Seeking to capture compelling growth opportunities in dynamic emerging markets.
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 diversified portfolio of stocks of emerging market companies.
- 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 broad sector opportunity set.
- Apply negative screening for macroeconomic and political factors to temper bottom-up enthusiasm for specific securities.
- Typically 80-100 stocks
- Expected 3-7% tracking error
- Individual positions typically range from 0.30% to 6.00% — average position size from 0.50% to 1.00%
- Country ranges +/- 10% absolute deviation from the benchmark
- Sector ranges +/- 15% absolute deviation from the benchmark
- Reserves are typically less than 5%
- Expected Turnover range: 20-40%
|1 YR||3 YR
|Since Manager Inception
|Indicative Benchmark %||-12.00%||0.57%||-0.10%||1.45%||7.00%|
|Excess Return %||2.73%||2.41%||3.08%||1.69%||2.19%|
|1 YR||3 YR
|Indicative Benchmark %||-17.69%||-1.62%||-0.37%||0.68%|
|Excess Return %||3.42%||2.79%||2.61%||1.67%|
|Month to DateData as of 27-May-2020||Quarter to DateData as of 27-May-2020||Year to DateData as of 27-May-2020||1 MonthData as of 30-Apr-2020||3 MonthsData as of 30-Apr-2020|
|Indicative Benchmark %||N/A||N/A||N/A||9.16%||-12.52%|
|Excess Return %||N/A||N/A||N/A||-0.17%||-0.68%|
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.
Index 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^
Tencent HoldingsBy 7.02%
Largest Top Detractor^
Alibaba Group HoldingBy -1.12%
Bank Central Asia1.28%
EnergyNet Contribution 1.30%
FinancialsNet Contribution -2.49%
South KoreaNet Contribution 0.83%
ChinaNet Contribution -0.73%
Gonzalo Pángaro is the lead portfolio manager for the Emerging Markets Equity Strategy in the Equity Division. He is chairman of the Investment Advisory Committee for the Emerging Markets Equity Strategy and a member of the International Equity Steering Committee. Gonzalo is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.
Gonzalo’s investment experience began in 1991, and he has been with T. Rowe Price since 1995, beginning in the Buenos Aires office as an analyst, covering Latin American equities from Buenos Aires. After that, he served as head of International Research from 2000 to 2004. He also has been instrumental in the development of the firm's non-U.S. research capabilities. Prior to T. Rowe Price, Gonzalo was employed by Robert Fleming as head of Argentine research, covering Latin American utilities. He also was an investment analyst with Banco Mildesa, specializing in the Argentine market.
Gonzalo earned a bachelor's degree in business administration from Argentine Catholic University and a master's degree in finance from CEMA University (Centro de Estudios Macroeconomicos de la Argentina). Gonzalo also has earned the Chartered Financial Analyst® designation. In addition to English, Gonzalo is fluent in Spanish and Portuguese.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Fund manager2009
- Years at21
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
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.
Mr. Knudsen has 32 years of industry experience, 14 of which have been with T. Rowe Price. Before joining the firm in 2005, he was a senior vice president with Legg Mason Capital Management for almost three years, servicing many of the firm's large, global institutional clients. Prior to that, he was with Allied Investment Advisors for 15 years, where he oversaw the client service team, was an equity analyst, and served as the portfolio manager for the Ark Funds Balanced Portfolio.
Mr. Knudsen earned a B.A. from Duke University and an M.B.A. in finance and investments from George Washington University. He also has earned the Chartered Financial Analyst designation and is a Series 7 and 63 registered representative.
- Years at15
T. Rowe Price
- Years investment33
|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||$1,000||$100||$100||5.00%||190 basis points||2.01%|
|Class I||$2,500,000||$100,000||$0||0.00%||100 basis points||1.06%|
|Class Jd||$10,000,000||$0||$0||0.00%||0 basis points||0.10%|
|Class Q||$1,000||$100||$100||0.00%||100 basis points||1.10%|
|Class S||$10,000,000||$0||$0||0.00%||0 basis points||0.06%|
Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.