T. Rowe Price New AsiaPRASX

Morningstar Rating

Fund Research and Analysis

by William Samuel Rocco

T. Rowe Price New Asia has real potential in its modified form.

Anh Lu replaced longtime skipper Frances Dydasco this summer. Dydasco was skilled and seasoned, so she will be missed. But T. Rowe Price announced this change well ahead of time. Lu, who became a comanager in April 2009 and assumed lead responsibility for the portfolio in June, had more than 13 years of emerging-Asia investment experience and had worked closely with Dydasco on this fund and at another firm. Read more

Kudos

Solid long-term performance.

Sound and proven strategy.

Relatively low expense ratio.

T. Rowe Price is a leader in emerging-markets investing, and it has one of the biggest and best global emerging-markets teams around. Read more

Risks

This fund's new skipper has a good resume, but her portfolio-management experiences thus far have been fairly short in duration and generally narrow in focus.

This fund, like all offerings that focus on emerging Asia, is inherently quite risky.

Willingness to load up on opportunities in individual markets or sectors can really backfire.

Suffered huge losses in late-2007 to early-2009 meltdown. Read more

Strategy

The fund uses a growth strategy, favoring industry leaders with strong earnings prospects and reasonable prices. Management prefers companies that can grow through cycles or benefit from enduring trends in their domestic economies. Read more

Management

Frances Dydasco, who joined this fund as a comanager in 1996 and became its lead manager in 2006, retired in August 2009. Anh Lu, who became a comanager on this fund in April 2009, took sole control of the portfolio at that time. Lu has a good resume, but her portfolio-management experiences thus far have been fairly short in duration and generally narrow in focus. Read more

Inside Scoop

This fund's management follows a growth-at-a-reasonable-price strategy, but it isn't afraid to load up on opportunities in individual markets or sectors. Read more

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