TRFZX Performance — T. Rowe Price Emerging Markets Discovery Stock Fund, Z Class
Data updated: 2026-09-25
TRFZX returned +21.07% year to date and +44.93% over one year to Jul 2026. Annualised returns are +21.71% over 3 years and +11.60% over 5 years. The fund beat its Emerging Markets Equity category average: $100 invested three years ago grew to $180, against $164 for the category, and to $145 over one year, against $134. Volatility over the past three years was 16.39% a year. In the 12 months to Jul 2026 the fund lost a net $647.6M, and assets reached $6.11B.
TRFZX Growth of $100
What $100 invested in T. Rowe Price Emerging Markets Discovery Stock Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Emerging Markets Equity category average over the same months.
| Period | TRFZX | Category average |
|---|---|---|
| 1 year (Aug 2025 – Jul 2026) | $145 | $134 |
| 3 years (Aug 2023 – Jul 2026) | $180 | $164 |
| 5 years (Aug 2021 – Jul 2026) | $173 | $143 |
| Since data start (Mar 2020 – Jul 2026) | $295 | $192 |
TRFZX Trailing Returns
Total returns to Jul 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +21.07% |
| 1 year | +44.93% |
| 3 years (annualised) | +21.71% |
| 5 years (annualised) | +11.60% |
TRFZX Annual Returns
Calendar-year total returns of T. Rowe Price Emerging Markets Discovery Stock Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–Jul) | +21.07% |
| 2025 | +40.08% |
| 2024 | +7.03% |
| 2023 | +12.37% |
| 2022 | −14.70% |
| 2021 | +5.74% |
| 2020 (Mar–Dec) | +60.33% |
TRFZX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +10.3% | +5.1% | −10.2% | +11.5% | +8.9% | −0.5% | −3.8% | — | — | — | — | — |
| 2025 | +3.3% | +1.0% | +1.3% | −0.2% | +3.8% | +6.7% | +0.2% | +4.0% | +6.5% | +5.9% | −1.8% | +3.9% |
| 2024 | −4.4% | +3.9% | +3.7% | −0.4% | +2.4% | +2.5% | −0.1% | +1.3% | +6.5% | −3.9% | −2.4% | −1.5% |
| 2023 | +6.8% | −4.7% | +3.0% | −1.2% | −2.1% | +5.4% | +5.8% | −5.5% | −3.3% | −3.2% | +6.8% | +5.1% |
| 2022 | +1.7% | −6.8% | −3.8% | −3.8% | +2.5% | −4.7% | −1.2% | −0.3% | −8.9% | −2.4% | +15.0% | −1.2% |
| 2021 | +0.1% | +6.4% | +2.0% | +0.5% | +3.4% | −1.8% | −4.2% | +3.7% | −4.7% | +3.3% | −5.2% | +2.7% |
| 2020 | — | — | +3.1% | +9.2% | +1.6% | +6.5% | +5.5% | −0.3% | −2.4% | +2.0% | +14.4% | +9.7% |
TRFZX Risk
Risk measures from monthly returns over Aug 2023 – Jul 2026.
- 3-year volatility (annualised): 16.39%
- 3-year Sharpe ratio: 1.05 (vs 4.5% risk-free rate)
- Best month: +11.48% (Apr 2026)
- Worst month: −10.21% (Mar 2026)
TRFZX Fund Flows
Monthly money in and out of T. Rowe Price Emerging Markets Discovery Stock Fund, from SEC Form N-PORT.
- 12-month net flow: −$647.6M
- 12-month gross sales (incl. reinvestments): $1.2B
- Sales ÷ redemptions: 0.65×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jul 2026 | $84.7M | $125.3M | −$40.6M |
| Jun 2026 | $83.2M | $106.9M | −$23.7M |
| May 2026 | $116.8M | $344.7M | −$228.0M |
| Apr 2026 | $71.3M | $194.3M | −$123.0M |
| Mar 2026 | $75.6M | $79.6M | −$4.0M |
| Feb 2026 | $133.1M | $100.3M | $32.8M |
| Jan 2026 | $173.1M | $145.6M | $27.5M |
| Dec 2025 | $324.7M | $85.2M | $239.5M |
| Nov 2025 | $47.4M | $439.4M | −$392.0M |
| Oct 2025 | $36.2M | $128.5M | −$92.3M |
| Sep 2025 | $40.7M | $72.9M | −$32.2M |
| Aug 2025 | $29.4M | $41.0M | −$11.7M |
TRFZX Assets Under Management
Net assets of T. Rowe Price Emerging Markets Discovery Stock Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-07-31 | $6.11B |
| 2026-04-30 | $6.14B |
| 2026-01-31 | $5.93B |
| 2025-10-31 | $5.68B |
| 2025-07-31 | $4.96B |
| 2025-04-30 | $4.53B |
| 2025-01-31 | $4.41B |
| 2024-10-31 | $4.52B |
| 2024-07-31 | $4.44B |
| 2024-04-30 | $4.27B |
| 2024-01-31 | $4.11B |
| 2023-10-31 | $3.93B |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.