T. Rowe Price Institutional Frontier Markets Equity Fund

C000144861 Fund Overview

T. Rowe Price Institutional Frontier Markets Equity Fund is a US mutual fund managed by T. Rowe Price Global Funds, Inc., categorised as Latin America Blend / Core Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: T. Rowe Price Global Funds, Inc.
• Category: Latin America Blend / Core Equity
• Assets under management: $49.88M
• SEC CIK: 0000852254
• SEC series ID: S000046349
• Share class ID: C000144861

C000144861 Investment Objective and Strategy

T. Rowe Price Institutional Frontier Markets Equity Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by T. Rowe Price Global Funds, Inc..

Investment objective

The fund seeks long-term growth of capital.

Principal investment strategy

The fund normally invests at least 80% of its net assets (including any borrowings for investment purposes) in equity securities and equity-related investments of companies that are located in, or that have economic ties to, countries considered to be frontier markets. For purposes of determining whether the fund invests at least 80% in frontier markets, the fund relies on the country assigned to a security by MSCI Inc. or another unaffiliated data provider. The fund may purchase securities issued by companies of any size, but typically seeks larger companies to the extent opportunities are available within frontier markets. The fund expects to make most of its investments in companies in frontier markets in Africa, the Middle East, Asia, Europe, and Latin America. Frontier markets are those markets which are not as developed as emerging markets.

The fund considers a country to be a frontier market if it is not included in the MSCI All Country World Index, which contains all of the countries that MSCI Inc. has classified as either a developed market or emerging market. The countries that are considered frontier markets may change over time based on how they are classified by MSCI Inc. The fund expects to typically seek investments in the frontier markets listed below (other countries may be added or listed countries may be removed): Africa and Middle East: Bahrain, Botswana, Ghana, Jordan, Kenya, Kuwait, Lebanon, Mauritius, Morocco, Namibia, Nigeria, Oman, Saudi Arabia, Tanzania, Tunisia, Uganda, Zambia, and Zimbabwe. Asia: Bangladesh, Cambodia, Pakistan, Sri Lanka, and Vietnam. Europe: Bosnia, Bulgaria, Croatia, Estonia, Georgia, Kazakhstan, Lithuania, Romania, Serbia, Slovenia, and Ukraine.

Latin America: Argentina, Jamaica, Panama, and Trinidad & Tobago. The fund is nondiversified, meaning it may invest a greater portion of assets in a single company and own more of the companys voting securities than is permissible for a diversified fund. Most of the funds assets will be invested directly in common stocks. The fund may also gain exposure to common stocks by purchasing participation notes (P-notes) that offer a return linked to a particular common stock. P-notes are primarily used to invest indirectly in certain stocks that trade in a market that restricts foreign investors, such as the fund, from investing directly in that market. While the adviser invests with an awareness of the global economic backdrop and the advisers outlook for certain industries, sectors, and individual countries, the advisers decision-making process focuses on bottom-up stock selection.

Country allocation is driven largely by stock selection, though the adviser may limit investments in markets or industries that appear to have poor overall prospects. The growth of certain frontier market countries relies heavily on the success of the banking industry. As a result, the fund expects to concentrate its investments (i.e., invest more than 25% of its net assets) in securities issued by banks and other financial services companies. The fund may at times invest significantly in certain countries or geographical regions, such as Argentina. The adviser relies on a global team of investment analysts dedicated to in-depth fundamental research in an effort to identify quality companies with strong cash flows and sustainable growth potential, and does not emphasize either a growth or value bias when identifying potential investments.

The funds investments may at times include securities of companies that are in the process of being privatized by a government, securities of companies that trade in unregulated over-the-counter markets or other types of unlisted securities markets, and unregistered securities issued in private placements. In managing the funds portfolio, we principally employ a bottom-up approach to identify particular securities for investment. Research analysts conduct proprietary industry and company analysis to assess companies prospects while also considering macroeconomic factors that could limit opportunities in certain regions or frontier markets overall. The fund generally looks for companies with an attractive industry structure, compelling fundamentals, proven management team, and/or strong valuation upside.

The fund may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into more promising opportunities.

C000144861 Costs and Fees

C000144861 costs about $136 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.36%
• Gross expense ratio: 1.73%
• Portfolio turnover: 55%
• Brokerage commissions: 21.60 bps of average net assets (SEC N-CEN)

C000144861 Cashflows

Over the 12 months to 2020-01, T. Rowe Price Institutional Frontier Markets Equity Fund had net inflows of $3.69M, from monthly SEC N-PORT filings.

C000144861 Debt Constituents

No individual debt constituents are reported in T. Rowe Price Institutional Frontier Markets Equity Fund's latest SEC N-PORT filing.

C000144861 Prospectus and SEC Filings

Official T. Rowe Price Institutional Frontier Markets Equity Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2020-03-12
• Prospectus (485BPOS) — filed 2019-03-12
• Prospectus (485BPOS) — filed 2018-03-13
• Portfolio holdings (N-PORT) — filed 2020-03-27
• Portfolio holdings (N-PORT) — filed 2019-12-23
• Annual census (N-CEN) — filed 2020-01-10
• Annual census, amended (N-CEN/A) — filed 2019-08-23

Related Funds

Related funds tracked on ABC INVEST:

• T. Rowe Price Institutional Emerging Markets Equity Fund (IEMFX)
• T. Rowe Price Institutional Emerging Markets Bond Fund (TREBX)
• T. Rowe Price Institutional Global Value Equity Fund (PRIGX)
• T. Rowe Price Institutional International Concentrated Equity Fund (RPICX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.