T. Rowe Price Emerging Markets Stock Fund
PRMSX
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- T. Rowe Price Emerging Markets Stock Fund (PRMSX) is an open-end mutual fund that seeks long-term growth of capital primarily through investments in common stocks of companies located in or with primary operations in emerging markets; it normally invests at least 80% of its net assets in such emerging market equities, with a focus on large-cap growth stocks across sectors including technology, communication services, consumer cyclical, and financial services. Key holdings include Taiwan Semiconductor Manufacturing Co. Ltd. (11.40%), Tencent Holdings Ltd. (7.19%), Samsung Electronics Co. Ltd. (4.99%), Alibaba Group Holding Ltd. (3.66%), and SK Hynix Inc. (3.06%), representing approximately 30.30% of the portfolio, alongside allocations to cash equivalents like TRP Government Reserve (1.57%). The fund emphasizes diversified exposure to emerging Asia (46.80%), developed Asia (32.37%), Latin America (9.60%), Middle East (3.91%), and emerging Europe (2.33%), serving U.S. investors with a minimum initial investment of $2,500 and a net expense ratio of 1.22%. Launched on March 31, 1995, and domiciled in the United States, the fund operates under T. Rowe Price Associates, Inc., headquartered in Baltimore, Maryland. It targets individual and institutional investors seeking exposure to high-growth emerging market equities, with total net assets of approximately $5.92 billion and a share class size of $610.68 million as of recent data. In a significant recent development, long-time portfolio manager Eric Moffett retired on June 30, 2025, following a period of underperformance, and was succeeded by Oluwaseun Oyegunle and Wenli Zheng effective April 1, 2025, who bring relevant but largely unproven experience in broad emerging markets management. This leadership transition reflects T. Rowe Price's ongoing commitment to active management amid evolving global market dynamics, including deglobalization trends and broadening equity opportunities highlighted in the firm's 2025 midyear outlook. The fund continues daily pricing with no front-end or deferred loads, maintaining availability primarily to U.S. investors through financial intermediaries.