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Financial Intermediary / All Funds / European High Yield Bond Fund
Fund Range Documents

Capital at risk. Past performance is not a guarantee or a reliable indicator of 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
European High Yield Bond Fund
An actively managed and research-driven diversified portfolio of primarily European currency denominated high-yield corporate debt issued by below-investment-grade companies. 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 LU0596125814
View more information on risks
FACTSHEET
KID
SFDR DISCLOSURE
31-Oct-2025 - Thomas Kasanin Co-Portfolio Manager,
We remain wary of tariffs materialising in economic data and global trade tensions impacting broader risk sentiment. Overall, we remain cautiously optimistic about the asset class, given its resilient fundamentals and the potential for the European Central Bank to cut interest rates into next year.

Overview
Strategy
Fund Summary
The fund invests mainly in BB and B rated bonds, with the ability to purchase lower-quality securities when compelling valuation and risk/reward opportunities arise. The strategy integrates fundamental proprietary research at the corporate bond, sovereign and equity levels, thus providing a holistic view of a company’s capital structure and management team. 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.
OUR VIEWS ON EUROPE
Performance - Net of Fees

Past performance is not a reliable indicator of future performance.
31-Oct-2025 - Thomas Kasanin Co-Portfolio Manager,
European high-yield bonds delivered positive returns in euro terms in October. Credit spreads widened overall, largely driven by renewed US-China trade tensions in the first half of the month. Spreads moderated in the second half, however, as trade concerns eased. Within the portfolio, security selection contributed, led by our holdings in the non-banking financial services, services and chemicals sectors, the most notable of which was from a mining/construction-focused explosives supplier and UK specialist lender. Our selection in the automotive and packaging sectors also contributed modestly, while our exposures within the capital goods sector detracted on the margin. The impact from our industry allocation was broadly neutral.
31-Dec-2023 - Mike Della Vedova Portfolio Manager,
We remain overweight non-cyclical sectors, such as cable, with stable, recurring revenue models that could be supportive in a deepening economic slowdown. We are also overweight entertainment and leisure, on an idiosyncratic basis due to our preference for specific names. We also maintained our underweight exposure to the banking sector although we see value in non-banking financials as they continue to demonstrate an improved risk-reward profile, in our view. Our underweight to real estate was also increased slightly on an idiosyncratic basis.

Past performance is not a guarantee or a reliable indicator of future results

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.

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