T. Rowe Price Africa & Middle East Fund (TRAMX)
Ticker Symbol:
TRAMX
Fund Status:
Open to new Retail investors  /  Open to subsequent Retail investments
Fund Objective
Quick Stats
Fiscal Year End  October
Morningstar Category  Miscellaneous Region
Inception Date 09/04/2007
Tax ID 56-2667820
Investment Objective
The fund's objective is long-term growth of capital by investing primarily in the common stocks of companies located or with primary operations in Africa and the Middle East.
Strategy
The fund expects to make substantially all of its investments (normally at least 80% of net assets) in African and Middle Eastern companies. Depending on conditions, the fund's portfolio should be composed of investments in about 30 to 40 different companies although the exact number could vary substantially depending on market conditions. The fund may make substantial investments (at times more than 25% of total assets) in the telephone or banking companies of various Middle Eastern and African countries. Stock selection reflects a growth style.
Risk/Reward Potential**
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The Africa & Middle East Fundís focus on a rapidly developing economic region and its willingness to concentrate its holdings in promising sectors provides potential for strong capital appreciation. It offers exposure to a region that may not currently be represented in an investorís portfolio and that is not readily accessible through other investment vehicles. Countries may include Bahrain, Egypt, Jordan, Kenya, Lebanon, Morocco, Nigeria, Oman, Qatar, Saudi Arabia, South Africa, and the United Arab Emirates.

Investments in emerging markets are subject to abrupt and severe price declines. The economic and political structures of developing nations, in most cases, do not compare favorably with the U.S. or other developed countries in terms of wealth and stability, and their financial markets often lack liquidity. Because of this concentration in rapidly developing economies, the fund involves a high degree of risk. Share prices are subject to market risk, as well as risks associated with unfavorable currency exchange rates and political or economic uncertainty abroad. In addition, because the fund has nondiversified status, it can invest more of its assets in a smaller number of companies than diversified funds. As a result, poor performance by a single large holding of the fund would adversely affect its performance more than if the fund were invested in a larger number of companies.

**This chart displays relative risk of each U.S. mutual fund listed using standard deviation of returns. Those values are provided in the bars at the top of the chart.

Methodology: We evaluate the standard deviation and its resulting placement within a specific risk/return category on an annual basis. A fund is generally placed in a risk/return category based on the 10-year standard deviation of its performance. If a fund is less than 10 years old, the actual fund performance history is supplemented with the primary prospectus benchmark history to obtain a full 10-year history, or longest time period available up to 10 years. For an Asset Allocation fund with less than 10 years of performance history, sub-strategy returns are used. When a sub-strategy is less than 10 years old, the actual sub-strategy performance history is supplemented with benchmark history to obtain a full 10-year history, or longest time period available up to 10 years.

Risk return categories overlap; a fund with a standard deviation in the overlap between two categories, denoted by a plus (+), is placed so that its risk categorization is better aligned with anticipated return characteristics an investor may experience going forward at the discretion of T Rowe Price.

When a fund has a cash-like benchmark, denoted by a double plus (++), its standard deviation is estimated using only available fund returns. If the fund is less than 10 years old, benchmark returns are not used to obtain a full 10-year history because they would artificially suppress the volatility estimate.

All investments are subject to market risk, including the possible loss of principal. Standard deviation of returns, a measure of price volatility, is one measure of risk. Please consult the funds' prospectuses for a more complete discussion of the funds' risks.
See Glossary for additional details on all data elements.