International Disciplined Equity Fund

Formerly International Concentrated Equity Fund

Invests in stocks of companies located outside the U.S. At least 80% of net assets in non-U.S. companies and no more than 15% in stocks of companies in emerging markets.

Share prices are subject to the risks associated with unfavorable currency exchange rates and political or economic uncertainty abroad. Diversification cannot assure a profit or protect against loss in a declining market.

Morningstar (Category)

Morningstar
(Overall Rating)1

Foreign Large Blend
  (654 funds)

Data as of 03/31/2021

Data as of 03/31/2021

Fund Manager Tenure2

Net Assets3
(USD)

6yrs
$547.9m

Data as of 03/31/2021

Data as of 03/31/2021

Price
(USD)

Daily Price Change

$11.50
$-0.01

Data as of 04/14/2021

Data as of 04/14/2021

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™.

Federico Santilli
Federico Santilli, Portfolio Manager

Federico Santilli is a portfolio manager covering international equity in the International Equity Division. He is an executive vice president of T. Rowe Price International Funds, Inc., and T. Rowe Price Institutional International Funds. He also 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 in stocks of non-U.S. companies.

Morningstar Equity Style

Large Value

Data as of 03/31/2021

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 (Foreign Large Blend)
Overall 654
3 Years 654
5 Years 563
10 Years N/A 370

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
37.00%
Benchmark
44.57%
Value
-7.57% -7.57%

Data as of 03/31/2021

3 YR
5.83%
Benchmark
6.02%
Value
-0.19% -0.19%

Data as of 03/31/2021

5 YR
8.14%
Benchmark
8.85%
Value
-0.71% -0.71%

Data as of 03/31/2021

Since Inception
4.89%
Benchmark
4.90%
Value
-0.01% -0.01%

Data as of 03/31/2021

Benchmark: MSCI EAFE Index Net

Fund Inception: 08/22/2014

Expense Ratio

Gross
0.92%
Net
0.90%
Limitation Type
Contractual
expires 02/28/2023

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 (Investor Class)

Daily YTD
4.83%
Benchmark
6.59%
Value
-1.76%

Data as of 04/14/2021

Monthly YTD
2.55%
Benchmark
3.48%
Value
-0.93%

Data as of 03/31/2021

One Month
3.31%
Benchmark
2.30%
Value
1.01%

Data as of 03/31/2021

Three Months
2.55%
Benchmark
3.48%
Value
-0.93%

Data as of 03/31/2021

Benchmark: MSCI EAFE Index Net

Fund Inception: 08/22/2014

Asset Allocation

Net Assets
(USD)
$547.9m

Data as of 03/31/2021

Largest Global ex-US Stock 89.10% $488.2m
Other View complete

Holdings

Total
Holdings
70

Data as of 03/31/2021

Largest Holding Groupe Bruxelles Lambert 2.46% Was (12/31/2020) 2.71%
Other View complete Full Holdings
Top 10 Holdings 18.25% View the latest Top 10 Holdings
12-Month Portfolio Turnover 91.6% Data as of 03/31/2021

Largest Contributor

Bhp
1.87%

Largest Detractor

Nestle
1.80%

Data as of 03/31/2021

Purchase

Eurofins Scientific (N)
1.05%
Was 0.00%

Sale

Ontex (E)
0.00%
Was 0.80%

Data as of 03/31/2021

Sectors

Total
Sectors
12

Data as of 03/31/2021

Benchmark: MSCI EAFE Index

Largest Sector Health Care 17.59% Was (02/28/2021) 17.03%
Other View complete

Contributor

Industrials & Business Services
By 0.43%
Sector -0.02%
Selection 0.45%

Detractor

Consumer Staples
By -0.73%
Sector -0.23%
Selection -0.50%

Data as of 03/31/2021

Over

Health Care
By 5.64%
Fund 17.59%
Benchmark 11.95%

Under

Information Technology
By -6.34%
Fund 2.64%
Benchmark 8.98%

Data as of 03/31/2021

Countries

Total
Countries
15

Data as of 03/31/2021

Benchmark: MSCI EAFE Index

Largest Country United Kingdom 15.75% Was (02/28/2021) 15.94%
Other View complete Country Diversification

Contributor

France
By 0.39%
Country 0.02%
Selection 0.37%

Detractor

United Kingdom
By -0.50%
Country 0.05%
Selection -0.54%

Data as of 03/31/2021

Over

Canada
By 4.36%
Fund 4.36%
Benchmark 0.00%

Under

Japan
By -9.08%
Fund 15.74%
Benchmark 24.82%

Data as of 03/31/2021

Team (As of )

Federico Santilli

Federico Santilli
Portfolio Manager

Federico Santilli is a portfolio manager covering international equity in the International Equity Division. He is an executive vice president of T. Rowe Price International Funds, Inc., and T. Rowe Price Institutional International Funds. He also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

  • Fund manager
    since 2014
  • Years at
    T. Rowe Price 20
  • Years investment
    experience 20
Jason A.  White

Jason A. White
Portfolio Specialist

Jason A. White is a portfolio specialist in the Equity Division. He is a member of the International Equity Investment team, participates in investment strategy calls, and regularly travels with other investment professionals to visit companies around the world. Jason also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

  • Years at
    T. Rowe Price 16
  • Years investment
    experience 19

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 77956H591
$2,500 $100 0.00% 0.92% 0.90% Contractual 02/28/2023
Advisor Class
Cusip 77956H583
$2,500 $100 0.25% 1.21% 1.00% Contractual
02/28/2023
I Class
Cusip 77956H336
$1,000,000* N/A 0.00% 0.75% 0.68% 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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