SICAV
US High Yield Bond Fund
A high-conviction portfolio, primarily focused on the traditional US high yield investment opportunity set. Our approach is more concentrated than those of many competitors. The fund seeks to capitalise on price inefficiencies that create attractive relative value opportunities across issuers.
ISIN LU1697876974
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FACTSHEET
KIID
Average
Coupon
6.79%
Data as of: 30-Sep-2021
Average
Maturity
5.84 yrs
Data as of: 30-Sep-2021
Average
Duration
3.27 yrs
Data as of: 30-Sep-2021
Fund Size
(USD)
$305.3m
Data as of: 30-Sep-2021
Perf Chg
(Daily)
0.00%
Data as of: 20-Oct-2021
Since
Inception
6.89%
Data as of: 30-Sep-2021
Risk & Reward
(SRRI)?
1 2 3 4 5 6 7 Data as of: 30-Sep-2021
NAV
(USD)
$12.55
Data as of: 20-Oct-2021
1 YR Return
(Annualised)
11.22%
Data as of: 30-Sep-2021

Overview
Strategy
Fund Summary
Our approach is to use an independent, fundamental, bottom-up credit selection process, combined with forward-looking research to identify potential total return ideas. We have the flexibility to search across the full capital structure to uncover high-conviction ideas and access smaller, under-researched credit issuers.

For updated information regarding a proposal to launch a new investment adviser, read the 9 August 2021 statement.
LIMITED
MODERATE
EXTENSIVE

119
Holdings

Average
Quality
B-
Risk & Reward Data
Information Ratio
0.37
Sharpe Ratio
0.57
Historical Tracking Error
2.60%
Performance - Net of Fees
Current Year Performance
MTD
-0.32%
Benchmark*
-0.14%
Excess Return

-0.18%
QTD
-0.32%
Benchmark*
-0.14%
Excess Return

-0.18%
YTD
3.98%
Benchmark*
4.54%
Excess Return

-0.56%
Data as of 20-Oct-2021
1 Month
0.48%
Benchmark*
0.04%
Excess Return

0.44%
3 Months
0.64%
Benchmark*
0.95%
Excess Return

-0.31%
Data as of 30-Sep-2021
 
Annualised Performance
1 YR
11.22%
Benchmark*
11.46%
Excess Return

-0.24%
3 YR
7.55%
Benchmark*
6.59%
Excess Return

0.96%
5 YR
N/A
Benchmark*
N/A
Excess Return

N/A
Inception
6.89%
Benchmark*
6.35%
Excess Return

0.54%
Manager Inception
6.89%
Benchmark*
6.35%
Excess Return

0.54%
Data as of 30-Sep-2021
Indicative Benchmark : ICE BofAML US High Yield Constrained Index
Fund Inception: 16-Apr-2018
Manager Inception: 16-Apr-2018

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

Holdings
Total
Holdings
119
Top 10
18.28%
Largest
VistaJet Malta Finance PLC / XO Management Holding
2.36%
Was ( 30-Jun-2021 )
2.26%
Data as of 30-Sep-2021
Duration
Maturity
Quality
Average
3.27 yrs
Average
5.84 yrs
Average
B-
Top
3-5 Years
33.66%
Was ( 31-Aug-2021 )
32.98%
Top
5-7 Years
36.44%
Was ( 31-Aug-2021 )
31.72%
Top
CCC and Below
30.38%
Was ( 31-Aug-2021 )
30.18%
Over
3-5 Years
By 5.83%
Fund
33.66%
Benchmark*
27.82%
Over
5-7 Years
By 9.03%
Fund
36.44%
Benchmark*
27.42%
Over
CCC and Below
By 18.86%
Fund
30.38%
Benchmark*
11.52%
Under
Over 10 Years
By -3.75%
Fund
0.40%
Benchmark*
4.14%
Under
10+ Years
By -6.88%
Fund
0.74%
Benchmark*
7.63%
Under
BB Rated
By -42.57%
Fund
11.90%
Benchmark*
54.47%
Industry
Total
Industries
18
Largest
Energy
20.15%
Was ( 31-Aug-2021 )
20.20%
Over
Energy
By 6.30%
Fund
20.15%
Benchmark*
13.85%
Under
Leisure
By -4.23%
Fund
2.51%
Benchmark*
6.74%
Data as of 30-Sep-2021
Data as of 30-Sep-2021
Indicative Benchmark: ICE BofAML US High Yield Constrained Index

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

Regions
Data as of
Countries
Total
Countries
8
Largest
United States
81.96%
Was ( 31-Aug-2021 )
79.94%
Over
Switzerland
By 2.19%
Fund
2.36%
Benchmark*
0.17%
Under
United States
By -6.21%
Fund
81.96%
Benchmark*
88.17%
Data as of 30-Sep-2021
Data as of 30-Sep-2021
Indicative Benchmark: ICE BofAML US High Yield Constrained Index

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


Team
Kevin Loome,
Portfolio Manager
Kevin Loome is a portfolio manager in the Fixed Income Division. He has lead portfolio management responsibilities for the US High Yield Bond Strategy.
Portfolio Manager since
2018
Years at T. Rowe Price
14
Years investment experience
27
Gregor Dannacher,
Global Fixed Income Portfolio Specialist
Gregor Dannacher is a portfolio specialist in the Fixed Income division. He supports the Credit Opportunities, Global High Income, Global High Yield, US High Yield and US Investment Grade Corporate strategies.
Years at T. Rowe Price
5
Years investment experience
28
How to Invest
Fees Minimum Initial Investment and Holding Amount Minimum Subsequent Investment Sales Charge (up to) Investment Management Fee Ongoing
Charges1
Class A $1,000 $100 5.00% 115 basis points 1.32%
Class Q $1,000 $100 N/A 60 basis points 0.77%
Class I $2,500,000 $100,000 N/A 60 basis points 0.70%

Indicative Benchmark Data Source: ICE BofA Merrill Lynch

Past performance is not a reliable indicator of future performance.

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.

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.

Daily performance data is based on the latest available NAV.  

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

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.