Investment objective & strategy
As of Dec. 22, 2025 · prospectusObjective. The fund seeks long-term growth of capital through investments primarily in the common stocks of rapidly growing, small- to medium-sized companies outside the U.S.
Strategy. The fund focuses its investments in securities outside the U.S. and seeks to diversify broadly across a variety of industries in developed and emerging market countries throughout the world. The fund normally invests at least 80% of its net assets in non-U.S. stocks. Depending on market conditions, the funds portfolio is normally composed of investments in at least 10 countries and 100 different companies. The fund relies on MSCI Inc., a third-party provider of benchmark indexes and data services, or another unaffiliated data provider to determine the country assigned to a security. While the adviser invests with an awareness of the global economic backdrop and the advisers outlook for certain industries, sectors, and individual countries, the advisers decision-making process focuses … The fund focuses its investments in securities outside the U.S. and seeks to diversify broadly across a variety of industries in developed and emerging market countries throughout the world. The fund normally invests at least 80% of its net assets in non-U.S. stocks. Depending on market conditions, the funds portfolio is normally composed of investments in at least 10 countries and 100 different companies. The fund relies on MSCI Inc., a third-party provider of benchmark indexes and data services, or another unaffiliated data provider to determine the country assigned to a security. While the adviser invests with an awareness of the global economic backdrop and the advisers outlook for certain industries, sectors, and individual countries, the advisers decision-making process focuses on bottom-up stock selection. Country allocation is driven largely by stock selection, though the adviser may limit investments in markets or industries that appear to have poor overall prospects. The fund typically focuses its investments in small- and mid-cap companies. Security selection reflects a growth style. The adviser relies on a global team of investment analysts dedicated to in-depth fundamental research in an effort to identify high-quality companies capable of achieving and sustaining above-average, long-term earnings growth. The adviser seeks to purchase stocks of companies at reasonable prices in relation to present or anticipated earnings, cash flow, or book value. The fund typically has significant investments in Asian and developed European countries. At times, the fund may have a significant portion of its assets invested in the same economic sector, such as industrial and business services sector.
Top holdings
As of Jan. 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| BAWAG GROUP AG | — | $183.60M | 2.73% |
| TREASURY RESERVE FUND - Collateral | — | $140.18M | 2.08% |
| T Rowe Price Government Reserve Investment Fund | TRPGRIA | $126.18M | 1.88% |
| SPIE SA | — | $122.33M | 1.82% |
| MERCADOLIBRE INC | — | $103.61M | 1.54% |
| MONTANA AEROSPAC | — | $91.70M | 1.36% |
| FLATEXDEGIRO SE | — | $70.58M | 1.05% |
| SPIRAX GROUP PLC COMMON STOCK | SPX | $66.44M | 0.99% |
| ERO COPPER CORP | — | $60.08M | 0.89% |
| HANWA CO LTD | — | $59.23M | 0.88% |
Portfolio moves
Oct 31, 2025 → Jan 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| T. Rowe Price Japan Fund · PRJPX, RJAIX, TRZJX | 20% | 0.00% |
| T. Rowe Price China Evolution Equity Fund · TCELX, TRCLX | 14% | 1.03% |
| International Opportunities Fund · VIOPX | 11% | 1.01% |
Advisers
| Firm | Role |
|---|---|
| T. Rowe Price Associates, Inc. | Adviser |
| T. Rowe Price Hong Kong Limited | Sub-adviser |
| T. Rowe Price International Ltd | Sub-adviser |
| T. Rowe Price Japan, Inc. | Sub-adviser |
Footnotes
- Expense ratio as of December 22, 2025, from the fund's prospectus.
- Net assets and holdings count as of January 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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