Invests in firms with a favorable combination of growth prospects and valuation. Several of the characteristics we look for: accelerating earnings and cash flow growth, reasonable valuation, and barriers to entry at industry and product level.
Investing internationally involves special risks including economic and political uncertainty and currency fluctuation.
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™.
Raymond A. Mills is the portfolio manager of the International Core Equity Strategy in the International Equity Division. Ray also serves on the Investment Advisory Committees of other international equity, asset allocation, and global real estate strategies. He is a member of the International Equity Steering Committee and the Equity Brokerage and Trading Control Committee. Ray also is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Trust Company, and T. Rowe Price International Ltd.
The fund seeks long-term growth of capital through investments in the common stocks of non-U.S. companies.
Morningstar Equity Style
Large Blend
Data as of 01/31/2021
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
672
3 Years
672
5 Years
582
10 Years
383
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
9.23%12.09%
Benchmark
7.82%8.94%
Value
1.41%3.15%
Data as of
12/31/2020
Data as of
01/31/2021
3 YR
4.48%2.52%
Benchmark
4.28%2.23%
Value
0.20%0.29%
Data as of
12/31/2020
Data as of
01/31/2021
5 YR
8.31%9.47%
Benchmark
7.45%8.84%
Value
0.86%0.63%
Data as of
12/31/2020
Data as of
01/31/2021
10 YR
6.06%5.75%
Benchmark
5.51%5.15%
Value
0.55%0.60%
Data as of
12/31/2020
Data as of
01/31/2021
Expense Ratio
Gross
0.80%
Net
0.80%
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.
Raymond A. Mills is the portfolio manager of the International Core Equity Strategy in the International Equity Division. Ray also serves on the Investment Advisory Committees of other international equity, asset allocation, and global real estate strategies. He is a member of the International Equity Steering Committee and the Equity Brokerage and Trading Control Committee. Ray also is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Trust Company, and T. Rowe Price International Ltd.
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.
* Minimum initial investment $1,000,000. Minimum is generally waived for intermediaries, certain retirement plans, and certain institutional client accounts.
Benefits & Risks
Broader investment opportunity—the world’s best companies are not only in the United States.
Over long periods, international investing offers diversification benefits relative to an all-U.S. portfolio.
Investing internationally involves special risks including economic and political uncertainty and currency fluctuation.
Investor Profile
Appropriate for an investor seeking a diversified portfolio of international securities with a core approach that has the flexibility to invest across the style spectrum.
For investors looking for the diversification benefits associated with holding international investments.
Risk/Return Characteristics
Data as of 01/31/2021
Risk/Return (5 Years)
Fund
MSCI EAFE Index Net
Alpha
0.37%
0.00%
Beta
1.04
1.00
R-Squared
0.97
1.00
Annualized Std. Deviation
15.75%
14.85%
Information Ratio
0.22
0.00
Sharpe Ratio
0.52
0.51
Tracking Error
2.95%
0.00%
Figures are calculated using monthly data and are net of fees. Past performance cannot guarantee future results.
Asset Allocation (01/31/2021)
Category
% of Total Net Assets
Market Value (USD)
Global ex-US Stock
96.93%
$18,803,372,328.97
Reserves
1.18%
$228,907,245.93
US Stock
1.88%
$364,699,679.96
Total Allocation
$19,398,919,146.78
Numbers may not total due to rounding; all numbers are percentages.
Holdings (12/31/2020)
Security Name
% of Fund
Prev Qtr Change
Value
Sector
Industry
Country
3.10%
-0.49%
$619,116,626.38
Consumer Staples
Food Products
Switzerland
2.11%
0.18%
$420,423,597.00
Information Technology
Semiconductors & Semiconductor Equipment
Taiwan
2.08%
-0.31%
$415,462,410.96
Consumer Staples
Personal Products
United Kingdom
2.01%
-0.02%
$401,648,391.89
Industrials & Business Services
Industrial Conglomerates
Germany
1.88%
-0.12%
$374,748,844.02
Health Care
Pharmaceuticals
Switzerland
1.84%
0.44%
$366,176,417.04
Information Technology
Technology Hardware, Storage & Peripherals
South Korea
1.77%
-0.02%
$352,723,722.20
Health Care
Health Care Equipment & Supplies
Netherlands
1.73%
-0.31%
$344,447,777.30
Health Care
Pharmaceuticals
Switzerland
1.68%
0.14%
$335,186,123.57
Communication Services
Diversified Telecommunication Services
Japan
1.42%
-0.03%
$284,113,824.47
Health Care
Pharmaceuticals
France
1.35%
0.02%
$268,892,113.46
Financials
Insurance
Germany
1.34%
-0.11%
$268,143,108.07
Health Care
Pharmaceuticals
Japan
1.32%
0.12%
$262,409,286.86
Consumer Discretionary
Automobiles
Japan
1.28%
0.16%
$254,437,067.22
Information Technology
Semiconductors & Semiconductor Equipment
Netherlands
1.24%
0.14%
$247,216,119.54
Financials
Insurance
France
1.08%
0.02%
$215,195,048.45
Consumer Staples
Personal Products
France
1.07%
0.19%
$212,797,836.43
Financials
Banks
Norway
1.00%
0.03%
$199,010,396.59
Information Technology
Semiconductors & Semiconductor Equipment
United States
0.97%
0.25%
$194,029,665.60
Consumer Discretionary
Auto Components
Canada
0.97%
0.08%
$193,287,429.15
Energy
Oil, Gas & Consumable Fuels
France
0.95%
-0.06%
$189,548,439.06
Information Technology
Communications Equipment
Sweden
0.94%
-0.03%
$188,415,847.17
Industrials & Business Services
Electrical Equipment
Japan
0.93%
0.04%
$185,216,679.90
Information Technology
Semiconductors & Semiconductor Equipment
United States
0.92%
-0.00%
$183,368,038.14
Utilities
Multi-Utilities
France
0.87%
0.03%
$173,575,482.39
Consumer Discretionary
Internet & Direct Marketing Retail
Germany
0.84%
-0.17%
$168,397,483.05
Health Care
Pharmaceuticals
Germany
0.84%
-0.05%
$167,781,493.44
Financials
Insurance
Canada
0.84%
0.02%
$167,233,812.56
Financials
Insurance
Japan
0.83%
0.14%
$166,366,145.54
Information Technology
Electronic Equip, Instr & Cmpts
Japan
0.83%
-0.15%
$166,264,840.61
Consumer Discretionary
Internet & Direct Marketing Retail
United Kingdom
0.83%
-0.07%
$165,006,885.98
Industrials & Business Services
Electrical Equipment
Switzerland
0.82%
-0.46%
$163,825,854.51
Information Technology
Software
Germany
0.81%
-0.01%
$161,255,285.88
Financials
Banks
Canada
0.80%
0.04%
$159,342,335.05
Financials
Insurance
Switzerland
0.79%
0.17%
$156,647,830.39
Financials
Banks
France
0.78%
0.10%
$155,162,702.05
Consumer Discretionary
Household Durables
Japan
0.78%
0.18%
$154,971,639.86
Materials
Metals & Mining
Chile
0.77%
0.23%
$153,651,154.14
Industrials & Business Services
Industrial Conglomerates
United Kingdom
0.77%
0.00%
$153,095,262.22
Consumer Staples
Beverages
United Kingdom
0.76%
-0.02%
$150,970,968.74
Financials
Insurance
Finland
0.76%
-0.04%
$150,661,703.02
Materials
Paper & Forest Products
Finland
0.74%
0.08%
$148,338,519.19
Consumer Staples
Food & Staples Retailing
Japan
0.74%
0.02%
$148,028,075.08
Information Technology
IT Services
Japan
0.74%
0.03%
$147,106,759.17
Real Estate
Real Estate Management & Development
Japan
0.72%
0.14%
$142,850,432.37
Information Technology
Semiconductors & Semiconductor Equipment
Japan
0.71%
0.02%
$141,459,814.88
Energy
Oil, Gas & Consumable Fuels
Norway
0.70%
0.30%
$139,724,394.44
Industrials & Business Services
Aerospace & Defense
United Kingdom
0.70%
-0.09%
$138,716,259.95
Health Care
Health Care Providers & Services
Germany
0.69%
0.02%
$138,015,535.66
Financials
Diversified Financial Services
Canada
0.69%
-0.08%
$137,691,770.63
Materials
Chemicals
France
0.68%
0.03%
$136,548,692.70
Materials
Metals & Mining
United Kingdom
0.68%
0.06%
$134,923,283.45
Consumer Discretionary
Textiles, Apparel & Luxury Goods
Italy
0.66%
0.29%
$132,526,196.90
Materials
Metals & Mining
Australia
0.66%
-0.23%
$131,572,144.00
Health Care
Pharmaceuticals
United Kingdom
0.65%
0.08%
$129,771,284.62
Financials
Banks
Netherlands
0.64%
-0.02%
$127,359,445.30
Communication Services
Media
Japan
0.63%
-0.05%
$126,192,960.97
Financials
Capital Markets
Australia
0.63%
-0.08%
$125,916,905.42
Industrials & Business Services
Machinery
Germany
0.63%
-0.06%
$125,374,627.19
Industrials & Business Services
Professional Services
Japan
0.62%
-0.12%
$124,443,862.19
Consumer Discretionary
Specialty Retail
United Kingdom
0.62%
-0.04%
$124,224,048.90
Utilities
Multi-Utilities
United Kingdom
0.62%
0.12%
$123,403,859.91
Industrials & Business Services
Aerospace & Defense
France
0.62%
0.10%
$123,110,591.18
Communication Services
Media
United Kingdom
0.61%
0.01%
$121,844,902.06
Industrials & Business Services
Electrical Equipment
Italy
0.61%
0.07%
$121,369,637.07
Materials
Chemicals
Germany
0.59%
-0.08%
$117,257,806.79
Health Care
Pharmaceuticals
Japan
0.59%
-0.00%
$116,736,830.12
Health Care
Health Care Equipment & Supplies
Germany
0.58%
0.01%
$116,587,980.33
Consumer Staples
Food Products
Singapore
0.58%
-0.03%
$115,396,117.30
Materials
Chemicals
United Kingdom
0.57%
0.04%
$114,244,369.92
Communication Services
Wireless Telecommunication Services
United Kingdom
0.57%
0.01%
$114,074,757.22
Materials
Chemicals
Japan
0.57%
0.03%
$113,592,838.21
Financials
Banks
Sweden
0.56%
0.14%
$112,224,508.93
Industrials & Business Services
Trading Companies & Distributors
United Kingdom
0.56%
0.05%
$111,949,788.45
Communication Services
Wireless Telecommunication Services
Japan
0.55%
0.02%
$110,610,211.38
Consumer Discretionary
Multiline Retail
United Kingdom
0.55%
-0.00%
$110,151,394.23
Consumer Discretionary
Textiles, Apparel & Luxury Goods
France
0.54%
0.09%
$107,837,802.06
Financials
Insurance
Norway
0.53%
0.03%
$106,479,878.90
Financials
Banks
Singapore
0.53%
-0.01%
$106,389,158.18
Information Technology
Electronic Equip, Instr & Cmpts
Japan
0.52%
-0.03%
$104,725,580.59
Consumer Discretionary
Textiles, Apparel & Luxury Goods
France
0.52%
-0.04%
$104,335,564.18
Health Care
Health Care Equipment & Supplies
Sweden
0.52%
0.03%
$103,701,463.19
Financials
Insurance
Hong Kong
0.52%
0.07%
$103,454,418.88
Industrials & Business Services
Professional Services
Japan
0.50%
0.04%
$100,582,793.29
Consumer Discretionary
Hotels Restaurants & Leisure
United Kingdom
0.50%
-0.02%
$100,126,068.31
Industrials & Business Services
Trading Companies & Distributors
Japan
0.50%
0.08%
$99,822,036.38
Consumer Discretionary
Household Durables
Japan
0.50%
0.01%
$99,117,894.79
Consumer Discretionary
Household Durables
United Kingdom
0.49%
0.11%
$97,937,438.69
Financials
Banks
United Kingdom
0.49%
0.04%
$97,178,553.50
Energy
Energy Equipment & Services
Australia
0.48%
-0.03%
$95,204,984.27
Consumer Discretionary
Automobiles
Japan
0.47%
0.09%
$94,040,436.90
Financials
Banks
Australia
0.47%
0.00%
$93,954,412.49
Materials
Chemicals
Belgium
0.46%
-0.04%
$92,688,967.68
Communication Services
Interactive Media & Services
South Korea
0.46%
0.03%
$91,798,796.65
Materials
Chemicals
Germany
0.46%
0.10%
$91,478,407.64
Financials
Thrifts & Mortgage Finance
India
0.45%
0.00%
$90,709,706.72
Industrials & Business Services
Machinery
Germany
0.45%
0.04%
$89,982,779.97
Consumer Discretionary
Auto Components
Sweden
0.45%
0.02%
$89,467,500.41
Consumer Staples
Food Products
Switzerland
0.45%
-0.01%
$89,183,952.47
Information Technology
IT Services
Spain
0.44%
-0.03%
$88,159,601.28
Industrials & Business Services
Professional Services
France
0.44%
-0.01%
$88,037,663.04
Industrials & Business Services
Electrical Equipment
France
0.44%
0.04%
$87,836,978.90
Real Estate
Equity Real Estate Investment Trusts (REITs)
United Kingdom
0.44%
-0.12%
$87,818,549.86
Communication Services
Interactive Media & Services
Japan
0.44%
0.04%
$87,571,871.51
Communication Services
Media
Germany
0.44%
0.01%
$87,031,016.61
Financials
Insurance
China
0.43%
-0.01%
$85,271,410.46
Consumer Discretionary
Auto Components
Japan
0.42%
-0.05%
$84,575,638.78
Information Technology
Electronic Equip, Instr & Cmpts
Japan
0.42%
0.06%
$83,073,155.88
Consumer Discretionary
Auto Components
Japan
0.42%
-0.05%
$82,821,670.45
Industrials & Business Services
Machinery
Japan
0.39%
-0.05%
$78,602,397.23
Industrials & Business Services
Trading Companies & Distributors
Japan
0.39%
-0.03%
$77,274,063.51
Materials
Containers & Packaging
United Kingdom
0.39%
-0.06%
$77,107,283.42
Industrials & Business Services
Road & Rail
Japan
0.38%
-0.10%
$75,662,273.55
Industrials & Business Services
Industrial Conglomerates
Ireland
0.37%
-0.01%
$74,566,874.16
Financials
Banks
Japan
0.36%
0.06%
$72,097,849.08
Health Care
Pharmaceuticals
Denmark
0.36%
-0.09%
$71,615,615.19
Communication Services
Interactive Media & Services
China
0.36%
0.02%
$71,336,668.94
Financials
Insurance
United Kingdom
0.35%
-0.02%
$69,885,422.64
Financials
Insurance
China
0.35%
0.03%
$69,762,236.74
Consumer Staples
Beverages
Japan
0.34%
0.06%
$67,728,754.57
Energy
Oil, Gas & Consumable Fuels
United Kingdom
0.34%
0.04%
$67,426,700.51
Financials
Banks
Singapore
0.34%
-0.04%
$67,405,342.36
Industrials & Business Services
Trading Companies & Distributors
United Kingdom
0.34%
0.07%
$67,290,604.03
Financials
Banks
Austria
0.34%
-0.15%
$67,244,540.74
Consumer Discretionary
Internet & Direct Marketing Retail
China
0.33%
0.03%
$66,428,741.23
Financials
Banks
Italy
0.32%
0.05%
$64,342,348.72
Real Estate
Equity Real Estate Investment Trusts (REITs)
Australia
0.31%
0.06%
$62,832,904.81
Health Care
Life Sciences Tools & Services
Germany
0.31%
0.00%
$62,803,778.15
Financials
Banks
Japan
0.31%
0.03%
$62,240,930.55
Materials
Metals & Mining
Australia
0.29%
0.06%
$58,712,491.13
Information Technology
Semiconductors & Semiconductor Equipment
Japan
0.29%
0.03%
$58,439,541.36
Materials
Metals & Mining
Australia
0.29%
0.03%
$58,153,364.31
Materials
Metals & Mining
Australia
0.28%
-0.13%
$56,571,470.66
Health Care
Pharmaceuticals
France
0.28%
-0.05%
$56,183,313.06
Information Technology
Electronic Equip, Instr & Cmpts
Taiwan
0.28%
-0.01%
$55,454,974.24
Industrials & Business Services
Machinery
Japan
0.26%
-0.03%
$51,687,526.80
Health Care
Pharmaceuticals
Japan
0.26%
0.03%
$51,073,574.86
Communication Services
Diversified Telecommunication Services
Italy
0.26%
-0.02%
$50,961,422.93
Health Care
Biotechnology
Australia
0.25%
0.01%
$49,725,583.32
Consumer Discretionary
Automobiles
Japan
0.25%
0.00%
$48,992,520.02
Health Care
Health Care Equipment & Supplies
Switzerland
0.24%
-0.07%
$48,688,216.16
Utilities
Independent Power & Renewable Electricity Producer
Japan
0.24%
-0.08%
$48,401,612.36
Consumer Staples
Food & Staples Retailing
Japan
0.24%
0.08%
$48,127,892.39
Consumer Discretionary
Textiles, Apparel & Luxury Goods
Hong Kong
0.24%
0.08%
$47,332,858.26
Financials
Diversified Financial Services
Australia
0.24%
0.04%
$47,107,082.10
Communication Services
Diversified Telecommunication Services
South Korea
0.23%
-0.03%
$45,166,072.24
Financials
Diversified Financial Services
Japan
0.21%
-0.01%
$41,085,919.44
Health Care
Biotechnology
Denmark
0.20%
0.03%
$39,694,267.69
Financials
Banks
United Kingdom
0.20%
0.02%
$39,632,247.42
Financials
Insurance
United Kingdom
0.19%
-0.01%
$36,927,456.58
Utilities
Gas Utilities
China
0.17%
0.03%
$34,005,693.12
Financials
Banks
United Kingdom
0.13%
-0.03%
$26,372,943.46
Consumer Discretionary
Auto Components
Japan
0.13%
0.02%
$25,646,408.13
Consumer Discretionary
Internet & Direct Marketing Retail
United Kingdom
0.12%
-0.01%
$23,963,766.29
Consumer Staples
Personal Products
Japan
0.09%
-0.02%
$18,512,560.88
Financials
Capital Markets
Brazil
0.08%
-0.02%
$16,074,143.73
Materials
Chemicals
Japan
Numbers may not total due to rounding; all numbers are percentages.
Please note that holdings are released 15 days after the period end. From time to time, certain securities held may not be listed. This is done to prevent potential harm to the portfolio while the manager completes a buying or selling program in those securities.
The information shown does not reflect any ETFs that may be held in the portfolio.
T. Rowe Price uses the current MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. T. Rowe Price will adhere to all future updates to GICS.
Purchases (12/31/2020)
Major Purchases
% of Fund
Previous Quarter Change
Industry
Country
Sanofi
1.41%
-0.05%
Pharmaceuticals
France
Novo Nordisk
0.36%
0.06%
Pharmaceuticals
Denmark
Toyota Motor
1.31%
0.11%
Automobiles
Japan
IGO
0.66%
0.29%
Metals & Mining
Australia
Seven & i Holdings
0.74%
0.08%
Food & Staples Retailing
Japan
Ashtead
0.56%
0.14%
Trading Companies & Distributors
United Kingdom
NTT Data
0.74%
0.01%
IT Services
Japan
Unilever
2.08%
-0.31%
Personal Products
United Kingdom
Barry Callebaut
0.45%
0.02%
Food Products
Switzerland
KT
0.24%
0.04%
Diversified Telecommunication Services
South Korea
Sales (12/31/2020)
Major Sales
% of Fund
Previous Quarter Change
Industry
Country
JOYY (E)
0.00%
-0.45%
Interactive Media & Services
China
CK Hutchison Holdings (E)
0.00%
-0.32%
Industrial Conglomerates
Hong Kong
Baidu (E)
0.00%
-0.19%
Interactive Media & Services
China
Siemens Energy (E)
0.00%
-0.22%
Electrical Equipment
Germany
Moncler
0.67%
0.05%
Textiles, Apparel & Luxury Goods
Italy
GlaxoSmithKline
0.66%
-0.23%
Pharmaceuticals
United Kingdom
THK
0.41%
-0.05%
Machinery
Japan
Macquarie Group
0.63%
-0.05%
Capital Markets
Australia
SAP
0.83%
-0.45%
Software
Germany
Amadeus IT
0.44%
-0.01%
IT Services
Spain
(N) New position.
(E) Eliminated.
The information shown does not reflect any ETFs that may be held in the portfolio.
Contributors (12/31/2020)
Contributors
% of Fund
Industry
Country
Samsung Electronics
1.84%
Technology Hardware, Storage & Peripherals
South Korea
Taiwan Semiconductor Manufacturing
2.11%
Semiconductors & Semiconductor Equipment
Taiwan
Nippon Telegraph & Telephone
1.68%
Diversified Telecommunication Services
Japan
Magna International
0.97%
Auto Components
Canada
Meggitt
0.70%
Aerospace & Defense
United Kingdom
DNB
1.07%
Banks
Norway
ASML Holding
1.28%
Semiconductors & Semiconductor Equipment
Netherlands
Melrose Industries
0.77%
Industrial Conglomerates
United Kingdom
AXA
1.24%
Insurance
France
Antofagasta
0.78%
Metals & Mining
Chile
Detractors (12/31/2020)
Detractors
% of Fund
Industry
Country
SAP
0.82%
Software
Germany
Alibaba Group Holding
0.34%
Internet & Direct Marketing Retail
China
Ipsen
0.28%
Pharmaceuticals
France
Sanofi
1.42%
Pharmaceuticals
France
Z Holdings
0.44%
Interactive Media & Services
Japan
Bayer
0.84%
Pharmaceuticals
Germany
Welcia Holdings
0.24%
Food & Staples Retailing
Japan
Unilever
2.08%
Personal Products
United Kingdom
DCC
0.38%
Industrial Conglomerates
Ireland
Electric Power development
0.24%
Independent Power & Renewable Electricity Producer
Japan
If fewer than 10 contributors or detractors are shown, those are all of the contributors or detractors for the period.
The information shown does not reflect any ETFs that may be held in the portfolio.
Sector Diversification (01/31/2021)
Sector
% of Fund
% of Benchmark
% Underweight/Overweight
Information Technology
13.34%
9.22%
Health Care
14.19%
12.89%
Communication Services
6.23%
5.20%
Financials
17.05%
16.28%
Corporate Securities
0.19%
0.00%
Materials
7.89%
7.96%
Consumer Discretionary
11.70%
12.27%
Energy
2.55%
3.22%
Consumer Staples
9.41%
10.74%
Real Estate
1.46%
3.09%
Utilities
2.06%
3.87%
Industrials & Business Services
12.74%
15.27%
Benchmark: MSCI EAFE Index
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
T. Rowe Price uses the MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. T. Rowe Price will adhere to all future updates to GICS for prospective reporting.
Sector Attribution
(12/31/2020)
Sector
Total Value Added %
Value from Sector Weight %
Value from Stock Selection %
Total
0.79%
0.06%
0.74%
Information Technology
0.74%
0.06%
0.69%
Industrials & Business Services
0.29%
0.01%
0.28%
Materials
0.21%
-0.02%
0.23%
Financials
0.14%
0.15%
-0.01%
Communication Services
0.13%
-0.01%
0.14%
Health Care
-0.07%
-0.10%
0.03%
Utilities
-0.09%
0.05%
-0.13%
Consumer Staples
-0.10%
0.14%
-0.24%
Energy
-0.15%
-0.07%
-0.08%
Consumer Discretionary
-0.28%
-0.02%
-0.26%
Benchmark: MSCI EAFE Index
Numbers may not total due to rounding; all numbers are percentages.
Note: Analysis represents the total performance of the portfolio as calculated by the FactSet attribution model and is inclusive of other assets that that will not receive a classification assignment in the detailed structure shown. Returns will not match official T. Rowe Price performance because FactSet uses different exchange rate sources and does not capture intra-day trading. Performance for each security is obtained in the local currency and, if necessary, is converted to U.S. dollars using an exchange rate determined by an independent third party. Figures are shown with gross dividends reinvested.
Source: Financial data and analytics provider FactSet. Copyright 2019 FactSet. All Rights Reserved. MSCI/S&P GICS Sectors; Analysis by T. Rowe Price Associates, Inc. T. Rowe Price uses the current MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. T. Rowe Price will adhere to all updates to GICS for prospective reporting. Figures are shown gross of fees. Past Performance cannot guarantee future results.
MSCI index returns are shown with gross dividends reinvested.
Country Diversification (01/31/2021)
Country
% of Fund
% of Benchmark
% Underweight/Overweight
Canada
3.27%
0.00%
South Korea
2.62%
0.00%
Taiwan
2.58%
0.00%
United States
1.88%
0.09%
Norway
2.38%
0.60%
China
1.74%
0.00%
Germany
10.09%
9.34%
Chile
0.77%
0.05%
United Kingdom
14.75%
14.05%
Singapore
1.58%
1.07%
India
0.44%
0.00%
Finland
1.47%
1.08%
Austria
0.35%
0.18%
Brazil
0.10%
0.00%
Mexico
0.00%
0.02%
Luxembourg
0.00%
0.02%
Argentina
0.00%
0.02%
Netherlands
3.77%
4.02%
Ireland
0.41%
0.73%
Belgium
0.53%
0.97%
Israel
0.00%
0.54%
Italy
1.70%
2.35%
Switzerland
8.84%
9.56%
Sweden
2.50%
3.42%
France
9.56%
10.74%
Denmark
0.53%
2.46%
Spain
0.28%
2.36%
Hong Kong
0.60%
3.35%
Japan
22.31%
25.36%
Australia
3.77%
7.14%
Benchmark: MSCI EAFE Index
A maximum of the 30 largest countries by portfolio rank are displayed and shown in descending order by relative over/underweight.
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Region Diversification (01/31/2021)
Region
% of Fund
% of Benchmark
% Underweight/Overweight
North America
5.15%
0.09%
Pacific Ex Japan
13.32%
11.87%
Latin America
0.88%
0.09%
Middle East & Africa
0.00%
0.54%
Japan
22.31%
25.36%
Europe
57.15%
62.05%
Benchmark: MSCI EAFE Index
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Region Attribution (12/31/2020)
Region
Total Value Added %
Value from Sector Weight %
Value from Stock Selection %
Total
0.79
-0.01
0.80
Pacific ex Japan
0.75
0.07
0.68
Canada
0.26
0.26
0.00
Japan
0.17
0.03
0.14
United States
0.16
-0.40
0.56
Latin America
0.15
0.21
-0.06
EM EMEA
-0.04
-0.04
0.00
Developed Europe
-0.51
0.02
-0.53
Benchmark: MSCI EAFE Index
Numbers may not total due to rounding; all numbers are percentages.
Note: Analysis represents the total performance of the portfolio as calculated by the FactSet attribution model and is inclusive of other assets that that will not receive a classification assignment in the detailed structure shown. Returns will not match official T. Rowe Price performance because FactSet uses different exchange rate sources and does not capture intra-day trading. Performance for each security is obtained in the local currency and, if necessary, is converted to U.S. dollars using an exchange rate determined by an independent third party. Figures are shown with gross dividends reinvested.
Sources: Financial data and analytics provider FactSet. Copyright 2019 FactSet. All Rights Reserved. Analysis by T. Rowe Price Associates, Inc. Figures are shown gross of fees. Past Performance cannot guarantee future results.
MSCI index returns are shown with gross dividends reinvested.
Currency Diversification (01/31/2021)
Currency
% of Fund
% of Benchmark
% Underweight/Overweight
U.S. dollar
6.36%
0.54%
Australian dollar
4.13%
7.14%
Canadian dollar
2.35%
0.00%
New Zealand dollar
0.00%
0.31%
Dollar Bloc
12.85%
7.99%
Benchmark: MSCI EAFE Index
Currency
% of Fund
% of Benchmark
% Underweight/Overweight
euro
27.74%
31.83%
British pound sterling
13.96%
14.17%
Swiss franc
8.84%
9.56%
Swedish krona
2.51%
3.47%
Norwegian krone
2.38%
0.60%
Danish krone
0.37%
2.46%
European Bloc
55.81%
62.08%
Benchmark: MSCI EAFE Index
Currency
% of Fund
% of Benchmark
% Underweight/Overweight
Japanese yen
22.09%
25.36%
Korean won
2.68%
0.00%
New Taiwan dollar
2.58%
0.00%
Hong Kong dollar
1.98%
3.18%
Singapore dollar
1.58%
1.07%
Far East Bloc
30.91%
29.61%
Benchmark: MSCI EAFE Index
Currency
% of Fund
% of Benchmark
% Underweight/Overweight
Indian rupee
0.44%
0.00%
Israeli shekel
0.00%
0.33%
Emerging Markets Bloc
0.44%
0.33%
Benchmark: MSCI EAFE Index
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Currency Bloc breakdown source: T. Rowe Price
Numbers may not total 100% due to rounding.
Numbers may not total 100% due to rounding.
Numbers may not total 100% due to rounding.
Platforms (Investor Class)
Platform
Retail Investor
Institutional Investor
Pershing
N/A
NTF
TD Ameritrade
NTF
NTF
Schwab
NTF
NTF
Fidelity
NTF
NTF
E*Trade
NTF
N/A
NTFNo Transaction Fee
TFTransaction Fee
N/ANot Available
Calendar Year Performance
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
-10.12%
18.59%
21.75%
-4.49%
-2.56%
2.90%
27.02%
-15.05%
22.91%
9.23%
Fund
-12.14%
17.32%
22.78%
-4.90%
-0.81%
1.00%
25.03%
-13.79%
22.01%
7.82%
Benchmark
2.02%
1.27%
-1.03%
0.41%
-1.75%
1.90%
1.99%
-1.26%
0.90%
1.41%
Value added
Fund
Benchmark
Annual Report
Investor Class Inception Date: 12/29/2006
Benchmark: MSCI EAFE Index Net
Monthly Performance
Fund
Benchmark
Investor Class Inception Date: 12/29/2006
Benchmark: MSCI EAFE Index Net
Distributions (Investor Class)
Period
Dividend From Net Income (USD)
Short-Term Capital Gains (USD)
Long-Term Capital Gains (USD)
Declaration/Record Date
Ex-Dividend Date
Payment Date
Sort Column
2020 Year End
$0.17
-
-
12/15/2020
12/16/2020
12/17/2020
20201217
2019 Year End
$0.24
-
-
12/16/2019
12/17/2019
12/18/2019
20191218
2018 Year End
$0.21
-
$0.10
12/14/2018
12/17/2018
12/18/2018
20181218
2017 Year End
$0.21
-
-
12/15/2017
12/18/2017
12/19/2017
20171219
Future Declarations
Period
Declaration/Record Date
Ex-Dividend Date
Payment Date
Sort Column
2021 Year End
12/15/2021
12/16/2021
12/17/2021
20211217
Financial Professionals
Client liaisons are available Monday-Thursday from 8 a.m. to 6 p.m. ET and Friday from 8 a.m. to 5 p.m. ET.
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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Raymond A. Mills is the portfolio manager of the International Core Equity Strategy in the International Equity Division. Ray also serves on the Investment Advisory Committees of other international equity, asset allocation, and global real estate strategies. He is a member of the International Equity Steering Committee and the Equity Brokerage and Trading Control Committee. Ray also is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Trust Company, and T. Rowe Price International Ltd.