Emerging Markets Discovery Stock Fund

Formerly Emerging Markets Value Stock Fund

Invests at least 80% of its net assets (including any borrowings for investment purposes) in stocks issued by companies in emerging markets. The fund invests in companies of any size, but generally seeks stocks of larger companies that are undervalued.

Investing in the securities of non-U.S. issuers involves special risks not typically associated with investing in U.S. issuers. International securities tend to be more volatile and less liquid than investments in U.S. securities and may lose value because of adverse political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. In addition, international investments are subject to settlement practices and regulatory and financial reporting standards that differ from those of the U.S.

Morningstar (Category)

Morningstar
(Overall Rating)1

Diversified Emerging Mkts
  (708 funds)

Data as of 09/30/2021

Data as of 09/30/2021

Fund Manager Tenure2

Net Assets3
(USD)

6yrs
$3.4b

Data as of 09/30/2021

Data as of 09/30/2021

Price
(USD)

Daily Price Change

$15.81
$-0.03

Data as of 10/22/2021

Data as of 10/22/2021

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Ernest C. Yeung, CFA
Ernest C. Yeung, CFA, Portfolio Manager

Ernest Yeung is a portfolio manager for the Emerging Markets Discovery Equity Strategy at T. Rowe Price. He was the co-portfolio manager for the International Small-Cap Equity Strategies from 2009 to 2014. Mr. Yeung is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price Hong Kong Limited.

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Strategy

Investment Objective

The objective is to seek long-term growth of capital.

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

Period Rating Funds In Category (Diversified Emerging Mkts)
Overall 708
3 Years 708
5 Years 598
10 Years N/A 317

The Morningstar Rating™ for funds, or "star rating", is calculated for funds with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics.

Yields & Dividends (Investor Class)

30-Day SEC Standardized Yield
with waiver
N/A

Data as of N/A

without waiver
1.11%

Data as of 09/30/2021

30-Day Annualized Dividend Yield
with waiver
N/A
Monthly Dividend
(USD)
N/A
Monthly Dividend
Rate
N/A

Average Annual Total Returns (Investor Class)

1 YR
32.88%
Benchmark
18.20%
Value
14.68% 14.68%

Data as of 09/30/2021

3 YR
7.10%
Benchmark
8.58%
Value
-1.48% -1.48%

Data as of 09/30/2021

5 YR
9.11%
Benchmark
9.23%
Value
-0.12% -0.12%

Data as of 09/30/2021

Since Inception
9.56%
Benchmark
10.04%
Value
-0.48% -0.48%

Data as of 09/30/2021

Benchmark: MSCI Emerging Markets Index Net

Fund Inception: 09/14/2015

Expense Ratio

Gross
1.38%
Net
1.23%
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
8.66%
Benchmark
1.95%
Value
6.71%

Data as of 10/22/2021

Monthly YTD
4.12%
Benchmark
-1.25%
Value
5.37%

Data as of 09/30/2021

One Month
-4.84%
Benchmark
-3.97%
Value
-0.87%

Data as of 09/30/2021

Three Months
-5.67%
Benchmark
-8.09%
Value
2.42%

Data as of 09/30/2021

Benchmark: MSCI Emerging Markets Index Net

Fund Inception: 09/14/2015

Asset Allocation

Net Assets
(USD)
$3.4b

Data as of 09/30/2021

Largest Global ex-US Stock 96.25% $3.3b
Other View complete

Holdings

Total
Holdings
63

Data as of 09/30/2021

Largest Holding Samsung Electronics 4.44% Was (06/30/2021) 5.46%
Other View complete Full Holdings
Top 10 Holdings 27.07% View the latest Top 10 Holdings
12-Month Portfolio Turnover 57.6% Data as of 09/30/2021

Largest Contributor

Sberbank of Russia
2.51%

Largest Detractor

Samsung Electronics
4.44%

Data as of 09/30/2021

Purchase

Prosus (N)
4.43%
Was 0.00%

Sale

Naspers (E)
0.00%
Was 1.97%

Data as of 09/30/2021

Sectors

Total
Sectors
11

Data as of 09/30/2021

Benchmark: MSCI Emerging Markets Index

Largest Sector Financials 28.03% Was (08/31/2021) 27.50%
Other View complete

Contributor

Industrials & Business Services
By 1.28%
Sector 0.07%
Selection 1.21%

Detractor

Consumer Staples
By -1.03%
Sector 0.02%
Selection -1.04%

Data as of 09/30/2021

Over

Financials
By 8.55%
Fund 28.03%
Benchmark 19.49%

Under

Information Technology
By -9.10%
Fund 11.77%
Benchmark 20.87%

Data as of 09/30/2021

Regions

Total
Regions
4

Data as of 09/30/2021

Benchmark: MSCI Emerging Markets Index

Largest Region Pacific Ex Japan 63.35% Was (08/31/2021) 64.83%
Other View complete Region Diversification

Over

Europe
By 11.35%
Fund 16.87%
Benchmark 5.52%

Under

Pacific Ex Japan
By -15.09%
Fund 63.35%
Benchmark 78.44%

Data as of 09/30/2021

Countries

Total
Countries
21

Data as of 09/30/2021

Benchmark: MSCI Emerging Markets Index

Largest Country China 30.63% Was (08/31/2021) 30.89%
Other View complete Country Diversification

Contributor

China
By 3.09%
Country 0.45%
Selection 2.64%

Detractor

Taiwan
By -0.68%
Country -0.65%
Selection -0.04%

Data as of 09/30/2021

Over

Netherlands
By 4.43%
Fund 4.43%
Benchmark 0.00%

Under

Taiwan
By -10.25%
Fund 4.31%
Benchmark 14.56%

Data as of 09/30/2021

Team (As of )

Ernest C. Yeung, CFA

Ernest C. Yeung, CFA
Portfolio Manager

Ernest Yeung is a portfolio manager for the Emerging Markets Discovery Equity Strategy at T. Rowe Price. He was the co-portfolio manager for the International Small-Cap Equity Strategies from 2009 to 2014. Mr. Yeung is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price Hong Kong Limited.

  • Fund manager
    since 2015
  • Years at
    T. Rowe Price 18
  • Years investment
    experience 20
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 77956H419
$2,500 $100 0.00% 1.38% 1.23% Contractual 02/28/2022
Advisor Class
Cusip 77956H393
$2,500 $100 0.25% 2.13% 1.65% Contractual
02/28/2022
I Class
Cusip 77956H237
$1,000,000* N/A 0.00% 1.22% 1.08% Contractual
02/28/2023

* 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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