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  Diversified Emerging Mkts
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.
Investor Profile
The fund may be appropriate for long-term investors who seek to supplement a diversified portfolio with a concentrated investment and who can accept the volatility associated with investing in stocks, as well as the special risks that accompany investments in developing markets. If you do not have any international investments, a widely diversified global or international fund may be more appropriate. The fund can be used in both regular and tax-deferred accounts, such as IRAs.
Risk/Reward Potential*
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The Africa & Middle East Fund’s 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 investor’s 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.

*Funds are placed in general risk/return categories based on their past performance or, for newer funds, the performance of the types of securities in which they invest. There is no assurance past trends will continue.
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