T. Rowe Price Latin AmericaPRLAX

Morningstar Rating

Fund Research and Analysis

by William Samuel Rocco

Don't forget that, in addition to being capable of strong upswings, T. Rowe Price Latin America is prone to sharp downturns.

Jose Costa Buck, who took the helm of this fund at the end of 2008, has produced spectacular results during his short tenure. Read more

Kudos

Has among the best long-term returns in the chaotic Latin America group.

Follows sensible growth strategy.

Longer-term focus than rival funds.

Reasonable expense ratio. Read more

Risks

Current lead manager has less one year of portfolio-management experience.

Focusing on Latin America is inherently and exceptionally volatile because the region is composed entirely of emerging markets, Brazil and Mexico dwarf their neighbors, and the region is quite concentrated with regard to sectors as well as markets.

Like all Latin America offerings, it is prone to prolonged and painful sell-offs.

Suffered huge absolute losses in 2008's global meltdown. Read more

Strategy

Management anchors the portfolio in reasonably priced blue chips that it thinks will improve earnings year after year. At the same time, management actively scans the growing list of new stocks in the Read more

Management

Jose Costa Buck replaced Gonzalo Pangaro as manager at the end of 2008. He focused on Latin America and worked closely with Pangaro since joining T. Rowe Price in 2000--and did both for years before joining the firm--but had no portfolio-management Read more

Inside Scoop

Latin America stock funds are tough to distinguish from one other. All have reasonable strategies and good resources--and, over the past four years, exceptional returns. Read more

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