T. Rowe Price Launches Overseas Stock Fund
BALTIMORE (Jan. 29, 2007) – T. Rowe Price has expanded its international investment opportunities by launching the Overseas Stock Fund. The investment style of the new fund falls in between the firm’s value-oriented International Growth & Income Fund and its growth-oriented International Stock Fund.
Incepted on Dec. 29, 2006, the fund is managed by Raymond A. Mills, Ph.D., CFA, who has nine years of experience with T. Rowe Price, including serving as portfolio manager of the International Growth & Income Fund since 2002 and of the firm’s Non-U.S. Equity Core Strategy since 2000.
The Overseas Stock Fund seeks long-term capital growth by investing in the common stocks of established companies outside the United States and has the flexibility to search out particularly promising opportunities wherever they may be. At least 65 percent of its investments will be in large-capitalization companies with the remainder largely in mid-cap stocks.
“At any given time, the fund will have exposure to a fairly wide range of stocks across most non-U.S. developed markets, select emerging markets and most or all economic sectors,” Mr. Mills says. “This diversified approach, together with the fund’s emphasis on larger-cap, developed-market investments make the Overseas Stock Fund an appropriate choice as an international equity holding.”
Mr. Mills uses a rigorous, bottom-up approach to stock selection, looking for companies that offer the best mix of both fundamentals and valuations. “We look for the most favorable combinations of growth and valuation, placing the fund, in aggregate, near the center of the growth-value spectrum,” Mr. Mills says. “The ability to seek promising investments from a broad opportunity set is enabled by the wealth of resources at T. Rowe Price, most important our global team of investment research analysts.”
Because of its broadly diversified portfolio, the Overseas Stock Fund has a relatively moderate risk profile. However, international investing does entail special risks – among them, political, currency and market liquidity risks – that will give this fund more volatility than a comparable domestic fund.
The Overseas Stock Fund is a no-load fund. Minimum initial investment is $2,500 or $1,000 for Individual Retirement Accounts and gifts or transfers to minors (UGMA/UTMA). Investors also can open an account with as little as $50 a month by using T. Rowe Price’s Automatic Asset Builder program. Request a prospectus or briefer profile by calling 1-800-638-5660 or visiting troweprice.com; each includes investment objectives, risks, fees, expenses and other information that you should read and consider carefully before investing. T. Rowe Price Investment Services, Inc. distributor.
Founded in 1937, Baltimore-based T. Rowe Price (NASDAQ: TROW) is a global investment management firm with $334.7 billion in assets under management as of December 31, 2006. The firm provides a broad array of mutual funds, sub-advisory services, and separate account management for individual and institutional investors, financial intermediaries, and retirement plans. It also offers sophisticated investment planning and guidance tools. T. Rowe Price’s disciplined, risk-aware investment approach focuses on diversification, style consistency, and fundamental research.