SICAV
Emerging Markets Corporate Bond Fund
A diversified portfolio of typically 100 to 150 securities in mainly corporate bonds from emerging market issuers. We would expect the bulk of value added to come from security selection, with the rest from sector selection. We employ a long-term investment horizon, combined with low portfolio turnover.
ISIN LU0596126465
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FACTSHEET
KIID
COMMENTARY

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Average
Coupon
5.55%
Data as of: 31-Aug-2020
Average
Maturity
7.43 yrs
Data as of: 31-Aug-2020
Average
Duration
5.69 yrs
Data as of: 31-Aug-2020
Fund Size
(USD)
$212.6m
Data as of: 31-Aug-2020
Perf Chg
(Daily)
0.06%
Data as of: 18-Sep-2020
Since
Inception
5.33%
Data as of: 31-Aug-2020
Risk & Reward
(SRRI)?
1 2 3 4 5 6 7 Data as of: 31-Aug-2020
NAV
(USD)
$16.26
Data as of: 18-Sep-2020
1 YR Return
(Annualised)
3.71%
Data as of: 31-Aug-2020

Overview
Strategy
Fund Summary
We take a highly active approach that is largely benchmark-agnostic. We apply intensive, local bottom-up analysis to identify pricing inefficiencies and avoid risks others might not be able to spot. We aim to identify credit rating upgrade candidates, offering an attractive spread relative to similarly rated peers.
Interest Rate Sensitivity
LIMITED
MODERATE
EXTENSIVE

174
Holdings

Average
Quality
BB
Risk & Reward Data
Information Ratio
0.12
Sharpe Ratio
0.60
Historical Tracking Error
2.17%
05 October 2015

Change of Portfolio Manager

Effective 1 October 2015, Samy Muaddi assumed portfolio management responsibility for the Emerging Markets Corporate Bond Fund.

Performance - Net of Fees
Current Year Performance
MTD
0.37%
Benchmark*
0.22%
Excess Return

0.15%
QTD
4.16%
Benchmark*
3.47%
Excess Return

0.69%
YTD
1.37%
Benchmark*
3.30%
Excess Return

-1.93%
Data as of 18-Sep-2020
1 Month
1.31%
Benchmark*
0.90%
Excess Return

0.41%
3 Months
7.28%
Benchmark*
6.08%
Excess Return

1.20%
Data as of 31-Aug-2020
 
Annualised Performance
1 YR
3.71%
Benchmark*
6.02%
Excess Return

-2.31%
3 YR
4.74%
Benchmark*
5.02%
Excess Return

-0.28%
5 YR
6.40%
Benchmark*
6.14%
Excess Return

0.26%
Inception
5.33%
Benchmark*
5.40%
Excess Return

-0.07%
Manager Inception
6.90%
Benchmark*
6.50%
Excess Return

0.40%
Data as of 31-Aug-2020
Indicative Benchmark : J.P. Morgan Corporate Emerging Market Bond Index Broad Diversified
Fund Inception: 18-May-2011
Manager Inception: 30-Sep-2015

* The index shown is not a formal benchmark. It is shown only for comparison purposes.

Holdings
Total
Holdings
174
Top 10
14,79%
Largest
Globo Comunicacao E Participacoes
1.53%
Was ( 31-Mar-2020 )
1.71%
Data as of 30-Jun-2020
Duration
Maturity
Quality
Average
5.69 yrs
Average
7.43 yrs
Average
BB
Top
3-5 Years
28.11%
Was ( 31-Jul-2020 )
25.76%
Top
3-5 Years
22.46%
Was ( 31-Jul-2020 )
22.40%
Top
BB
34.36%
Was ( 31-Jul-2020 )
36.37%
Over
7-10 Years
By 7.17%
Fund
18.24%
Benchmark*
11.07%
Over
Cash Equivalents
By 4.26%
Fund
4.26%
Benchmark*
0.00%
Over
BB
By 15.25%
Fund
34.36%
Benchmark*
19.10%
Under
1-3 Years
By -10.64%
Fund
15.14%
Benchmark*
25.78%
Under
1-3 Years
By -6.33%
Fund
16.40%
Benchmark*
22.73%
Under
A
By -15.64%
Fund
4.17%
Benchmark*
19.81%
Sectors
Total
Sectors
15
Largest
TMT
18.77%
Was ( 31-Jul-2020 )
20.46%
Over
TMT
By 8.12%
Fund
18.77%
Benchmark*
10.65%
Under
Financial
By -16.33%
Fund
14.19%
Benchmark*
30.51%
Data as of 31-Aug-2020
Data as of 31-Aug-2020
Indicative Benchmark: J.P. Morgan Corporate Emerging Market Bond Index Broad Diversified

* The index shown is not a formal benchmark. It is shown only for comparison purposes.

Regions
Data as of
Countries
Total
Countries
39
Largest
China
15.92%
Was ( 31-Jul-2020 )
16.36%
Over
China
By 7.82%
Fund
15.92%
Benchmark*
8.09%
Under
Hong Kong
By -3.91%
Fund
0.87%
Benchmark*
4.78%
Data as of 31-Aug-2020
Data as of 31-Aug-2020
Indicative Benchmark: J.P. Morgan Corporate Emerging Market Bond Index Broad Diversified

* The index shown is not a formal benchmark. It is shown only for comparison purposes.

Currency
Total
Currencies
2
Largest
U.S. dollar
99.98%
Was ( 31-Jul-2020 )
99.98%

Over
euro
By 0.02%
Fund
0.02%
Benchmark*
0.00%
Under
U.S. dollar
By -0.02%
Fund
99.98%
Benchmark*
100.00%
Data as of 31-Aug-2020
Indicative Benchmark: J.P. Morgan Corporate Emerging Market Bond Index Broad Diversified

* The index shown is not a formal benchmark. It is shown only for comparison purposes.


Team
Samy Muaddi,
Portfolio Manager
Samy Muaddi is a portfolio manager in the International Fixed Income Division. He is the lead manager of the Emerging Markets Corporate Bond and Asia Credit Bond Strategies and co-manages the Emerging Markets Bond and Global High Income Bond Strategies.
Portfolio Manager since
2015
Years at
T. Rowe Price
14
Years investment experience
14
Benjamin Robins,
Portfolio Specialist
Ben Robins is a fixed income portfolio specialist. He is a member of the Global Fixed Income team, supporting our emerging market debt strategies.
Years at T. Rowe Price
3
Years investment experience
19
Michael Ganske,
Portfolio Specialist
Michael Ganske is a fixed income portfolio specialist for T. Rowe Price. He is a member of the Global Fixed Income team, supporting our emerging markets debt strategies, which includes hard currency- and local currency-denominated sovereign and corporate debt. He represents the portfolio management team, presenting strategies and market outlooks in meetings and conferences.
Years at T. Rowe Price
1
Years investment experience
20
How to Invest
Fees Minimum Initial Investment and Holding Amount Minimum Subsequent Investment Sales Charge (up to) Investment Management Fee Ongoing
Charges1

Indicative Benchmark Data Source: JP Morgan. Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan’s prior written approval. Copyright © 2019, J.P. Morgan Chase & Co. All rights reserved.

Source for performance: T. Rowe Price. Fund performance is calculated using the official NAV with dividends reinvested, if any. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested. It will be affected by changes in the exchange rate between the base currency of the fund and the subscription currency, if different. Sales charges (up to a maximum of 5% for the A Class), taxes and other locally applied costs have not been deducted and if applicable, they will reduce the performance figures. Past performance is not a reliable indicator of future performance.

Daily performance data is based on the latest available NAV.  

The Funds are sub-funds of the T. Rowe Price Funds SICAV, a Luxembourg investment company with variable capital which is registered with Commission de Surveillance du Secteur Financier and which qualifies as an undertaking for collective investment in transferable securities (“UCITS”). Full details of the objectives, investment policies and risks are located in the prospectus which is available with the key investor information documents in English and in an official language of the jurisdictions in which the Funds are registered for public sale, together with the articles of incorporation and the annual and semi-annual reports (together “Fund Documents”). Any decision to invest should be made on the basis of the Fund Documents which are available free of charge from the local representative, local information/paying agent or from authorised distributors and via www.troweprice.com.

Please note that the Fund typically has a risk of high volatility.

Hedged share classes (denoted by 'h') utilise investment techniques to mitigate currency risk between the underlying investment currency(ies) of the fund and the currency of the hedged share class.  The costs of doing so will be borne by the share class and there is no guarantee that such hedging will be effective.

The specific securities identified and described in this website do not represent all of the securities purchased, sold, or recommended for the sub-fund and no assumptions should be made that the securities identified and discussed were or will be profitable.

A full list of the currently issued Share Classes including Distributing, Hedged, and Accumulating Categories may be obtained, free of charge and upon request, from the registered office of the Company.  

1 Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.

The Morningstar rating is sourced from Morningstar.

©2020 Morningstar, Inc.  All Rights Reserved.  The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely.  Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Citywire - where the Fund manager is rated by Citywire the rating is based on the manager's 3 year risk adjusted performance.