T. Rowe Price - Home
Choose your site Corporate Enterprise Financial Intermediary Institutional Investors/Consultants
Your location and language
English
Search
Choose your site Corporate Enterprise Financial Intermediary Institutional Investors/Consultants
Your location and language
English
Your location and language
English
Financial Intermediary / All Funds / Euro Corporate Bond Fund
Fund Range Documents

Capital at risk. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.

The listed funds are not an exhaustive list of funds available. Visit www.funds.troweprice.com to see the full range of funds offered by T. Rowe Price, including those that consider environmental and social characteristics as part of their investment process.  For up to date information regarding any T. Rowe Price fund's investment strategy, please see the relevant fund KID and prospectus. 

SICAV
Euro Corporate Bond Fund
This actively managed diversified fund invests predominantly in corporate bonds denominated in euros. Environmental, Social and Governance (ESG) considerations are integrated into the investment process as a component of the investment decision. The fund is categorised as Article 8 under Sustainable Finance Disclosure Regulation (SFDR).
ISIN LU0133089424
View more information on risks
FACTSHEET
KID
SFDR DISCLOSURE
31-Aug-2024 - David Stanley, Portfolio Manager,
Market sentiment seems somewhat cautious and more spread volatility is possible particularly given optimistic expectations for interest rate cuts. While short-term increased supply may be a headwind, demand is still healthy. Markets are also susceptible to growth risks and US election uncertainty, but corporate fundamentals remain resilient, yields are attractive, and monetary easing should be supportive.

Overview
Strategy
Fund Summary
We use proprietary, fundamental credit research to focus on identifying corporate bonds that offer attractive yields in relation to their credit fundamentals. We integrate financial, technical, legal and qualitative research with relative value analysis. Risk management is integral, with limits on both duration and yield curve exposures. The promotion of environmental and/or social characteristics is achieved through the fund's commitment to maintain at least 10% of the value of its portfolio invested in Sustainable Investments, as defined by the SFDR. Additionally, we apply a proprietary responsible screen (exclusion list). The manager is not constrained by the fund’s benchmark, which is used for performance comparison purposes only.
Performance - Net of Fees

Past performance is not a reliable indicator of future performance.

31-Aug-2024 - David Stanley, Portfolio Manager,
European corporate bonds produced a positive total return in August, supported by income, as yields were little changed, and credit spreads ended slightly wider. The initial part of the month saw sharp volatility and rotation into lower-risk assets as weak US labour market data led to renewed recession fears, though this proved short-lived, and markets quickly stabilised. Eurozone sovereign yields ended broadly unchanged in intermediate and longer maturities, as following the initial rally they reversed course after some better-than-expected economic data. Credit spreads ended slightly higher overall given the initial surge in risk aversion, although they recovered ground as US economic data helped ease recession fears and after a dovish speech from US Federal Reserve Chair Jerome Powell. In the portfolio, security selection detracted marginally overall. This reflected several small negative selection effects across sectors, including consumer noncyclical and consumer cyclical, where we saw a number of positions lag the strong recovery in the second half of the month, notably in health care companies. Asset allocation was helpful overall, due to our slightly raised cash level, held in anticipation of busy new issuance. This contributed modestly as the market weakened in the early part of the month, while our underweight exposure to the consumer noncyclical sector also added value at the margin.

Past performance is not a reliable indicator of future performance.

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 and/or key information document (KID) 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. They can also be found along with a summary of investor rights in English at www.troweprice.com. The Management Company reserves the right to terminate marketing arrangements.

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.

Before deciding to invest in the fund, you should read the offering document/prospectus (including its investment objectives, policies and any risk warnings) which are available and may be obtained from any appointed distributors.

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.  

Benchmark: Investors may use the benchmark to compare the fund’s performance. The benchmark has been selected because it is similar to the investment universe used by the investment manager and therefore acts as an appropriate comparator. The investment manager is not constrained by any country, sector and/or individual security weightings relative to the benchmark and has complete freedom to invest in securities that do not form part of the benchmark.

Disclosure on Vendor Indices can be found here.