Emerging Europe Fund - I Class

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.

TTEEXCUSIP 77956H245
Prospectus

Morningstar (Category)

Morningstar1

N/A
N/A

Fund Manager Tenure2

Net Assets3
(USD)

5yrs
$111.6m

Data as of 04/30/2020

Data as of 04/30/2020

Price
(USD)

Daily Price Change

$13.31
$+0.26

Data as of 06/03/2020

Data as of 06/03/2020

Ulle Adamson
Ulle Adamson, Portfolio Manager

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

View more

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 Blend

Data as of 04/30/2020

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
-24.82%
Benchmark
-21.87%
Value
-2.95% -3.24%

Data as of 03/31/2020

3 YR
-5.75%
Benchmark
-4.15%
Value
-1.60% -1.08%
5 YR
-1.35%
Benchmark
-1.28%
Value
-0.07% 0.36%
10 YR
-4.68%
Benchmark
-3.97%
Value
-0.71% -0.73%

Expense Ratio

Gross
1.31%
Net
1.09%
Limitation Type
Contractual
expires 02/28/2021

Benchmark: MSCI Emerging Markets Europe Index Net

Investor Class Inception Date: 08/31/2000

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
-19.14%
Benchmark
-19.57%
Value
0.43%

Data as of 06/03/2020

Monthly YTD
-30.44%
Benchmark
-30.00%
Value
-0.44%

Data as of 04/30/2020

One Month
10.84%
Benchmark
10.19%
Value
0.65%
Three Months
-28.79%
Benchmark
-27.40%
Value
-1.39%

Benchmark: MSCI Emerging Markets Europe Index Net

Investor Class Inception Date: 08/31/2000

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)
$111.6m
Largest Global ex-US Stock 94.38% $105.3m
Other View complete Asset Allocation

Data as of 04/30/2020

Holdings

Total
Holdings
36
Largest Holding Sberbank of Russia 13.02% Was (12/31/2019) 0.36%
Other View complete Full Holdings
Top 10 Holdings 64.42% View the latest Top 10 Holdings
12-Month Portfolio Turnover 46.7% Data as of 04/30/2020

Data as of 03/31/2020

Largest Contributor

Polymetal International
1.72%

Largest Detractor

Sberbank of Russia
13.55%

Data as of 03/31/2020

Purchase

MMC Norilsk Nickel
6.92%
Was 2.86%

Sale

Mail.Ru
3.95%
Was 5.77%

Data as of 03/31/2020

Sectors

Total
Sectors
9
Largest Sector Financials 32.13% Was (03/31/2020) 34.00%
Other View complete Sector Diversification

Data as of 04/30/2020

Benchmark: MSCI Emerging Markets Europe Index

Contributor

Information Technology
By 0.83%
Sector 0.83%
Selection 0.00%

Detractor

Materials
By -1.21%
Sector -1.38%
Selection 0.17%

Data as of 03/31/2020

Over

Financials
By 7.14%
Fund 32.13%
Benchmark 24.99%

Under

Energy
By -8.92%
Fund 30.69%
Benchmark 39.61%

Data as of 04/30/2020

Countries

Total
Countries
11
Largest Country Russia 68.05% Was (03/31/2020) 67.40%
Other View complete Country Diversification

Data as of 04/30/2020

Benchmark: MSCI Emerging Markets Europe Index

Contributor

United States
By 0.83%
Country 0.83%
Selection 0.00%

Detractor

Russia
By -0.81%
Country -0.07%
Selection -0.74%

Data as of 03/31/2020

Over

United States
By 3.40%
Fund 3.40%
Benchmark 0.00%

Under

Poland
By -7.53%
Fund 6.96%
Benchmark 14.49%

Data as of 04/30/2020

Currency

Total
Currencies
8
Largest Currency Russian ruble 39.88% Was (03/31/2020) 40.08%
Other View complete Currency Diversification

Data as of 04/30/2020

Benchmark: MSCI Emerging Markets Europe Index

Over

U.S. dollar
By 25.07%
Fund 33.58%
Benchmark 8.51%

Under

Russian ruble
By -17.77%
Fund 39.88%
Benchmark 57.65%

Data as of 04/30/2020

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 at T. Rowe Price. She is the portfolio manager for the Emerging Europe Equity Strategy. Ms. Adamson is a vice president and an Investment Advisory Committee member of the Emerging Markets Equity Strategy and Emerging Markets Discovery Equity Strategy. 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 17
  • Years investment
    experience 17
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 15
  • Years investment
    experience 33

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 77956H245
$1,000,000* N/A 0.00% 1.31% 1.09% Contractual 02/28/2021
Investor Class
Cusip 77956H815
$2,500 $100 0.00% 1.62% 1.41% 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

© 2020 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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