Institutional Emerging Markets Equity 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.

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)

12yrs
$2.0b

Data as of 09/30/2021

Data as of 09/30/2021

Price
(USD)

Daily Price Change

$47.76
$-0.31

Data as of 10/26/2021

Data as of 10/26/2021

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™.

Gonzalo Pángaro
Gonzalo Pángaro, 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 Blend

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 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.

Average Annual Total Returns (Institutional)

1 YR
10.95%
Benchmark
18.20%
Value
-7.25% -7.25%

Data as of 09/30/2021

3 YR
8.95%
Benchmark
8.58%
Value
0.37% 0.37%

Data as of 09/30/2021

5 YR
9.16%
Benchmark
9.23%
Value
-0.07% -0.07%

Data as of 09/30/2021

10 YR
7.33%
Benchmark
6.09%
Value
1.24% 1.24%

Data as of 09/30/2021

Benchmark: MSCI Emerging Markets Index Net

Fund Inception: 10/31/2002

Expense Ratio

Gross
1.10%
Net
1.10%

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 (Institutional)

Daily YTD
-4.21%
Benchmark
2.19%
Value
-6.40%

Data as of 10/26/2021

Monthly YTD
-7.06%
Benchmark
-1.25%
Value
-5.81%

Data as of 09/30/2021

One Month
-4.53%
Benchmark
-3.97%
Value
-0.56%

Data as of 09/30/2021

Three Months
-9.53%
Benchmark
-8.09%
Value
-1.44%

Data as of 09/30/2021

Benchmark: MSCI Emerging Markets Index Net

Fund Inception: 10/31/2002

Asset Allocation

Net Assets
(USD)
$2.0b

Data as of 09/30/2021

Largest Global ex-US Stock 94.78% $1.9b
Other View complete

Holdings

Total
Holdings
93

Data as of 09/30/2021

Largest Holding Taiwan Semiconductor Manufacturing 10.25% Was (06/30/2021) 9.72%
Other View complete Full Holdings
Top 10 Holdings 42.60% View the latest Top 10 Holdings
12-Month Portfolio Turnover 28.1% Data as of 09/30/2021

Largest Contributor

China Mengniu Dairy
2.73%

Largest Detractor

Taiwan Semiconductor Manufacturing
10.25%

Data as of 09/30/2021

Purchase

Yum China Holdings
2.54%
Was 1.27%

Sale

Itau Unibanco Holding
1.75%
Was 2.83%

Data as of 09/30/2021

Sectors

Total
Sectors
9

Data as of 09/30/2021

Benchmark: MSCI Emerging Markets Index

Largest Sector Information Technology 24.38% Was (08/31/2021) 24.65%
Other View complete

Contributor

Information Technology
By 0.29%
Sector 0.06%
Selection 0.23%

Detractor

Energy
By -0.87%
Sector -0.87%
Selection 0.00%

Data as of 09/30/2021

Over

Consumer Staples
By 8.76%
Fund 14.65%
Benchmark 5.90%

Under

Materials
By -8.66%
Fund 0.00%
Benchmark 8.66%

Data as of 09/30/2021

MSCI index returns are shown with gross dividends reinvested.

Regions

Total
Regions
4

Data as of 09/30/2021

Benchmark: MSCI Emerging Markets Index

Largest Region Pacific Ex Japan 73.66% Was (08/31/2021) 71.89%
Other View complete Region Diversification

Over

Europe
By 3.06%
Fund 8.58%
Benchmark 5.52%

Under

Pacific Ex Japan
By -4.78%
Fund 73.66%
Benchmark 78.44%

Data as of 09/30/2021

Countries

Total
Countries
24

Data as of 09/30/2021

Benchmark: MSCI Emerging Markets Index

Largest Country China 31.72% Was (08/31/2021) 30.02%
Other View complete Country Diversification

Contributor

Argentina
By 0.32%
Country 0.49%
Selection -0.17%

Detractor

India
By -0.88%
Country -0.62%
Selection -0.25%

Data as of 09/30/2021

Over

Hong Kong
By 4.20%
Fund 4.20%
Benchmark 0.00%

Under

India
By -3.17%
Fund 9.01%
Benchmark 12.18%

Data as of 09/30/2021

Team (As of )

Gonzalo Pángaro

Gonzalo Pángaro
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 23
  • Years investment
    experience 30
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
Institutional
Cusip 74144Q203
$1,000,000 N/A 0.00% 1.10% 1.10% N/A N/A
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.

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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