Investing in expanding local companies with quality management and sustainable above-market earnings.
Investment ObjectiveTo increase the value of its shares, over the long term, through growth in the value of its investments. The fund invests mainly in a widely diversified portfolio of stocks of companies in Latin America.
- Employ fundamental analysis to identify companies with sustainable above-market earnings growth rates.
- Focus on franchise strength, management team quality, free cash flow, and financing/balance sheet structure.
- Verify relative valuation appeal versus both local market and region.
- Apply negative screening for macroeconomic and political factors to temper bottom-up enthusiasm for specific securities.
- Typically 30-60 stock portfolio.
- Individual positions typically range from 0.5% to 20.0% — average position size of 2.0% to 3.0%.
- Sector ranges typically +/- 10.0% absolute deviation to the benchmark.
- Country ranges typically +/- 10.0% absolute deviation to the benchmark.
- Reserves typically range from 0.0% to 5.0%.
- Expected Turnover 20.0% to 50.0%.
|1 YR||3 YR
|Since Manager Inception
|Indicative Benchmark %||-11.85%||0.44%||0.86%||-1.58%||-1.08%|
|Excess Return %||-0.57%||0.95%||1.18%||-0.36%||1.18%|
|1 YR||3 YR
|Indicative Benchmark %||17.55%||10.80%||4.22%||-0.22%|
|Excess Return %||3.83%||1.20%||1.73%||-0.49%|
|Month to DateData as of 31-Mar-2020||Quarter to DateData as of 31-Mar-2020||Year to DateData as of 31-Mar-2020||1 MonthData as of 29-Feb-2020||3 MonthsData as of 29-Feb-2020|
|Indicative Benchmark %||-34.48%||-45.62%||-45.62%||-12.06%||-8.42%|
|Excess Return %||3.47%||2.61%||2.61%||-1.17%||-2.07%|
Past performance is not a reliable indicator of future performance. Source for fund performance: T. Rowe Price. Fund performance is calculated using the official NAV with dividends reinvested, if any. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested. It will be affected by changes in the exchange rate between the base currency of the fund and the subscription currency, if different. Sales charges (up to a maximum of 5% for the A Class), taxes and other locally applied costs have not been deducted and if applicable, they will reduce the performance figures.
Where the base currency of the fund differs from the share class currency, exchange rate movements may affect returns.
Returns shown with reinvestment of dividends after the deduction of withholding taxes.
Effective 1 July 2018, the "net" version of the indicative benchmark replaced the "gross" version of the indicative benchmark. The "net" version of the indicative benchmark assumes the reinvestment of dividends after the deduction of withholding taxes applicable to the country where the dividend is paid; as such, the returns of the new benchmark are more representative of the returns experienced by investors in foreign issuers. Historical benchmark performance has been restated accordingly.
Largest Top Contributor^
Banco BradescoBy 0.08%
Largest Top Detractor^
Wal-Mart de MexicoBy -2.27%
BB Seguridade Participacoes0.65%
Consumer DiscretionaryNet Contribution 0.91%
EnergyNet Contribution -0.45%
BrazilNet Contribution 0.67%
ArgentinaNet Contribution -0.10%
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.
Ms. Wachnitz has 14 years of investment experience, all of which have been with T. Rowe Price. Prior to joining the firm in 2003, she was an investment analyst with Centro de Estudios de Transporte e Infraestructura.
Ms. Wachnitz earned a B.A. in economics and a master's degree in finance from Universidad de San Andres. She also has earned the Chartered Financial Analyst designation. She is fluent in Spanish, German, Portuguese and English.
- Fund manager2014
- Years at16
T. Rowe Price
- Years investment16
Todd Henry is the global head of portfolio specialists and portfolio analysts. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.
Mr. Henry has 28 years of industry experience, all of which have been at T. Rowe Price. Prior to leading the portfolio specialist and portfolio analyst team, Mr. Henry was a portfolio specialist covering our broad suite of international equity and emerging markets equity strategies. He has traveled around the world extensively and spent over two years in the firm's London office working alongside the emerging markets equity team and other investment professionals.
Mr. Henry earned a B.A. in economics from the University of Delaware and an M.B.A. in international business from Johns Hopkins University. He also has earned the Chartered Financial Analyst designation and is a Series 7 registered representative.
- Years at28
T. Rowe Price
- Years investment28
Nicholas Beecroft is a portfolio specialist in the Equity Division at T. Rowe Price, representing the firm's global equity strategies. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.
Mr. Beecroft has 18 years of investment experience, 14 of which have been with T. Rowe Price. He joined the firm in London in 2005 and spent many years working with our emerging markets equity team. Mr. Beecroft has been based in Hong Kong since 2011. Prior to joining T. Rowe Price, he was an investment analyst at Mercer Investment Consulting.
Mr. Beecroft earned a B.A, with honours, in contemporary European studies from the University of Southampton. He also has earned the Chartered Financial Analyst designation.
- Years at15
T. Rowe Price
- Years investment19
Kanwal Masood is a portfolio specialist in the Equity Division at T. Rowe Price, covering the Middle East and Africa Equity and Emerging Europe Equity Strategies. She is an associate vice president of T. Rowe Price International Ltd.
Ms. Masood has 10 years of investment experience, all of which have been with T. Rowe Price. She joined the firm in 2007, covering the global and regional emerging market equity strategies as a portfolio analyst. Prior to joining T. Rowe Price, she was a product specialist at the London Stock Exchange.
Ms. Masood earned a B.Sc. with honours in mathematics and computer science from King's College London.
- Years at13
T. Rowe Price
- Years investment13
|Share Class||Minimum Initial Investment and Holding Amount (USD)||Minimum Subsequent Investment (USD)||Minimum Redemption Amount (USD)||Sales Charge (up to)||Investment Management Fee (up to)||Ongoing Charges|
|Class A||$15,000||$100||$100||5.00%||190 basis points||2.07%|
|Class I||$2,500,000||$100,000||$0||0.00%||100 basis points||1.10%|
Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.