https://www.sec.gov/Archives/edgar/data/313212/000174177320003123/c497.htm497 1 c497.htm
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price Institutional Emerging Markets Equity Fund
Supplement to Prospectuses Dated March 1, 2020
In section 1, the portfolio manager table under “Management” is supplemented as follows:
Effective April 1, 2021, Eric Moffett and Malik Asif will join Gonzalo Pangaro as portfolio managers and Cochair of the fund’s Investment Advisory Committee. Mr. Moffett joined T. Rowe Price in 2007 and Mr. Asif joined T. Rowe Price in 2012. Effective December 31, 2021, Mr. Pangaro will step down as a portfolio manager and Cochair of the fund’s Investment Advisory Committee and Mr. Moffett and Mr. Asif will remain portfolio managers and Cochair of the fund’s Investment Advisory Committee.
In section 2, the disclosure under “Portfolio Management” is supplemented as follows:
Effective April 1, 2021, Eric Moffett and Malik Asif will join Gonzalo Pangaro as portfolio managers and Cochair of the fund’s Investment Advisory Committee. Mr. Moffett joined T. Rowe Price in 2007 and his investment experience dates from 2000. During the past five years, he served as a portfolio manager with the Firm. Mr. Asif joined T. Rowe Price in 2012 and his investment experience dates from 2007. During the past five years, Mr. Asif served as an associate portfolio manager of the Emerging Markets strategy (beginning in 2018) and prior to that, as an analyst covering the financial sector in emerging markets with the Firm. Effective December 31, 2021, Mr. Pangaro will step down as a portfolio manager and Cochair of the fund’s Investment Advisory Committee and Mr. Moffett and Mr. Asif will remain portfolio managers and Cochair of the fund’s Investment Advisory Committee.
The date of this supplement is October 28, 2020.
F111-041 10/28/20
from an email I received today Important: T. Rowe Price Emerging Markets Equity Strategy Portfolio Management Updates
We are writing to inform you that Gonzalo Pangaro, lead portfolio manager for the Emerging Markets Stock Fund, intends to retire from portfolio management and from the firm at the end of 2021. Gonzalo’s positive investment performance, strong leadership, and high level of integrity have been highly valued and appreciated during his 25 years of distinguished service to the firm and to clients. We are grateful that Gonzalo’s investment legacy of a disciplined process with a strong focus on corporate governance is leaving our emerging markets franchise in excellent shape.
As part of our transition plan, effective April 1, 2021, Eric Moffett will become co-portfolio manager on the Emerging Markets Stock Fund through the end of the 2021. On January 1, 2022, Eric will become lead portfolio manager of the Emerging Markets Stock Fund.
Eric is well-prepared for this role. He is currently the portfolio manager of the Asia Opportunities Fund. Eric has a record of strong performance on Asia Opportunities, and for the foreseeable future, he will continue to be its portfolio manager. Eric will remain based in Singapore. His deep experience in emerging markets, particularly in Asia, and his investment style, which he has successfully implemented in the Asia Opportunities Fund, complements the focus on quality and durable-growth companies that is at the center of the Emerging Markets Equity philosophy.
Eric, who joined the firm in 2007, has 19 years of investment experience and has been a member of the Emerging Markets team. Eric has managed the Asia Opportunities Fund since its inception in 2014. Before that, he was an associate director of equity research for the firm’s Asia ex-Japan analysts and, prior to that, an analyst covering the Asia ex-Japan real estate sector. Prior to his joining the firm, Eric was an analyst with Fayez Sarofim & Company, where he covered the household products, communications equipment and lodging/leisure industries. He was also an associate at Audax Group and as a management consultant with Bain & Company.
We are also pleased to announce that, effective April 1, 2021, Malik Asif will become co-portfolio manager on the Emerging Markets Stock Fund. Malik joined the firm in 2012 as an analyst, covering the financial sector in the emerging markets. In 2018 he became the associate portfolio manager of the Emerging Markets strategy. On January 1, 2022, Malik will assume responsibility for the investments in the Latin America, Emerging Europe, Africa, and Middle East regions. Importantly he and Eric will work collaboratively on the strategy, sharing insights and seeking feedback from one another. Before joining the firm, he worked for Morgan Stanley and the International Finance Corporation, covering financial institutions. He also worked in equity research for four years at Keefe, Bruyette & Woods in New York, covering U.S. financial institutions.
We are confident in this thoughtful transition plan that will occur over the next 14 months, and we will continue to build on our long track record as a pioneering investor in emerging markets equities.
Thank you for your confidence that you have placed in T. Rowe Price.
Please click here to download a prospectus for the Emerging Markets Stock Fund.
This communication does not undertake to give investment advice in a fiduciary capacity. T. Rowe Price Associates, Inc., and/or its affiliates receive revenue from T. Rowe Price investment products and services.
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T. Rowe Price Investment Services, Inc.
