund's Investment Advisory Committee, please refer to the fund's prospectus.

How to Invest

View platform information
Share Class Min Initial Investment (USD) Min Subsequent Investment (USD) 12b-1 Fee Expense Ratio
Gross Net Limitation Type Limitation Expiration Date
I Class
Cusip 77956H260
$1,000,000* N/A 0.00% 1.30% 1.13% Contractual 02/28/2021
Investor Class
Cusip 77956H740
$2,500 $100 0.00% 1.52% 1.36% Contractual
02/28/2021

* Minimum initial investment $1,000,000. Minimum is generally waived for intermediaries, certain retirement plans, and certain institutional client accounts.

1

© 2019 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.

2

Number of years managing the fund.  In the case of co-portfolio management, the longer tenure is displayed.

3

Figure applies to all share classes.

Source: MSCI.  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.

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