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GIPS® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®). TRP has been independently verified for the twenty one- year period ended June 30, 2017 by KPMG LLP. The verification report is available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

TRP is a U.S. investment management firm with various investment advisers registered with the U.S. Securities and Exchange Commission, the U.K. Financial Conduct Authority, and other regulatory bodies in various countries and holds itself out as such to potential clients for GIPS purposes. TRP further defines itself under GIPS as a discretionary investment manager providing services primarily to institutional clients with regard to various mandates, which include U.S, international, and global strategies but excluding the services of the Private Asset Management group.

A complete list and description of all of the Firm's composites and/or a presentation that adheres to the GIPS® standards are available upon request. Additional information regarding the firm's policies and procedures for calculating and reporting performance results is available upon request

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Past performance is not a reliable indicator of future performance.

Strategy

US Investment Grade Corporate Bond

N/A

3YR Return Annualised (Net)
(View Total Returns)

Tracking Error
(5 Years)

5.89%
1.00%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

6.81%
0.08

Inception Date 31-Mar-1987

Performance figures calculated in USD

Other Literature

Steve Boothe
Steve Boothe, Co-Portfolio Manager

Steve Boothe is a portfolio manager in the Fixed Income Division at T. Rowe Price. Mr. Boothe has lead portfolio management responsibilities for the Global Investment Grade and U.S. Investment Grade Corporate Bond Strategies. He is a member of the Global Multi-Sector and U.S. Taxable Bond teams, with a focus on global and U.S. investment-grade corporate bond portfolios. Mr. Boothe is an executive vice president and cochairman of the Investment Advisory Committee of the Corporate Bond Strategy. He is also a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

 

Strategy

Investment Approach

N/A

Portfolio Construction

N/A

Holdings

Issuers

Top
Issuers
10
Top 10 Issuers 18.38% Was (30-Jun-2020) 20.59%
Other View Top 10 Issuers

Monthly data as of 30-Sep-2020

Holdings

Total
Holdings
239
Largest Holding Danske Bank 1.28% Was (30-Jun-2020) 1.32%
Top 10 Holdings 10.44%
Other View Full Holdings Quarterly data as of 30-Sep-2020

Quality Rating View quality analysis

  Largest Overweight Largest Underweight
Quality Rating BB A
By % 6.37% -11.07%
Portfolio 8.32% 29.89%
Benchmark 1.95% 40.96%

Average Credit Quality

BBB+

Monthly Data as of 30-Sep-2020
Benchmark:  Bloomberg Barclays U.S. Corporate Investment Grade Bond Index

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.

U.S. Treasury securities are issued by the U.S. Treasury and are backed by the full faith and credit of the U.S. government. The ratings of U.S. Treasury securities are derived from the ratings on the U.S. government. 

Maturity View maturity analysis

  Largest Overweight Largest Underweight
Maturity 3-5 Years 1-3 Years
By % 5.90% -7.20%
Portfolio 21.96% 8.57%
Benchmark 16.06% 15.77%

Weighted Average Maturity

10.18 Years

Monthly Data as of 30-Sep-2020
Benchmark:  Bloomberg Barclays U.S. Corporate Investment Grade Bond Index

Duration View duration analysis

  Largest Overweight Largest Underweight
Duration 3-5 Years Over 10 Years
By % 18.33% -11.58%
Portfolio 37.07% 23.51%
Benchmark 18.74% 35.09%

Weighted Average Duration

9.23 Years

Monthly Data as of 30-Sep-2020
Benchmark:  Bloomberg Barclays U.S. Corporate Investment Grade Bond Index

Sectors

Total
Sectors
22
Largest Sector Banking 19.98% Was (30-Jun-2020) 22.13%
Other View complete Sector Diversification

Monthly Data as of 30-Sep-2020

Benchmark: Bloomberg Barclays U.S. Corporate Investment Grade Bond Index

Largest Overweight

Non Corporate
By8.23%
Portfolio 8.23%
Benchmark 0.00%

Largest Underweight

Technology
By-6.74%
Portfolio 2.34%
Benchmark 9.08%

Monthly Data as of 30-Sep-2020

Team (As of 01-Oct-2020)

Steve Boothe

Steve Boothe is a portfolio manager in the Fixed Income Division at T. Rowe Price. Mr. Boothe has lead portfolio management responsibilities for the Global Investment Grade and U.S. Investment Grade Corporate Bond Strategies. He is a member of the Global Multi-Sector and U.S. Taxable Bond teams, with a focus on global and U.S. investment-grade corporate bond portfolios. Mr. Boothe is an executive vice president and cochairman of the Investment Advisory Committee of the Corporate Bond Strategy. He is also a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Mr. Boothe has 22 years of investment experience, 20 of which have been at T. Rowe Price. He joined the firm in 1999 and was a credit research analyst, covering the global telecommunications and technology industries, and an investment-grade corporate portfolio manager/analyst prior to assuming his current role in 2014.

Mr. Boothe earned a B.A. in economics/mathematics from Columbia University. He also has earned the Chartered Financial Analyst designation and is a Series 7 and 63 registered representative.

  • Portfolio manager
    since
    2018
  • Years at
    T. Rowe Price
    21
  • Years investment
    experience
    23
Lauren T. Wagandt, CFA

Lauren Wagandt is a portfolio manager co-managing the US Investment Grade Corporate Bond Strategy in the Fixed Income Division. She is co-president and cochair of the Investment Advisory Committee of the Corporate Income Fund, a vice president of the Institutional Income Funds and Multi-Sector Account Portfolios, and a vice president and Investment Advisory Committee member of the QM U.S. Bond Index Fund. Lauren is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Lauren’s investment experience began in 2006, and she has been with T. Rowe Price since 2009, beginning in the Fixed Income Division as a corporate credit analyst. Prior to T. Rowe Price, Lauren was employed by hedge fund BlueCrest Capital Management, in New York and London, as a product specialist serving in a marketing and client services role. She was also a high-grade credit research analyst at Credit Suisse in New York.

Lauren earned a B.A. in economics from Cornell University. She also has earned the Chartered Financial Analyst® designation.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

  • Portfolio manager
    since
    2018
  • Years at
    T. Rowe Price
    11
  • Years investment
    experience
    14
Gregor T. Dannacher, CFA

Gregor Dannacher is a global credit portfolio specialist in the Fixed Income Division. He supports the Multi-Asset Credit, Global High Income, Global High Yield, US High Yield, Global Loan, and US Investment-Grade Strategies, working closely with clients, prospects, and consultants. Gregor is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Gregor’s investment experience began in 1992, and he has been with T. Rowe Price since 2015, beginning in the Fixed Income Division. Prior to T. Rowe Price, Gregor was employed by Guggenheim Global Trading, a division of Guggenheim Partners, as a portfolio manager and senior analyst, managing a global credit opportunity hedge fund portfolio. Before that, he was a director of investment research at Kamunting Street Capital Management, a global credit hedge fund. He also has held various other investment roles in his career, including as a senior lead equity research analyst and leverage finance analyst.

Gregor earned a B.S. in accounting from Villanova University and an M.B.A., with honors, in finance and international business from New York University, Stern School of Business. Gregor also has earned the Chartered Financial Analyst® designation.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

  • Years at
    T. Rowe Price
    5
  • Years investment
    experience
    28