Latin America Fund - I Class

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.

Morningstar (Category)

Morningstar
(Overall Rating)1

Latin America Stock
  (22 funds)

Data as of 09/30/2021

Data as of 09/30/2021

Fund Manager Tenure2

Net Assets3
(USD)

7yrs
$422.3m

Data as of 09/30/2021

Data as of 09/30/2021

Price
(USD)

Daily Price Change

$20.36
$-0.46

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™.

Verena Wachnitz
Verena Wachnitz, Portfolio Manager

Verena Wachnitz is a portfolio manager for the Latin America Equity Strategy. Prior to this, she was an analyst covering the telecom, financials, materials, and real estate sectors in Latin America on the Equity research team. Verena 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 Latin America.

Morningstar Equity Style

Large Growth

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 (Latin America Stock)
Overall 22
3 Years 22
5 Years N/A 19
10 Years N/A 18

*Ratings displayed with hollow stars represent Morningstar Extended Performance Ratings.  Morningstar provides adjusted historical returns and an Extended Performance Rating for some mutual fund share class that don't have a 1, 3-, 5-, or 10-year performance history.  These hypothetical Morningstar Ratings are based on the historical performance of the oldest share class of the fund, adjusted for fees and expenses.

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 (I Class)*

1 YR
22.76%
Benchmark
27.34%
Value
-4.58% -4.58%

Data as of 09/30/2021

3 YR
3.19%
Benchmark
-1.36%
Value
4.55% 4.55%

Data as of 09/30/2021

5 YR
3.29%
Benchmark
1.85%
Value
1.44% 1.44%

Data as of 09/30/2021

10 YR
0.11%
Benchmark
-1.08%
Value
1.19% 1.19%

Data as of 09/30/2021

Benchmark: MSCI Emerging Markets Latin America Index Net

Investor Class Inception Date: 12/29/1993

I Class Inception Date: 03/06/2017

Expense Ratio

Gross
1.13%
Net
1.09%
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.

Investors should note that short term returns greater than 40% are highly unusual and unlikely to be sustained.

*The T. Rowe Price Funds-I 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 I Class shares have been calculated using the performance data of the investor class up to the inception date of the I Class (shown above) and the actual performance results of the I Class since that date.  Because the I Classes are expected to have lower expenses than the Investor Classes, The I Class performance, had it existed over the periods shown, would have been higher. 

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 (I Class)*

Daily YTD
-11.59%
Benchmark
-7.30%
Value
-4.29%

Data as of 10/26/2021

Monthly YTD
-8.34%
Benchmark
-5.55%
Value
-2.79%

Data as of 09/30/2021

One Month
-9.17%
Benchmark
-10.34%
Value
1.17%

Data as of 09/30/2021

Three Months
-13.06%
Benchmark
-13.26%
Value
0.20%

Data as of 09/30/2021

Benchmark: MSCI Emerging Markets Latin America Index Net

Investor Class Inception Date: 12/29/1993

I Class Inception Date: 03/06/2017

*The T. Rowe Price Funds-I 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 I Class shares have been calculated using the performance data of the investor class up to the inception date of the I Class (shown above) and the actual performance results of the I Class since that date.  Because the I Classes are expected to have lower expenses than the Investor Classes, The I Class performance, had it existed over the periods shown, would have been higher. 

Asset Allocation

Net Assets
(USD)
$422.3m

Data as of 09/30/2021

Largest Global ex-US Stock 78.89% $333.2m
Other View complete

Holdings

Total
Holdings
61

Data as of 09/30/2021

Largest Holding Itau Unibanco Holding 9.28% Was (06/30/2021) 9.29%
Other View complete Full Holdings
Top 10 Holdings 45.74% View the latest Top 10 Holdings
12-Month Portfolio Turnover 27.6% Data as of 09/30/2021

Largest Contributor

Wal-Mart de Mexico
5.53%

Largest Detractor

Itau Unibanco Holding
9.28%

Data as of 09/30/2021

Purchase

Hapvida Participacoes E Investimentos
1.76%
Was 0.53%

Sale

Grupo Mexico
1.01%
Was 2.50%

Data as of 06/30/2021

Sectors

Total
Sectors
11

Data as of 09/30/2021

Benchmark: MSCI Emerging Markets Latin America Index

Largest Sector Financials 30.60% Was (08/31/2021) 31.33%
Other View complete

Contributor

Materials
By 2.64%
Sector 2.21%
Selection 0.43%

Detractor

Communication Services
By -1.49%
Sector -0.94%
Selection -0.55%

Data as of 09/30/2021

Over

Consumer Discretionary
By 9.62%
Fund 14.34%
Benchmark 4.72%

Under

Materials
By -17.56%
Fund 3.88%
Benchmark 21.44%

Data as of 09/30/2021

Countries

Total
Countries
8

Data as of 09/30/2021

Benchmark: MSCI Emerging Markets Latin America Index

Largest Country Brazil 61.38% Was (08/31/2021) 63.56%
Other View complete Country Diversification

Contributor

Argentina
By 1.30%
Country 2.09%
Selection -0.79%

Detractor

Mexico
By -1.00%
Country -1.27%
Selection 0.28%

Data as of 09/30/2021

Over

Argentina
By 5.87%
Fund 8.11%
Benchmark 2.25%

Under

Mexico
By -10.42%
Fund 15.76%
Benchmark 26.18%

Data as of 09/30/2021

Currency

Total
Currencies
7

Data as of 09/30/2021

Benchmark: MSCI Emerging Markets Latin America Index

Largest Currency Brazilian real 48.91% Was (08/31/2021) 49.70%
Other View complete Currency Diversification

Over

U.S. dollar
By 32.69%
Fund 37.33%
Benchmark 4.63%

Under

Mexican peso
By -15.55%
Fund 10.63%
Benchmark 26.18%

Data as of 09/30/2021

Team (As of )

Verena Wachnitz

Verena Wachnitz
Portfolio Manager

Verena Wachnitz is a portfolio manager for the Latin America Equity Strategy. Prior to this, she was an analyst covering the telecom, financials, materials, and real estate sectors in Latin America on the Equity research team. Verena 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 18
  • Years investment
    experience 18
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
I Class
Cusip 77956H278
$1,000,000* N/A 0.00% 1.13% 1.09% Contractual 02/28/2023
Investor Class
Cusip 77956H880
$2,500 $100 0.00% 1.32% 1.32% 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

© 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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