T. Rowe Price Africa & Middle East
TRAMX
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ROIC.AI
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- T. Rowe Price Africa & Middle East Fund (TRAMX) is an open-ended mutual fund that seeks long-term growth of capital primarily through investments in common stocks of companies located in or with primary operations in Africa and the Middle East; the fund employs a bottom-up stock selection process supported by top-down analysis, favoring companies with attractive valuations and earnings growth exceeding local, regional, or global peers; it maintains a focused, high-conviction portfolio with significant allocations to financial services (44.21%), basic materials (14.67%), and consumer cyclical sectors (11.60%). Top holdings include Al Rajhi Bank (11.66%), Saudi National Bank (6.17%), Naspers Ltd Class N (5.66%), AngloGold Ashanti PLC (4.11%), and Qatar National Bank QPSC (4.07%), representing 31.67% of the portfolio; regional exposure emphasizes the Middle East (62.73%) and Africa (32.73%), with non-U.S. stocks comprising 99.54% of assets and total net assets at USD 108.65 million. Launched on September 4, 2007, and domiciled in the United States, the fund is managed by Johannes Loefstrand since April 1, 2025, with a net expense ratio of 1.30% under a contractual limitation expiring February 28, 2026. The fund operates as part of T. Rowe Price Group, Inc., founded in 1937 and headquartered in Baltimore, Maryland, which maintains global offices including Dubai to support Middle East client demand. Recent developments include a new manager appointment for Loefstrand in April 2025 and sustained total assets around USD 106-108 million as of mid-2025, reflecting stable operations amid volatile emerging markets without reported acquisitions, partnerships, or major strategic shifts specific to the fund in the last 1-2 years.