Have you been searching for a Non US - Equity fund? You might want to begin with T. Rowe Price Emerging Markets Stock (PRMSX Quick QuotePRMSX - Free Report) . PRMSX holds a Zacks Mutual Fund Rank of 3 (Hold), which is based on nine forecasting factors like size, cost, and past performance.

Objective

We classify PRMSX in the Non US - Equity category, which is an area rife with potential choices. Investing in companies outside the United States is how Non US - Equity funds set themselves apart, since global funds tend to keep a good portion of their portfolio stateside. Many of these funds like to allocate across emerging and developed markets, and will often focus on all cap levels.

History of Fund/Manager

T. Rowe Price is based in Baltimore, MD, and is the manager of PRMSX. The T. Rowe Price Emerging Markets Stock made its debut in March of 1995 and PRMSX has managed to accumulate roughly $3.27 billion in assets, as of the most recently available information. The fund's current manager, Gonzalo Pangaro, has been in charge of the fund since September of 2008.

Performance

Of course, investors look for strong performance in funds. PRMSX has a 5-year annualized total return of 17.26% and it sits in the top third among its category peers. Investors who prefer analyzing shorter time frames should look at its 3-year annualized total return of 7.48%, which places it in the middle third during this time-frame.

When looking at a fund's performance, it is also important to note the standard deviation of the returns. The lower the standard deviation, the less volatility the fund experiences. PRMSX's standard deviation over the past three years is 19.63% compared to the category average of 17.61%. Over the past 5 years, the standard deviation of the fund is 17.73% compared to the category average of 15.14%. This makes the fund more volatile than its peers over the past half-decade.

Risk Factors

With a 5-year beta of 0.86, the fund is likely to be less volatile than the market average. Because alpha represents a portfolio's performance on a risk-adjusted basis relative to a benchmark, which is the S&P 500 in this case, one should pay attention to this metric as well. PRMSX's 5-year performance has produced a positive alpha of 3.09, which means managers in this portfolio are skilled in picking securities that generate better-than-benchmark returns.

Expenses

As competition heats up in the mutual fund market, costs become increasingly important. Compared to its otherwise identical counterpart, a low-cost product will be an outperformer, all other things being equal. Thus, taking a closer look at cost-related metrics is vital for investors. In terms of fees, PRMSX is a no load fund. It has an expense ratio of 1.21% compared to the category average of 1.19%. Looking at the fund from a cost perspective, PRMSX is actually more expensive than its peers.

Investors should also note that the minimum initial investment for the product is $2,500 and that each subsequent investment needs to be at $100.

Bottom Line

Overall, T. Rowe Price Emerging Markets Stock ( PRMSX ) has a neutral Zacks Mutual Fund rank, and in conjunction with its comparatively strong performance, average downside risk, and higher fees, T. Rowe Price Emerging Markets Stock ( PRMSX ) looks like a somewhat average choice for investors right now.

For additional information on this product, or to compare it to other mutual funds in the Non US - Equity, make sure to go to www.zacks.com/funds/mutual-funds for additional information. Zacks provides a full suite of tools to help you analyze your portfolio - both funds and stocks - in the most efficient way possible.