T. Rowe Price (NASDAQ—GS: TROW) announced that it closed the T. Rowe Price Emerging Markets Stock Fund (Ticker: PRMSX), along with similar portfolios, to new investors at 4 p.m. ET on Tuesday, September 4, 2018. Although the fund is closed to new investors, investments from current shareholders and retirement plans that currently offer the Emerging Markets Stock Fund, and hold a plan name account with the funds, will continue to be accepted.
The Emerging Markets Equity Strategy had assets of $22.9 billion as of June 30, 2018, including $10.8 billion in the Emerging Markets Stock Fund. The Emerging Markets Stock Fund launched March 31, 1995 and seeks long-term growth of capital through investments primarily in the common stocks of companies located (or with primary operations) in emerging markets. Gonzalo Pangaro has managed the fund since March 31, 2009.
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Gonzalo Pangaro, portfolio manager:
"Closing the fund to new investors will protect current clients by maintaining the integrity of the overall strategy. Delivering excellent long-term performance is always our primary focus, and restricting inflows will preserve our ability to best invest in accordance with the objectives of the strategy. This decision reflects our commitment to current shareholders and was made for their benefit."
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Founded in 1937, Baltimore-based T. Rowe Price Group, Inc. is a global investment management organization with $1.07 trillion in assets under management as of July 31, 2018. The organization provides a broad array of mutual funds, subadvisory services, and separate account management for individual and institutional investors, retirement plans, and financial intermediaries. The company 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. For more information, visit troweprice.com or our Twitter, YouTube, LinkedIn, Instagram, and Facebooksites.
