6
Morningstar Analyst Rating
06-27-13
´
Morningstar Pillars
Process
Performance
People
Parent
Price
¶
¶
Neutral
Neutral
Positive
Positive
Positive
Morningstar Analyst Rating
Morningstar evaluates mutual funds based on five key pillars, which
its analysts believe lead to funds that are more likely to outperform
over the long term on a risk-adjusted basis.
Analyst Rating Spectrum
Œ „ ´ˇ ¨
Pillar Spectrum
Positive
§
Negative
¶
Neutral
NAV
30.94
34.06
28.51
35.28
30.09
16.34
42.92
32.41
25.68
19.41
15.47
10.22
Total Return %
-9.16
20.03
-18.84
18.75
85.07
-60.54
42.92
32.01
38.77
26.98
52.30
-4.92
+/-MSCI EAFE
-13.26
2.71
-6.70
11.00
53.29
-17.16
31.75
5.67
25.23
6.73
13.71
11.02
+/-MSCI Emg Mkt
0.41
1.81
-0.42
-0.13
6.56
-7.21
3.50
-0.13
4.77
1.43
-3.52
1.25
Income Return %
0.00
0.56
0.34
0.33
0.92
1.42
0.93
0.93
0.93
0.26
0.88
0.19
Capital Return %
-9.16
19.47
-19.18
18.42
84.15
-61.96
41.99
31.08
37.84
26.72
51.42
-5.11
Total Rtn % Rank Cat
59
33
45
44
15
92
15
51
14
21
60
40
Income $
0.00
0.16
0.12
0.10
0.15
0.61
0.30
0.24
0.18
0.04
0.09
0.02
Capital Gains $
0.00
0.00
0.00
0.34
0.00
0.00
2.95
1.20
1.05
0.18
0.00
0.00
Expense Ratio %
.
1.27
1.26
1.27
1.32
1.24
1.20
1.25
1.27
1.33
1.43
1.51
Income Ratio %
.
0.55
0.65
0.37
0.79
2.19
1.13
0.87
1.23
1.08
1.12
0.41
Turnover Rate %
.
24
19
27
37
31
44
49
53
70
66
70
Net Assets $mil
7,360
7,090
5,588
5,475
4,685
2,340
4,761
2,627
1,554
753
439
170
Performance
06-30-13
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Total
2009
2010
2011
2012
2013
-1.04 42.05 21.72 8.16 85.07
3.09 -9.32 19.55 6.25 18.75
0.71 -0.42 -23.04 5.15 -18.84
12.70 -7.44
8.37 6.18 20.03
-2.29 -7.03
. . .
Trailing
Total +/- MSCI
+/- MSCI
%Rank Growth of
Return% EAFE Emg Mkt
Cat
$10,000
3 Mo
6 Mo
1 Yr
3 Yr Avg
5 Yr Avg
10 Yr Avg
15 Yr Avg
-7.03 -6.05
1.05
37 9,297
-9.16 -13.26
0.41
59 9,084
4.53 -14.09
1.66
37 10,453
3.97 -6.07
0.59
50 11,239
-2.24 -1.61
-1.81
64 8,929
13.13 5.46
-0.53
43 34,338
9.84 6.21
.
38 40,870
Tax Analysis
Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat
3 Yr (estimated)
5 Yr (estimated)
10 Yr (estimated)
3.71
40
0.25
38
-2.66
59
0.43
37
12.43
30
0.62
21
Potential Capital Gain Exposure: 5% of assets
Rating and Risk
Time Load-Adj
Morningstar
Morningstar
Morningstar
Period Return % Rtn vs Cat
Risk vs Cat
Risk-Adj Rating
1 Yr
4.53
3 Yr
3.97
Avg
Avg
5 Yr
-2.24
Avg
+Avg
10 Yr
13.13
Avg
+Avg
Incept
8.15
Other Measures
Standard Index
Best Fit Index
MSCI EAFE
MSCI Emg Mkt
Alpha
-4.9
0.7
Beta
0.97
0.97
R-Squared
75
97
Standard Deviation
20.51
Mean
3.97
Sharpe Ratio
0.29
Morningstar’s Take
by William Samuel Rocco 06-27-13
Investors seeking a developing-world vehicle should
check out T. Rowe Price Emerging Markets Stock.
A fine team is behind the wheel here. Lead manager
Gonzalo Pangaro worked on this fund for more than
one decade and earned good results managing T. Rowe
Price Latin America PRLAX before he took over here in
April 2009. Mark Edwards, who isn’t an official
comanager but who co-heads T. Rowe Price’s global
emerging-markets team and co-runs the fund with
Pangaro, is a seasoned and skilled Asia expert. And the
duo have a strong support squad, which includes 27
equity analysts as well as the managers of the firm’s
four regional emerging-markets funds and the former
skipper of this fund.
Pangaro and Edwards employ a sound,
growth-oriented strategy that has a nice mix of tamer
and bolder traits. On the reserved side, they take a
price-conscious approach, favor large caps, and pay
ample attention to issue diversification as they pursue
attractive growers. On the bolder side, though they
avoid extreme bets--and aren’t quite as aggressive as
their predecessors- they are willing to build oversized
positions in countries and sectors that have lots of
stocks that meet their standards.
Pangaro and Edwards have earned pretty good
results with this strategy so far. The fund has earned a
15.9% annualized return from their April 1, 2009,
arrival through June 25, 2013, while the typical
diversified emerging-markets fund has posted a 14.2%
annualized gain and the MSCI Emerging Markets Index
is up an annualized 13.8% over the period. The fund
has generally fared well in rallies on their watch, and
though it has posted mixed results in sell-offs, it has
suffered rather average volatility overall.
All this bodes well for the long run, as does the fact
that the fund has a cost edge over most of its rivals.
Interested investors should be sure that they have long
time horizons, though, and that they understand that
Pangaro and Edwards’ willingness to load up on
countries and sectors courts risk--even if it has not
caused big problems so far.
Address:
100 East Pratt Street
Baltimore, MD 21202
800-638-5660
Web Address:
Inception:
03-31-95
Advisor:
T. Rowe Price Associates, Inc.
Subadvisor:
T. Rowe Price International Limited
NTF Plans:
N/A
Minimum Purchase:
$2500
Add: $100 IRA: $1000
Min Auto Inv Plan:
$2500
Add: $100
Sales Fees:
No-load, 2.00%R
Management Fee:
0.75%, 0.15%A
Actual Fees:
Mgt:1.05% Dist:
.
Expense Projections:
3Yr:$403
5Yr:$697 10Yr:$1534
Income Distribution:
Annually
Data through June 30, 2013
T. Rowe Price Emerging Markets Stock
Ticker
Status Yield Total Assets
Mstar Category
PRMSX Open
0.5% $7,360 mil
Diversified Emerging Mkts
90% 94% 95% 97% 99% 97% 97% 97% 96%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 06-13
Historical Profile
Return
Risk
Rating
Average
Above Avg
Below Avg
Investment Style
Equity
Stock %
Manager Change
Partial Manager Change
Growth of $10,000
Investment Values of
Fund
Investment Values of
MSCI EAFE
Performance Quartile
(within Category)
History
10.0
17.0
24.0
33.8
46.4
Portfolio Analysis
03-31-13
Share change since 12-12 Total Stocks:108 Sector
Country
% Assets
Samsung Electronics Co L
Technology Korea
4.84
T. Rowe Price Reserve In
.
United States
3.55
Taiwan Semiconductor Man
Technology Taiwan
2.42
Wal - Mart de Mexico, S.
Cnsmr Def
Mexico
2.32
Itau Unibanco Holding S.
Finan Svs Brazil
2.26
Lojas Renner S.A.
Cnsmr Cyc Brazil
2.20
Sberbank Of Russia ADR
Finan Svs Russia
2.17
LG Household & Health Ca
Cnsmr Def
Korea
1.99
OJSC Magnit GDR
Cnsmr Def
Russia
1.99
Shoprite Holdings Ltd
Cnsmr Cyc South Africa
1.87
CNOOC, Ltd.
Energy
China
1.86
Kasikornbank Public Comp
Finan Svs Thailand
1.75
Housing Development Fina
Finan Svs India
1.67
Beijing Enterprises Hold
Industrl
China
1.63
Uni-President Enterprise
Cnsmr Def
Taiwan
1.62
SABMiller PLC
Cnsmr Def
U.K.
1.62
Bank Of China Ltd. H Sha
Finan Svs China
1.60
Bank Bradesco Pfd Shs
Finan Svs Brazil
1.55
AIA Group Ltd.
Finan Svs Hong Kong
1.52
Hyundai Motor Co Ltd
Cnsmr Cyc Korea
1.45
Current Investment Style
Market Cap %
Giant
46.8
Large
39.6
Mid
13.6
Small
0.0
Micro
0.0
Avg $mil:
20,143
Value Blnd Growth
Large Mid Small
Country Exposure
% Stock
China
19
Brazil
13
South Korea 11
India
9
Taiwan
7
Regional Exposure
% Stock
UK/W. Europe 5
Japan
0
Asia X Japan 58
N. America 0
Latn America 20
Other
17
Sector
Weightings
% of
Stocks
Rel MSCI
EAFE High
3 Year
Low
Cyclical 51.07
.
BasicMat 5.71
.
16 6
CnsmrCyc15.29
.
16 11
FinanSvs 27.21
.
28 24
Real Est 2.86
.
3 1
Sensitive 30.03
.
CommSrvs 2.54
.
4 3
Energy 6.47
.
11 6
Industrl
7.19
.
7 5
Technlgy 13.83
.
16 12
Defensive18.90
.
CnsmrDef18.09
.
18 11
Hlthcare 0.00
.
1 0
Utilities 0.81
.
1 0
h
r
t
y
u
j
i
o
p
a
k
s
d
f
Composition - Net
(% of Stock)
Cash
3.6
Stocks
96.5
Bonds
0.0
Other
0.0
Foreign
100.0
Growth Measures
% Rel Category
Long-Term Erngs
Book Value
Sales
Cash Flow
Historical Erngs
13.46
12.84
13.72
27.37
15.15
1.02
1.64
1.86
2.39
1.51
Value Measures
Rel Category
Price/Earnings
Price/Book
Price/Sales
Price/Cash Flow
Dividend Yield %
13.20
2.02
1.42
4.25
1.90
1.12
1.15
1.33
0.78
0.67
©
2013Morningstar, Inc.All rights reserved. The information herein is not representedorwarranted to be accurate, correct, complete or
timely.Past performance isnoguaranteeof future results.Accessupdated reportsat
Toorder reprints, call312-696-6100.
mfb.morningstar.com.
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