German-based Sartorius, the medical technology company, is a leading provider of single-use technologies, which provide substantial cost savings over traditional stainless steel equipment and reduce the risk of cross-contamination, used in the production of biologic drugs.
Mr Eiswert doesn't currently own any Brazilian or Russian companies. Valuations for many companies in Brazil are still reasonable but he thinks the near-term risk/reward is unappealing given the political and economic uncertainties in the country.
The fund is built on the belief that global investing is about opportunity and choice.
As with all T Rowe Price funds, the role of the analyst in finding the right candidates for further scrutiny underlines the process.
The manager uses their best ideas to build the portfolio, integrating macroeconomic and local market factors with stock selection decisions.
He wants to buy good companies where the businesses are getting better over time, and where he and the team have specific insights that will lead to improving economic returns in the future.
So, while the economic recovery in Russia has benefited from rising oil prices and consumer confidence has been improving, Mr Eiswert and his team just have not found any stock-specific ideas in Russia that meet their investment framework to the degree that warrants replacing other, higher conviction ideas in the portfolio.
Darius McDermott is managing director at FundCalibre