The Case for Dynamic Global Bond
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FUND RANGE
Your route into fixed income markets
We offer a wide range of actively managed portfolios to meet clients’ needs, whether they want higher income, more diversification, or a safe pair of hands for their “sleep at night” allocation.
Global Impact Credit Fund
Nurturing change
At a glance *
Strategy inception date: December 2021
Strategy AUM*: USD 40.1m
Portfolio Manager: Matt Lawton
Benchmark**: Bloomberg Global Aggregate Credit Index Hedged to GBP
*As of 31/03/2023. Firmwide AUM includes assets managed by T. Rowe Price Associates, Inc. and its investment advisory affiliates.
**The manager is not constrained by the fund’s benchmark, which is used for performance comparison purposes only.
PORTFOLIO MANAGER
Matt Lawton
Years of industry experience
15
Years at
T. Rowe Price
11
Explore the fund
The fund is actively managed and invests mainly in a diversified portfolio of corporate bonds of all types from issuers around the world, including emerging markets. The fund has sustainable investment as an objective that is achieved through the fund’s commitment to maintain at least 70% of the value of its portfolio invested in Sustainable Investments. The investment manager implements the following investment strategies: impact exclusions and positive impact inclusion. The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
For investors who want: to have a positive impact on the environment and society whilst at the same time seeking to increase the value of shares through both growth in the value of, and income from, investments over a full market cycle.
Risks - The following risks are materially relevant to T. Rowe Price Funds SICAV - Global Impact Credit Fund (refer to prospectus for further details): ABS and MBS risk - Contingent convertible bond risk - Credit risk - Default risk - Derivative risk - Distressed or defaulted debt risk - Emerging markets risk - Interest rate risk - Liquidity risk - High yield bond risk
Dynamic Global Bond Fund
Consistent returns through fixed income market cycles
At a glance *
Strategy inception date: January 2015
Strategy AUM*: USD 9.8bn
Portfolio Manager: Arif Husain
Benchmark**: ICE BofA US 3-Month Treasury Bill Index
*As of 31/03/2023. Firmwide AUM includes assets managed by T. Rowe Price Associates, Inc. and its investment advisory affiliates.
**The manager is not constrained by the fund’s benchmark, which is used for performance comparison purposes only
PORTFOLIO MANAGER
Arif Husain
Years of industry experience
26
Years at
T. Rowe Price
8
PORTFOLIO MANAGER
Quentin Fitzsimmons
Years of industry experience
14
Years at
T. Rowe Price
17
PORTFOLIO MANAGER
Scott Solomon
Years of industry experience
31
Years at
T. Rowe Price
7
Explore the fund
The fund is actively managed and invests mainly in a portfolio of bonds of all types from issuers around the world, including emerging markets. Although the fund does not have sustainable investment as an objective, the promotion of environmental and social characteristics is achieved through the fund’s commitment to maintain at least 50% of the value of its portfolio invested in issuers and/or securities that are rated as ‘Green’ by the T. Rowe Price proprietary Responsible Investor Indicator Model (RIIM). The fund applies the T. Rowe Price RIIM Rating Criteria. The investment manager implements the following investment strategies: exclusion screen, RIIM green rating, monitoring and governance. The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
For investors who want: to diversify their portfolio at times of equity market correction and during periods of risk aversion, minimizing downside risk while seeking consistent returns throughout market cycles.
Watch as Portfolio Specialist Amanda Stitt discusses why investors should consider non-traditional fixed income strategies, and how Dynamic Global Bond differs from other unconstrained bonds.
Risks - The following risks are materially relevant to T. Rowe Price Funds SICAV - Dynamic Global Bond Fund (refer to prospectus for further details): Credit risk - Currency risk - Derivative risk - Emerging markets risk - Interest rate risk - Liquidity risk - Sector concentration risk - Default risk - Issuer concentration risk - ABS and MBS risk- Prepayment and extension risk - High yield bond risk - Contingent convertible bond risk - Distressed or defaulted debt risk - Total Return Swap risk
Global High Yield Bond Fund
A diversified portfolio of high yield corporate bonds from issuers around the world, including emerging markets
At a glance *
Fund launch date: March 2002
Fund AUM*: USD 599.7m
ISIN Class I: LU0133083492
Portfolio Manager: Michael Della Vedova, Rodney Rayburn
Benchmark**: J.P. Morgan Global High Yield Index
*As of 31/12/2022. Firmwide AUM includes assets managed by T. Rowe Price Associates, Inc. and its investment advisory affiliates.
**The manager is not constrained by the fund’s benchmark, which is used for performance comparison purposes only.
PORTFOLIO MANAGER
Michael Della Vedova
Years of industry experience
28
Years at
T. Rowe Price
12
PORTFOLIO MANAGER
Rodney Rayburn
Years of industry experience
20
Years at
T. Rowe Price
6
Explore the fund
The fund is actively managed and invests mainly in a diversified portfolio of high yield corporate bonds from issuers around the world, including emerging markets. Although the fund does not have sustainable investment as an objective, the promotion of environmental and social characteristics is achieved through the fund’s commitment to maintain at least 10% of the value of its portfolio invested in Sustainable Investments. The investment manager implements the following investment strategies: exclusion screen, sustainable investment exposure and active ownership. The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
For investors who want: to spread the net as wide as possible for income opportunities.
Risks - The following risks are materially relevant to T. Rowe Price Funds SICAV – Global High Yield Bond Fund (refer to prospectus for further details): Credit risk - Default risk - High yield bond risk - Interest rate risk - Liquidity risk - Derivative risk - Contingent convertible bond risk - Distressed or defaulted debt risk - Total Return Swap risk
Global Government Bond Fund
An actively managed, concentrated global bond portfolio of high-conviction, high-quality government bonds from liquid sovereign markets.
At a glance *
Strategy date: September 2019
Strategy AUM*: USD 1.1bn
ISIN Class I: LU2041632279
Portfolio Manager: Arif Husain, Quentin Fitzsimmons
Benchmark**: FTSE World Government Bond Index Hedged USD
*As of 31/03/2023. Firmwide AUM includes assets managed by T. Rowe Price Associates, Inc. and its investment advisory affiliates.
**The manager is not constrained by the fund’s benchmark, which is used for performance comparison purposes only.
PORTFOLIO MANAGER
Arif Husain
Years of industry experience
26
Years at
T. Rowe Price
8
PORTFOLIO MANAGER
Quentin Fitzsimmons
Years of industry experience
29
Years at
T. Rowe Price
5
Explore the fund
The fund is actively managed and invests mainly in a portfolio of bonds issued by governments, government-related entities and government agencies around the world, including emerging markets. Although the fund does not have sustainable investment as an objective, the promotion of environmental and social characteristics is achieved through the fund’s commitment to maintain at least 50% of the value of its portfolio invested in issuers and/or securities that arerated as ‘Green’ by the T. Rowe Price proprietary Responsible Investor Indicator Model (RIIM). The fund applies the T. Rowe Price RIIM Rating Criteria. The investment manager implements the following investment strategies: exclusion screen, RIIM green rating, monitoring and governance. The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
For investors who want: Attractive returns that are typically less correlated to equity and credit markets.
Risks - The following risks are materially relevant to T. Rowe Price Funds SICAV – Global Government Bond Fund (refer to prospectus for further details): Currency risk - Derivative risk - Interest rate risk - Issuer concentration risk - Sector concentration risk - ABS and MBS risk - Country – China risk - Default risk - Emerging markets risk - High yield bond risk - Liquidity risk - Prepayment and extension risk - Credit risk - China Interbank Bond Market risk - Total Return Swap risk
Global High Income Bond Fund
A high-conviction, active approach to a truly global bond opportunity set
At a glance *
Strategy inception date: June 2015
Strategy AUM*: USD 915.7m
Portfolio Manager: Mike della Vedova
Benchmark**: ICE BofA Global High Yield Index Hedged to USD
*As of 31/03/2023. Firmwide AUM includes assets managed by T. Rowe Price Associates, Inc. and its investment advisory affiliates.
**The manager is not constrained by the fund’s benchmark, which is used for performance comparison purposes only.
PORTFOLIO MANAGER
Mike della Vedova
Years of industry experience
28
Years at
T. Rowe Price
12
Explore the fund
The fund is actively managed and invests mainly in a diversified portfolio of high yield corporate bonds from issuers around the world, including emerging markets. Although the fund does not have sustainable investment as an objective, the promotion of environmental and social characteristics is achieved through the fund’s commitment to maintain at least 10% ofthe value of its portfolio invested in Sustainable Investments. The investment manager implements the following investment strategies: exclusion screen, sustainable investment exposure and active ownership. The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
For investors who want: to spread the net as wide as possible for income opportunities.
Risks - The following risks are materially relevant to T. Rowe Price Funds SICAV - Global High Income Bond Fund (refer to prospectus for further details): Credit risk - Derivative risk - High yield bond risk - Default risk - Liquidity risk - Emerging markets risk - Interest rate risk - Frontier markets risk - Contingent convertible bond risk - Distressed or defaulted debt risk - Total Return Swap risk
US High Yield Bond Fund
An active approach to the world’s largest and oldest high-yield bond market
At a glance *
Strategy inception date: April 2018
Strategy AUM*: USD 2.4bn
Portfolio Manager: Kevin Loome, CFA
Benchmark**: ICE BofA US High Yield Constrained Index
*As of 31/03/2023. Firmwide AUM includes assets managed by T. Rowe Price Associates, Inc. and its investment advisory affiliates.
**The manager is not constrained by the fund’s benchmark, which is used for performance comparison purposes only.
PORTFOLIO MANAGER
Kevin Loome
Years of industry experience
27
Years at
T. Rowe Price
14
Explore the fund
The fund is actively managed and invests mainly in a diversified portfolio of high yield corporate bonds from issuers in the United States. Although the fund does not have sustainable investment as an objective, the promotion of environmental and social characteristics is achieved through the fund’s commitment to maintain at least 10% of the value of its portfolio invested in Sustainable Investments. The investment manager implements the following investment strategies: exclusion screen, sustainable investment exposure and active ownership. The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
For investors who want: exposure to the grass roots of the US economy.
Risks - The following risks are materially relevant to T. Rowe Price Funds SICAV - US High Yield Bond Fund (refer to prospectus for further details): Credit risk - Default risk - High yield bond risk - Interest rate risk - Liquidity risk - Total Return Swap risk - Contingent convertible bond risk - Distressed or defaulted debt risk
Global Aggregate Bond Fund
A world of fixed income opportunities – in one carefully selected portfolio
At a glance *
Strategy inception date: July 2001
Strategy AUM*: USD 1.5bn
Portfolio Managers: Arif Husain, Quentin Fitzsimmons
Benchmark**: Bloomberg Global Aggregate Bond Index
*As of 31/03/2023. Firmwide AUM includes assets managed by T. Rowe Price Associates, Inc. and its investment advisory affiliates.
**The manager is not constrained by the fund’s benchmark, which is used for performance comparison purposes only.
PORTFOLIO MANAGER
Arif Husain
Years of industry experience
26
Years at
T. Rowe Price
8
PORTFOLIO MANAGER
Quentin Fitzsimmons
Years of industry experience
29
Years at
T. Rowe Price
5
Explore the fund
The fund is actively managed and invests mainly in a diversified portfolio of bonds of all types from issuers around the world including emerging markets.Although the fund does not have sustainable investment as an objective, the promotion of environmental and social characteristics is achieved through the fund’s commitment to maintain at least 10% of the value of its portfolio invested in Sustainable Investments. The investment manager implements the following investment strategies: exclusion screen, sustainable investment exposure and active ownership. The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
For investors who want: a selective approach to the global investment-grade universe.
Risks - The following risks are materially relevant to T. Rowe Price Funds SICAV - Global Aggregate Bond Fund (refer to prospectus for further details): Credit risk - Currency risk - Derivative risk - Emerging markets risk - Interest rate risk - ABS and MBS risk - Issuer concentration risk - Prepayment and extension risk - Sector concentration risk - Real estate risk - Liquidity risk - Contingent convertible bond risk - Total Return Swap risk - Distressed or defaulted debt risk
Euro Corporate Bond Fund
Exploiting euro-denominated bond market inefficiencies via active management
At a glance *
Strategy inception date: June 2001
Strategy AUM*: USD 437.4m
Portfolio Manager: David Stanley
Benchmark**: Bloomberg Euro-Aggregate: Corporates Bond Index EUR.
*As of 31/03/2023. Firmwide AUM includes assets managed by T. Rowe Price Associates, Inc. and its investment advisory affiliates.
**The manager is not constrained by the fund’s benchmark, which is used for performance comparison purposes only.
PORTFOLIO MANAGER
David Stanley
Years of industry experience
33
Years at
T. Rowe Price
17
Explore the fund
The fund is actively managed and invests mainly in a diversified portfolio of corporate bonds that are denominated in euro. Although the fund does not have sustainable investment as an objective, the promotion of environmental and social characteristics is achieved through the fund’s commitment to maintain at least 10% of the value of its portfolio invested in Sustainable Investments. The investment manager implements the following investment strategies: exclusion screen, sustainable investment exposure and active ownership. The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
For investors who want: more return than Bunds but less volatility than euro high yield.
The following risks are materially relevant to T. Rowe Price Funds SICAV - Euro Corporate Bond Fund (refer to prospectus for further details): Credit risk - Derivative risk - Interest rate risk - Default risk - Sector concentration risk - High yield bond risk - Liquidity risk - Contingent convertible bond risk - Total Return Swap risk
European High Yield Bond Fund
Using intensive credit research to unearth attractive income opportunities
At a glance *
Strategy inception date: October 2011
Strategy AUM*: USD 607.4m
Portfolio Manager: Mike Della Vedova
Benchmark**: ICE BofA European Curr. HY Constr. Excl. Subord. Financials Index Hedged to EUR
*As of 31/03/2023. Firmwide AUM includes assets managed by T. Rowe Price Associates, Inc. and its investment advisory affiliates.
**The manager is not constrained by the fund’s benchmark, which is used for performance comparison purposes only.
PORTFOLIO MANAGER
Mike della Vedova
Years of industry experience
28
Years at
T. Rowe Price
12
Explore the fund
The fund is actively managed and invests mainly in a diversified portfolio of high yield corporate bonds that are denominated in European currencies. Although the fund does not have sustainable investment as an objective, the promotion of environmental and social characteristics is achieved through the fund’s commitment to maintain at least 10% of the value of its portfolio invested in Sustainable Investments. The investment manager implements the following investment strategies: exclusion screen, sustainable investment exposure and active ownership. The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
For investors who want: a selective approach to the global investment-grade universe.
The following risks are materially relevant to T. Rowe Price Funds SICAV - European High Yield Bond Fund (refer to prospectus for further details): Credit risk - Default risk - Derivative risk - High yield bond risk - Interest rate risk - Liquidity risk - Total Return Swap risk - Distressed or defaulted debt risk
Dynamic Credit Fund
Harnessing the credit expertise of our global research platform
At a glance *
Strategy inception date: January 2019
Strategy AUM*: USD 63.4m
Portfolio Manager: Saurabh Sud
Benchmark**: ICE BofA US 3-Month Treasury Bill Index
*As of 31/03/2023. Firmwide AUM includes assets managed by T. Rowe Price Associates, Inc. and its investment advisory affiliates.
**The manager is not constrained by the fund’s benchmark, which is used for performance comparison purposes only.
PORTFOLIO MANAGER
Saurabh Sud
Years of industry experience
12
Years at
T. Rowe Price
1
Explore the fund
The fund is actively managed and invests mainly in a diversified portfolio of bonds of all types from issuers around the world, including emerging markets. Although the fund does not have sustainable investment as an objective, the promotion of environmental and social characteristics is achieved through the fund’s commitment to maintain at least 10% of the value of its portfolio invested in Sustainable Investments. The investment manager implements the following investment strategies: exclusion screen, sustainable investment exposure and active ownership. The fund may use derivatives for hedging, efficient portfolio management and investment purposes.
For investors who want: to complement their equity or higher-return-seeking allocations with a potentially lower-volatility source of return.
The following risks are materially relevant to T. Rowe Price Funds SICAV - Dynamic Credit Fund (refer to prospectus for further details): Credit risk- Currency risk - Default risk - Derivative risk - Emerging markets risk - High yield bond risk - Interest rate risk - Country – China risk - Issuer concentration risk - Liquidity risk- Sector concentration risk - ABS and MBS risk - Contingent convertible bond risk - Distressed or defaulted debt risk - Frontier markets risk - Prepayment and extension risk - Country – Russia and Ukraine risk - China Interbank Bond Market risk - Total Return Swap risk
General Fund Risks
Capital risk — The value of your investment will vary and is not guaranteed. It will be affected by changes in the exchange rate between the base currency of the fund and the currency in which you subscribed, if different. Counterparty risk (fixed income funds only) — An entity with which the fund transacts may not meet its obligations to the fund. Equity risk (equity funds only) — In general, equities involve higher risks than bonds or money market instruments. Environmental, social and governance and sustainability risk — May result in a material negative impact on the value of an investment and performance of the fund. Geographic concentration risk — To the extent that a fund invests a large portion of its assets in a particular geographic area, its performance will be more strongly affected by events within that area . Hedging risk — A fund’s attempts to reduce or eliminate certain risks through hedging may not work as intended. Investment fund risk — Investing in funds involves certain risks an investor would not face if investing in markets directly. Management risk — The investment manager or its designees may at times find their obligations to a fund to be in conflict with their obligations to other investment portfolios they manage (although in such cases, all portfolios will be dealt with equitably). Operational risk — Operational failures could lead to disruptions of fund operations or financial losses.
Want to know more? Get in touch.
If you have questions or would like more information about T. Rowe Price please contact us.
202302-2735512
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 (KIID) 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.