Fund Evaluator:

T. Rowe Price International Discovery Z Overview

T. Rowe Price International Discovery Z (TRZKX) is an actively managed International Equity Foreign Small/Mid Growth fund. T. Rowe Price launched the fund in 2021.

The investment seeks long-term growth of capital through investments primarily in the common stocks of rapidly growing, small- to medium-sized companies outside the U.S. The fund focuses its investments in securities outside the U.S. and seeks to diversify broadly across a variety of industries in developed and emerging market countries throughout the world. It normally invests at least 80% of its net assets in non-U.S. stocks.

About T. Rowe Price International Discovery Z (TRZKX)

There are 3 members of the management team with an average tenure of 6.69 years: Ben Griffiths (2020), Hiroshi Watanabe (2013), Dawei Feng (2025). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: S&P Global Ex US BMI TR USD index with a weighting of 100% and S&P Global Ex US Small TR USD index with a weighting of 100%. T. Rowe Price International Discovery Z has 242 securities in its portfolio. The top 10 holdings constitute 11.9% 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 Discovery Z is part of the Equity global asset class and is within the International Equity fund group. T. Rowe Price International Discovery Z has 96.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 1.3%. There is 96.8% 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 International Discovery Z has 1.4% of the portfolio in cash.

Assets Under Management

The fund has $81 million in total assets, which is below the $327 million average for the Foreign Small/Mid Growth 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.

TRZKX 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 Discovery Z expense ratio is low compared to funds in the Foreign Small/Mid Growth category. T. Rowe Price International Discovery 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 Discovery Z has a portfolio turnover rate of 41%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 64% for the Foreign Small/Mid Growth category.

Recently, in the month of June 2026, T. Rowe Price International Discovery Z returned -0.8%, which earned it a grade of A, as the Foreign Small/Mid Growth category had an average return of -2.7%. 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 Discovery Z has a trailing yield of 2.49%, which is above the 1.42% 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 Discovery Z Grades

Year to date, the fund has returned 9.1%, 0.2 percentage points better than the category, which translates into a grade of B. The fund has returned 18.8% over the past year (grade of A), 15.7% over the past three years (grade of A) and 2.9% per year over the past five years (grade of B) and 10.2% per year over the past 10 years (grade of A).

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