Institutional Frontier Markets Equity Fund

Invests at least 80% in equity securities and equity-related investments of companies that are located in, or that have economic ties to, countries considered to be frontier markets. The fund expects to make most of its investments in Africa, the Middle East, Asia, Europe, and Latin America.

The risks of international investing are heightened for investments in emerging market and frontier market countries. Emerging and frontier market countries tend to have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed market countries.

PRFFXCUSIP 74144Q864
Prospectus

Morningstar (Category)

Morningstar
(Overall Rating)1

Diversified Emerging Mkts
  (713 funds)

Data as of 07/31/2019

Data as of 07/31/2019

Fund Manager Tenure2

Net Assets3
(USD)

4yrs
$47.7m

Data as of 07/31/2019

Data as of 07/31/2019

Price
(USD)

Daily Price Change

$9.49
$-0.02

Data as of 08/22/2019

Data as of 08/22/2019

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™.

Oliver Bell
Oliver Bell, Portfolio Manager

Oliver Bell is a vice president of T. Rowe Price Group, Inc., associate head of Equity EMEA and the lead portfolio manager and chairman of the Investment Advisory Committee for the T. Rowe Price Middle East & Africa Equity Strategy and the Frontier Markets Equity Strategy. He is a member of the International Equity Steering Committee and a Board member of T. Rowe Price (Luxembourg) Management S.a.r.l.

View more

Strategy

Investment Objective

The fund seeks long-term growth of capital.

Morningstar Equity Style

Mid Growth

Data as of 07/31/2019

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 713
3 Years 713
5 Years N/A 565
10 Years N/A 240

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
-0.57%
Benchmark
4.92%
Value
-5.49% -4.27%

Data as of 06/30/2019

3 YR
7.31%
Benchmark
8.35%
Value
-1.04% -1.21%
5 YR
N/A
Benchmark
N/A
Value
N/A N/A
Since Inception
0.14%
Benchmark
-1.26%
Value
1.40% 1.34%

Expense Ratio

Gross
1.62%
Net
1.39%
Limitation Type
Contractual
expires 02/28/2021

Benchmark: MSCI Frontier Market Index Net

Fund Inception: 09/22/2014

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.

Current Year Performance (Institutional)

Daily YTD
10.61%
Benchmark
13.94%
Value
-3.33%

Data as of 08/22/2019

Monthly YTD
13.17%
Benchmark
14.69%
Value
-1.52%

Data as of 07/31/2019

One Month
2.32%
Benchmark
2.51%
Value
-0.19%
Three Months
6.00%
Benchmark
7.13%
Value
-1.13%

Benchmark: MSCI Frontier Market Index Net

Fund Inception: 09/22/2014

Asset Allocation

Net Assets
(USD)
$47.7m
Largest Global ex-US Stock 98.77% $47.1m
Other View complete Asset Allocation

Data as of 07/31/2019

Holdings

Total
Holdings
74
Largest Holding National Bank of Kuwait 9.51% Was (03/31/2019) 9.18%
Other View complete Full Holdings
Top 10 Holdings 41.38% View the latest Top 10 Holdings
12-Month Portfolio Turnover 62.5% Data as of 07/31/2019

Data as of 06/30/2019

Largest Contributor

National Bank of Kuwait
9.51%

Largest Detractor

Military Commercial Joint Stock Bank
3.59%

Data as of 06/30/2019

Purchase

Kuwait Finance House KSCP (N)
8.90%
Was 0.00%

Sale

Grupo Financiero Galicia
1.79%
Was 4.93%

Data as of 06/30/2019

Sectors

Total
Sectors
11
Largest Sector Financials 54.57% Was (06/30/2019) 54.29%
Other View complete Sector Diversification

Data as of 07/31/2019

Benchmark: MSCI Frontier Markets Index

Contributor

Real Estate
By 0.83%
Sector 0.13%
Selection 0.69%

Detractor

Financials
By -1.06%
Sector 0.05%
Selection -1.11%

Data as of 06/30/2019

Over

Consumer Discretionary
By 8.86%
Fund 9.04%
Benchmark 0.18%

Under

Communication Services
By -9.88%
Fund 3.24%
Benchmark 13.12%

Data as of 07/31/2019

Regions

Total
Regions
5
Largest Region Middle East & Africa 51.10% Was (06/30/2019) 54.39%
Other View complete Region Diversification

Data as of 07/31/2019

Benchmark: MSCI Frontier Markets Index

Contributor

Latin America
By 0.97%
Region 1.36%
Selection -0.39%

Detractor

EM EMEA
By -0.67%
Region -0.31%
Selection -0.36%

Data as of 06/30/2019

Over

Pacific Ex Japan
By 9.37%
Fund 30.71%
Benchmark 21.34%

Under

Middle East & Africa
By -16.89%
Fund 51.10%
Benchmark 67.99%

Data as of 07/31/2019

Countries

Total
Countries
25
Largest Country Kuwait 32.01% Was (06/30/2019) 31.33%
Other View complete Country Diversification

Data as of 07/31/2019

Benchmark: MSCI Frontier Markets Index

Contributor

Argentina
By 0.97%
Country 1.36%
Selection -0.39%

Detractor

Kuwait
By -0.70%
Country -0.37%
Selection -0.33%

Data as of 06/30/2019

Over

Argentina
By 6.30%
Fund 6.30%
Benchmark 0.00%

Under

Kenya
By -5.72%
Fund 0.00%
Benchmark 5.72%

Data as of 07/31/2019

Team (As of )

Oliver Bell

Oliver Bell
Portfolio Manager

Oliver Bell is a vice president of T. Rowe Price Group, Inc., associate head of Equity EMEA and the lead portfolio manager and chairman of the Investment Advisory Committee for the T. Rowe Price Middle East & Africa Equity Strategy and the Frontier Markets Equity Strategy. He is a member of the International Equity Steering Committee and a Board member of T. Rowe Price (Luxembourg) Management S.a.r.l.

  • Fund manager
    since 2014
  • Years at
    T. Rowe Price 7
  • Years investment
    experience 21
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 14
  • Years investment
    experience 32

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 74144Q864
$1,000,000 N/A 0.00% 1.62% 1.39% Contractual 02/28/2021
1

© 2019 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.

Dismiss
Tap to dismiss

Manage Subscriptions

Unsubscribe All
OK

Manage your watched Funds and Insights subscriptions here.

OK

Change Details

Congratulations! You are now registered.

Begin watching and receiving email updates for:

Ok

Sign in to manage your subscriptions and watch list.

Register

Download

Latest Date Range
Download Cancel

This content is restricted for Institutional Investors use only. We were not able to validate your status as an Institutional Investor with the information you provided at registration.

Please contact the T. Rowe Price Team with questions or to revise your status.

1-800-564-6958

You will need to accept the Terms & Conditions again.

Ok

You have updated your email address.

An activation email has been sent to your new email address from T. Rowe Price.

Please click on the activation link in order to receive email updates.

Ok

You have an existing account

Click OK to view your subscriptions and watch list.

OK

Confirm Cancel