Fund Description

The fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities, counting certain derivatives toward this policy as applicable. It primarily invests in a mix of other T. Rowe Price equity funds (underlying funds) that focus on various areas of the stock markets outside the U.S. It diversifies across developed and emerging market equity funds and, at times, a money market fund, and may invest directly in individual securities on a limited basis. The mix spans growth and value styles and large-, mid-, and small-cap stocks. The adviser decides how much of the fund's assets to allocate based on the outlook for, and relative valuations of, the underlying funds and the markets and asset classes in which they invest, and periodically reviews the mix and the percentages allocated, considering factors such as inflation and the economy, corporate earnings, certain industries, and currency valuations. The fund may sell underlying holdings to realize gains, limit losses, or redeploy assets.