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Financial Intermediary / All Funds / Frontier Markets Equity Fund
Fund Range Documents

Capital at risk. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.

The listed funds are not an exhaustive list of funds available. Visit www.funds.troweprice.com to see the full range of funds offered by T. Rowe Price, including those that consider environmental and social characteristics as part of their investment process.  For up to date information regarding any T. Rowe Price fund's investment strategy, please see the relevant fund KID and prospectus. 

SICAV
Frontier Markets Equity Fund
An actively managed, portfolio of around 50-80 high quality, high growth companies from across frontier markets. The fund aims to offer pure exposure to the dynamic and fast-growing regions of frontier markets, which we define as any country not included in developed or emerging market indices.
ISIN LU1079765662
Bloomberg TRPFMEI LX
View more information on risks
FACTSHEET
KID
31-Mar-2025 - Johannes Loefstrand, Portfolio Manager,
Against an uncertain trade tariff backdrop, we continue our research effects to find new idiosyncratic stock ideas, while constructing the portfolio to limit factor risks and using price weakness to selectively upgrade the quality of the portfolio. The region continues to offer an eclectic group of businesses that operate in countries that are often misunderstood.

Overview
Strategy
Fund Summary
Our research seeks to identify companies with superior and sustainable earnings growth at valuations that do not fully reflect that growth. We are constantly on the ground meeting with company management teams and industry experts in local frontier countries to uncover the long-term winners. The manager is not constrained by the fund's benchmark, which is used for performance comparison purposes only.
OUR VIEWS ON FRONTIER MARKETS

Performance (Class I)

Past performance is not a reliable indicator of future performance.
31-Mar-2025 - Johannes Loefstrand, Portfolio Manager,
Frontier equities posted a gain in US dollar terms in March, outperforming both their emerging and developed market peers. At a global level, fear gripped markets, driven by concerns about the rising threat of US tariffs and the possible escalation to a full-scale global trade war, which could hinder economic growth. Vietnam delivered a positive return over the month as investors weighed up signs of relative resilience in the domestic economy against concerns about a possible global recession and uncertainty over what tariffs the Trump administration might introduce. At the portfolio level, our stock selection in Vietnam held back relative performance. Shares in an information technology (IT) services provider were pressured by broader weakness globally in IT names amid fears of slowing economic growth and lower IT spending. We continue to believe that the company enjoys a cost advantage over its global competitors and stands to benefit from its skilled workforce, leading to more technically demanding contracts and productivity improvements. On a sector basis, our choice of securities within information technology and our overweight allocation to this sector hindered relative performance. Conversely, our underweight allocation to industrials and business services and stock selection within consumer staples both boosted portfolio returns.
31-Jan-2024 - Johannes Loefstrand, Portfolio Manager,
As of the end of January, the portfolio’s main overweight sector allocations relative to the benchmark were in information technology, consumer discretionary and financials while the most significant underweight sector allocations were to real estate, utilities, industrials and business services, and health care. Within the consumer discretionary space, we recently initiated a position in a university operator with its operations focused in Mexico and Peru. We believe this is a well-managed company that operates in countries of limited education regulation and limited state support.
31-Jan-2024 - Johannes Loefstrand, Portfolio Manager,
We recently undertook a research trip to Argentina. Within our macroeconomic framework, Argentina is the archetypal ‘Unanchored Frontier’ market, despite its rich human capital and natural resources. Each of the three economic anchors are effectively inexistent: the fiscal deficit is out of balance, national debt levels are unsustainable, and many of country’s key institutions are tainted by vested interests and corruption. It will be very difficult to transform the economy and bureaucracy in the medium term. We remain cautious; our two investments in this market are both commodity exporters and therefore less correlated with Argentine politics and economics than average.

Past performance is not a reliable indicator of future performance.

The Funds are sub-funds of the T. Rowe Price Funds SICAV, a Luxembourg investment company with variable capital which is registered with Commission de Surveillance du Secteur Financier and which qualifies as an undertaking for collective investment in transferable securities (“UCITS”). Full details of the objectives, investment policies and risks are located in the prospectus which is available with the key investor information documents and/or key information document (KID) in English and in an official language of the jurisdictions in which the Funds are registered for public sale, together with the articles of incorporation and the annual and semi-annual reports (together “Fund Documents”). Any decision to invest should be made on the basis of the Fund Documents which are available free of charge from the local representative, local information/paying agent or from authorised distributors. They can also be found along with a summary of investor rights in English at www.troweprice.com. The Management Company reserves the right to terminate marketing arrangements.

Hedged share classes (denoted by 'h') utilise investment techniques to mitigate currency risk between the underlying investment currency(ies) of the fund and the currency of the hedged share class.  The costs of doing so will be borne by the share class and there is no guarantee that such hedging will be effective.

Before deciding to invest in the fund, you should read the offering document/prospectus (including its investment objectives, policies and any risk warnings) which are available and may be obtained from any appointed distributors.

The specific securities identified and described in this website do not represent all of the securities purchased, sold, or recommended for the sub-fund and no assumptions should be made that the securities identified and discussed were or will be profitable.

A full list of the currently issued Share Classes including Distributing, Hedged, and Accumulating Categories may be obtained, free of charge and upon request, from the registered office of the Company.  

Benchmark: Investors may use the benchmark to compare the fund’s performance. The benchmark has been selected because it is similar to the investment universe used by the investment manager and therefore acts as an appropriate comparator. The investment manager is not constrained by any country, sector and/or individual security weightings relative to the benchmark and has complete freedom to invest in securities that do not form part of the benchmark.

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