Emerging Markets Stock Fund

Closed

Invests in the common stock of large and small companies across all of the emerging markets regions: Asia, Europe, Middle East and Africa, and Latin America.

International investments are generally more volatile than domestic investments. Share prices are subject to market risk, as well as risks associated with unfavorable currency exchange rates and political or economic uncertainty abroad. Because of the concentration in rapidly developing economies, the fund involves a high degree of risk.

PRMSXCUSIP 77956H864
Fund Story Prospectus

Morningstar (Category)

Morningstar
(Overall Rating)1

Diversified Emerging Mkts
  (704 funds)

Data as of 04/30/2020

Data as of 04/30/2020

Fund Manager Tenure2

Net Assets3
(USD)

11yrs
$10.4b

Data as of 04/30/2020

Data as of 04/30/2020

Price
(USD)

Daily Price Change

$39.32
$+0.42

Data as of 05/29/2020

Data as of 05/29/2020

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™.

Gonzalo Pángaro
Gonzalo Pángaro, Lead Portfolio Manager

Gonzalo Pángaro is the lead portfolio manager for the Emerging Markets Equity Strategy in the Equity Division. He is chairman of the Investment Advisory Committee for the Emerging Markets Equity Strategy  and a member of the International Equity Steering Committee. Gonzalo 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 emerging markets.

Morningstar Equity Style

Large Growth

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

Period Rating Funds In Category (Diversified Emerging Mkts)
Overall 704
3 Years 704
5 Years 582
10 Years 239

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.

Average Annual Total Returns (Investor Class)

1 YR
-14.94%
Benchmark
-17.69%
Value
2.75% 1.88%

Data as of 03/31/2020

3 YR
1.05%
Benchmark
-1.62%
Value
2.67% 1.88%
5 YR
2.08%
Benchmark
-0.37%
Value
2.45% 2.77%
10 YR
2.22%
Benchmark
0.68%
Value
1.54% 1.59%

Expense Ratio

Gross
1.22%
Net
1.22%

Benchmark: MSCI Emerging Markets Index Net

Fund Inception: 03/31/1995

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 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.

*The T. Rowe Price Funds-Advisor 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 Advisor Class shares have been calculated using the performance data of the investor class up to the inception date of the Advisor Class (shown above) and the actual performance results of the Advisor Class since that date. The performance results of the investor class have not been adjusted to reflect the 12b-1 fee associated with the Advisor Class (0.25%). Had this fee been included, the performance would have been lower.

Current Year Performance (Investor Class)

Daily YTD
-16.00%
Benchmark
-15.96%
Value
-0.04%

Data as of 05/29/2020

Monthly YTD
-17.41%
Benchmark
-16.60%
Value
-0.81%

Data as of 04/30/2020

One Month
7.90%
Benchmark
9.16%
Value
-1.26%
Three Months
-13.43%
Benchmark
-12.52%
Value
-0.91%

Benchmark: MSCI Emerging Markets Index Net

Fund Inception: 03/31/1995

Asset Allocation

Net Assets
(USD)
$10.4b
Largest Global ex-US Stock 94.22% $9.8b
Other View complete Asset Allocation

Data as of 04/30/2020

Holdings

Total
Holdings
87
Largest Holding Tencent Holdings 7.89% Was (12/31/2019) 6.14%
Other View complete Full Holdings
Top 10 Holdings 46.10% View the latest Top 10 Holdings
12-Month Portfolio Turnover 24.4% Data as of 04/30/2020

Data as of 03/31/2020

Largest Contributor

Tencent Holdings
7.89%

Largest Detractor

Alibaba Group Holding
7.86%

Data as of 03/31/2020

Purchase

Ping An Insurance
2.90%
Was 2.38%

Sale

Lojas Renner
0.75%
Was 1.40%

Data as of 03/31/2020

Sectors

Total
Sectors
10
Largest Sector Financials 25.78% Was (03/31/2020) 26.28%
Other View complete Sector Diversification

Data as of 04/30/2020

Benchmark: MSCI Emerging Markets Index

Contributor

Energy
By 1.30%
Sector 1.37%
Selection -0.08%

Detractor

Financials
By -2.49%
Sector -0.45%
Selection -2.03%

Data as of 03/31/2020

Over

Consumer Staples
By 10.92%
Fund 17.50%
Benchmark 6.58%

Under

Energy
By -5.64%
Fund 0.51%
Benchmark 6.15%

Data as of 04/30/2020

Regions

Total
Regions
4
Largest Region Pacific Ex Japan 71.07% Was (03/31/2020) 69.60%
Other View complete Region Diversification

Data as of 04/30/2020

Benchmark: MSCI Emerging Markets Index

Over

Latin America
By 5.58%
Fund 13.43%
Benchmark 7.85%

Under

Pacific Ex Japan
By -8.05%
Fund 71.07%
Benchmark 79.12%

Data as of 04/30/2020

Countries

Total
Countries
24
Largest Country China 32.67% Was (03/31/2020) 32.33%
Other View complete Country Diversification

Data as of 04/30/2020

Benchmark: MSCI Emerging Markets Index

Contributor

South Korea
By 0.81%
Country 0.03%
Selection 0.79%

Detractor

China
By -0.80%
Country -1.14%
Selection 0.34%

Data as of 03/31/2020

Over

Hong Kong
By 2.89%
Fund 2.89%
Benchmark 0.00%

Under

China
By -6.96%
Fund 32.67%
Benchmark 39.63%

Data as of 04/30/2020

Numbers may not add due to rounding and/or the exclusion of reserves and other assets.  Excludes cash and derivatives.

Team (As of )

Gonzalo Pángaro

Gonzalo Pángaro
Lead Portfolio Manager

Gonzalo Pángaro is the lead portfolio manager for the Emerging Markets Equity Strategy in the Equity Division. He is chairman of the Investment Advisory Committee for the Emerging Markets Equity Strategy  and a member of the International Equity Steering Committee. Gonzalo is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

  • Fund manager
    since 2009
  • Years at
    T. Rowe Price 21
  • Years investment
    experience 28
Nick Beecroft

Nick Beecroft
Portfolio Specialist

Nicholas Beecroft is a portfolio specialist in the Equity Division at T. Rowe Price, representing the firm's global equity strategies. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

  • Years at
    T. Rowe Price 15
  • Years investment
    experience 19
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
Investor Class
Cusip 77956H864
$2,500 $100 0.00% 1.22% 1.22% N/A N/A
I Class
Cusip 77956H484
$1,000,000* N/A 0.00% 1.07% 1.07% N/A
N/A

* 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.

N-closed

Closed to new investors except for a direct rollover from a retirement plan into a T. Rowe Price IRA invested in this fund.

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