Fund Evaluator:
T. Rowe Price Emerging Europe (TREMX)
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Fund Details
T. Rowe Price Emerging Europe Overview
T. Rowe Price Emerging Europe (TREMX) is an actively managed International Equity Focused Region fund. T. Rowe Price launched the fund in 2000.
The investment seeks long-term growth of capital through investments primarily in the common stocks of companies located (or with primary operations) in the emerging market countries of Europe. The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in the emerging markets of Europe, including Eastern Europe and the former Soviet Union. It may purchase the stocks of companies of any size. The fund is non-diversified.
About T. Rowe Price Emerging Europe (TREMX)
There are 2 members of the management team with an average tenure of 6.50 years: Ulle Adamson (2015), Oliver Bell (2024). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: MSCI EM Europe NR USD index with a weighting of 100% and Lipper Emerging Markets Avg index with a weighting of 100%. T. Rowe Price Emerging Europe has 42 securities in its portfolio. The top 10 holdings constitute 67.2% 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 Emerging Europe is part of the Equity global asset class and is within the International Equity fund group. T. Rowe Price Emerging Europe has 97.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 97.8% 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 Emerging Europe has 2.3% of the portfolio in cash.
Assets Under Management
The fund has $59 million in total assets, which is below the $957 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.
TREMX 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 Emerging Europe expense ratio is high compared to funds in the Focused Region category. T. Rowe Price Emerging Europe has an expense ratio of 1.41%, which is 37% 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 Emerging Europe has a portfolio turnover rate of 5%, indicating that holds its assets around 0.2 years. By way of comparison, the average portfolio turnover is 36% for the Focused Region category.
Recently, in the month of June 2026, T. Rowe Price Emerging Europe returned 3.9%, which earned it a grade of A, as the Focused Region category had an average return of -2.2%. 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 Emerging Europe has a trailing yield of 1.90%, which is below 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 Emerging Europe Grades
Year to date, the fund has returned 28.3%, 13.9 percentage points better than the category, which translates into a grade of A. The fund has returned 56.1% over the past year (grade of A), 39.7% over the past three years (grade of A) and -9.3% per year over the past five years (grade of F) and -0.1% per year over the past 10 years (grade of F).
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TREMX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| TREMX Return (NAV) | 3.9% | 23.2% | 56.1% | 39.7% | -9.3% | -0.1% |
| TREMX Grade | A | A | A | A | F | F |
| +/- Category | 6.1% | 14.4% | 26.7% | 20.6% | -15.9% | -8.8% |
| Focused Region Avg | -2.2% | 8.8% | 29.4% | 19.2% | 6.6% | 8.7% |
| TREMX Tax Cost Ratio | na | na | 1.1% | 0.6% | 0.7% | 0.8% |
TREMX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TREMX Return (NAV) | 28.3% | 45.4% | 25.2% | 62.4% | -83.7% | 14.6% | -8.3% | 30.9% | -14.4% | 19.7% | 21.5% |
| TREMX Grade | A | B | A | A | F | C | F | B | D | D | B |
| +/- Category | 13.9% | 9.2% | 22.7% | 43.3% | -65.9% | 4.0% | -16.7% | 7.0% | -2.7% | -6.4% | 6.8% |
| Focused Region Avg | 14.5% | 36.3% | 2.5% | 19.2% | -17.8% | 10.6% | 8.4% | 23.9% | -11.8% | 26.1% | 14.7% |
| Risk Measures | |
| Standard Deviation: | 18.0% |
| Total Risk Index: | 1.48 - High |
| Category Risk Index: | 1.06 - Average |
| Category Risk Grade: | C (57% Rank) |
| Beta: | 0.75 |
| R-Squared: | 33% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 1.9% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $76 Mil |
| Fund Total Assets: | $ 59 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 5% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 11.3 years | |||
| Average Tenure: 6.5 years | |||
| Managers (Year): Adamson Ulle (2015), Bell Oliver (2024) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 42 |
| % in Top 10 Holdings: | 67.2% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 97.8% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 97.8% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.3% |
Purchase Information
| Fund Family: | T. Rowe Price |
| Phone Number: | 800-638-5660 |
| Website: | www.troweprice.com |
| Status: | Closed |
| Inception Date: | August 31, 2000 |
| 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 (%): | 1.41% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.03% |
| Share Class: | T. Rowe Price Emerging Europe |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
