Fund Evaluator:

T. Rowe Price Emerg Mkts Lcl Ccy Bd Z Overview

T. Rowe Price Emerg Mkts Lcl Ccy Bd Z (TRZFX) is an actively managed Taxable Bond Emerging-Markets Local-Currency Bond fund. T. Rowe Price launched the fund in 2021.

The investment seeks high income and capital appreciation. Under normal conditions, at least 80% of the fund’s net assets (plus any borrowings for investment purposes) are invested in bonds that are denominated in emerging markets currencies, and in derivative instruments that provide investment exposure to such securities. The fund may use a variety of derivatives, such as futures, forwards, options, and swaps for a number of purposes, such as for hedging risk or managing certain exposure. The fund is non-diversified.

About T. Rowe Price Emerg Mkts Lcl Ccy Bd Z (TRZFX)

There are 1 members of the management team with an average tenure of 15.11 years: Andrew Keirle (2011). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: Bloomberg Global Aggregate TR USD index with a weighting of 100% and JPM GBI-EM Global Diversified TR USD index with a weighting of 100%. T. Rowe Price Emerg Mkts Lcl Ccy Bd Z has 204 securities in its portfolio. The top 10 holdings constitute 25.6% 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 Emerg Mkts Lcl Ccy Bd Z is part of the Fixed Income global asset class and is within the Taxable Bond fund group. T. Rowe Price Emerg Mkts Lcl Ccy Bd Z has 86.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 86.8% (0.2% domestic bond, 86.7% foreign bond and 0.8% convertible bond). T. Rowe Price Emerg Mkts Lcl Ccy Bd Z has 12.2% of the portfolio in cash.

Assets Under Management

The fund has $283 million in total assets, which is above the $140 million average for the Emerging-Markets Local-Currency Bond 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.

TRZFX 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 Emerg Mkts Lcl Ccy Bd Z expense ratio is low compared to funds in the Emerging-Markets Local-Currency Bond category. T. Rowe Price Emerg Mkts Lcl Ccy Bd 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 Emerg Mkts Lcl Ccy Bd Z has a portfolio turnover rate of 81%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 101% for the Emerging-Markets Local-Currency Bond category.

Recently, in the month of June 2026, T. Rowe Price Emerg Mkts Lcl Ccy Bd Z returned 0.4%, which earned it a grade of C, as the Emerging-Markets Local-Currency Bond category had an average return of 0.5%. 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 Emerg Mkts Lcl Ccy Bd Z has a trailing yield of 7.21%, which is above the 6.56% category average. The fund normally distributes its income monthly.

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 Emerg Mkts Lcl Ccy Bd Z Grades

Year to date, the fund has returned 1.9%, 0.2 percentage points worse than the category, which translates into a grade of B. The fund has returned 8.7% over the past year (grade of B), 7.7% over the past three years (grade of B) and 3.2% per year over the past five years (grade of B) and 3.3% per year over the past 10 years (grade of B).

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