Imagine that your disease is going to kill you in less than a year, but a company develops a way to genetically engineer your own blood and your own immune cells to actually recognize the cancer and attack it. Instead of poisoning the cancer cells with toxic chemicals that wreak havoc on the immune system, you tweak the patient’s blood and let the body’s natural immune defense take care of the rest.

After medical school in the UK I worked as an emergency room doctor. What drew me to capital allocation in health sciences was the potential to help many people for years to come through investments that help fund medical innovation.

My team and I often choose to invest at the very early stages of human trials, and sometimes when it’s just a concept. It’s exciting to see innovations shift from concept to reality.

The human body is made up of proteins. Any disease caused by too much of a bad protein can be controlled or cured by blocking protein production at the cellular level. It’s a priority of mine to go out into the field so I can see firsthand if this is something real. Making the right investment decision is important not only for our investors, but for mankind in general because today’s treatment, which took years to develop, can have long-term future benefits for generations to come.

Investing lets me use everything I’ve learned as a Doctor, to help make a positive impact on the world. So that’s why I go beyond the numbers.

This material is being furnished for general informational purposes only. The views and opinions expressed are those of the investment analyst at the time of production and are subject to change without notice. There is no guarantee that these views will come to pass, and may differ from those of other T. Rowe Price group companies and/or associates. Information and opinions are derived from proprietary and non-proprietary sources deemed to be reliable; the accuracy of those sources is not guaranteed.

All investments are subject to risk, including the possible loss of principal. Health Science stocks face special risks, including adverse legal or regulatory developments, patent expirations, market competition, and rapidly changing industry dynamics.

This material does not constitute a distribution, offer, invitation, recommendation, or solicitation to sell or buy any securities; it does not constitute investment advice and should not be relied upon as such. Investors should seek independent legal and financial advice, including advice as to tax consequences, before making any investment decision.

Friction points.

Those obstacles that limit a company’s growth. Like how can retailers serve customers that don’t have credit cards or even bank accounts? How can companies thrive when poor infrastructure prevents products from getting to their customers?

Emerging markets offer ample opportunity. But they’re also very complex environments.

It’s my job to find the companies where there is upside to be made in emerging markets.

I try to find companies that turn these challenges into opportunities. Not only by analyzing the numbers but by going out in the field and meeting management, suppliers, competitors and even interviewing customers.

Everything from pharmaceutical to technology to fashion.

In a number of countries, we see something we want and a click or two later it’s billed to our credit card; and even arrives the next day—with free shipping!

In emerging markets it’s not quite that simple. But it is possible.

One company I found invested early in software and logistics. And created the processes to move items faster and at lower costs than competitors, translating into more sales and profits.

In order to capture value in emerging markets, it’s critical to pick the companies that are actively trying to solve the friction points.

In the end, it's these unique companies with creative business models, strong management teams, and good capital allocation policies that will generate value for our investors.

That’s why I go beyond the numbers.

This material is being furnished for general informational purposes only. The views and opinions expressed are those of the investment analyst at the time of production and are subject to change without notice. There is no guarantee that these views will come to pass, and may differ from those of other T. Rowe Price group companies and/or associates. Information and opinions are derived from proprietary and non-proprietary sources deemed to be reliable; the accuracy of those sources is not guaranteed.

All investments are subject to market risk, including the possible loss of principal. International investments can be riskier than U.S. investments due to the adverse effects of currency exchange rates, differences in market structure and liquidity, as well as specific country, regional, and economic developments. These risks are generally greater for investments in emerging markets.

This material does not constitute a distribution, offer, invitation, recommendation, or solicitation to sell or buy an securities; it does not constitute investment advice and should not be relied upon as such. Investors should seek independent legal and financial advice, including advice as to tax consequences, before making any investment decision. Past performance is not a reliable indicator of future performance.

A failure of imagination. That’s what keeps me up at night.

That there are data points all around us that we may be missing.

Maps are helpful. But they really don’t capture the whole picture. You can’t see the energy of Silicon Valley on a map. You can’t see the intellectual engine of Boston on a map.

You have to leave the office to experience where people live, work, and play.

People want to know that they can order a new toaster and have it on their doorstep the very next day. So is next day really fast enough?

The question becomes: how do we move goods faster?

And I think the answer might be pretty simple: store them closer.

Developers have become very creative in finding ways to get warehouses closer to consumers. Offices go up. Apartments go up. But why not warehouses?

It’s my job to understand the “why not,” and then imagine “well, what if?”

On a map it’s easy to see parcels of land that are orphaned by a highway. Or a vacant lot in the middle of a residential downtown neighborhood.

But the map doesn’t tell you why it isn’t being developed.

At ground level, a new perspective is gained and future possibilities become visible.

With a little imagination just about anything is possible.

That’s why I go beyond the numbers.

This material is being furnished for general informational purposes only. The views and opinions expressed are those of the investment analyst at the time of production and are subject to change without notice. There is no guarantee that these views will come to pass, and may differ from those of other T. Rowe Price group companies and/or associates. Information and opinions are derived from proprietary and non-proprietary sources deemed to be reliable; the accuracy of those sources is not guaranteed.

All investments are subject to market risk, including the possible loss of principal. Investments in the real estate sector involves additional risk and volatility.

This material does not constitute a distribution, offer, invitation, recommendation, or solicitation to sell or buy an securities; it does not constitute investment advice and should not be relied upon as such. Investors should seek independent legal and financial advice, including advice as to tax consequences, before making any investment decision.

What’s a company worth?

More specifically, how do you determine the durable value of a business in the transportation industry without knowing firsthand the unique challenges in that sector?

If you’re sitting in an office on Wall Street you might see the world of transportation that can be at odds with reality.

Being outside the echo chamber enables our analysts to maintain an ‘independence of thought’ that is rare.

A hundred and fifty years ago railroads helped expand this nation to the West, back when people couldn’t imagine running out of space.

Today, railroads have nearly reached the limit of physical growth. There simply isn’t room to build new tracks where they need to be.

I’ve always felt that investing is 20% science and 80% art. The science part is easy. You don’t even have to leave the office to know a business by the numbers.

The market tends to worry about things it doesn’t fully comprehend. Research is the antidote. Coming out here, seeing the infrastructure firsthand, talking with the people behind the numbers creates a different picture.

Driverless cars and trucks have been making headlines recently. But the technology for automated trains is actually moving faster.

At T. Rowe Price, we put the mosaic of information together to create a more complete picture of a business’ value.

Once I know what a business is truly worth, we can make better-informed investment decisions that can directly benefit our clients.

That’s why I go beyond the numbers.

This material is being furnished for general informational purposes only. The views and opinions expressed are those of the investment analyst at the time of production and are subject to change without notice. There is no guarantee that these views will come to pass, and may differ from those of other T. Rowe Price group companies and/or associates. Information and opinions are derived from proprietary and non-proprietary sources deemed to be reliable; the accuracy of those sources is not guaranteed.

All investments are subject to risk, including the possible loss of principal. Stock investments are subject to market risk and volatility.

This material does not constitute a distribution, offer, invitation, recommendation, or solicitation to sell or buy any securities; it does not constitute investment advice and should not be relied upon as such. Investors should seek independent legal and financial advice, including advice as to tax consequences, before making any investment decision.

Emerging market bonds. Some people see it as an investment. I see it as an opportunity. An opportunity to generate the capital that’s needed to finance infrastructure, create employment, and broaden the tax base in developing countries. Emerging market bonds can be an engine for economic development.

Unfortunately, it doesn’t always work out that way. Sometimes the capital is squandered and the opportunity is lost. The unexpected is a daily occurrence in my profession.

And I can’t do it alone. Emerging market investing is a team sport.

Hello, hello, can you hear me?

Hello, Samy. We can hear you well.

Good. How is the weather in London?

Oh great, it’s raining finally.

Oh, well welcome back. I’m curious to hear about your site visit.

It went very well. We found it to be insightful, and it was good to be on the ground actually visiting the plant. It’s made us feel more comfortable with our investment decision.

Yeah, I’d agree.

Cognitive diversity is essential to understanding emerging markets. Our team has 60 investment professionals from 23 nationalities speaking 27 languages.

We make over 200 site visits a year. On-the-ground research generating investment ideas that are debated by a diverse team leads to informed decision-making.

Ultimately, when you're investing in developing countries, you're not just buying into a business—you're trying to solve complex challenges of society, business, politics, and culture.

We focus on the details, not just the headlines.

These countries won’t grow without capital. The lives of thousands of people can be affected by a small investment in the corner of that country’s industrial sector.

It takes a degree of intellectual humility to do this job given the amount of unknowns.

With the help of my team, I make these decisions on behalf of our clients, every day. Across hundreds of businesses. Spanning over 70 countries.

And that’s why I go beyond the numbers.

This material is being furnished for general informational purposes only. The views and opinions expressed are those of the investment analyst at the time of production and are subject to change without notice. There is no guarantee that these views will come to pass, and may differ from those of other T. Rowe Price group companies and/or associates. Information and opinions are derived from proprietary and non-proprietary sources deemed to be reliable; the accuracy of those sources is not guaranteed.

All investments are subject to risk, including the possible loss of principal. International investments can be riskier than U.S. investments due to the adverse effects of currency exchange rates, differences in market structure and liquidity, as well as specific country, regional, and economic developments. These risks are generally greater for investments in emerging markets. Bonds may decline in response to rising interest rates, a credit rating downgrade or failure of the issue to make timely payments of interest or principal. To the extent a fund holds foreign bonds, it will be subject to special risks, including potentially adverse political and economic developments overseas, greater volatility, lower liquidity, and the possibility that foreign currencies will decline against the dollar. A fund’s investments in emerging markets are subject to the risk of abrupt and severe price declines.

This material does not constitute a distribution, offer, invitation, recommendation, or solicitation to sell or buy any securities; it does not constitute investment advice and should not be relied upon as such. Investors should seek independent legal and financial advice, including advice as to tax consequences, before making any investment decision.