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Strategy

Investment Objective

To 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 frontier markets companies.

Investment Approach

  • Invest across the entire frontier investment universe, including countries outside the MSCI Frontier Markets Index.
  • Rigorous, risk-aware approach to identify quality growing companies trading at attractive valuations.
  • Employ fundamental analysis with a focus on returns, balance sheet structure, management team and corporate governance.
  • Disciplined approach to valuation. Verify relative valuation appeal versus peers and history.
  • Consider macroeconomic and political factors to temper bottom-up enthusiasm.
  • Environmental, social and governance ("ESG") factors with particular focus on those considered most likely to have a material impact on the performance of the holdings or potential holdings in the fund’s portfolio are assessed. These ESG factors, which are incorporated into the investment process alongside financials, valuation, macro-economics and other factors, are components of the investment decision. Consequently, ESG factors are not the sole driver of an investment decision but are instead one of several important inputs considered during investment analysis.

Past performance is not a reliable indicator of future performance.

Annualised Performance

Current Year Performance

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30-Jun-2025 - Johannes Loefstrand, Portfolio Manager

Frontier equities continued to rise in June, outpacing both their emerging and developed market peers. At a global level, sentiment improved as China and the U.S. appeared to reach a new trade agreement and geopolitical tensions between Israel, Iran, and the U.S. eased towards the end of the month. At the portfolio level, our choice of securities within the communication services, information technology, and materials sectors held back performance. Within communication services, our holding in a Malaysia-based online classified marketplace came under pressure on news that the company’s co-founding chief executive officer and chairman are stepping down. Conversely, our stock picks in financials and an underweight allocation to real estate were beneficial. Our holdings in frontier European banks were particularly helpful; shares in a Romanian bank and a Slovenia-based bank rose sharply after both reported solid results. On a country basis, Vietnam hampered portfolio performance while an overweight allocation to Kazakhstan made a positive contribution.

Holdings

Sectors

Markets

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Team

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Fees

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GIPS® Information

T. Rowe Price (“TRP”) claims compliance with the Global Investment Performance Standards (GIPS®).

A complete list and description of the Firm's composites and/or a presentation that adheres to the GIPS® standards are available upon request. Additional information regarding the firm's policies and procedures for calculating and reporting performance results is available upon request

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