Emerging Europe Fund

Invests at least 80% of its net assets in the emerging markets of Europe, including Eastern Europe and the former Soviet Union. Identify themes/trends and industries that are likely to experience high future growth.

Investments in emerging markets are subject to the risk of abrupt and severe price declines. The economic and political structures of developing nations often do not compare favorably with developed countries in terms of wealth and stability, and their financial markets are not as liquid. Investing internationally involves special risks, including economic and political uncertainty and currency fluctuation.

Morningstar (Category)

Morningstar1

N/A
N/A

Fund Manager Tenure2

Net Assets3
(USD)

6yrs
$169.0m

Data as of 09/30/2021

Data as of 09/30/2021

Price
(USD)

Daily Price Change

$19.62
$-0.05

Data as of 10/26/2021

Data as of 10/26/2021

Ulle Adamson
Ulle Adamson, Portfolio Manager

Ulle Adamson is a portfolio manager in the Equity Division. She is the portfolio manager for the Emerging Europe Equity Strategy. Ulle is a vice president and an Investment Advisory Committee member of the Emerging Markets Equity and Emerging Markets Discovery Equity Strategies. She is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

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Strategy

Investment Objective

The fund seeks long-term growth of capital through investments primarily in the common stocks of companies located (or with primary operations) in the emerging market countries of Europe.

Morningstar Equity Style

Large Value

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.

Morningstar Rating

No data available.

Average Annual Total Returns (Investor Class)

1 YR
56.37%
Benchmark
50.96%
Value
5.41% 5.41%

Data as of 09/30/2021

3 YR
11.34%
Benchmark
10.31%
Value
1.03% 1.03%

Data as of 09/30/2021

5 YR
10.14%
Benchmark
10.64%
Value
-0.50% -0.50%

Data as of 09/30/2021

10 YR
3.33%
Benchmark
3.08%
Value
0.25% 0.25%

Data as of 09/30/2021

Benchmark: MSCI Emerging Markets Europe Index Net

Fund Inception: 08/31/2000

Expense Ratio

Gross
1.66%
Net
1.41%
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 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 (Investor Class)

Daily YTD
34.11%
Benchmark
31.79%
Value
2.32%

Data as of 10/26/2021

Monthly YTD
25.22%
Benchmark
23.28%
Value
1.94%

Data as of 09/30/2021

One Month
2.35%
Benchmark
2.70%
Value
-0.35%

Data as of 09/30/2021

Three Months
8.02%
Benchmark
7.70%
Value
0.32%

Data as of 09/30/2021

Benchmark: MSCI Emerging Markets Europe Index Net

Fund Inception: 08/31/2000

Asset Allocation

Net Assets
(USD)
$169.0m

Data as of 09/30/2021

Largest Global ex-US Stock 97.42% $164.6m
Other View complete

Holdings

Total
Holdings
39

Data as of 09/30/2021

Largest Holding Gazprom 15.56% Was (06/30/2021) 13.40%
Other View complete Full Holdings
Top 10 Holdings 65.87% View the latest Top 10 Holdings
12-Month Portfolio Turnover 49.9% Data as of 09/30/2021

Largest Contributor

Gazprom
15.56%

Largest Detractor

Mail.Ru
3.20%

Data as of 09/30/2021

Purchase

Rosneft PJSC
4.13%
Was 1.94%

Sale

Tatneft PJSC (E)
0.00%
Was 2.30%

Data as of 09/30/2021

Sectors

Total
Sectors
11

Data as of 09/30/2021

Benchmark: MSCI Emerging Markets Europe Index

Largest Sector Financials 35.74% Was (08/31/2021) 37.46%
Other View complete

Contributor

Materials
By 2.64%
Sector 2.47%
Selection 0.17%

Detractor

Consumer Discretionary
By -0.72%
Sector -0.03%
Selection -0.69%

Data as of 09/30/2021

Over

Financials
By 8.64%
Fund 35.74%
Benchmark 27.10%

Under

Materials
By -11.95%
Fund 0.79%
Benchmark 12.73%

Data as of 09/30/2021

Countries

Total
Countries
11

Data as of 09/30/2021

Benchmark: MSCI Emerging Markets Europe Index

Largest Country Russia 68.08% Was (08/31/2021) 63.63%
Other View complete Country Diversification

Contributor

Russia
By 1.81%
Country -0.12%
Selection 1.94%

Detractor

Greece
By -0.73%
Country -0.37%
Selection -0.36%

Data as of 09/30/2021

Over

Greece
By 5.43%
Fund 8.78%
Benchmark 3.35%

Under

Poland
By -8.02%
Fund 5.68%
Benchmark 13.70%

Data as of 09/30/2021

Currency

Total
Currencies
8

Data as of 09/30/2021

Benchmark: MSCI Emerging Markets Europe Index

Largest Currency U.S. dollar 38.79% Was (08/31/2021) 37.58%
Other View complete Currency Diversification

Over

U.S. dollar
By 30.27%
Fund 38.79%
Benchmark 8.51%

Under

Russian ruble
By -27.24%
Fund 35.55%
Benchmark 62.78%

Data as of 09/30/2021

Numbers may not total due to rounding; all numbers are percentages.

Team (As of )

Ulle Adamson

Ulle Adamson
Portfolio Manager

Ulle Adamson is a portfolio manager in the Equity Division. She is the portfolio manager for the Emerging Europe Equity Strategy. Ulle is a vice president and an Investment Advisory Committee member of the Emerging Markets Equity and Emerging Markets Discovery Equity Strategies. She is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

  • Fund manager
    since 2015
  • Years at
    T. Rowe Price 18
  • Years investment
    experience 18
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
Investor Class
Cusip 77956H815
$2,500 $100 0.00% 1.66% 1.41% Contractual 02/28/2022
I Class
Cusip 77956H245
$1,000,000* N/A 0.00% 1.33% 1.09% 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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