Fund Evaluator:
T. Rowe Price Africa & Middle East (TRAMX)
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Best Performing in Focused Region Over the Last Year
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Fund Details
T. Rowe Price Africa & Middle East Overview
T. Rowe Price Africa & Middle East (TRAMX) is an actively managed International Equity Focused Region fund. T. Rowe Price launched the fund in 2007.
The investment seeks long-term growth of capital by investing primarily in the common stocks of companies located (or with primary operations) in Africa and the Middle East. The fund will normally invest at least 80% of its net assets (plus any borrowings for investment purposes) in African and Middle Eastern companies. While the adviser invests with an awareness of the outlook for certain industry sectors and individual countries within the region, the adviser’s decision-making process focuses on bottom-up stock selection. The fund is non-diversified.
About T. Rowe Price Africa & Middle East (TRAMX)
There are 1 members of the management team with an average tenure of 1.33 years: Johannes Loefstrand (2025). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: MSCI Arabian Mkt & Africa IMI NR USD index with a weighting of 100% and MSCI Arab Makt & Africa 10/40 IMI NR USD index with a weighting of 100%. T. Rowe Price Africa & Middle East has 73 securities in its portfolio. The top 10 holdings constitute 46.0% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
T. Rowe Price Africa & Middle East is part of the Equity global asset class and is within the International Equity fund group. T. Rowe Price Africa & Middle East has 94.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 4.9%. There is 94.3% 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 Africa & Middle East has 0.8% of the portfolio in cash.
Assets Under Management
The fund has $62 million in total assets, which is below the $980 million average for the Focused Region 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.
TRAMX 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 Africa & Middle East expense ratio is high compared to funds in the Focused Region category. T. Rowe Price Africa & Middle East has an expense ratio of 1.30%, which is 27% higher than its category average, making the fund expense ratio grade a D. 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 Africa & Middle East has a portfolio turnover rate of 43%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 36% for the Focused Region category.
Recently, in the month of July 2026, T. Rowe Price Africa & Middle East returned -0.7%, which earned it a grade of D, as the Focused Region category had an average return of -0.0%. 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 Africa & Middle East has a trailing yield of 5.35%, which is above the 2.42% category average. The fund normally distributes its income annually and its capital gains 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 Africa & Middle East Grades
Year to date, the fund has returned -0.8%, 14.5 percentage points worse than the category, which translates into a grade of F. The fund has returned 7.8% over the past year (grade of F), 9.3% over the past three years (grade of F) and 8.3% per year over the past five years (grade of C) and 7.6% per year over the past 10 years (grade of D).
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TRAMX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| TRAMX Return (NAV) | -0.7% | -2.7% | 7.8% | 9.3% | 8.3% | 7.6% |
| TRAMX Grade | D | D | F | F | C | D |
| +/- Category | -0.7% | -3.2% | -22.0% | -8.0% | 1.4% | -0.7% |
| Focused Region Avg | -0.0% | 0.5% | 29.8% | 17.3% | 6.9% | 8.3% |
| TRAMX Tax Cost Ratio | na | na | 3.6% | 2.5% | 1.7% | 1.4% |
TRAMX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TRAMX Return (NAV) | -0.8% | 24.2% | 5.3% | 11.8% | -5.9% | 30.2% | -4.3% | 8.1% | -8.9% | 23.6% | 6.0% |
| TRAMX Grade | F | F | D | D | B | A | D | F | B | D | D |
| +/- Category | -14.5% | -12.1% | 2.8% | -7.4% | 11.9% | 19.6% | -12.7% | -15.8% | 2.9% | -2.5% | -8.7% |
| Focused Region Avg | 13.7% | 36.3% | 2.5% | 19.2% | -17.8% | 10.6% | 8.4% | 23.9% | -11.8% | 26.1% | 14.7% |
| Risk Measures | |
| Standard Deviation: | 11.9% |
| Total Risk Index: | 0.97 - Average |
| Category Risk Index: | 0.69 - Low |
| Category Risk Grade: | A (3% Rank) |
| Beta: | 0.64 |
| R-Squared: | 56% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 5.4% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $104 Mil |
| Fund Total Assets: | $ 62 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 43% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 1.3 years | |||
| Average Tenure: 1.3 years | |||
| Managers (Year): Loefstrand Johannes (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 73 |
| % in Top 10 Holdings: | 46.0% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 94.3% |
Portfolio Allocation |
|
| Domestic Stock: | 4.9% |
| Foreign Stock: | 94.3% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.8% |
Purchase Information
| Fund Family: | T. Rowe Price |
| Phone Number: | 800-638-5660 |
| Website: | www.troweprice.com |
| Status: | Open |
| Inception Date: | September 4, 2007 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $1,000 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 1.30% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.03% |
| Share Class: | T. Rowe Price Africa & Middle East |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
