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.

Fund Manager Tenure2

Net Assets3
(USD)

1yr
$120.3m

Data as of 09/30/2021

Data as of 09/30/2021

Price
(USD)

Daily Price Change

$10.67
$-0.03

Data as of 10/26/2021

Data as of 10/26/2021

Seun Oyegunle, CFA
Seun Oyegunle, CFA, Portfolio Manager

Seun Oyegunle is the portfolio manager of the Africa & Middle East Fund in the Equity Division. 

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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

Large Growth

Data as of 09/30/2021

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.

Average Annual Total Returns (I Class)*

1 YR
45.39%
Benchmark
38.41%
Value
6.98% 6.98%

Data as of 09/30/2021

3 YR
8.25%
Benchmark
9.26%
Value
-1.01% -1.01%

Data as of 09/30/2021

5 YR
8.93%
Benchmark
8.38%
Value
0.55% 0.55%

Data as of 09/30/2021

10 YR
7.87%
Benchmark
5.68%
Value
2.19% 2.19%

Data as of 09/30/2021

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

Expense Ratio

Gross
1.33%
Net
1.10%
Limitation Type
Contractual
expires 02/28/2022

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.

Investors should note that short term returns greater than 40% are highly unusual and unlikely to be sustained.

*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
31.08%
Benchmark
27.56%
Value
3.52%

Data as of 10/26/2021

Monthly YTD
25.43%
Benchmark
23.26%
Value
2.17%

Data as of 09/30/2021

One Month
-1.26%
Benchmark
-0.34%
Value
-0.92%

Data as of 09/30/2021

Three Months
4.08%
Benchmark
3.07%
Value
1.01%

Data as of 09/30/2021

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

*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)
$120.3m

Data as of 09/30/2021

Largest Global ex-US Stock 98.67% $118.7m
Other View complete

Holdings

Total
Holdings
47

Data as of 09/30/2021

Largest Holding Al Rajhi Bank 9.63% Was (06/30/2021) 8.80%
Other View complete Full Holdings
Top 10 Holdings 45.03% View the latest Top 10 Holdings
12-Month Portfolio Turnover 52.0% Data as of 09/30/2021

Largest Contributor

Al Rajhi Bank
9.63%

Largest Detractor

Prosus
4.45%

Data as of 09/30/2021

Purchase

Prosus
4.44%
Was 0.97%

Sale

Naspers
3.00%
Was 10.98%

Data as of 09/30/2021

Sectors

Total
Sectors
10

Data as of 09/30/2021

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

Largest Sector Financials 44.86% Was (08/31/2021) 44.01%
Other View complete

Contributor

Consumer Discretionary
By 0.71%
Sector -1.75%
Selection 2.46%

Detractor

Energy
By -0.11%
Sector -0.08%
Selection -0.03%

Data as of 09/30/2021

Over

Consumer Discretionary
By 8.05%
Fund 15.18%
Benchmark 7.13%

Under

Materials
By -12.57%
Fund 5.90%
Benchmark 18.47%

Data as of 09/30/2021

Countries

Total
Countries
12

Data as of 09/30/2021

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

Largest Country Saudi Arabia 35.09% Was (08/31/2021) 33.06%
Other View complete Country Diversification

Contributor

South Africa
By 1.93%
Country 0.30%
Selection 1.63%

Detractor

Netherlands
By -0.92%
Country -0.92%
Selection 0.00%

Data as of 09/30/2021

Over

Netherlands
By 4.45%
Fund 4.45%
Benchmark 0.00%

Under

Kuwait
By -6.22%
Fund 0.00%
Benchmark 6.22%

Data as of 09/30/2021

Team (As of )

Seun Oyegunle, CFA

Seun Oyegunle, CFA
Portfolio Manager

Seun Oyegunle is the portfolio manager of the Africa & Middle East Fund in the Equity Division. 

  • Fund manager
    since 2020
  • Years at
    T. Rowe Price 8
  • Years investment
    experience 12
Leigh Innes

Leigh Innes
Portfolio Specialist

Leigh Innes is a Director of Research in the International Equity Division. She also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

  • Years at
    T. Rowe Price 19
  • Years investment
    experience 24
Charles Knudsen, CFA

Charles Knudsen, CFA
Portfolio Specialist

Chuck Knudsen is a portfolio specialist in the Equity Division. He also is a member of the Emerging Markets Equity team. Chuck is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

  • Years at
    T. Rowe Price 16
  • Years investment
    experience 34

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% 1.33% 1.10% Contractual 02/28/2022
Investor Class
Cusip 77956H740
$2,500 $100 0.00% 1.58% 1.31% Contractual
02/28/2022

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

1

© 2021 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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