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Why now?
Investors are grappling with a number of market and economic challenges, including monetary policy divergence, political uncertainty, high fiscal deficits, geopolitical tensions, and concerns around tariffs and reflation.
The good news is that investors may find some stability in European investment‑grade corporate bonds. Both duration and credit spread components may offset each other in a risk‑off scenario. We believe this defensive attribute, together with the attractive return potential and stable income makes the asset class an appealing investment choice in this uncertain market environment.
Unique characteristics
The T. Rowe Price Euro Corporate bond fund follows an actively managed, all-weather approach that aims to generate consistent alpha in different market environments by holding a diversified portfolio of investment grade corporate issues across a variety of sectors and rating profiles; with a consideration for focus on limiting downside risk at times when credit markets are underperforming due to widening of credit spreads. Our intensive proprietary fundamental research is key to identifying the best-performing issuers and avoiding those with poor management or deteriorating creditworthiness.
CONSISTENT OUTPERFORMANCE
The Euro Corporate Bond Fund aims to deliver regular and diversified outperformance in different market environments.
DOWNSIDE RISK MANAGEMENT
Our disciplined risk management process is designed to manage downside risk, particularly in periods of widening credit spreads.
HIGH LIQUIDITY PROFILE
We focus on high quality securities with the best liquidity characteristics. Our portfolio construction is also based on optimal diversification to avoid concentration risk.
When investing in funds, certain risks apply, which include credit, derivative, and interest rate risks. For a full list of risks applicable to this fund, please refer below or to the prospectus.
Our approach
Fundamental research, consistent investment framework and rigorous risk management are key strength of our investment process. Our security selection process is based on proprietary research combining fundamental analysis, valuation, and quantitative inputs. ESG factors are integral throughout our investment process.
The combination of diligent security selection, skilled portfolio construction and credit beta management makes our Euro corporate bond fund a truly all-weather approach.
The team
David Stanley (lead portfolio manager) has been managing the fund for over 20 years and is assisted by sector portfolio manager Howard Woodward. The portfolio management team is supported by both credit research, macro research analysts including economists and sovereign experts, quantitative analysts, as well as dedicated corporate bond traders. Day-to-day portfolio management is a highly collaborative process, with input and insight coming from across the credit research and quantitative analyst teams as well as surrounding teams including high yield, emerging market debt and European equity.
David Stanley
The manager is not constrained by the fund’s benchmark, which is used for performance comparison purposes only.
Related insights
More information
PRODUCT STORY
Fund's main features and investment approach
FACTSHEET
A monthly snapshot of the fund's key data including performance and holdings
202503-4288930
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, risks and sustainability information 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.funds.troweprice.com . The Management Company reserves the right to terminate marketing arrangements.
Key Fund risks - The following risks are materially relevant to the fund (refer to prospectus for further details): Contingent convertible bond - Contingent Convertible Bonds may be subject to additional risks linked to: capital structure inversion, trigger levels, coupon cancellations, call extensions, yield/valuation, conversions, write downs, industry concentration and liquidity, among others. Credit - Credit risk arises when an issuer's financial health deteriorates and/or it fails to fulfill its financial obligations to the fund. Default - Default risk may occur if the issuers of certain bonds become unable or unwilling to make payments on their bonds. Derivative - Derivatives may be used to create leverage which could expose the fund to higher volatility and/or losses that are significantly greater than the cost of the derivative. Geographic concentration – Geographic concentration risk may result in performance being more strongly affected by any social, political, economic, environmental or market conditions affecting those countries or regions in which the fund's assets are concentrated. Hedging - Hedging measures involve costs and may work imperfectly, may not be feasible at times, or may fail completely. High yield bond - High yield debt securities are generally subject to greater risk of issuer debt restructuring or default, higher liquidity risk and greater sensitivity to market conditions. Interest rate - Interest rate risk is the potential for losses in fixed-income investments as a result of unexpected changes in interest rates. Liquidity - Liquidity risk may result in securities becoming hard to value or trade within a desired timeframe at a fair price. Sector concentration - Sector concentration risk may result in performance being more strongly affected by any business, industry, economic, financial or market conditions affecting a particular sector in which the fund's assets are concentrated. Total return swap - Total return swap contracts may expose the fund to additional risks, including market, counterparty and operational risks as well as risks linked to the use of collateral arrangements.
General fund risks - to be read in conjunction with the fund specific risks above.
Conflicts of Interest - The investment manager's obligations to a fund may potentially conflict with its obligations to other investment portfolios it manages.
Counterparty - an entity with which the portfolio transacts may not meet its obligations to the fund.
Custody - The investment manager's obligations to a fund may potentially conflict with its obligations to other investment portfolios it manages.
Cybersecurity - In the event that the depositary and/or custodian becomes insolvent or otherwise fails, there may be a risk of loss or delay in return of certain fund's assets.
ESG - ESG integration as well as events may result in a material negative impact on the value of an investment and performance of the fund.Investment fund - Investing in funds involves certain risks an investor would not face if investing in markets directly.
Inflation - Inflation may erode the value of the fund and its investments in real terms.
Market - Market risk may subject the fund to experience losses caused by unexpected changes in a wide variety of factors.
Market Liquidity - In extreme market conditions it may be difficult to sell the fund's securities and it may not be possible to redeem shares at short notice.
Operational - Operational risk may cause losses as a result of incidents caused by people, systems, and/or processes.
Sustainability - Funds that seek to promote environmental and/or social characteristics may not or only partially succeed in doing so.
Important Information
This marketing communication is for investment professionals only. Not for retail distribution.
The SICAV 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”). The OEIC Funds are sub-funds of the T. Rowe Price Funds OEIC, an investment company with variable capital incorporated in England and Wales which is registered with the UK Financial Conduct Authority and which qualifies as a 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 and via www.troweprice.com. A summary of investor rights for the T. Rowe Price Funds SICAV is available in English at www.troweprice.com . The Management Company reserves the right to terminate marketing arrangements.
This material is being furnished for general informational and/or marketing purposes only. The material does not constitute or undertake to give advice of any nature, including fiduciary investment advice, nor is it intended to serve as the primary basis for an investment decision. Prospective investors are recommended to seek independent legal, financial and tax advice before making any investment decision.
T. Rowe Price group of companies including T. Rowe Price Associates, Inc. and/or its affiliates receive revenue from T. Rowe Price investment products and services. Past performance is not a reliable indicator of future performance. 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.
The material does not constitute a distribution, an offer, an invitation, a personal or general recommendation or solicitation to sell or buy any securities in any jurisdiction or to conduct any particular investment activity. The material has not been reviewed by any regulatory authority in any jurisdiction.
Information and opinions presented have been obtained or derived from sources believed to be reliable and current; however, we cannot guarantee the sources' accuracy or completeness. There is no guarantee that any forecasts made will come to pass. The views contained herein are as of the date noted on the material and are subject to change without notice; these views may differ from those of other T. Rowe Price group companies and/or associates. Under no circumstances should the material, in whole or in part, be copied or redistributed without consent from T. Rowe Price.
The material is not intended for use by persons in jurisdictions which prohibit or restrict the distribution of the material and in certain countries the material is provided upon specific request.
It is not intended for distribution to retail investors in any jurisdiction.
Morningstar star rating applies to T. Rowe Price Funds SICAV – Dynamic Global Bond Fund Share Class A as at 30 April 2023. The Morningstar Rating is updated on a monthly basis. For the latest ratings information please visit the Morningstar website.
Source & Copyright: Citywire. The Fund manager is rated by Citywire based on the manager’s 3 year risk adjusted performance. For further information on ratings methodology please visit www.aboutcitywire.com.
©2025 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. Past performance is no guarantee of future results.
EEA—Unless indicated otherwise this material is issued and approved by T. Rowe Price (Luxembourg) Management S.à r.l. 35 Boulevard du Prince Henri L-1724 Luxembourg which is authorised and regulated by the Luxembourg Commission de Surveillance du Secteur Financier. For Professional Clients only.
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