T. Rowe Price New Asia Fund I Class PNSIX

The strategy is undergoing a leadership transition. Long-tenured portfolio manager Anh Lu will retire on June 30, 2026. She will be succeeded by an in-house investor, Jai Kapadia, who will join as comanager on April 1, 2026, before assuming sole portfolio manager responsibility in July. Kapadia lacks experience running a diversified Asian equity strategy, and our confidence in his ability to steer the strategy effectively in a highly competitive category is limited. Ongoing team instability and a weakened investment bench further add to our concerns. The strategy earns a Below Average People rating and an Average Process rating.