The fund seeks long-term growth of capital through investments primarily in the common stocks of rapidly growing, small- to medium-sized companies outside the U.S.
This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below.
Shareholder Fees - T. Rowe Price International Discovery Fund - USD ($) |
Investor Class |
I Class |
Z Class |
|
|---|---|---|---|---|
| Maximum account fee | $ 20 | [1] | none | none |
| [1] | Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee. |
Annual Fund Operating Expenses - T. Rowe Price International Discovery Fund |
Investor Class |
I Class |
Z Class |
||
|---|---|---|---|---|---|
| Management fees | 1.03% | 1.03% | 1.03% | ||
| Other expenses | 0.22% | 0.06% | [1] | 0.03% | |
| Total annual fund operating expenses | 1.25% | 1.09% | 1.06% | ||
| Fee waiver/expense reimbursement | none | (0.01%) | [1] | (1.06%) | [2] |
| Total annual fund operating expenses after fee waiver/expense reimbursement | 1.25% | 1.08% | [1] | none | [2] |
| [1] | T. Rowe Price Associates, Inc., has contractually agreed (through February 28, 2026) to pay the operating expenses of the fund’s I Class excluding management fees; interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses (I Class Operating Expenses), to the extent the I Class Operating Expenses exceed 0.05% of the class’ average daily net assets. The agreement may only be terminated at any time after February 28, 2026, with approval by the fund’s Board of Directors. Any expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc., by the class whenever the I Class Operating Expenses are below 0.05%. However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the I Class Operating Expenses (after the reimbursement is taken into account) to exceed the current expense limitation on I Class Operating Expenses (or the expense limitation in place at the time the amounts were waived or paid). |
| [2] | T. Rowe Price Associates, Inc., has contractually agreed to waive and/or bear all the Z Class’ expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) in their entirety. T. Rowe Price Associates, Inc., expects this fee waiver and/or expense reimbursement arrangement to remain in place indefinitely, and the agreement may only be amended or terminated with approval by the fund’s Board of Directors. |
$10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. The example also assumes that any current expense limitation arrangement remains in place for the period noted in the previous table; therefore, the figures have been adjusted to reflect fee waivers or expense reimbursements only in the periods for which the expense limitation arrangement is expected to continue. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example - T. Rowe Price International Discovery Fund - USD ($) |
Investor Class |
I Class |
Z Class |
|---|---|---|---|
| 1 Year | $ 127 | $ 110 | none |
| 3 Years | 397 | 345 | none |
| 5 Years | 686 | 600 | none |
| 10 Years | $ 1,511 | $ 1,328 | none |
Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 29.3% of the average value of its portfolio.
The fund focuses its investments in securities outside the U.S. and seeks to diversify broadly across a variety of industries in developed and emerging market countries throughout the world. The fund normally invests at least 80% of its net assets in non-U.S. stocks. Depending on market conditions, the fund’s portfolio is normally composed of investments in at least 10 countries and 100 different companies. The fund relies on MSCI Inc., a third-party provider of benchmark indexes and data services, or another unaffiliated data provider to determine the country assigned to a security.
While the adviser invests with an awareness of the global economic backdrop and the adviser’s outlook for certain industries, sectors, and individual countries, the adviser’s decision-making process focuses on bottom-up stock selection. Country allocation is driven largely by stock selection, though the adviser may limit investments in markets or industries that appear to have poor overall prospects.
The fund typically focuses its investments in small- and mid-cap companies.
Security selection reflects a growth style. The adviser relies on a global team of investment analysts dedicated to in-depth fundamental research in an effort to identify companies capable of achieving and sustaining above-average, long-term earnings growth. The adviser seeks to
purchase stocks of companies at reasonable prices in relation to present or anticipated earnings, cash flow, or book value.
In selecting investments, the adviser generally favors companies with one or more of the following characteristics:
· leading or improving market position;
· attractive business niche;
· attractive or improving franchise or industry position;
· seasoned management;
· stable or improving earnings and/or cash flow; and
· sound or improving balance sheet.
The fund typically has significant investments in Asian and developed European countries.
At times, the fund may have a significant portion of its assets invested in the same economic sector.
Risk Table - T. Rowe Price International Discovery Fund |
Risk [Text Block] |
|---|---|
| Risk Lose Money [Member] | The fund’s share price fluctuates, which means you could lose money by investing in the fund. |
| International investing | International investing: Non-U.S. securities tend to be more volatile and have lower overall liquidity than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. In addition, investments outside the U.S. are subject to settlement practices and regulatory and financial reporting standards that differ from those of the U.S. The risks of investing outside the U.S. are heightened for any investments in emerging markets, which are susceptible to greater volatility than investments in developed markets. |
| Market conditions | Market conditions: The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of the fund’s holdings and markets generally, including economic, political, or regulatory developments, recessions, inflation, rapid interest rate changes, war, military conflict, acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues (such as the coronavirus pandemic) and related governmental and public responses (including sanctions). Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns. |
| Small- and mid-cap stocks | Small- and mid-cap stocks: Investments in securities issued by small- and mid-cap companies are likely to be more volatile than investments in securities issued by larger companies. Small- and mid-cap companies often have less experienced management, narrower product lines, more limited financial resources, and less publicly available information than larger companies. In addition, small-cap companies tend to be more sensitive to changes in overall economic conditions and their securities may have limited trading markets. |
| Growth investing | Growth investing: The fund’s growth approach to investing could cause it to underperform other stock funds that employ a different investment style. Growth stocks tend to be more volatile than certain other types of stocks and their prices may fluctuate more dramatically than the overall stock market. A stock with growth characteristics can have sharp price declines due to decreases in current or expected earnings and may lack dividends that can help cushion its share price in a declining market. |
| Investing in Europe | Investing in Europe: The European financial markets have experienced increased volatility due to concerns about economic downturns, political unrest, war, military conflict, economic sanctions, rising government debt levels, inflation, energy crises, and public health pandemics, and these events may continue to significantly affect all of Europe. The economies and markets of European countries are often connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. European economies could be significantly affected by, among other things, rising unemployment, the imposition or unexpected elimination of fiscal and monetary controls by member countries of the European Economic and Monetary Union, uncertainty surrounding the euro, the success of governmental actions to reduce budget deficits, and Russia’s ongoing military conflict in Ukraine. |
| Investing in Asia | Investing in Asia: Many Asian economies have at various times been negatively affected by inflation, currency devaluations, an over-reliance on international trade and exports, particularly for certain commodities, political and social instability, and less developed financial systems and securities trading markets. Trade restrictions, unexpected decreases in exports, changes in government policies, expropriation and/or nationalization of assets, confiscatory taxation, or natural disasters could have a significant impact on companies doing business in Asia. The Asian region may be significantly affected by political unrest, military conflict, economic sanctions, and less demand for Asian products and services. |
| Sector exposure | Sector exposure: Issuers in the same economic sector may be similarly affected by economic or market events, making the fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. |
| Emerging markets | Emerging markets: Investments in emerging market countries are subject to greater risk and overall volatility than investments in the U.S. and other developed markets. Emerging market countries tend to have economic structures that are less diverse and mature, less developed legal and regulatory regimes, and political systems that are less stable, than those of developed countries. In addition to the risks associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on the fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates. |
| Currency exposure | Currency exposure: Because the fund is normally heavily exposed to foreign currencies, the fund is subject to the significant risk that it could experience losses based solely on the weakness of foreign currencies versus the U.S. dollar and changes in the exchange rates between such currencies and the U.S. dollar. |
| Stock investing | Stock investing: Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. The value of stocks held by the fund may decline due to general weakness or volatility in the stock markets in which the fund invests or because of factors that affect a particular company or industry. |
| Active management | Active management: The fund’s overall investment program and holdings selected by the fund’s investment adviser may underperform the broad markets, relevant indices, or other funds with similar objectives and investment strategies. |
| Cybersecurity breaches | Cybersecurity breaches: The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, confidential information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality. |
The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results.
The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses.
The fund’s return for the nine months ended 9/30/24 was 13.05%.
Quarter Ended | Total Return | Quarter Ended | Total Return | |||||
Best Quarter | 6/30/20 | 31.43% | Worst Quarter | 3/31/20 | -20.99% |
The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the table may also include one or more indexes that more closely aligns to the fund’s investment strategy (Strategy Benchmark(s)).
In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes.
Average Annual Total Returns - T. Rowe Price International Discovery Fund |
Label |
1 Year |
5 Years |
10 Years |
Since Inception |
Inception Date |
||
|---|---|---|---|---|---|---|---|---|
| Investor Class | 13.14% | 7.91% | 6.37% | Dec. 30, 1988 | ||||
| Investor Class | After Taxes on Distributions | 12.74% | 6.65% | 5.16% | |||||
| Investor Class | After Taxes on Distributions and Sales | 8.31% | 6.34% | 5.01% | |||||
| I Class | 13.32% | 8.06% | 7.11% | Dec. 17, 2015 | ||||
| Z Class | 14.54% | (6.85%) | Feb. 22, 2021 | |||||
| S&P Global Ex-U.S. BMI Net | [1] | S&P Global Ex-U.S. BMI Net | ||||||
| S&P Global Ex-U.S. BMI Net | S&P Global Ex-U.S. BMI Net | |||||||
| S&P Global Ex-U.S. BMI Net | [2] | 6.21% | ||||||
| S&P Global Ex-U.S. BMI Net | 15.62% | 7.13% | 4.08% | (0.60%) | [3] | |||
| S&P Global ex-U.S. Small Cap Index Net | S&P Global ex-U.S. Small Cap Index Net | |||||||
| S&P Global ex-U.S. Small Cap Index Net | [2] | 5.99% | ||||||
| S&P Global ex-U.S. Small Cap Index Net | 14.16% | 7.03% | 4.51% | (1.81%) | [3] | |||
| MSCI EAFE Small Cap Index | MSCI EAFE Small Cap Index | |||||||
| MSCI EAFE Small Cap Index | [2] | 6.12% | ||||||
| MSCI EAFE Small Cap Index | 13.72% | 7.02% | 5.20% | (1.89%) | [3] | |||
| Lipper International Small/Mid-Cap Growth Funds Average | Lipper International Small/Mid-Cap Growth Funds Average | |||||||
| Lipper International Small/Mid-Cap Growth Funds Average | [4] | 5.67% | ||||||
| Lipper International Small/Mid-Cap Growth Funds Average | 13.14% | 6.94% | 4.38% | (2.66%) | [5] | |||
| [1] | Due to new SEC Rules on shareholder reporting, the fund adopted a new broad-based securities market index, referred to as the Regulatory Benchmark. |
| [2] | Return since 12/17/15. |
| [3] | Return since 2/22/21. |
| [4] | Return since 12/31/15. |
| [5] | Return since 2/28/21. |