The fund trades under the name Global Industrials Fund, and will normally invest at least 80% of net assets in securities issued by companies in the industrial sector. At least 40% of fund assets will be placed in companies outside the U.S. across a minimum of five different countries.

Fund managers also plan to invest in companies at any level of market capitalization, depending on where opportunities exist.

Peter Bates takes on leadership of the fund. He has served as an equity research analyst for T. Rowe Price since joining the firm in 2004, covering environmental services, industrial manufacturing, capital goods and large industrial conglomerates.

Industrial industries in which the fund will invest include the following:

• aerospace and defense
• building products and equipment
• automobiles
• machinery
• construction and engineering
• electrical components and equipment
• industrial technology
• transportation
• manufacturing and industrial conglomerates

Stock selection in the fund uses T. Rowe Price’s global research platform and is based on fundamental analysis that assesses industry trends and companies’ long-term prospects. The net expense ratio is estimated at 1.05%.

Minimum initial investment in the Global Industrials Fund is $2,500 or $1,000 for retirement plans. Minimum uniform gifts or uniform transfers to minors’ accounts are also set at $1,000.

The fund is less diversified than a non-focused fund, and its substantial reward potential is coupled with significant risk. In addition, any foreign holdings could be affected by declining local currencies or adverse political or economic events.

A prospectus for the fund is available here, or by calling 1-800-541-8803.