Past performance is not a reliable indicator of future performance.
Strategy
Euro Corporate Bond
The Euro Corporate Bond Composite seeks current income and capital appreciation primarily through investment in corporate fixed income securities denominated in Euros. The strategy may invest in preferred stock and other transferable debt securities including those issued by the governments of countries participating in the Euro.
3YR Return Annualised (Net)
(View Total Returns)
Tracking Error
(5 Years)
2.36%
0.92%
Data as of 30-Sep-2020
Data as of 30-Sep-2020
1YR Return (Net)
(View Total Returns)
Information Ratio
(5 Years)
0.69%
0.88
Data as of 30-Sep-2020
Data as of 30-Sep-2020
Inception Date 31-Jul-2001
Performance figures calculated in EUR
Other Literature
Valuations and performance are computed in USD and converted to EUR. When converting U.S. Dollar composite returns, benchmarks, dispersion and asset data, the same exchange rate source is used consistently. Total returns in non-U.S. Dollar currencies are calculated by adjusting U.S. Dollar performance by the percent change in the U.S. Dollar/foreign currency exchange rate (as determined by an independent third party) for the time periods selected. Net of fees performance is calculated using the currency-converted gross performance and then deducting the highest applicable EUR fee without the benefit of breakpoints.
- This product's strategy also available as
- a SICAV
Strategy
Investment Approach
- Focus primarily on corporate bonds denominated in euros.
- Integrate proprietary credit and capital markets research to identify market inefficiencies.
- Add value primarily through individual security selection, sector rotation and term-structure positioning.
- Credit research is the most important element of our corporate bond process and includes credit analysis and relative value assessment.
- Risk management is central to our process with diversification by issuer and industry the most important elements in our approach to risk management.
Portfolio Construction
- Fully hedged back to euro
- Duration is maintained within a range of +/- 0.25 of a year from the benchmark
- Diversified sector exposure
- Maximum 3% overweight per issuer
- Maximum of 20% of the portfolio can be invested in non-investment grade issues
- Average tracking error expected to range between 100 and 150 bps per annum
Performance
Euro Corporate Bond Composite
Annualised Performance
Quarterly| 1 YR | 3 YR Annualised |
5 YR Annualised |
10 YR Annualised |
|
|---|---|---|---|---|
| Composite Gross % | 1.00% | 2.67% | 3.62% | 4.43% |
| Composite Net % | 0.69% | 2.36% | 3.31% | 4.12% |
| Benchmark % | 0.26% | 2.09% | 2.81% | 3.56% |
| Excess Return (Gross) % | 0.74% | 0.58% | 0.81% | 0.87% |
Recent Performance
| 3 MonthsData as of 30-Sep-2020 | Year to DateData as of 30-Sep-2020 | |
|---|---|---|
| Composite Gross % | 2.49% | 1.15% |
| Composite Net % | 2.41% | 0.92% |
| Benchmark % | 1.99% | 0.78% |
| Excess Return (Gross) % | 0.50% | 0.37% |
Past performance is not a reliable indicator of future performance.
Returns for time periods greater than one year are annualised.
Gross performance returns are presented before management and all other fees, where applicable, but after trading expenses. Net of fees performance reflects the deduction of the highest applicable management fee that would be charged based on the fee schedule contained within this material, without the benefit of breakpoints. Gross and net performance returns reflect the reinvestment of dividends and are net of all non-reclaimable withholding taxes on dividends, interest income, and capital gains.
Holdings
Holdings
Total
Holdings
244
Largest Holding
Bunge Finance Europe BV
1.16%
Was
(30-Jun-2020) 1.21%
Top 10 Holdings 10.30%
Quality Rating View quality analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Quality Rating | BBB | A |
| By % | 12.75% | -21.99% |
| Portfolio | 64.36% | 15.17% |
| Benchmark | 51.60% | 37.17% |
Average Credit Quality
BBBMaturity View maturity analysis
| Largest Overweight | |
|---|---|
| Maturity | 3-5 Years |
| By % | 22.76% |
| Portfolio | 22.76% |
| Benchmark | 0.00% |
Weighted Average Maturity
5.39 YearsDuration View duration analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Duration | Under 1 Year | 1-3 Years |
| By % | 9.10% | -10.10% |
| Portfolio | 9.62% | 16.07% |
| Benchmark | 0.52% | 26.17% |
Weighted Average Duration
N/ASectors
Total
Sectors
5
Largest Sector Corporate 92.59%
Was (30-Jun-2020)
91.46%
Other
View complete Sector Diversification
Largest Overweight
Cash Equivalents
By3.62%
Portfolio
3.62%
Benchmark
0.00%
Largest Underweight
Corporate
By-7.41%
Portfolio
92.59%
Benchmark
100.00%
Team (As of 15-Jan-2021)
David Stanley is a portfolio manager in the Fixed Income Division at T. Rowe Price, responsible for European corporate bond selection. Mr. Stanley is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.
Mr. Stanley has 32 years of investment experience, 16 of which have been at T. Rowe Price. Prior to joining the London team in 2003, he was employed by Bank of America Capital Management, where he was a director and portfolio manager responsible for the analysis of international corporate bonds and cash investments. Prior to working for Bank of America, Mr. Stanley was employed for eight years in Morgan Stanley Asset Management's London office, where he served as a fixed income fund manager responsible for international corporate bonds.
Mr. Stanley earned a B.A. in economics and social studies from the University of Manchester.
- Portfolio manager2002
since - Years at17
T. Rowe Price - Years investment33
experience
Portfolio Characteristics
Representative Portfolio vs Benchmarkas of 30-Sep-2020
| Characteristic | Portfolio | Benchmark |
|---|---|---|
| Weighted Average Coupon | 1.87% | 1.66% |
| Weighted Average Maturity | 5.39 Years | 5.59 Years |
| Weighted Average Duration | N/A | 5.21 Years |
| Number of Holdings | 238 | 3,076 |
Risks
- Country risk (Russia and Ukraine)
- Credit risk
- Default risk
- Derivatives risk
- Emerging markets risk
- Interest rate risk
- Liquidity risk
- Sector concentration risk
- Capital risk
- Counterparty risk
- Geographic concentration risk
- Hedging risk
- Investment portfolio risk
- Management risk
- Operational risk
Risk/Return Characteristics
as of 30-Sep-2020Euro Corporate Bond Composite
| Risk/Return (5 Years) | Composite | Benchmark |
|---|---|---|
| Alpha | 0.71% | 0.00% |
| Beta | 1.04 | 1.00 |
| R-Squared | 0.99 | 1.00 |
| Annualized Std. Deviation | 4.71% | 4.25% |
| Information Ratio | 0.88 | 0.00 |
| Sharpe Ratio | 0.73 | 0.62 |
| Tracking Error | 0.92% | 0.00% |
Past performance is not a reliable indicator of future performance.
Figures are calculated using monthly data and are gross of fees. Returns would have been lower as a result of the deduction of applicable fees.
Calendar Year Performance
| 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 6.28% | 0.86% | 17.19% | 3.26% | 8.55% | 0.75% | 5.37% | 3.63% | -1.11% | 7.27% | Composite Gross | |
| 5.96% | 0.56% | 16.85% | 2.95% | 8.23% | 0.45% | 5.06% | 3.32% | -1.41% | 6.95% | Composite Net | |
| 4.75% | 1.49% | 13.59% | 2.37% | 8.39% | -0.56% | 4.73% | 2.41% | -1.25% | 6.24% | Benchmark | |
| 1.21% | -0.93% | 3.26% | 0.58% | -0.16% | 1.01% | 0.33% | 0.91% | -0.16% | 0.71% | Value added (Gross) |
- Composite Gross
- Composite Net
- Benchmark
Top 10 Issuers (30-Sep-2020)
| Issuer Name | % of Portfolio | Sector | Industry |
|---|---|---|---|
| UniCredit | 2.75% | N/A | N/A |
| Volkswagen | 2.05% | N/A | N/A |
| Renault | 1.91% | N/A | N/A |
| Atlantia | 1.77% | N/A | N/A |
| Standard Chartered | 1.74% | N/A | N/A |
| Banco de Sabadell | 1.66% | N/A | N/A |
| FCA Bank | 1.52% | N/A | N/A |
| Banco Bilbao Vizcaya Argentaria | 1.50% | N/A | N/A |
| Blackstone | 1.47% | N/A | N/A |
| Erste Group Bank | 1.46% | N/A | N/A |
Represents 17.82% of Total Net Assets of the representative portfolio
Issuers are as of the date indicated and are subject to change.
The total of the values in the second column in the table may not add up to the Top 10% of Total Net Assets quoted directly below the table due to rounding.
N/A indicates Not Available.
Quality (30-Sep-2020)
Representative Portfolio vs Benchmark
| Quality Rating | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| AAA | 0.00% | 0.42% | |
| AA | 2.92% | 10.22% | |
| A | 15.17% | 37.17% | |
| BBB | 64.36% | 51.60% | |
| BB | 9.79% | 0.57% | |
| Not Rated | 4.14% | 0.02% | |
| Reserves | 3.62% | 0.00% |
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Sources for Credit Quality: Moody’s Investors Service; if Moody’s does not rate a security, then Standard & Poor’s (S&P) is used as a secondary source. When available, T. Rowe Price will use Fitch for securities that are not rated by Moody’s or S&P. T. Rowe Price does not evaluate these ratings but simply assigns them to the appropriate credit quality category as determined by the rating agency. T. Rowe Price uses the rating of the underlying investment vehicle for credit default swaps.
Maturity (30-Sep-2020)
Representative Portfolio vs Benchmark
| Bond Maturity | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| 0-1 Years | 10.04% | 0.00% | |
| 1-3 Years | 15.81% | 0.00% | |
| 3-5 Years | 22.76% | 0.00% | |
| 5-7 Years | 19.86% | 0.00% | |
| 7-10 Years | 17.28% | 0.00% | |
| 10+ Years | 10.58% | 0.00% | |
| Cash Equivalents | 3.66% | 0.00% |
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
(30-Sep-2020)
Representative Portfolio vs Benchmark
| Duration | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Under 1 Year | 9.62% | 0.52% | |
| 1-3 Years | 16.07% | 26.17% | |
| 3-5 Years | 25.65% | 27.25% | |
| 5-7 Years | 19.92% | 22.64% | |
| 7-10 Years | 17.20% | 15.87% | |
| Over 10 Years | 7.92% | 7.56% | |
| Cash Equivalents | 3.62% | 0.00% |
Duration is a measure of a bond portfolio's sensitivity to interest rate changes.
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Holdings (30-Sep-2020)
| Company | % of Portfolio | Previous Qtr Change | Value (EUR) | Shares/Par | Sector | Industry | Country | Coupon Rate (%) | Quality | Maturity Date | Duration (Yrs) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Bunge Finance Europe BV | 1.16% | -0.04 | €3,075,603.16 | 3,000,000 | Corporate Securities | Food Processing | United States | 1.85% | Baa3 | 16-Jun-2023 | 2.46 |
| Ferrari | 1.15% | 0.76 | €3,057,484.55 | 2,990,000 | Corporate Securities | Automotive | Italy | 1.50% | NR | 27-May-2025 | 4.48 |
| Rci Banque | 1.12% | -0.04 | €2,974,066.02 | 3,000,000 | Corporate Securities | Automotive | France | 0.75% | Baa2 | 10-Apr-2023 | 2.41 |
| Blackstone Property Partners Europe Holdings Sarl | 1.03% | -0.04 | €2,725,730.82 | 2,700,000 | Corporate Securities | Real Estate Investment Trust Securities | Luxembourg | 1.75% | NR | 12-Mar-2029 | 7.72 |
| Shell International Finance BV | 1.01% | -0.03 | €2,668,298.45 | 2,500,000 | Corporate Securities | Petroleum | Netherlands | 1.25% | Aa2 | 11-Nov-2032 | 11.35 |
| Chorus | 0.98% | N/A | €2,591,940.33 | 2,500,000 | Corporate Securities | Wireline Communications | New Zealand | 0.88% | Baa2 | 05-Dec-2026 | 5.99 |
| Tele2 | 0.97% | -0.03 | €2,558,022.28 | 2,300,000 | Corporate Securities | Telephones | Sweden | 2.13% | NR | 15-May-2028 | 6.93 |
| Deutsche Bahn Finance GMBH | 0.96% | -0.01 | €2,547,358.22 | 2,500,000 | Corporate Securities | Banking | Germany | 0.88% | Aa1 | 23-Jun-2039 | 17.53 |
| G4S International Finance | 0.96% | N/A | €2,531,992.53 | 2,500,000 | Corporate Securities | Industrial - Other | United Kingdom | 1.88% | NR | 24-May-2025 | 4.31 |
| Total Capital International | 0.95% | -0.01 | €2,524,644.18 | 2,300,000 | Corporate Securities | Petroleum | France | 1.62% | Aa3 | 18-May-2040 | 17.07 |
| Erste Group Bank | 0.94% | -0.03 | €2,482,412.19 | 2,400,000 | Corporate Securities | Banking | Austria | 0.88% | Baa1 | 22-May-2026 | 5.51 |
| Westlake Chemical | 0.92% | -0.27 | €2,432,597.82 | 2,459,000 | Corporate Securities | Chemicals | United States | 1.63% | Baa2 | 17-Jul-2029 | 8.10 |
| Swiss Re Finance UK | 0.85% | 0.80 | €2,238,119.75 | 2,100,000 | Corporate Securities | Financial | Switzerland | 2.71% | A3 | 04-Jun-2052 | 10.10 |
| Schlumberger Finance BV | 0.83% | -0.02 | €2,205,980.53 | 2,000,000 | Corporate Securities | Oil Field Serv | United States | 2.00% | A2 | 06-May-2032 | 10.36 |
| Informa | 0.83% | -0.04 | €2,204,322.55 | 2,200,000 | Corporate Securities | Media & Communications | United Kingdom | 1.50% | Baa3 | 05-Jul-2023 | 2.65 |
| Wells Fargo | 0.80% | N/A | €2,130,180.85 | 2,000,000 | Corporate Securities | Banking | United States | 1.74% | A2 | 04-May-2030 | 8.00 |
| Eni | 0.80% | -0.03 | €2,121,791.08 | 2,000,000 | Corporate Securities | Exploration & Production | Italy | 1.25% | Baa1 | 18-May-2026 | 5.45 |
| Intesa Sanpaolo | 0.80% | -0.02 | €2,116,594.36 | 2,000,000 | Corporate Securities | Banking | Italy | 1.75% | Baa1 | 04-Jul-2029 | 8.16 |
| UniCredit | 0.80% | -0.04 | €2,114,537.12 | 2,000,000 | Corporate Securities | Banking | Italy | 5.75% | Baa3 | 28-Oct-2025 | 0.07 |
| Citigroup | 0.79% | -0.03 | €2,088,643.48 | 2,000,000 | Corporate Securities | Banking | United States | 1.25% | A3 | 06-Jul-2026 | 4.62 |
| General Motors Financial | 0.79% | -0.00 | €2,081,203.73 | 2,000,000 | Corporate Securities | Financial | United States | 2.20% | Baa3 | 01-Apr-2024 | 3.29 |
| Standard Chartered | 0.79% | -0.04 | €2,079,482.41 | 2,000,000 | Corporate Securities | Banking | United Kingdom | 4.00% | Baa2 | 21-Oct-2025 | 0.10 |
| Airbus | 0.78% | -0.03 | €2,065,539.64 | 2,000,000 | Corporate Securities | Aerospace & Defense | France | 1.63% | A2 | 09-Jun-2030 | 8.90 |
| Aroundtown | 0.77% | -0.04 | €2,040,341.52 | 2,000,000 | Corporate Securities | Real Estate Investment Trust Securities | Germany | 1.45% | NR | 09-Jul-2028 | 7.25 |
| Societe Generale | 0.77% | -0.05 | €2,034,318.47 | 2,000,000 | Corporate Securities | Banking | France | 2.50% | Baa3 | 16-Sep-2026 | 0.95 |
| Islandsbanki HF | 0.77% | -0.03 | €2,034,253.10 | 2,000,000 | Corporate Securities | Banking | Iceland | 1.13% | NR | 12-Apr-2022 | 1.51 |
| Landesbank Baden-Wuerttemberg | 0.76% | -0.00 | €2,004,041.10 | 2,000,000 | Corporate Securities | Banking | Germany | 2.20% | Baa2 | 09-May-2029 | 7.79 |
| Davide Campari-Milano | 0.76% | N/A | €2,001,300.00 | 2,000,000 | Corporate Securities | Beverages | Italy | 1.25% | NR | 06-Oct-2027 | 6.60 |
| Enel Finance International | 0.76% | -0.03 | €1,998,838.00 | 2,000,000 | Corporate Securities | Utilities | Italy | 0.00% | Baa2 | 17-Jun-2024 | 3.67 |
| American Tower | 0.75% | N/A | €1,997,568.90 | 2,000,000 | Corporate Securities | Wireless Communications | United States | 1.00% | Baa3 | 15-Jan-2032 | 10.67 |
| Euronet Worldwide | 0.74% | N/A | €1,968,049.86 | 2,000,000 | Corporate Securities | Information Technology | United States | 1.38% | Ba1 | 22-May-2026 | 5.30 |
| APT Pipelines | 0.71% | -0.02 | €1,884,809.36 | 1,730,000 | Corporate Securities | Energy | Australia | 2.00% | Baa2 | 15-Jul-2030 | 8.87 |
| Arion Banki HF | 0.69% | -0.02 | €1,825,925.52 | 1,800,000 | Corporate Securities | Banking | Iceland | 1.00% | NR | 20-Mar-2023 | 2.43 |
| Anheuser-Busch InBev SA/NV | 0.69% | 0.00 | €1,821,182.40 | 1,500,000 | Corporate Securities | Beverages | Belgium | 2.88% | Baa1 | 02-Apr-2032 | 9.88 |
| Allied Irish Banks | 0.69% | -0.03 | €1,819,877.91 | 1,750,000 | Corporate Securities | Banking | Ireland | 4.13% | Baa3 | 26-Nov-2025 | 0.15 |
| Rci Banque | 0.68% | N/A | €1,793,896.10 | 1,800,000 | Corporate Securities | Automotive | France | 0.25% | Baa2 | 12-Jul-2021 | 0.77 |
| Banco De Sabadell | 0.67% | 0.33 | €1,772,717.43 | 2,000,000 | Corporate Securities | Banking | Spain | 2.00% | NR | 17-Jan-2030 | 3.86 |
| Bankia | 0.65% | 0.01 | €1,731,913.04 | 1,600,000 | Corporate Securities | Banking | Spain | 3.75% | NR | 15-Feb-2029 | 3.14 |
| Banco Bilbao Vizcaya Argentaria | 0.63% | -0.03 | €1,666,103.20 | 1,600,000 | Corporate Securities | Banking | Spain | 2.58% | Baa3 | 22-Feb-2029 | 3.22 |
| Bharti Airtel International Netherlands BV | 0.62% | -0.02 | €1,641,527.91 | 1,600,000 | Corporate Securities | Wireline Communications | India | 3.38% | Ba1 | 20-May-2021 | 0.63 |
| Ubisoft Entertainment | 0.62% | -0.03 | €1,640,277.33 | 1,600,000 | Corporate Securities | Computer Service & Software | France | 1.29% | NR | 30-Jan-2023 | 2.09 |
| UniCredit | 0.62% | -0.01 | €1,639,649.80 | 1,500,000 | Corporate Securities | Banking | Italy | 4.88% | Baa3 | 20-Feb-2029 | 3.08 |
| Toyota Finance Australia | 0.62% | -0.02 | €1,631,752.75 | 1,500,000 | Corporate Securities | Automotive | Australia | 2.00% | A1 | 21-Oct-2024 | 3.90 |
| Allianz | 0.61% | -0.04 | €1,626,138.09 | 1,500,000 | Corporate Securities | Insurance | Germany | 3.38% | A2 | 18-Sep-2169 | 3.76 |
| Takeda Pharmaceutical | 0.61% | -0.02 | €1,618,224.12 | 1,578,000 | Corporate Securities | Drugs | Japan | 1.00% | Baa2 | 09-Jul-2029 | 8.32 |
| FCE Bank | 0.59% | -0.03 | €1,571,916.38 | 1,600,000 | Corporate Securities | Automotive | United Kingdom | 0.87% | Ba2 | 13-Sep-2021 | 0.94 |
| Capital One Financial | 0.59% | -0.02 | €1,549,365.15 | 1,500,000 | Corporate Securities | Banking | United States | 1.65% | Baa1 | 12-Jun-2029 | 8.12 |
| In Li | 0.58% | -0.03 | €1,525,282.81 | 1,500,000 | Corporate Securities | Real Estate Investment Trust Securities | France | 1.13% | NR | 02-Jul-2029 | 8.26 |
| Zurich Finance Ireland Designated Activity | 0.58% | -0.02 | €1,524,218.98 | 1,500,000 | Corporate Securities | Insurance | Switzerland | 1.88% | A2 | 17-Sep-2050 | 9.06 |
| Holding d Infrastructures de Transport SASU | 0.57% | N/A | €1,506,172.87 | 1,500,000 | Corporate Securities | Transportation Services | France | 1.63% | NR | 18-Sep-2029 | 8.29 |
| FCA Bank SpA/Ireland | 0.57% | N/A | €1,498,929.58 | 1,500,000 | Corporate Securities | Automotive | Italy | 0.50% | Baa1 | 18-Sep-2023 | 2.81 |
| Standard Chartered | 0.56% | -0.03 | €1,495,331.19 | 1,500,000 | Corporate Securities | Banking | United Kingdom | 0.85% | A2 | 27-Jan-2028 | 6.12 |
| UniCredit | 0.56% | -0.02 | €1,488,060.86 | 1,500,000 | Corporate Securities | Banking | Italy | 1.20% | Baa2 | 20-Jan-2026 | 4.14 |
| Wintershall dea Finance BV | 0.55% | -0.02 | €1,462,355.34 | 1,500,000 | Corporate Securities | Energy | Germany | 0.84% | Baa2 | 25-Sep-2025 | 4.79 |
| Holcim Finance Luxembourg | 0.55% | -0.02 | €1,446,385.22 | 1,316,000 | Corporate Securities | Building Products | Switzerland | 2.38% | Baa2 | 09-Apr-2025 | 4.10 |
| Caixabank | 0.54% | -0.01 | €1,430,818.22 | 1,400,000 | Corporate Securities | Banking | Spain | 2.25% | Ba1 | 17-Apr-2030 | 4.29 |
| Danske Bank | 0.53% | -0.01 | €1,401,107.82 | 1,400,000 | Corporate Securities | Banking | Denmark | 1.38% | NR | 12-Feb-2030 | 4.22 |
| Leg Immobilien | 0.53% | -0.00 | €1,396,406.00 | 1,300,000 | Corporate Securities | Real Estate Investment Trust Securities | Germany | 1.63% | Baa1 | 28-Nov-2034 | 12.61 |
| Symrise | 0.52% | -0.01 | €1,364,834.67 | 1,300,000 | Corporate Securities | Chemicals | Germany | 1.25% | NR | 29-Nov-2025 | 4.81 |
| Leonardo | 0.51% | -0.03 | €1,356,598.70 | 1,300,000 | Corporate Securities | Aerospace & Defense | Italy | 4.50% | Ba1 | 19-Jan-2021 | 0.30 |
| Merlin Properties Socimi | 0.50% | N/A | €1,332,030.13 | 1,300,000 | Corporate Securities | Real Estate Investment Trust Securities | Spain | 2.38% | NR | 13-Jul-2027 | 6.14 |
| Aviva | 0.50% | -0.02 | €1,326,445.51 | 1,200,000 | Corporate Securities | Insurance | United Kingdom | 3.38% | A3 | 04-Dec-2045 | 4.69 |
| Toyota Finance Australia | 0.50% | -0.02 | €1,321,968.19 | 1,300,000 | Corporate Securities | Automotive | Australia | 0.50% | A1 | 06-Apr-2023 | 2.50 |
| Nn | 0.50% | -0.02 | €1,318,278.44 | 1,200,000 | Corporate Securities | Insurance | Netherlands | 4.38% | NR | 13-Jun-2169 | 3.43 |
| Societe Generale | 0.49% | N/A | €1,303,457.20 | 1,300,000 | Corporate Securities | Banking | France | 0.75% | Baa2 | 25-Jan-2027 | 6.14 |
| General Electric | 0.49% | -0.01 | €1,299,498.23 | 1,300,000 | Corporate Securities | Conglomerates | United States | 0.88% | Baa1 | 17-May-2025 | 4.41 |
| Caixabank | 0.49% | -0.02 | €1,286,074.26 | 1,200,000 | Corporate Securities | Banking | Spain | 2.38% | Baa3 | 01-Feb-2024 | 3.19 |
| Intesa Sanpaolo | 0.48% | -0.01 | €1,283,272.60 | 1,200,000 | Corporate Securities | Banking | Italy | 2.13% | Baa1 | 26-May-2025 | 4.44 |
| Mediobanca Banca di Credito Finanziario | 0.48% | -0.03 | €1,275,782.02 | 1,216,000 | Corporate Securities | Banking | Italy | 5.00% | NR | 15-Nov-2020 | 0.12 |
| Rolls-Royce | 0.47% | -0.02 | €1,245,858.49 | 1,250,000 | Corporate Securities | Aerospace & Defense | United Kingdom | 2.13% | Ba3 | 18-Jun-2021 | 0.70 |
| Petroleos Mexicanos | 0.46% | 0.14 | €1,220,250.72 | 1,500,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 2.75% | Ba2 | 21-Apr-2027 | 5.75 |
| Banco De Sabadell | 0.46% | -0.01 | €1,217,436.09 | 1,200,000 | Corporate Securities | Banking | Spain | 0.88% | Baa3 | 05-Mar-2023 | 2.39 |
| Bank Of Ireland | 0.45% | -0.02 | €1,201,044.77 | 1,199,000 | Corporate Securities | Banking | Ireland | 0.75% | Baa2 | 08-Jul-2024 | 2.73 |
| Banco Santander | 0.45% | -0.01 | €1,191,631.23 | 1,200,000 | Corporate Securities | Banking | Spain | 0.50% | Baa1 | 04-Feb-2027 | 6.22 |
| Assicurazioni Generali | 0.45% | -0.06 | €1,187,205.42 | 1,000,000 | Corporate Securities | Insurance | Italy | 10.13% | Baa3 | 10-Jul-2042 | 1.68 |
| Danske Bank | 0.44% | -0.01 | €1,175,429.42 | 1,120,000 | Corporate Securities | Banking | Denmark | 2.50% | NR | 21-Jun-2029 | 3.56 |
| Raiffeisen Bank International | 0.44% | -0.02 | €1,170,740.37 | 1,100,000 | Corporate Securities | Banking | Austria | 6.63% | Baa3 | 18-May-2021 | 0.63 |
| Transurban Finance Co Pty | 0.44% | -0.00 | €1,157,876.06 | 1,000,000 | Corporate Securities | Transportation | Australia | 3.00% | Baa1 | 08-Apr-2030 | 8.25 |
| Eni | 0.43% | -0.01 | €1,143,688.59 | 1,000,000 | Corporate Securities | Exploration & Production | Italy | 2.00% | Baa1 | 18-May-2031 | 9.72 |
| Mondi Finance Europe GmbH | 0.43% | -0.00 | €1,134,072.47 | 1,000,000 | Corporate Securities | Forest Products | Austria | 2.38% | Baa1 | 01-Apr-2028 | 6.75 |
| Liberty Mutual | 0.43% | -0.01 | €1,129,285.18 | 1,000,000 | Corporate Securities | Insurance | United States | 2.75% | Baa2 | 04-May-2026 | 5.21 |
| Capgemini | 0.42% | -0.01 | €1,122,854.63 | 1,000,000 | Corporate Securities | Computer Service & Software | France | 2.00% | NR | 15-Apr-2029 | 7.76 |
| Assicurazioni Generali | 0.42% | N/A | €1,119,558.87 | 1,100,000 | Corporate Securities | Insurance | Italy | 2.43% | Baa3 | 14-Jul-2031 | 9.36 |
| Volkswagen Financial Services | 0.42% | -0.01 | €1,112,573.95 | 1,000,000 | Corporate Securities | Automotive | Germany | 3.00% | A3 | 06-Apr-2025 | 4.23 |
| JAB Holdings BV | 0.42% | -0.01 | €1,105,824.46 | 1,000,000 | Corporate Securities | Financial | Luxembourg | 2.50% | Baa2 | 17-Apr-2027 | 6.05 |
| Abertis Infraestructuras | 0.41% | -0.21 | €1,095,949.36 | 1,000,000 | Corporate Securities | Transportation Services | Spain | 3.00% | NR | 27-Mar-2031 | 8.94 |
| Richemont International Holding | 0.41% | -0.01 | €1,088,130.04 | 1,000,000 | Corporate Securities | Financial | Switzerland | 1.13% | NR | 26-May-2032 | 10.93 |
| Firmenich Productions Participations SAS | 0.41% | -0.01 | €1,085,952.62 | 1,000,000 | Corporate Securities | Chemicals | Switzerland | 1.75% | NR | 30-Apr-2030 | 8.75 |
| Landsbankinn HF | 0.41% | -0.01 | €1,085,095.41 | 1,070,000 | Corporate Securities | Banking | Iceland | 1.00% | NR | 30-May-2023 | 2.62 |
| Morgan Stanley | 0.41% | -0.02 | €1,084,784.61 | 1,070,000 | Corporate Securities | Banking | United States | 0.64% | A3 | 26-Jul-2024 | 2.79 |
| Inmobiliaria Colonial Socimi | 0.41% | -0.00 | €1,083,315.95 | 1,000,000 | Corporate Securities | Real Estate Investment Trust Securities | Spain | 2.50% | NR | 28-Nov-2029 | 8.02 |
| American International | 0.41% | -0.01 | €1,080,738.56 | 1,000,000 | Corporate Securities | Financial | United States | 1.88% | Baa1 | 21-Jun-2027 | 6.18 |
| Banco Bilbao Vizcaya Argentaria | 0.41% | -0.01 | €1,076,716.20 | 1,100,000 | Corporate Securities | Banking | Spain | 0.50% | Baa2 | 14-Jan-2027 | 6.16 |
| Volkswagen International Finance | 0.41% | -0.01 | €1,073,858.45 | 1,000,000 | Corporate Securities | Automotive | Germany | 1.88% | A3 | 30-Mar-2027 | 6.11 |
| Aib | 0.41% | N/A | €1,072,140.53 | 1,073,000 | Corporate Securities | Banking | Ireland | 2.88% | Baa3 | 30-May-2031 | 5.28 |
| Infineon Technologies | 0.40% | 0.01 | €1,067,079.81 | 1,000,000 | Corporate Securities | Information Technology | Germany | 2.00% | NR | 24-Jun-2032 | 10.47 |
| Akelius Residential Property | 0.40% | -0.01 | €1,055,729.85 | 1,000,000 | Corporate Securities | Real Estate Investment Trust Securities | Sweden | 1.75% | NR | 07-Feb-2025 | 4.00 |
| Abertis Infraestructuras | 0.40% | -0.18 | €1,053,400.21 | 1,000,000 | Corporate Securities | Transportation Services | Spain | 2.38% | NR | 27-Sep-2027 | 6.36 |
| Takeda Pharmaceutical | 0.40% | -0.00 | €1,049,648.68 | 1,007,000 | Corporate Securities | Drugs | Japan | 1.38% | Baa2 | 09-Jul-2032 | 10.87 |
| Inmobiliaria Colonial Socimi | 0.40% | -0.01 | €1,049,330.41 | 1,000,000 | Corporate Securities | Real Estate Investment Trust Securities | Spain | 1.63% | NR | 28-Nov-2025 | 4.76 |
| Ing Groep | 0.40% | -0.01 | €1,047,353.09 | 1,000,000 | Corporate Securities | Banking | Netherlands | 2.13% | Baa2 | 26-May-2031 | 5.17 |
| Infineon Technologies | 0.40% | -0.00 | €1,045,645.96 | 1,000,000 | Corporate Securities | Information Technology | Germany | 1.63% | NR | 24-Jun-2029 | 8.06 |
| Raiffeisen Bank International | 0.39% | -0.01 | €1,034,734.40 | 1,000,000 | Corporate Securities | Banking | Austria | 2.88% | Baa3 | 18-Jun-2032 | 6.09 |
| Becton Dickinson Euro Finance Sarl | 0.39% | -0.01 | €1,032,098.00 | 1,000,000 | Corporate Securities | Healthcare | United States | 1.21% | Ba1 | 04-Jun-2026 | 5.34 |
| BP Capital Markets | 0.39% | -0.41 | €1,031,573.41 | 1,000,000 | Corporate Securities | Petroleum | United Kingdom | 0.83% | A1 | 08-Nov-2027 | 6.87 |
| JPMorgan Chase | 0.39% | -0.01 | €1,031,083.08 | 1,000,000 | Corporate Securities | Banking | United States | 1.00% | A2 | 25-Jul-2031 | 9.41 |
| Ing Groep | 0.39% | -0.02 | €1,030,373.17 | 1,000,000 | Corporate Securities | Banking | Netherlands | 1.00% | Baa1 | 20-Sep-2023 | 2.94 |
| Standard Chartered | 0.39% | -0.02 | €1,029,219.43 | 1,000,000 | Corporate Securities | Banking | United Kingdom | 2.50% | Baa2 | 09-Sep-2030 | 4.67 |
| Holding d Infrastructures de Transport SASU | 0.39% | N/A | €1,028,395.66 | 1,000,000 | Corporate Securities | Transportation Services | France | 1.63% | Baa3 | 27-Nov-2027 | 6.58 |
| UniCredit | 0.39% | N/A | €1,027,780.65 | 1,000,000 | Corporate Securities | Banking | Italy | 2.20% | Baa2 | 22-Jul-2027 | 5.45 |
| Nationwide Building Society | 0.39% | -0.02 | €1,027,101.90 | 1,000,000 | Corporate Securities | Banking | United Kingdom | 2.00% | Baa2 | 25-Jul-2029 | 3.69 |
| Bayer | 0.39% | N/A | €1,026,764.83 | 1,000,000 | Corporate Securities | Diversified Chemicals | Germany | 1.38% | Baa1 | 06-Jul-2032 | 10.85 |
| Danske Bank | 0.39% | -0.02 | €1,025,197.64 | 1,000,000 | Corporate Securities | Banking | Denmark | 1.38% | Baa3 | 24-May-2022 | 1.63 |
| Banco Bilbao Vizcaya Argentaria | 0.39% | -0.02 | €1,022,985.66 | 1,000,000 | Corporate Securities | Banking | Spain | 1.13% | Baa2 | 28-Feb-2024 | 3.33 |
| Bayer | 0.39% | N/A | €1,019,315.79 | 1,000,000 | Corporate Securities | Diversified Chemicals | Germany | 1.13% | Baa1 | 06-Jan-2030 | 8.74 |
| Nos Sgps | 0.38% | -0.02 | €1,018,451.11 | 1,000,000 | Corporate Securities | Media & Communications | Portugal | 1.13% | NR | 02-May-2023 | 2.36 |
| General Motors Financial | 0.38% | 0.01 | €1,016,190.16 | 1,000,000 | Corporate Securities | Financial | United States | 1.69% | Baa3 | 26-Mar-2025 | 4.21 |
| Volkswagen Financial Services | 0.38% | -0.01 | €1,015,455.22 | 1,000,000 | Corporate Securities | Automotive | Germany | 0.88% | A3 | 12-Apr-2023 | 2.50 |
| Barclays | 0.38% | -0.01 | €1,014,446.49 | 920,000 | Corporate Securities | Banking | United Kingdom | 3.38% | Baa2 | 02-Apr-2025 | 3.31 |
| Bank Of Ireland | 0.38% | -0.01 | €1,011,689.11 | 1,000,000 | Corporate Securities | Banking | Ireland | 2.38% | Baa3 | 14-Oct-2029 | 3.80 |
| Nissan Motor | 0.38% | N/A | €1,010,855.55 | 1,000,000 | Corporate Securities | Automotive | Japan | 2.65% | Baa3 | 17-Mar-2026 | 5.05 |
| Galp Energia Sgps | 0.38% | -0.02 | €1,007,215.51 | 1,000,000 | Corporate Securities | Energy | Portugal | 1.00% | NR | 15-Feb-2023 | 2.33 |
| Leonardo | 0.38% | N/A | €1,007,120.05 | 1,009,000 | Corporate Securities | Aerospace & Defense | Italy | 2.38% | Ba1 | 08-Jan-2026 | 4.83 |
| Volkswagen Leasing GmbH | 0.38% | -0.01 | €1,006,131.96 | 1,000,000 | Corporate Securities | Automotive | Germany | 0.50% | A3 | 20-Jun-2022 | 1.71 |
| Arcelormittal | 0.38% | -0.01 | €1,004,265.29 | 1,000,000 | Corporate Securities | Metals & Mining | Luxembourg | 1.75% | Ba1 | 19-Nov-2025 | 4.73 |
| Liberty Mutual | 0.38% | -0.01 | €1,003,875.68 | 1,000,000 | Corporate Securities | Insurance | United States | 3.63% | Baa3 | 23-May-2059 | 3.44 |
| Unicredit Leasing Corp Ifn | 0.38% | -0.02 | €1,003,832.11 | 1,000,000 | Corporate Securities | Financial | Italy | 0.50% | NR | 18-Oct-2022 | 1.99 |
| Heidelbergcement Finance Luxembourg | 0.38% | -0.02 | €1,003,202.33 | 1,000,000 | Corporate Securities | Building Products | Germany | 0.50% | Baa3 | 09-Aug-2022 | 1.69 |
| General Electric | 0.38% | -0.01 | €999,670.11 | 975,000 | Corporate Securities | Conglomerates | United States | 1.88% | Baa1 | 28-May-2027 | 6.13 |
| Fiat Chrysler Automobiles | 0.37% | N/A | €984,044.67 | 902,000 | Corporate Securities | Automotive | United Kingdom | 3.88% | Ba2 | 05-Jan-2026 | 4.62 |
| Santander UK Group Holdings | 0.36% | -0.01 | €962,122.18 | 970,000 | Corporate Securities | Banking | United Kingdom | 0.39% | Baa1 | 28-Feb-2025 | 3.38 |
| Wintershall dea Finance BV | 0.35% | -0.03 | €937,117.40 | 1,000,000 | Corporate Securities | Energy | Germany | 1.82% | Baa2 | 25-Sep-2031 | 9.90 |
| Wolters Kluwer | 0.35% | -0.01 | €921,878.88 | 900,000 | Corporate Securities | Publishing | Netherlands | 0.75% | Baa1 | 03-Jul-2030 | 9.35 |
| FCE Bank | 0.34% | -0.02 | €904,661.46 | 900,000 | Corporate Securities | Automotive | United Kingdom | 1.66% | Ba2 | 11-Feb-2021 | 0.36 |
| Samhallsbyggnadsbolaget I Norden | 0.34% | -0.01 | €890,017.98 | 900,000 | Corporate Securities | Real Estate Investment Trust Securities | Sweden | 1.13% | NR | 04-Sep-2026 | 5.62 |
| Alstria Office Reit | 0.33% | -0.01 | €886,616.82 | 900,000 | Corporate Securities | Real Estate Investment Trust Securities | Germany | 0.50% | NR | 26-Sep-2025 | 4.82 |
| Abn Amro Bank | 0.33% | -0.02 | €882,362.67 | 800,000 | Corporate Securities | Banking | Netherlands | 5.00% | NR | 09-Feb-2022 | 1.31 |
| Vesteda Finance BV | 0.33% | -0.02 | €868,008.26 | 800,000 | Corporate Securities | Real Estate Investment Trust Securities | Netherlands | 2.00% | NR | 10-Jul-2026 | 5.31 |
| Samhallsbyggnadsbolaget I Norden | 0.33% | -0.01 | €867,836.22 | 900,000 | Corporate Securities | Real Estate Investment Trust Securities | Sweden | 1.00% | NR | 12-Aug-2027 | 6.53 |
| HSBC Holdings | 0.32% | -0.02 | €838,342.65 | 800,000 | Corporate Securities | Banking | United Kingdom | 1.50% | A2 | 04-Dec-2024 | 3.08 |
| Credit Suisse | 0.31% | -0.02 | €826,989.54 | 800,000 | Corporate Securities | Banking | Switzerland | 1.25% | Baa2 | 17-Jul-2025 | 3.71 |
| Bpce | 0.31% | -0.02 | €819,924.38 | 800,000 | Corporate Securities | Banking | France | 2.75% | Baa2 | 08-Jul-2026 | 0.77 |
| Barclays | 0.31% | -0.01 | €819,916.29 | 800,000 | Corporate Securities | Banking | United Kingdom | 2.63% | Baa3 | 11-Nov-2025 | 0.16 |
| Credit Agricole Assurances | 0.31% | N/A | €819,613.27 | 800,000 | Corporate Securities | Insurance | France | 2.00% | NR | 17-Jul-2030 | 8.93 |
| Galp Energia Sgps | 0.31% | -0.01 | €816,573.65 | 800,000 | Corporate Securities | Energy | Portugal | 2.00% | NR | 15-Jan-2026 | 4.88 |
| Leaseplan | 0.31% | -0.01 | €815,695.96 | 800,000 | Corporate Securities | Automotive | Netherlands | 1.38% | Baa1 | 07-Mar-2024 | 3.33 |
| Blackstone Property Partners Europe Holdings Sarl | 0.31% | -0.02 | €813,951.70 | 800,000 | Corporate Securities | Real Estate Investment Trust Securities | Luxembourg | 1.40% | NR | 06-Jul-2022 | 1.53 |
| Santander Consumer Finance | 0.30% | -0.01 | €805,392.82 | 800,000 | Corporate Securities | Banking | Spain | 0.38% | A2 | 27-Jun-2024 | 3.71 |
| Heimstaden Bostad Treasury BV | 0.30% | N/A | €804,158.50 | 800,000 | Corporate Securities | Real Estate Investment Trust Securities | Sweden | 1.38% | NR | 03-Mar-2027 | 6.04 |
| FCA Bank SpA/Ireland | 0.30% | -0.00 | €803,798.53 | 807,000 | Corporate Securities | Automotive | Italy | 0.50% | Baa1 | 13-Sep-2024 | 3.79 |
| Banco De Sabadell | 0.30% | -0.00 | €796,012.93 | 800,000 | Corporate Securities | Banking | Spain | 1.75% | Ba3 | 10-May-2024 | 3.47 |
| Akelius Residential Property | 0.29% | -0.01 | €772,123.15 | 750,000 | Corporate Securities | Real Estate Investment Trust Securities | Sweden | 1.50% | NR | 23-Jan-2022 | 1.30 |
| American Honda Finance | 0.29% | -0.01 | €767,813.70 | 710,000 | Corporate Securities | Automotive | United States | 1.95% | A3 | 18-Oct-2024 | 3.90 |
| Transurban Finance Co Pty | 0.29% | -0.01 | €766,254.16 | 747,000 | Corporate Securities | Transportation | Australia | 1.45% | Baa1 | 16-May-2029 | 8.01 |
| Infrastrutture Wireless Italiane | 0.29% | N/A | €762,977.14 | 749,000 | Corporate Securities | Engineered Prod | Italy | 1.88% | NR | 08-Jul-2026 | 5.34 |
| Islandsbanki HF | 0.29% | -0.01 | €759,852.09 | 750,000 | Corporate Securities | Banking | Iceland | 1.13% | NR | 19-Jan-2024 | 2.26 |
| Landesbank Baden-Wuerttemberg | 0.28% | -0.01 | €754,322.65 | 750,000 | Corporate Securities | Banking | Germany | 2.88% | Baa2 | 27-May-2026 | 0.65 |
| Kojamo | 0.28% | -0.01 | €750,101.94 | 700,000 | Corporate Securities | Real Estate Investment Trust Securities | Finland | 1.88% | Baa2 | 27-May-2027 | 6.12 |
| SELP Finance Sarl | 0.28% | 0.00 | €736,592.98 | 700,000 | Corporate Securities | Real Estate Investment Trust Securities | Luxembourg | 1.50% | Baa2 | 20-Dec-2026 | 5.76 |
| Seb | 0.27% | -0.01 | €717,294.69 | 700,000 | Corporate Securities | Consumer Products | France | 1.50% | NR | 31-May-2024 | 3.40 |
| Bank Of Ireland | 0.27% | -0.01 | €714,110.70 | 700,000 | Corporate Securities | Banking | Ireland | 1.38% | Baa2 | 29-Aug-2023 | 2.86 |
| Swedbank | 0.27% | -0.01 | €711,081.18 | 700,000 | Corporate Securities | Banking | Sweden | 1.50% | Baa2 | 18-Sep-2028 | 2.92 |
| FCA Bank SpA/Ireland | 0.27% | -0.01 | €711,048.82 | 700,000 | Corporate Securities | Banking | Italy | 1.00% | Baa1 | 21-Feb-2022 | 1.31 |
| Tesco Corporate Treasury Services | 0.27% | -0.01 | €707,603.48 | 676,000 | Corporate Securities | Supermarkets | United Kingdom | 1.38% | Baa3 | 24-Oct-2023 | 2.77 |
| Arcelik | 0.27% | -0.02 | €706,073.41 | 700,000 | Corporate Securities | Consumer Products | Turkey | 3.88% | NR | 16-Sep-2021 | 0.95 |
| Volkswagen International Finance | 0.26% | N/A | €696,569.87 | 700,000 | Corporate Securities | Automotive | Germany | 0.88% | A3 | 22-Sep-2028 | 7.72 |
| Akelius Residential Property Financing BV | 0.26% | N/A | €685,557.04 | 685,000 | Corporate Securities | Financial | Sweden | 1.00% | NR | 17-Jan-2028 | 6.95 |
| Erste Group Bank | 0.26% | -0.01 | €684,391.66 | 700,000 | Corporate Securities | Banking | Austria | 1.00% | Baa2 | 10-Jun-2030 | 4.55 |
| Prologis International Funding Ii | 0.25% | -0.01 | €651,232.17 | 600,000 | Corporate Securities | Real Estate Investment Trust Securities | Luxembourg | 1.88% | A3 | 17-Apr-2025 | 4.37 |
| JAB Holdings BV | 0.24% | -0.01 | €646,014.06 | 600,000 | Corporate Securities | Financial | Luxembourg | 2.00% | Baa2 | 18-May-2028 | 7.10 |
| Castellum | 0.24% | -0.01 | €641,802.08 | 600,000 | Corporate Securities | Real Estate Investment Trust Securities | Sweden | 2.13% | Baa2 | 20-Nov-2023 | 2.94 |
| Redexis Gas Finance BV | 0.24% | -0.01 | €631,732.94 | 600,000 | Corporate Securities | Utilities | Spain | 1.88% | NR | 28-May-2025 | 4.29 |
| Prologis International Funding Ii | 0.24% | -0.00 | €625,584.19 | 525,000 | Corporate Securities | Real Estate Investment Trust Securities | Luxembourg | 2.38% | A3 | 14-Nov-2030 | 8.92 |
| Landsbankinn HF | 0.24% | -0.01 | €624,246.16 | 630,000 | Corporate Securities | Banking | Iceland | 0.50% | NR | 20-May-2024 | 3.59 |
| Arion Banki HF | 0.23% | -0.01 | €619,292.56 | 600,000 | Corporate Securities | Banking | Iceland | 1.63% | NR | 01-Dec-2021 | 1.15 |
| Petroleos Mexicanos | 0.23% | -0.01 | €615,289.69 | 600,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 3.13% | Ba2 | 27-Nov-2020 | 0.15 |
| Alstria Office Reit | 0.23% | -0.01 | €614,934.90 | 600,000 | Corporate Securities | Real Estate Investment Trust Securities | Germany | 1.50% | NR | 23-Jun-2026 | 5.35 |
| DNB Bank | 0.23% | -0.01 | €614,773.72 | 600,000 | Corporate Securities | Banking | Norway | 1.13% | NR | 20-Mar-2028 | 2.43 |
| Hannover Rueck | 0.23% | -0.01 | €613,896.60 | 600,000 | Corporate Securities | Insurance | Germany | 1.75% | NR | 08-Oct-2040 | 9.13 |
| XLIT | 0.23% | -0.00 | €613,436.01 | 550,000 | Corporate Securities | Insurance | Ireland | 3.25% | Baa1 | 29-Jun-2047 | 6.11 |
| DVB Bank | 0.23% | -0.01 | €605,956.02 | 600,000 | Corporate Securities | Banking | Germany | 1.25% | NR | 15-Sep-2021 | 0.96 |
| Banco De Sabadell | 0.23% | N/A | €601,944.61 | 600,000 | Corporate Securities | Banking | Spain | 1.13% | NR | 11-Mar-2027 | 5.28 |
| Kbc | 0.22% | -0.01 | €590,570.09 | 600,000 | Corporate Securities | Financial | Belgium | 0.50% | NR | 03-Dec-2029 | 4.13 |
| Medtronic Global Holdings SCA | 0.22% | N/A | €584,815.60 | 583,000 | Corporate Securities | Healthcare | United States | 0.38% | A3 | 15-Oct-2028 | 7.84 |
| Credit Suisse | 0.21% | -0.01 | €567,512.85 | 500,000 | Corporate Securities | Banking | Switzerland | 3.25% | Baa2 | 02-Apr-2026 | 4.21 |
| Czech Gas Networks Investments Sarl | 0.21% | N/A | €551,189.80 | 536,000 | Corporate Securities | Utilities | Luxembourg | 1.00% | NR | 16-Jul-2027 | 6.44 |
| Bnp Paribas | 0.21% | -0.01 | €550,015.94 | 500,000 | Corporate Securities | Banking | France | 2.13% | Baa1 | 23-Jan-2027 | 5.01 |
| Capgemini | 0.20% | -0.01 | €538,921.73 | 500,000 | Corporate Securities | Computer Service & Software | France | 1.63% | NR | 15-Apr-2026 | 5.13 |
| RTE Reseau de Transport d Electricite SADIR | 0.20% | N/A | €527,239.52 | 500,000 | Corporate Securities | Utilities | France | 1.13% | NR | 08-Jul-2040 | 17.95 |
| Credit Agricole Assurances | 0.20% | -0.01 | €525,725.36 | 500,000 | Corporate Securities | Insurance | France | 2.63% | NR | 29-Jan-2048 | 6.68 |
| Elisa | 0.20% | N/A | €524,653.68 | 526,000 | Corporate Securities | Other Telecommunications | Finland | 0.25% | Baa2 | 15-Sep-2027 | 6.79 |
| Leg Immobilien | 0.20% | -0.00 | €522,848.14 | 500,000 | Corporate Securities | Real Estate Investment Trust Securities | Germany | 0.88% | Baa1 | 28-Nov-2027 | 6.79 |
| Leeds Building Society | 0.19% | -0.01 | €513,397.52 | 500,000 | Corporate Securities | Banking | United Kingdom | 2.63% | A3 | 01-Apr-2021 | 0.50 |
| Caixabank | 0.19% | -0.01 | €510,698.09 | 500,000 | Corporate Securities | Banking | Spain | 0.75% | Baa1 | 18-Apr-2023 | 2.52 |
| Volkswagen Financial Services | 0.19% | -0.01 | €509,167.11 | 490,000 | Corporate Securities | Automotive | Germany | 1.38% | A3 | 16-Oct-2023 | 2.95 |
| FCA Bank SpA/Ireland | 0.19% | -0.00 | €505,953.36 | 500,000 | Corporate Securities | Automotive | Italy | 0.63% | Baa1 | 24-Nov-2022 | 2.07 |
| Erste Group Bank | 0.19% | N/A | €504,349.89 | 500,000 | Corporate Securities | Banking | Austria | 1.63% | Baa2 | 08-Sep-2031 | 5.55 |
| FCA Bank SpA/Ireland | 0.19% | -0.01 | €501,255.02 | 500,000 | Corporate Securities | Automotive | Italy | 0.25% | Baa1 | 12-Oct-2020 | 0.03 |
| Ing Groep | 0.19% | -0.01 | €495,121.72 | 500,000 | Corporate Securities | Banking | Netherlands | 1.00% | Baa2 | 13-Nov-2030 | 4.93 |
| Landsbankinn HF | 0.19% | -0.01 | €495,084.59 | 500,000 | Corporate Securities | Banking | Iceland | 3.13% | NR | 06-Sep-2028 | 2.79 |
| Adler | 0.18% | N/A | €482,680.16 | 500,000 | Corporate Securities | Real Estate Investment Trust Securities | Germany | 1.50% | Ba2 | 26-Jul-2024 | 3.64 |
| Syngenta Finance | 0.18% | -0.00 | €468,260.16 | 429,000 | Corporate Securities | Diversified Chemicals | Switzerland | 3.38% | Ba2 | 16-Apr-2026 | 4.89 |
| ProSiebenSat.1 Media | 0.17% | -0.01 | €456,975.09 | 450,000 | Corporate Securities | Broadcasting | Germany | 2.63% | NR | 15-Apr-2021 | 0.44 |
| Capital One Financial | 0.17% | -0.00 | €452,684.68 | 450,000 | Corporate Securities | Banking | United States | 0.80% | Baa1 | 12-Jun-2024 | 3.63 |
| Heimstaden Bostad | 0.17% | -0.00 | €451,927.01 | 449,000 | Corporate Securities | Real Estate Investment Trust Securities | Sweden | 1.13% | NR | 21-Jan-2026 | 5.01 |
| Becton Dickinson Euro Finance Sarl | 0.16% | -0.01 | €434,650.96 | 430,000 | Corporate Securities | Healthcare | United States | 0.63% | Ba1 | 04-Jun-2023 | 2.59 |
| Eurogrid GmbH | 0.16% | -0.01 | €430,051.22 | 400,000 | Corporate Securities | Utilities | Germany | 1.11% | NR | 15-May-2032 | 10.90 |
| Goldman Sachs | 0.16% | -0.01 | €421,098.20 | 400,000 | Corporate Securities | Banking | United States | 2.50% | A3 | 18-Oct-2021 | 1.02 |
| Commerzbank | 0.16% | -0.00 | €414,855.15 | 400,000 | Corporate Securities | Banking | Germany | 4.00% | Baa3 | 05-Dec-2030 | 4.54 |
| Banco Santander | 0.16% | -0.00 | €413,000.70 | 400,000 | Corporate Securities | Banking | Spain | 1.13% | Baa1 | 23-Jun-2027 | 6.49 |
| Nordea Bank Abp | 0.15% | -0.01 | €407,478.49 | 400,000 | Corporate Securities | Banking | Finland | 1.88% | Baa1 | 10-Nov-2025 | 0.11 |
| Bankia | 0.15% | 0.00 | €405,074.11 | 400,000 | Corporate Securities | Banking | Spain | 1.13% | Ba3 | 12-Nov-2026 | 5.86 |
| Kbc | 0.15% | -0.01 | €404,621.35 | 400,000 | Corporate Securities | Financial | Belgium | 1.00% | Baa1 | 26-Apr-2021 | 0.57 |
| Vesteda Finance BV | 0.14% | -0.00 | €381,521.45 | 358,000 | Corporate Securities | Real Estate Investment Trust Securities | Netherlands | 1.50% | NR | 24-May-2027 | 6.19 |
| Symrise | 0.14% | -0.00 | €363,981.83 | 350,000 | Corporate Securities | Chemicals | Germany | 1.38% | NR | 01-Jul-2027 | 6.32 |
| Nissan Motor | 0.14% | N/A | €359,279.15 | 353,000 | Corporate Securities | Automotive | Japan | 1.94% | Baa3 | 15-Sep-2023 | 2.88 |
| Danaher | 0.13% | -0.01 | €351,779.37 | 300,000 | Corporate Securities | Manufacturing | United States | 2.50% | Baa1 | 30-Mar-2030 | 8.42 |
| Blackstone Property Partners Europe Holdings Sarl | 0.13% | -0.01 | €339,683.78 | 324,000 | Corporate Securities | Real Estate Investment Trust Securities | Luxembourg | 2.00% | NR | 15-Feb-2024 | 3.06 |
| Infineon Technologies | 0.12% | -0.00 | €310,259.14 | 300,000 | Corporate Securities | Information Technology | Germany | 1.13% | NR | 24-Jun-2026 | 5.41 |
| Santander Consumer Finance | 0.12% | -0.00 | €310,126.29 | 300,000 | Corporate Securities | Banking | Spain | 1.00% | A2 | 27-Feb-2024 | 3.34 |
| DNB Bank | 0.12% | -0.00 | €306,494.54 | 300,000 | Corporate Securities | Banking | Norway | 1.25% | NR | 01-Mar-2027 | 1.40 |
| Santander Consumer Bank | 0.12% | -0.00 | €305,573.29 | 300,000 | Corporate Securities | Banking | Germany | 0.75% | NR | 17-Oct-2022 | 2.02 |
| Ashland Services BV | 0.11% | -0.00 | €302,348.45 | 315,000 | Corporate Securities | Chemicals | United States | 2.00% | Ba1 | 30-Jan-2028 | 6.67 |
| Mediobanca Banca di Credito Finanziario | 0.11% | N/A | €301,428.93 | 300,000 | Corporate Securities | Banking | Italy | 1.00% | Baa1 | 08-Sep-2027 | 6.71 |
| Rci Banque | 0.11% | -0.00 | €291,436.89 | 300,000 | Corporate Securities | Automotive | France | 2.63% | Ba2 | 18-Feb-2030 | 4.05 |
| Mohawk Capital Finance | 0.11% | -0.02 | €285,925.94 | 300,000 | Corporate Securities | Building Products | United States | 1.75% | Baa1 | 12-Jun-2027 | 6.21 |
| Landsbankinn HF | 0.11% | -0.00 | €281,998.82 | 275,000 | Corporate Securities | Banking | Iceland | 1.38% | NR | 14-Mar-2022 | 1.43 |
| Ferrari | 0.11% | -0.01 | €278,634.76 | 278,000 | Corporate Securities | Automotive | Italy | 0.25% | NR | 16-Jan-2021 | 0.29 |
| Avinor | 0.10% | N/A | €267,884.04 | 267,000 | Corporate Securities | Airlines | Norway | 0.75% | A1 | 01-Oct-2030 | 9.60 |
| Digital Dutch Finco BV | 0.09% | -0.00 | €232,641.96 | 220,000 | Corporate Securities | Real Estate Investment Trust Securities | United States | 1.50% | Baa2 | 15-Mar-2030 | 8.70 |
| CRH Funding BV | 0.09% | -0.00 | €230,142.52 | 210,000 | Corporate Securities | Building Products | Ireland | 1.63% | Baa1 | 05-May-2030 | 8.83 |
| Ubs | 0.08% | -0.00 | €212,209.40 | 200,000 | Corporate Securities | Banking | Switzerland | 1.25% | A3 | 01-Sep-2026 | 5.57 |
| mo Fisher Scientific | 0.08% | -0.00 | €204,549.79 | 174,000 | Corporate Securities | Healthcare | United States | 2.38% | Baa1 | 15-Apr-2032 | 10.15 |
| Ing Groep | 0.08% | -0.00 | €204,218.60 | 200,000 | Corporate Securities | Banking | Netherlands | 1.63% | Baa2 | 26-Sep-2029 | 3.88 |
| Erste Group Bank | 0.08% | -0.00 | €203,391.50 | 200,000 | Corporate Securities | Banking | Austria | 0.38% | A2 | 16-Apr-2024 | 3.52 |
| Banco Bilbao Vizcaya Argentaria | 0.08% | -0.00 | €199,672.49 | 200,000 | Corporate Securities | Banking | Spain | 0.61% | NR | 09-Aug-2021 | 0.10 |
| Toyota Finance Australia | 0.07% | -0.00 | €194,411.99 | 169,000 | Corporate Securities | Automotive | Australia | 2.28% | A1 | 21-Oct-2027 | 6.57 |
| ITRX EUR S33 PAY 60 11/18/2020 | 0.04% | N/A | €114,280.00 | 25,000,000 | Corporate Securities | Miscellaneous | Europe | N/A | NR | N/A | 0.04 |
| ITRX EUR S33 PAY 60 11/18/2020 | 0.04% | N/A | €114,280.00 | 25,000,000 | Corporate Securities | Miscellaneous | Europe | N/A | NR | N/A | 0.04 |
| Landsbankinn HF | 0.04% | -0.00 | €101,638.76 | 100,000 | Corporate Securities | Banking | Iceland | 1.63% | NR | 15-Mar-2021 | 0.45 |
| ITRX EUR S33 REC 47.5 11/18/2020 | -0.00% | N/A | €-2,815.00 | -25,000,000 | Corporate Securities | Miscellaneous | Europe | N/A | NR | N/A | 0.04 |
| ITRX EUR S33 REC 47.5 11/18/2020 | -0.00% | N/A | €-2,815.00 | -25,000,000 | Corporate Securities | Miscellaneous | Europe | N/A | NR | N/A | 0.04 |
| ITRX EUR S33 PAY 80 11/18/2020 | -0.02% | N/A | €-46,535.00 | -25,000,000 | Corporate Securities | Miscellaneous | Europe | N/A | NR | N/A | 0.04 |
| ITRX EUR S33 PAY 80 11/18/2020 | -0.02% | N/A | €-46,535.00 | -25,000,000 | Corporate Securities | Miscellaneous | Europe | N/A | NR | N/A | 0.04 |
N/A indicates Not Available.
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Please note that holdings are released 15 days after the period end. From time to time, certain securities held may not be listed.
Sector Diversification (30-Sep-2020)
Representative Portfolio vs Benchmark| Sector Diversification | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Cash Equivalents | 3.62% | 0.00% | |
| Sub Investment Grade | 3.10% | 0.00% | |
| Government | 0.46% | 0.00% | |
| Agency/Supranationals | 0.23% | 0.00% | |
| Corporate | 92.59% | 100.00% |
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Holdings information and other breakdowns (such as country and currency) are related to those of representative portfolio ("Portfolio"). The Portfolio is an account in the composite we believe most closely reflects current portfolio management style for the strategy. Performance is not a consideration in the selection of the representative portfolio. The characteristics of the representative portfolio shown may differ from those of other accounts in the strategy. Please see the GIPS® Disclosure page for additional information on the composite.
The specific securities identified and described above do not represent all of the securities purchased, sold or recommended for advisory clients and no assumptions should be made that investments in the securities identified and discussed were or will be profitable.
Bloomberg Index Services Limited.
Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.
David Stanley is a portfolio manager in the Fixed Income Division at T. Rowe Price, responsible for European corporate bond selection. Mr. Stanley is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.