Latin America Fund

Invests in companies with attractive valuations and earnings that are growing faster than their local, regional peers. Identify themes/trends and industries that are likely to experience high future growth.

International investments are generally more volatile than domestic investments. Investing internationally involves special risks including economic and political uncertainty and currency fluctuation.

PRLAXCUSIP 77956H880
Prospectus

Morningstar (Category)

Morningstar
(Overall Rating)1

Latin America Stock
  (20 funds)

Data as of 04/30/2020

Data as of 04/30/2020

Fund Manager Tenure2

Net Assets3
(USD)

6yrs
$344.3m

Data as of 04/30/2020

Data as of 04/30/2020

Price
(USD)

Daily Price Change

$18.31
$+0.82

Data as of 06/03/2020

Data as of 06/03/2020

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™.

Verena Wachnitz
Verena Wachnitz, Portfolio Manager

Verena Wachnitz is the portfolio manager for the Latin America Equity Strategy. Prior to this, she was an analyst in the Equity Research team, covering the telecom, financials, materials and real estate sectors in Latin America. Ms. Wachnitz 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 primarily in the common stocks of companies located (or with primary operations) in Latin America.

Morningstar Equity Style

Large Blend

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 (Latin America Stock)
Overall 20
3 Years 20
5 Years 19
10 Years 11

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
-36.35%
Benchmark
-40.77%
Value
4.42% 3.97%

Data as of 03/31/2020

3 YR
-10.57%
Benchmark
-12.98%
Value
2.41% 1.96%
5 YR
-3.33%
Benchmark
-5.90%
Value
2.57% 2.78%
10 YR
-5.76%
Benchmark
-6.67%
Value
0.91% 0.94%

Expense Ratio

Gross
1.29%
Net
1.29%

Benchmark: MSCI Emerging Markets Latin America Index Net

Fund Inception: 12/29/1993

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
-27.14%
Benchmark
-30.72%
Value
3.58%

Data as of 06/03/2020

Monthly YTD
-39.67%
Benchmark
-42.19%
Value
2.52%

Data as of 04/30/2020

One Month
5.72%
Benchmark
6.30%
Value
-0.58%
Three Months
-36.30%
Benchmark
-38.76%
Value
2.46%

Benchmark: MSCI Emerging Markets Latin America Index Net

Fund Inception: 12/29/1993

Asset Allocation

Net Assets
(USD)
$344.3m
Largest Global ex-US Stock 77.01% $265.2m
Other View complete Asset Allocation

Data as of 04/30/2020

Holdings

Total
Holdings
50
Largest Holding Itau Unibanco Holding 11.20% Was (12/31/2019) 12.50%
Other View complete Full Holdings
Top 10 Holdings 54.13% View the latest Top 10 Holdings
12-Month Portfolio Turnover 29.1% Data as of 04/30/2020

Data as of 03/31/2020

Largest Contributor

Fresnillo
0.69%

Largest Detractor

Itau Unibanco Holding
11.20%

Data as of 03/31/2020

Purchase

Petrobras (N)
1.71%
Was 0.00%

Sale

Ambev
2.70%
Was 4.24%

Data as of 03/31/2020

Sectors

Total
Sectors
10
Largest Sector Financials 36.63% Was (03/31/2020) 38.67%
Other View complete Sector Diversification

Data as of 04/30/2020

Benchmark: MSCI Emerging Markets Latin America Index

Contributor

Energy
By 1.86%
Sector 1.79%
Selection 0.07%

Detractor

Communication Services
By -1.39%
Sector -1.16%
Selection -0.23%

Data as of 03/31/2020

Over

Financials
By 8.64%
Fund 36.63%
Benchmark 27.98%

Under

Materials
By -7.42%
Fund 7.23%
Benchmark 14.65%

Data as of 04/30/2020

Countries

Total
Countries
8
Largest Country Brazil 59.25% Was (03/31/2020) 59.19%
Other View complete Country Diversification

Data as of 04/30/2020

Benchmark: MSCI Emerging Markets Latin America Index

Contributor

Brazil
By 1.21%
Country 0.20%
Selection 1.02%

Detractor

Chile
By -0.66%
Country -0.50%
Selection -0.16%

Data as of 03/31/2020

Over

Argentina
By 5.55%
Fund 7.21%
Benchmark 1.66%

Under

Mexico
By -9.56%
Fund 13.65%
Benchmark 23.21%

Data as of 04/30/2020

Currency

Total
Currencies
7
Largest Currency Brazilian real 50.58% Was (03/31/2020) 52.00%
Other View complete Currency Diversification

Data as of 04/30/2020

Benchmark: MSCI Emerging Markets Latin America Index

Over

U.S. dollar
By 30.37%
Fund 35.57%
Benchmark 5.20%

Under

Mexican peso
By -13.07%
Fund 10.14%
Benchmark 23.21%

Data as of 04/30/2020

Team (As of )

Verena Wachnitz

Verena Wachnitz
Portfolio Manager

Verena Wachnitz is the portfolio manager for the Latin America Equity Strategy. Prior to this, she was an analyst in the Equity Research team, covering the telecom, financials, materials and real estate sectors in Latin America. Ms. Wachnitz 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 16
  • Years investment
    experience 16
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 77956H880
$2,500 $100 0.00% 1.29% 1.29% N/A N/A
I Class
Cusip 77956H278
$1,000,000* N/A 0.00% 1.13% 1.09% Contractual
02/28/2021

* 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.

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