Fund Evaluator:

T. Rowe Price International Eq Z Overview

T. Rowe Price International Eq Z (TLIEX) is a passively managed International Equity Foreign Large Blend fund. T. Rowe Price launched the fund in 2020.

The investment seeks long-term capital growth. The fund normally invests at least 80% of its net assets (including any borrowings for investment purposes) in stocks that are held in the MSCI EAFE Index Net. The advisor uses a full replication strategy, which involves investing substantially all of its assets in all of the stocks in the index in proportion to each stock’s weight in the index. The index is designed to represent the performance of large- and mid-cap securities across developed markets other than the U.S. and Canada.

About T. Rowe Price International Eq Z (TLIEX)

There are 1 members of the management team with an average tenure of 19.60 years: Neil Smith (2007). Management tenure is more important for actively managed funds than passive index funds.

The fund has 1 primary benchmark: MSCI EAFE NR USD index with a weighting of 100%. T. Rowe Price International Eq Z has 665 securities in its portfolio. The top 10 holdings constitute 14.8% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

T. Rowe Price International Eq Z is part of the Equity global asset class and is within the International Equity fund group. T. Rowe Price International Eq Z has 98.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 1.4%. There is 98.2% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). T. Rowe Price International Eq Z has 0.2% of the portfolio in cash.

Assets Under Management

The fund has $1 billion in total assets, which is below the $2 billion average for the Foreign Large Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

TLIEX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The T. Rowe Price International Eq Z expense ratio is low compared to funds in the Foreign Large Blend category. T. Rowe Price International Eq Z has an expense ratio of 0.00%, which is 100% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. T. Rowe Price International Eq Z has a portfolio turnover rate of 8%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 62% for the Foreign Large Blend category.

Recently, in the month of September 2026, T. Rowe Price International Eq Z returned -3.3%, which earned it a grade of D, as the Foreign Large Blend category had an average return of -2.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.

T. Rowe Price International Eq Z has a trailing yield of 3.12%, which is above the 2.21% category average. The fund normally distributes its income annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

T. Rowe Price International Eq Z Grades

Year to date, the fund has returned 10.0%, 0.7 percentage points worse than the category, which translates into a grade of C. The fund has returned 14.9% over the past year (grade of C), 18.5% over the past three years (grade of C) and 9.5% per year over the past five years (grade of B) and 9.1% per year over the past 10 years (grade of B).

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