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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 emerging market companies.

Investment Approach

  • 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.
  • 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 funds’ 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-Apr-2025 - Eric Moffett, Portfolio Manager

Emerging markets equities rose for a fourth month running in April in US dollar terms, defying the uncertainty created by the new US tariff policy and outperforming American stocks. Within the portfolio, our stock selection and an overweight to consumer discretionary hurt relative performance the most. Our stock picking in industrials and business services also detracted. In the former, our holding in a fast-food restaurant operator in China fell sharply as the trade conflict between the US and China escalated. In contrast, our choice of securities and an above-benchmark position in consumer staples contributed most to relative returns. Stock picks in financials were also supportive. In consumer staples, our investment in a food retailer with operations in Poland, southern Europe and Latin America, was our best performer. The shares rebounded after the tariff-related market decline, as investors expect the negative impact from Easter and the leap year to barely affect otherwise resilient results in the first quarter.

Discrete Rolling Performance

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®) and has prepared and presented this report in compliance with the GIPS standards. T. Rowe Price has been independently verified for the 27-year period ended June 30, 2023, by KPMG LLP. The verification report is available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report.

TRP is a U.S. investment management firm with various investment advisers registered with the U.S. Securities and Exchange Commission, the U.K. Financial Conduct Authority, and other regulatory bodies in various countries and holds itself out as such to potential clients for GIPS purposes. TRP further defines itself under GIPS as a discretionary investment manager providing services primarily to institutional clients with regard to various mandates, which include U.S, international, and global strategies but excluding the services of the Private Asset Management group.

A complete list and description of all 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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